Real Estate Mortgage Short Sale Process Legal Implications

Consult an attorney/accountant for longer-term effects before completing a Real Estate Short Sale. Although we are experienced short sale experts, we are not qualified to give legal or tax help associated with the process as you attempt to save your house from foreclosure . The IRS formerly considered debt forgiveness as...

Read More

Beware Of The Non-Purchase Money Second Mortgage!

If you decide to pursue a real estate short sale, be aware of the “non-purchase money” 2nd mortgage. A non-purchase money mortgage is one used for more than the purchase of the house. For example, a HELOC ( home equity line of credit) is a non-purchase money second mortgage. A...

Read More

Does the Real Estate Short Sale Process Work?

recommending tempe realtors because of their higher rate of short sale success

We sometimes hear people say how the Real Estate Short Sale process isn’t worth the time and rarely works. That is not our overall experience and we have several practices to help ensure a successful process whether you are a home buyer looking for a deal or owner looking to save...

Read More

Can A Short Sale Offer Be Rejected?

This is a familiar process: The mortgage lender receives the short sale BPO from the agent. It’s higher than the offered sales price, so the loss mitigator requests that the contract price be increased. If this happens we: send back a “counter-to-the-counter” with the original offer price; we send additional...

Read More

How Realtors Handle The Negotiation Process

Here are some highlights that help negotiate a short sale process. Every mortgage lender and negotiator has a different approach when it comes to handling the short sale process: We are patient, yet persistent and helpful with the mortgage lender on the short sale We reinforce to the mortgage lender...

Read More

Brokers Price Opinion, Or BPO

The most important fact the mortgage lender needs to know is how much the short sale property is worth? Most mortgage lenders hire a real estate agent/broker to help evaluate the short sale property. This evaluation is called the broker’s price opinion or BPO. The BPO is one of the...

Read More

Common Short Sale Process Mistakes

3 common mortgage short sale process mistakes Sending in a low-ball short sale offer that we know the mortgage lender will not accept. Unfamiliarity with the short sale process. Mortgage lenders are busy and don’t have time to explain the short sale process. We show them how we know the...

Read More

How Realtors Handle Loss Mitigation Departments

We will call the Loss Mitigation Department at the mortgage company and ask how long the short sale approval process will take once a complete short sale package is received. We fax all the short sale information discussed above. We include a fax cover page stating “this is a NEW...

Read More

Items Your Mortgage Lender Will Pay

The lender(s) will usually pay for the following costs associated with the mortgage short sale process: Escrow fee (homeowner’s half) Owner’s title policy Recording fee’s Short sale reconveyance fee Overnight mailing fee for the payoff Real estate property taxes and prorations Real estate commissions HOA dues and fee’s If the...

Read More