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Short Sale Addendum

When making an offer on a short sale, it is very important to give flexibility to the short sale buyer to back out of the purchase agreement if the lender takes too long to approve.
In November of 2007, the California Association of Realtor added a short sale addendum to the required forms.  It is one [...]

August 19, 2008 | Leave comment | Permalink

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Short Sale Timeline

Short Sales can taken an awful long time to complete, making it frustrating for both the buyer and seller involved in the situation.  Many sellers and buyers of short sales want to know, the timeline to complete the short sale process.
Not all banks or lenders are equal, some are much quicker than others but on [...]

August 16, 2008 | Leave comment | Permalink

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Why Do Banks Short Sale?

Why Do Banks Short Sale?

The property is in a poor condition
The mortgage is about to be foreclosed upon
The homeowner has proven hardship and has shown they cannot afford the mortgage payments
New homes in the area are being chosen over existing homes
The area or neighborhood has depreciated in value
The bank’s shareholders are concerned that there are [...]

August 14, 2008 | Leave comment | Permalink

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What is a BPO?

BPO stands for Broker Price Opinion and is a method that a real estate broker determines the value of a property.  The value is submitted in a BPO report ( a small report consisting of 2 to 3 pages) and will incorporate the comparables of the surrounding areas and appraisal.
When performing a BPO analysis, the [...]

August 14, 2008 | 1 Comment | Permalink

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Life After a Short Sale - What Now?

Short sales are just about everywhere…it seems like you can’t get away from them.  Many seller, loan officers and realtors say they know a lot about short sales, but don’t know how to the short sale process works or even why a short sale is a better alternative to a foreclosure.
Why is a short [...]

August 12, 2008 | Leave comment | Permalink

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Why Do Banks Take So Long?

It seems that the most common complaint today with short sales, is why does the bank take so long?  This question is heard over and over with Realtors and homeowners and homebuyers are anxiously asking this question repeatedly to Realtors who really don’t have much control over the process.
From a banks standpoint, they are under [...]

August 8, 2008 | Leave comment | Permalink

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How to Buy a Short Sale

Buyers looking to purchase a short sale property need to understand the special process that short sales require to close.  It’s very different than a traditional transaction and could possibly either end up being a good deal or a bad deal depending on how well the bank is willing to work with you and the [...]

August 6, 2008 | Leave comment | Permalink