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Short Sales While in Foreclosure

Posted on 01/11/2011 4:04:44 AM PST by hsmomx3

I recently found a full time job after almost two years of not being able to find one but our home is scheduled to be auctioned in February.

I have heard different things and am not sure what to do.

My parents, who live out of state, want to buy the house with cash, free and clear, not for them, but for me and the kids so we have a place to live.

Is this possible? I have heard realtors say it is forbidden, while others say it could be done.

I have not notified the agency who has our home loan but I am trying to work out a modification with them which leads me going around in circles as many well know. I am trying to do whatever can be done to save my house.

I have never been thru this so I would appreciate any advice you can give me.


TOPICS: Business/Economy
KEYWORDS: bankers; foreclosure; iamarealtor; realestate; realtor; reoauction; shortsale; shortsales
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1 posted on 01/11/2011 4:04:51 AM PST by hsmomx3
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To: hsmomx3

Oops..should read SHORT sales......


2 posted on 01/11/2011 4:06:48 AM PST by hsmomx3
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To: hsmomx3

Bad idea. The bank will tie you in knots for the next year. Get out of the place, rent somewhere nice, have your parents buy a different place.


3 posted on 01/11/2011 4:12:24 AM PST by palmer (Cooperating with Obama = helping him extend the depression and implement socialism.)
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To: hsmomx3
There is no restriction on your parents buying the house. The auction is an auction.
Have them buy it and then pay them rent-to-own. You and your family will be safe and you will have the dignity of paying back your family and the self respect in doing so.

Unlike some on this forum I understand that the real world is a hard place. I'm sorry you got in trouble and I hope it works out for you. Always know there are better days ahead.

4 posted on 01/11/2011 4:12:24 AM PST by IrishCatholic (No local Communist or Socialist Party Chapter? Join the Democrats, it's the same thing!)
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To: hsmomx3
Assuming they bought the house or any house and gave it to you, they would have to pay gift tax on any amount over the gift tax limit. Your parents could give you $26K and your spouse $26K without paying the gift tax for 2011. I think they can give more tax free, but it counts against their lifetime inheritance exclusion.
5 posted on 01/11/2011 4:20:34 AM PST by EVO X
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To: beaware; remaxagnt; Ag88; Wonderama Mama; redheadtoo; rbmillerjr; bigsigh; TXBSAFH; gtech

Any freepers who are realtors care to comment about this thread?


6 posted on 01/11/2011 4:27:31 AM PST by hennie pennie
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To: hsmomx3

You can click on “Report Abuse” then ask the Moderator to fix the title for you.


7 posted on 01/11/2011 4:28:40 AM PST by deks ("...the battle of our time is the battle of liberty against the overreach of the federal government")
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To: hsmomx3

Find a realtor who can get it done.


8 posted on 01/11/2011 4:30:01 AM PST by yldstrk (My heroes have always been cowboys)
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To: IrishCatholic

I believe they wanted to buy it before it got to auction. I would pay rent to them, though.

I am not even sure if that is possible—short sale prior to auction.


9 posted on 01/11/2011 4:30:11 AM PST by hsmomx3
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To: yldstrk

I have contacted five and they all refuse to do it and say it is forbdden.


10 posted on 01/11/2011 4:31:07 AM PST by hsmomx3
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To: hsmomx3

It may be illegal in AZ, I don’t know. Having lost my house this year, I can tell you that the bank will tie any short sale up in endless paper if they think they make more money by buying it at the auction and reselling it. Get ready emotionally to move, and secure a lease before the foreclosure. My best wishes to you and your family.


11 posted on 01/11/2011 4:38:41 AM PST by steve8714 (Firing Federal Bureaucrats would have a 1000x beneficial effect on the deficit, naybe more.)
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To: vin-one; Stefan Stackhouse; DCPatriot; texmexis best; dix; TexanToTheCore; The Iceman Cometh; ...

Any freepers who have self-identified as realtors care to comment on this thread?


