Category: Short Sales

Distressed Properties = Patience Equity

For Buyers wanting a ‘good deal’ Most buyers want to make sure they get a ‘good deal’ when they purchase something, and purchasers of real estate are no different. That is why many decide to buy a distressed property (a foreclosure or a short sale). The National Association of Realtors (NAR) recently reported foreclosures, on …

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‘Lotta’ Puget Sound short sales and foreclosures

Distressed properties hit Puget Sound home sales More than twice as many short sales closed in King County in February 2011 as a year ago, and, likewise, King County’s inventory of bank-owned homes was 80% larger in January 2011 than in January 2010. Based on recent sales rates, Standard & Poor’s recently estimated that  it …

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A short sale, or a long sale?

A nasty reputation… Short sales are notorious for taking a long long time. Sometimes that is because the seller isn’t working with a pro. Sound familiar? What are short sales? Short Sales are so termed because the seller owes more on their residence than a sale would realize…. Property values have declined so much the …

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Who are the #1 purchasers of REOs and short sales?

#1 purchasers of REOs and short sales are first-time homebuyers. Recent survey results published by Campbell/Inside Mortgage Finance show that first-time homebuyers are the No. 1 category of purchasers for move-in ready REO and short sales.  An REO property is one that is offered for sale by a bank or lending institution. In contrast, investors …

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Another reason real estate short sales take sooo long to close

So you made an offer on a short sale home which the seller accepted. Now you are waiting for the bank to accept your offer and approve the short sale. Unfortunately, even after all these years, the short sale process is still a mystery to many. And the most confusing part is usually the role the …

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New loan waiting periods after deed-in-lieu or short sale

FANNIE MAE has changed the “waiting period” timeline before home buyers can qualify for a new loan after a ‘preforeclosure event,’ namely a deed in lieu or a short sale.