In today’s tumultuous economy, it’s no surprise that there are foreclosure properties to be found in just about every community across America. While a terrible hardship for homeowners to endure, foreclosures can present a unique opportunity for first-time home buyers and investors to purchase a “bargain-priced” home. But does that mean they are the right [...]
An alarming number of banks recently have been urging sellers to commit short sale mortgage fraud as a condition of short sale approval.
It’s happened to me in Sacramento several times already. Most recently, a well known bank sent an email to a law firm that is negotiating a short sale for one of my sellers. The bank said: “If the first [lender] won’t allow funds on the HUD, then the seller needs to send a certified check for $XXXX. Once the funds are received, the investor will issue approval. Make [the] check payable to [us].”
I read it and my eyes widened. The same thing happened on another short sale I was working on last week. Only that time it was a different major bank. And the second loan was purchase money, which is not subject to a deficiency judgment in California. The bank said cough up the cash or it would not approve the short sale, and demanded that the seller pay the bank directly. When we explained it is mortgage fraud to pay monies outside of escrow without disclosing that sum on the HUD, the bank did not care . . . read more about Short Sale Mortgage Fraud.
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Mortgage Fraud on the Rise at Major Short Sale Banks originally appeared on About.com Home Buying / Selling on Monday, February 22nd, 2010 at 05:00:17.
Make no bones about it, selling in a foreclosure and short sale market is tough.
Generally, the only sellers who put their homes on the market in areas dominated by foreclosures and short sales are sellers who genuinely need to sell. This includes those sellers who accepted a job transfer, are going through a divorce or are retiring. For whatever reason, these types of sellers usually can’t wait for the market to turn around. They need to sell now.
Sellers want to know how much of a hit they will have to take to move that home in a market filled with distressed sales . . . read more about Selling in a Foreclosure and Short Sale Market.
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Selling Your Home in a Foreclosure and Short Sale Market originally appeared on About.com Home Buying / Selling on Monday, February 8th, 2010 at 05:00:33.
Let’s get something straight to begin with. There is NO HIDDEN or Shadow Inventory. You heard me!
I know many of you keep hearing about the second wave of foreclosures is coming! You are probably thinking that because you are having difficulty in obtaining HUGE bulk bank reo tapes, that the Banks must be holding or [...]
Spring is traditionally the busiest season in real estate for both buyers and sellers, and this year is truly a buyer’s market. In 2010 several factors affecting the current housing market trend show the real estate market forecast to be much busier than usual over the next several months, so discerning sellers should take notice.