12 posted on 01/11/2011 4:51:34 AM PST by hennie pennie
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To: IrishCatholic
The bank will want to be assured the short sale is an arms lenth transaction. If the bank is motivated to accept a loss as full payment of your obligation they are restricted to being assured they are getting market and the transaction passes the stink test.

Clearly with your receiving a benefit of reduced rent (and living there after the sale) and your parents potentially receiving a financial benefit. I doubt it passes the requirements imposed by the FDIC.

Also don't forget you will likely receive a 1099 for the debt forgiveness.

13 posted on 01/11/2011 4:55:32 AM PST by JIM O
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To: hsmomx3

Unless there’s some weird law in your state, a short sale is valid at any time. The problem is that most banks take the risk that it will bring more money at auction, and it’s their call. My two cents is that whatever dollar amount your parents are willing to pay, let them buy another property in your area, avoids having them have to bid at auction and may get more bang for the buck.


14 posted on 01/11/2011 4:56:09 AM PST by IAmNotAnAnimal
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To: nufsed
Good Morning, nufsed.

Can you comment on this thread, I saw that you made some very interesting remarks about short sales in this thread:

Short Sales: A Fraying Lifeline for Homeowners

http://www.freerepublic.com/focus/f-news/2355483/posts

15 posted on 01/11/2011 4:59:25 AM PST by hennie pennie
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To: hsmomx3
I think a short sale can be made only be at "arms-length".

Meaning: none of your friends, relatives or business associates can buy the property. Since they get to brand you a "deadbeat" for losing your job that would be considered underhanded.

If the alleged lender or foreclosure mill attorney wants it, whether or not they are the true party in interest would be fine. Same would apply to their friends and relatives. Since they represent the bank, and you signed something on the dotted line they are immune from any and all laws.

Be very careful what you sign and I wish you the best. The best thing for them would be you signing anything they hand you without competent legal representation. The worst thing for them would be filing a Quiet Title action forcing them to prove standing before proceeding to sale.

16 posted on 01/11/2011 4:59:43 AM PST by Chunga85 ("Foreclosure Fraud", TARP, "Mortgage Crisis", Bailout)
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To: 1st I.D Vet
Can you comment on this thread, I see you made a VERY interesting observation about short sales last fall.

THANKS.

Taking on a Second Mortgage to Pay the Foreclosure

http://www.freerepublic.com/focus/f-news/2623209/replies?c=10

"If you do a little research...actuallly, study this foreclosure mess for more than a minute or two on CNN, you'll find that what they're doing makes sense.

"The legal system is gamed in favor of the banks, and unfortunately, the banks screwed up massively in the paperwork and have limited to no chain of custody of title to the properties they try to foreclose on.

"The idea is that 90% of the mortgages out there in the last 10 years are so full of legal holes, that a half assed attorney with a little time can get the bank to go away with its tail between its legs.

"They do a service to society by getting rid of liar banks with liar paperwork and return the house to the owner once the fraud is uncovered. They simply draft up an agreement that once the first mortgage is wiped out, or renegotiated, that the lawyer will be repaid for his and his legal staffs time for the work and court costs they incur in the process.

I know two companies which have been successful and making these things go away after a little courthouse work is done. wild times we're in...

msfraud.org
livinglies.wordpress.com
foreclosurehamlet.com

12 posted on 11/07/2010 3:32:50 PM PST by 1st I.D Vet

17 posted on 01/11/2011 5:10:58 AM PST by hennie pennie
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To: hsmomx3

Your parents should find a lawyer that deals in “short sales” The bank, however, may not cooperate with you. THe local bar association can point them in the right direction.

Good Luck


18 posted on 01/11/2011 5:19:33 AM PST by Citizen Tom Paine (An old sailor sends)
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To: Kolokotronis; null and void; Hoosier-Daddy; 11johara28; irish_links; FromLori; blam; muawiyah; ...
*ping*

A fellow freeper needs advice in this thread, any of you care to assist her? OR know of any freepers knowledgable about short sales following foreclosure?

Thanks much.

