How does a short sale work for a buyer? This reader wants to know if they need an attorney to bid on or buy a real estate in a short sale. Q: Do I need an attorney to bid on or purchase a short sale real estate condominium? A: In some parts of the country, [...]
Speeding up the short sale process: Is it possible? The answer depends on the lender, the seller, and the real estate market. Q: I’ve been reading a lot of your columns about short sales. Why do short sales take so long to complete? How can I make the short sale process go faster? A: Short [...]
When your short sale is a foreclosure in sheep’s clothing, what can you do to make sure you don’t lose any of your deposits? Here’s what I suggest. Q: I read with interest your definition of a short sale in a recent column in the real estate section of our paper. We have a contract [...]
How much home can you afford to buy? Not as much as last year, it turns out, as existing home sales fall due to affordability and lack of inventory. The National Association of Realtors reported that existing home sales declined 3.7 percent in February to a seasonally adjusted rate of 5.48 million units. Economists polled [...]
After the housing bubble burst and the recession hit, many homeowners had trouble paying their bills. Some lost their homes, while others opted to sell their homes in a short sale. This gave buyers a great opportunity to purchase homes at less-than-fair market value. In a short sale, the lender agrees to accept less than [...]
Selling your house as a short sale with two lenders can be complicated if your two lenders disagree about the true value of the property. Q: I have a question regarding a short sale. If somebody has a mortgage with one bank, and home equity line of credit with another, how it would the negotiations [...]
Getting a new mortgage after a short sale or foreclosure is now possible for many Americans who lost their homes during the housing crisis. Even if you've gone through a foreclosure or a short sale, you can still buy a home. Here’s some good news: Hundreds of thousands of Americans who lost their homes in the housing [...]
