Posts Tagged → sale
“Short Sale” or Foreclsoure?
Question by sarah k: “Short Sale” or Foreclsoure?
‘ve been trying to work with my mortgage company for months now while getting no where, it’s always “call back in two weeks”, etc. I had hoped the new March 4th programs would help but I have been calling weekly and my bank still says they haven’t received the info yet with all the details on the program so call back in two weeks.
In the meantime I did list my house for sale just in case I need to do a quick short sale to avoid foreclosure. From everything I heard you don’t want to foreclose, short sale is a little bit better. However I haven’t gotten any offers and have been hesitant to drop the price too low and sell before I found out if any of these new government programs would work to keep me in the house (yes, I still have that pesky whole emotional attachment stuff)…
So this morning I have been thinking maybe enough is enough, let’s get this over with. I love my house but am getting really tired of waiting to see whats going on, should I drop the price to where I think it would sell or do I sit it out and ride the foreclosure process wave as long as I can? Then about an hour ago I find out the builder in my neighborhood has just reduced new construction pricing down into the $ 160′s, I cringe to think about what I paid 2 years ago ($ 245K), not that I am concerned about value, I’m happy with the house and it totally serves my need.
So…Should I ride the foreclosure wave as long as possible? Or try to sell this baby as fast as possible as a short sale? Thanks
Best answer:
Answer by chatsplas
WAIT. Be patient and persistent. Keep calling your lender.
Foreclosure will RUIN your credit. The new programs could help you save your house once your lender figures it out. Maybe you need to go to a HUD approved housing counseling agency for help with lender. Don’t pay a Loan Modification scammer!!!!
These low loan rates are perking up the housing market a little, and lenders are starting to lend to do the loan modifications, to do refis.
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renter rights in the event of a short sale?
Question by Catheye50: renter rights in the event of a short sale?
I’m currently living in a home that is being sold to avert foreclosure. Foreclosure notices have officially been sent to the house. I’m told that the house is now in what is called a “quick sale” or a “short sale”. I don’t understand what this means or how this would affect me as a tenant. I have nowhere to go; I’m a 53 year old disabled female with SSDI benefits, which provides me with a marginal income. What do you advise? Thank you!
Best answer:
Answer by R P
If you have a lease with the current owner, the new owner has to honor that lease. It will up to them if they choose to renew your lease, offer you a new lease, or tell you to move..
If you are on a month to month agreement, the new owners only need to give you a 30 Day notice to vacate.
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Q&A: Real Estate Agent for Short Sale “Led us on”. Any recourse?
Question by nickh186: Real Estate Agent for Short Sale “Led us on”. Any recourse?
The situation I’m talking about is a short sale in Fl. We made an offer that was accepted about nine months ago (5/1/09). We had no place to move into, so we made a deal with the woman who “owned” the house at the time. We made a lease that would terminate once the house was closed on. Then, we were told her husband went into bankruptcy and we had to wait for the house to be released.
So we canceled the offer 6 months later with no progress, and revised it to reflect the decline in property value. The Seller’s real estate agent assured our agent that she could turn the deal around pretty quick, and now it turns out they haven’t even sent the papers in. So we’re moving out and canceling the offer. It has been a very frustrating situation in which our trust was abused (in my opinion anyways).
So my question is is there any recourse against any of the parties involved? Since the listing agent told us one thing and did another, it would seem like something unethical took place (but unethical doesn’t always = illegal). How about some kind of report I can file to have this follow the listing agent around? I would hate for this to happen to anyone else.
Best answer:
Answer by realtor.sailor
Google Code of Ethics and Standards of Practice of the National Association of Realtors. The listing Realtor may have violated Article 2;”…..misrepresentation …..of pertinent facts…” If this is true you can file a complaint with the local Board of Realtors.
realtor.sailor
What do you think? Answer below!
Q&A: Divorcing a jerk, He’s got a $700,000 pending house sale…?
Question by Happy at Last: Divorcing a jerk, He’s got a 0,000 pending house sale…?
He has to meet with the city board officials about a huge variance problem w/this house. The hearing is on August 14th. IF they ok the variance, the sale will go through w/in days, the buyers are already living there paying him rent. He is fighting me in the divorce. I have NOTHING, he has everything, Including this house (my name is not on it.) He has hundreds of thousands worth of debt too. As well as other property & assets, equipment, a steady city job w/benefits & his own business, vehicles, an airplane & an attitude. He’s a hateful spiteful little man. I have a car & bad health problems.