19 posted on 01/11/2011 5:23:45 AM PST by hennie pennie
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To: hsmomx3; KoRn; G-dzilla; Dianna; Tidbit; Repeal The 17th; chopperman
Say, hsmomx3...

Apparently, IF there is a successful short sale to your parents, you will have to claim the money on your tax return as "debt forgiveness" ... OR something; sounds like a CPA and an attorney, as well as a realtor would be needed to confer with about the best option for you.

20 posted on 01/11/2011 5:41:58 AM PST by hennie pennie
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To: hsmomx3
I do not know what state you are in, but please see if your state has set up any offices which deal directly with HOMEOWNERs whose homes are about to, or already have gone into default.

They may be a treasure trove of accurate advice.

Contact your local legal aid and find out if you can have an appointment with some realty-saavy attorney who might be able to correctly advise you, according to the specific laws of your state.

Over the past half dozen or so years here at FR, I've read many freepers complain that they weren't able to buy any property on SHORT SALE, as the qualifications/regulations were out of this world, and that anyway, it seemed that the banks are not interested in selling their foreclosed homes, as they appear to be making the process extremely difficult.

There MUST be a way that you can get competent legal & financial advice, either for free or at an extremely reduced price given the fact your income has been so low for so long.

21 posted on 01/11/2011 6:40:41 AM PST by hennie pennie
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To: palmer
From my experience as a Realtor the bank will not allow an honest auction of your property, the bank or someone in the bank or someone the banks owes a business favor to, will end up getting the winning bid for your house,

or the bank will accept no bids and eventually someone in the bank or some friend of someone in the bank will get the house

Have you or your parents got an attorney who can advise you on the law (the bank may not be honest about this, I would not expect them to be)

Can you sell your house at this point, in lieu of auction?
FIND OUT YOUR RIGHTS.

If not your parents can get advice about entering the auction, but I wouldn't hold my breath

Your parents sound wonderful, they can certainly give it a try to bid at auction, but can then help you out by looking For another place

22 posted on 01/11/2011 6:47:38 AM PST by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: hsmomx3
My daughter looked at a short sale on Friday with her husband.First the sale was under the purchase price.Home sold for 225,000.00 in 01 and the short sale was 217,000.00.The Realtor told us it would be up to the Bank to accept any offer and it would take 60 days for them to decide.As far as foreclosure,I have talked with many who have gone through this right now.There are people buying your house and then renting it back to you.Also the date of foreclosure is not set in stone as they have so many and are backed up.Also if you do a short sale you must pay the bank the balance of the loan due on your house.Say you sell and it does not cover 30,000.00 you owed on the house you will have to pay them back even if it is sold.They will work out a payment plan with you.
23 posted on 01/11/2011 6:55:11 AM PST by fatima (Free Hugs Today :))
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To: silverleaf
>>>> "...the bank will not allow an honest auction of your property, the bank or someone in the bank or someone the banks owes a business favor to, will end up getting the winning bid for your house, or the bank will accept no bids and eventually someone in the bank or some friend of someone in the bank will get the house..." <<<<

I've read that banks are NOT being helpful in the sale of either short sales or foreclosed properties, and that they want to make money..... but I had NO idea that they were using these properties as "favors."

Should Attorney Generals of the states prosecute against such bad practices by the banks?

24 posted on 01/11/2011 6:57:50 AM PST by hennie pennie
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To: hsmomx3

You could fight the foreclosure and stop it then do what you want with the house.

http://livinglies.wordpress.com/

Google issues like stop foreclosure now.


25 posted on 01/11/2011 7:02:59 AM PST by artificial intelligence (Your data will be processed by me for future input. Thank you.)
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To: hsmomx3

I don’t know where in Arizona you’re at but you need to contact these guys, if they can’t handle your short sale then they would be the ones to know who in your area would be the best to do it. These guys are incredible, more like phenomenal. They apparently are very religious as well, which would seal the deal for me should I be in your position.

