Archive for December, 2011

Do You Think Short Sale Transactions Are Easy to Close?

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THINK AGAIN! Every lender that I have dealt with has their own way of determining value…BPO, appraisal, etc. Evaluate the hardship of the homeowner to see if they meet “Modification” guidelines, that seem to be all over the board. Then gather all the bank accounts, payroll subs, tax returns (and P&L for self employed)…and keep them current within 30 days. Then everyone has to wait on the lender to review and respond…and that may take a week to a month before moving to the next step and maybe get the home sold and closed within 60 days! I’d like to hear from others that have completed a Short Sale process and what type of conditions surrounded the closing!

Over 2 Million Homes Being Foreclosed

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As of the end of October 2011 there are approximately 2.2 million homes in the process of being foreclosed on throughout the United States. California is still one of the hardest hit states and will certainly have its fair share of these foreclosures. The foreclosure process takes 3 months and 21 days from the Notice of Default (NOD) filing and then the property is sold at the courthouse steps.