Timing Your Short Sale – How Much Do You Trust Congress?

That simple question should scare the hell out of anyone facing the possibility of foreclosure and have been mulling whether to sell theirhome via a short sale. Once upon a time, a short sale of a home was a taxable event. The difference between what the homeowner owed and the sales price of the home […]

Time is Running Out for Your Phoenix Short Sale

Back in 2007, Congress passed the Mortgage Forgiveness Debt Relief Act, which eliminated the tax consequences for homeowners short selling their home in most circumstances (the primary exception being second loans not used toward the purchase or improvement of the property.) Until that point, homeowners were being taxed on the amount the mortgage company wrote […]

Congratulations! Now Close That Short Sale in 12 Days

As we continue in our occasional articles discussing the demise of the AAR Residential Resale Purchase Contract, let’s take a look at the Short Sale Addendum … According to the boilerplate on the form, once the lender has approved the short sale and the seller has given notice to the buyer, the buyer has 30 […]

Maintaining Your Property Through a Short Sale

Want to derail a short sale in a heck of a hurry? Stop taking care of your home both ahead of and after receiving an offer to purchase the home. You may me frustrated with the bank. You may be angry with the world. You may want to take it out on the house. But […]

What’s in a Short Sale Approval Letter

Real estate agents talk all the time about getting an “approval” or an “approval letter” on a short sale. But what does this approval letter actually contain? Most obviously, the letter is going to say that either the lender will accept the purchase price or, more often, that the lender will accept a certain net […]

If You Need to Short Sale Your Home, the Timing Couldn’t Be Much Better

Over the past couple of years, given the choice between direction buyers toward a short sale or a bank-owned (or owner-owned home), there was little real deliberation needed – anything was better than waiting forever on a short sale. That’s not really the case right now, though, not in a market where we’re now under […]

Writing a Short Sale Hardship Letter

No matter which lender is holding the note to your home, you are going to need to write a hardship letter if you want to sell your home via a short sale. It’s an important task but it shouldn’t be daunting, even if most of us don’t write much more than e-mails and Facebook updates. […]

Underwater in Peoria and Debating a Short Sale

Every day, someone turns to an online forum looking for specific advice as to whether they should short sell their home in Peoria or Glendale or let it go to foreclosure. Truth be told, there’s not a one-size-fits-all solution to that answer. It’s often pointed out that Arizona is an anti-deficiency state, meaning the primary […]

Preparing for a Glendale Short Sale

Sadly, this is a topic that never seems to go away. If you’re currently behind on your mortgage payments or are anticipating falling behind on the payments, a short sale may be appropriate for you. For those unfamiliar, a short sale is a sale where the seller owes the lender more on the mortgage than […]

Big News on Bank of America Short Sales

This just arrived in my Inbox a few minutes ago … As an example of our commitment to improving the short sale process, Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale.  This means you will no longer […]