Blogs Tagged: short sales

B of A moves forward to quicken the short sale approval

Posted On: Tuesday, April 17, 2012 - 10:19am | Posted By: matthewgoulden

B of A has been using a secure communication hub call "Equator" for several years, but with new procedural improvements they hope to reduce the approval process from a minimum 45 days (which could very often be longer) to a 21-day time frame. This is due mainly to the change which allows several processes to be completed simultaneously during the approval process.

Short Sales: New Law to Help Sellers with 2nd Lien Holders Debt Forgiveness

Posted On: Wednesday, July 20, 2011 - 2:49pm | Posted By: matthewgoulden
Topics: Buyers and Sellers

A few days ago Jerry Brown signed into law SB 458 which extends the same protections afforded to sellers of short sales, making 2nd lien holder follow the same rules as your 1st loan.

Approved Short Sales Worth the Effort

Posted On: Wednesday, July 20, 2011 - 6:00am | Posted By: ebermingham

Many buyers in San Francisco either shy away from short sales because they seem too complicated, or gravitate toward them with the goal of getting a good deal. The reality is that short sales can be lengthy, disappointing, and simply facilitate the bank getting market rate for a property.

But properties being sold through short sales can sometimes be decent deals. Lenders want to minimize their losses, but they're not going to get emotionally involved. So they will typically

Do Your Homework Up Front in Short Sales

Posted On: Tuesday, February 22, 2011 - 6:00am | Posted By: ebermingham
Topics: Buyers and Sellers

"BOM" is shorthand for Back on Market, and several properties earned this status over the past week. Three of them started off as short sales, meaning that their sellers could very possibly be foreclosed upon if they're unable to find new buyers.

I point this out because it's key for buyers who make offers on short sales to do their homework up front, and understand the full scope of the short sale process.

The three BOM short

Lender Trends See Buyers Scratching Heads

Posted On: Friday, February 18, 2011 - 6:00am | Posted By: ebermingham
Topics: Buyers and Sellers

The real estate lending landscape has changed significantly in the past couple years. Lenders are girding themselves against fraud in many ways, and that trickles down to what sort of documentation they'll request from buyers in transactions.

Two areas that have raised questions recently center around gift money and personal information requests. Our team at Guarantee Mortgage recently presented an explanation about the issues related to these topics, so I thought I'd share this...

Slow Summer Stifles Short Sales

Posted On: Monday, December 6, 2010 - 11:30am | Posted By: kevinkoerner
Topics: Market Statistics

RealtyTrac, a private research firm that tracks foreclosure sales, reports that foreclosures still account for 25% of all US home sales and are being offered at an average discount of 33% compared to non-distressed properties.  Analysts attribute the summer slump to a recently expired federal homebuyer tax credit.