I heard b4 that you can put a “stop of sale” on a house or file a lien or get something legal that would keep the money in “escrow” if it does go through, till the divorce is settled. Can I do that? I have no knowledge of realestate or business, so I’m sort of screwed.
I am in the process of getting a lawyer (free because of my circumstances) but am unsure about this house & pending sale.
The 14th is coming up quick. Any advice?
Thank you izatsoe for answering my question w/o telling me how to make money from home. =] Yes, I filed for the divorce, I saw 2 attorneys but can’t afford them, since then I got advice on how to get a divorce lawyer pro-bono, however heard that property lawyers they are not. So you think I should file a lien? Can I ask you further about that? HOW? I have no idea!
Congratulations for fighting that jerk & winning!!! I hope to say the same some day!
Best answer:
Answer by PolarBear
idk try calling the cops
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In real estate, what is a “short sale”?
Question by BaldisBeautiful: In real estate, what is a “short sale”?
im looking into buying my first home and i am trying to understand what a short-sale is when rreferringto a bank owned property. the website says ” bank owned property, this is not a short sale”.
is a short sale something tthat iwould want? if a house is available for short sale does that mean the whole process is quicker? less paperwork? what are the pros and cons?
thanx xD
Best answer:
Answer by v b
Short sale takes longer and there’s more paperwork. (The borrowers are still in the property and have to get permission to sell.)
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What is a “Quick Sale” in real estate?
Question by J-lynn: What is a “Quick Sale” in real estate?
I have property in New Orleans that has a house (which has been gutted) on it. This property was affected due to hurricane Katrina. I’m not if that has any relevance to what I’m about to ask, but just wanted to mention it, because it has relevance in the reasoning of why I am selling it for such a cheap price.
I was contacted by a contractor who is willing to buy it from me. He is offering me much less than what the property/dwelling is worth. I am going to take his offer because honestly at this point, I just want it out of my hands. I own the property out right. I paid off my mortgage two years ago and there is no lien on the property.
Here is my question- he has been handling everything and says that my husband and I just need to show up to sign paperwork next tuesday. He says we are going to do a “quick sale” and that he will pay us right then and there with cash. (I’m assuming he means a cashier’s check and not literally cash) This whole process has taken only about two weeks. I’m starting to get concerned that maybe I’m missing something? I’m anxious to get this over with and I’m sure he knows that. I just don’t want to be taken advantge of even more so than I already am by accepting less than what the property is worth…
Is there anything I should know going into this?
What exactly is a “quick sale”?
…btw, I did ask this same question a couple hours ago but got zero responses. I figured if I used a different heading for the question, I might get more answers…
Best answer:
Answer by Mr Placid
“Quick sale” has no legal meaning. He probably literally means, “fast,” as opposed to a sale that will drag on for weeks awaiting mortgage approvals, inspections, funding, etc.
I imagine that since this contractor is doing all the paperwork, then he will also be preparing the deed. I would *highly* [repeat: *highly*] suggest consulting a local attorney before next Tuesday. At a minimum, you want to be sure you do not incur any potential future obligations after you sign the deed. In the other 49 states, you would sign what’s called a “quitclaim” deed. (I don’t know what civil law states like Louisiana call it.) By granting via a quitclaim, you are literally saying, “I am selling this property to you, and giving you no warranties at all concerning quality of title, existence of easements, or covenants, or whatever. So, don’t even think of suing me later if you find out there is some undisclosed easement that prevents you from building that 20 unit apartment complex you were planning.”
See a lawyer in your area. The nominal consultation fee will be well worth it.
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Are taxes owed on a “quick sale” to avoid foreclosure?
Question by mischief418: Are taxes owed on a “quick sale” to avoid foreclosure?
We avoided foreclosure on our house a few months ago by doing a “quick sale” I believe…is this the same as a “short sale”? And I am wondering now that tax season is here…am I going to be responsible for the taxes on the sale of the house? I didn’t make a cent off of the sale but I’m just not sure how this all works. I know that the house was sold for less than what was owed on the mortgage but I do not owe the difference because the lender accepted the terms and I have a statement from the mortgage company confirming all of this however the letter does not mention taxes. Anyone know about this stuff??
Best answer:
Answer by AB
You won’t have to this year. There was a new tax law passed that excludes foreclosure income from taxes for last year.
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