This website I’d say is more for other agents trying to do short sales and needing education, but check it out nonetheless. If your home is scheduled for auction, do not delay any further and have your situation evaluated by the most competent Realtor you can find (these guys if possible) If you get an offer before the auction, the bank will pull it from the auction block. I don’t know if AZ has a redemption period or not, but if it does, you can continue to live in your home til the sheriff says you must vacate. You could be saving up your money in the meantime and looking for another home and with your parents help (you are blessed my friend!) you can be on the road to recovering and repositioning your credit and your life. The main thing with a short sale is to save your credit to the extent that it can be salvaged, not stay in your home. Realtors can and have helped folks with the loan modification process too, for a fee they will help you.

Since you’re in AZ, call these guys, they will either help you personally or point you to someone competent enough to help you through this. Either way, don’t it NOW, time is not on your side.

shortsalepowerhour.com


26 posted on 01/11/2011 7:07:51 AM PST by SaintDismas
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To: fatima

Most banks (if they approve the short sale) will forgive the outstanding balance. Obama signed an order a year ago that allows this “income” to be not taxable. Otherwise don’t sign and let it go to forclosure or tie it up in the above mentioned ways in the courts and rent it for as long as you can. Sign a lease with the renter that protects the renter in the case of a foreclosure.


27 posted on 01/11/2011 7:12:36 AM PST by CJ Wolf (tagline)
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To: hsmomx3

Bless your parents, they are wonderful.


28 posted on 01/11/2011 7:13:49 AM PST by CJ Wolf (tagline)
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To: SaintDismas

don’t = do it NOW

(my pulse rate and IQ are way down- need more coffee:)

BTW, what the agents are telling you is true. Your parents or any relatives or people acting on your behalf CAN’T buy the home your living in on a short sale for you to continue to stay there. Even a perfect stranger to you can’t buy your home and then turn around and rent it back to you. It’s the law I’m afraid. Banks have been slammed with scam after scam and that is just not an available option to you. Also, there is such a thing as a deed-in-lieu of foreclosure, which is the between full blown foreclosure and short sale on the scale of what is most damaging to your credit.


29 posted on 01/11/2011 7:14:32 AM PST by SaintDismas
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To: Citizen Tom Paine

Your parents should find a lawyer that deals in “short sales”


Best advice of the thread. When you have a legal question, ask a lawyer, not a realtor or banker.

They might advise whether a corporation owned by the parents could take title to the property, circumventing the family relationship concerns.

Also, to those who suggest that many mortgages are invalid because of some paperwork deficiency, be advised that in virtually every case, the bank can fix the deficiency. They will and they do, and it’s not worth the bother to try this gambit.


30 posted on 01/11/2011 7:14:56 AM PST by Atlas Sneezed ("If you touch my junk, I'm gonna have you arrested.")
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To: hsmomx3
I am not even sure if that is possible—short sale prior to auction.

A short sale can be done prior to the auction IF the bank will accept the loss.

31 posted on 01/11/2011 7:16:50 AM PST by SeeSac
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To: hennie pennie

IF there is a successful short sale to your parents, you will have to claim the money on your tax return as “debt forgiveness”


True, but when there is a foreclosure, there is usually a large capital loss because the sale is less than the buyer paid, and this (usually more than) offsets.

For those who bought low, mortgaged high, blew the dough, and can’t make the payments, they have tax troubles and little sympathy from me.


32 posted on 01/11/2011 7:17:22 AM PST by Atlas Sneezed ("If you touch my junk, I'm gonna have you arrested.")
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To: IAmNotAnAnimal
Unless there’s some weird law in your state, a short sale is valid at any time.

See #13. I am doing a short sale purchase and I had to sign a statement that I had no financial interest, etc with the sellers.

33 posted on 01/11/2011 7:19:44 AM PST by SeeSac
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To: fatima

Also if you do a short sale you must pay the bank the balance of the loan due on your house.Say you sell and it does not cover 30,000.00 you owed on the house you will have to pay them back even if it is sold.


That varies from state to state. “Non-recourse” states forgive the difference. “Recourse” states can go after the defaulter for a period of years, waiting until you are back on your feet in another home to come collect.


