I can't begin to sing the praises loudly enough of a Wachovia short sale.
It's not that so many short sale banks are so totally messed up that they can make the process convoluted and complicated -- although that is true in many cases -- it's that Wachovia has streamlined the short sale process to a science. Wachovia has its act together regarding a short sale. Some of my Sacramento Wachovia short sales get approva...Real estate agents like to take on a Fannie Mae short sale because they get a full commission.
But Fannie Mae is nobody's friend in a short sale. It continually issues new guidelines concerning short sales. Now, you would think that being controlled by the government that Fannie Mae would bend over backwards to help...Make no bones about it, selling in a foreclosure and short sale market is tough.
Generally, the only sellers who put their homes on the market in areas dominated by foreclosures and short sales are sellers who genuinely need to sell. This includes those sellers who accepted a job transfer, are going through a divorce or are retiring. For whatever reason, these types of s...Some short sellers are astonished to discover that the bank may require a seller contribution on a short sale.
Should a seller make a contribution to get the bank to agree to approve the short sale? That depends. Most seller contributions can be negotiated with the bank. This means a seller might not have to accept the offer the bank initially proposes. Sellers often will agree to a co...Without even understanding what a short sale is, some home sellers want to hop on that bandwagon because they've heard the phrase. They think it might be a solution to their dilemma or produce a fast sale. But not everybody qualifies for a short sale, and not every home is a candidate for a short sale.
Short sales are not the chicken-soup cure for homes that aren't selli...
An alarming number of banks recently have been urging sellers to commit short sale mortgage fraud as a condition of short sale approval.
It's happened to me in Sacramento several times already. Most recently, a well known bank sent an email to a law firm that is negotiating a short sale for one of my sellers. The bank said: "If the first...