Will Starting a Short Sale Prevent Foreclosure?
Wednesday, 01 January 2014
“I’m several months behind on my mortgage and need to do a short sale. I’m afraid the bank is going to foreclose, but an agent told me that once I start a short sale the bank it’s illegal for them to foreclose. Is that correct?” ***ANSWER: I wish it was. You’re talking about California Senate
- Published in Q&A - Home Financing Questions, Real Estate Resources, San Diego, Short Sale
Will a Bank That Turned Down a Loan Mod Approve a Short Sale?
Wednesday, 20 March 2013
Question: “My bank turned me down for a loan modification. Does that mean they’ll probably turn me down for a short sale too?” Answer: Good news. The answer is “no.” Short sales and loan modifications are handled by two separate departments at the bank. Their criteria for approval are different. Yes, both generally require some
- Published in Q&A - Home Selling Questions, Short Sale
Two San Diego Short Sale Questions
Tuesday, 12 February 2013
Question: “I have two questions about doing a short sale. First, we have a leaky roof. Is it possible to just disclose that and sell as is? Second, what’s the cost to hire you to handle everything? We definitely want your expertise, but we’re short on money.” Answer: I’ve got good news on both your
- Published in Q&A - Home Selling Questions, Short Sale
Do Banks Do Short Sales on Reverse Mortgages?
Tuesday, 25 December 2012
Question: “My mother moved to a senior home and we need to sell. She has a reverse mortgage and is upside down. Do banks do short sales on reverse mortgages?” Answer: Yes! Short sales on reverse mortgages are as fast and easy as they get. In fact, we just did one and got the bank’s
- Published in Q&A - Home Selling Questions, Real Estate Tips, Short Sale
Your Bank May Lie to You About Your Short Sale
Tuesday, 04 December 2012
Question: “We’re behind on our mortgage and want to do a short sale, and our bank says we have to be current in order for them to approve it. That doesn’t sound right. What’s your take on this?” Answer: They’re lying to you! You’re talking with a department whose job it is to get you
- Published in Q&A - Home Selling Questions, Real Estate Tips, Short Sale
Can Your Bank Get Your Money After a Short Sale?
Tuesday, 06 November 2012
Question: “I’m planning to do a short sale. But if I come into some money later, can my bank go after me and try and get that money?” Answer: Not if you’re selling a property in California! Because of California Senate Bill 931 and Assembly Bill 458, when lenders agree to a short sale, they’re
- Published in Q&A - Home Selling Questions, San Diego, Short Sale
Are Foreclosures Also Short Sales?
Wednesday, 24 October 2012
Question: “Hi Gary. I’m a new real estate investor. I see all your foreclosures. Are they also short sales?” Answer: First, a quick explanation: There are 3 stages of foreclosure during which a home may be sold: BEFORE a foreclosure sale, when the homeowner is in foreclosure. AT the foreclosure sale, when the home is
- Published in Q&A - Home Investing Questions, Short Sale
1031 Exchanges & Short Sales Don’t Mix
Wednesday, 10 October 2012
Question: “I just sold an investment property and want to 1031 exchange into a short sale. What short sales do you have?” Answer: Danger…1031 exchanges and short sales don’t mix! As you may know, when you do a 1031 exchange, you have certain time limits to find and close on the property you’re buying. Specifically,
- Published in Real Estate Investment, Short Sale
When Doing a Short Sale, Hire an Expert
Tuesday, 02 October 2012
Question: “…I’ve known [agent’s name deleted] for years. But I don’t think she’s a short sale expert so I’ll probably look to you to help me sell…” Answer: Thanks for that. But don’t be surprised if she (who I don’t know, so this isn’t about her specifically) says that she can handle the short sale
- Published in Q&A - Home Selling Questions, Short Sale
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