34 posted on 01/11/2011 7:20:12 AM PST by Atlas Sneezed ("If you touch my junk, I'm gonna have you arrested.")
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To: hsmomx3
You could also potentially talk to the lender about bringing in cash needed (from your parents) to get the loan current.
Not sure how that would work with you being so far along in the process.
If your income has now been restored and you have funds available it might work.

You also need a good attorney to represent your interests.

35 posted on 01/11/2011 7:21:30 AM PST by HereInTheHeartland (Vote like Obama is on the ballot)
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To: hennie pennie
Over the past half dozen or so years here at FR, I've read many freepers complain that they weren't able to buy any property on SHORT SALE, as the qualifications/regulations were out of this world, and that anyway, it seemed that the banks are not interested in selling their foreclosed homes, as they appear to be making the process extremely difficult.

The basic difficulty in getting a short sale property is that the bank wants at least market value for the short sale. Most buyers don't want to wait four months to buy at market value when they can get another (or new home) in just a few weeks.

36 posted on 01/11/2011 7:23:12 AM PST by SeeSac
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To: hsmomx3
Also as others have said the short sale can't be to relatives or others connected to you.

The potential for people to game (fake hardship to get out of a loan) this type of scenario is why it is not allowed.

37 posted on 01/11/2011 7:25:05 AM PST by HereInTheHeartland (Vote like Obama is on the ballot)
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To: silverleaf
From my experience as a Realtor the bank will not allow an honest auction of your property, the bank or someone in the bank or someone the banks owes a business favor to, will end up getting the winning bid for your house, or the bank will accept no bids and eventually someone in the bank or some friend of someone in the bank will get the house

First, the bank does NOT control the auction. Second, the sale goes to the highest bidder, not to someone the bank owes a favor to. Third, the bank CANNOT require that no bids are accepted. Fourth, your advice stinks.

38 posted on 01/11/2011 7:27:21 AM PST by SeeSac
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To: hsmomx3
I am a Realtor and I am doing a short sale right now for a client and now friend. We have priced the house below the mortgage amount and now are getting offers.

Our first offer was submitted to Wells Fargo, within 1 week we heard back from the bank that they received it, I got a contact number and transaction number and they extended the forclosure date two months.

We had to sign an affadavit that is was an "arms length" transaction, certifying the buyer was not a family member, friend or that they would sell or rent the house back to you, so the parent option is out.

The buyer withdrew from the first offer and now we have received our second offer. From my understanding most banks will extend the foreclosure date three times and try to make a short sale work. Although it takes some time and you have to have a very patient buyer, your credit will be saved and the bank prefers that you stay in the house.

After a short sale is complete in most cases the credit report is marked paid in full and you can have good credit and maybe even buy a house as soon as 12 months of no late mortgage payments. A foreclosure on your credit report will hurt you for 3-7 years.

I have found that Bank laws trump state laws, so whatever your state law is concerning loan and sale behavior the banks totally ignore it.

Stay in your house, hire a Realtor to list it (if you get no's find the short sale expert) and then get the necessary paperwork in for a short sale. I had to fax 67 pages of documentation, the Realtor will do it and the bank will pay the commission and maybe repairs if needed for financing.

39 posted on 01/11/2011 7:28:18 AM PST by thirst4truth (The left elected a mouth that is unattached to an eye, brain or muscle.)
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To: hennie pennie
I've read that banks are NOT being helpful in the sale of either short sales or foreclosed properties, and that they want to make money..... but I had NO idea that they were using these properties as "favors."

See my previous post. SL is out to lunch on his advice.

40 posted on 01/11/2011 7:29:04 AM PST by SeeSac
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To: fatima
.Also if you do a short sale you must pay the bank the balance of the loan due on your house.

Legally yes, but most banks never pursue.

41 posted on 01/11/2011 7:31:06 AM PST by SeeSac
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Comment #42 Removed by Moderator

To: SaintDismas
Even a perfect stranger to you can’t buy your home and then turn around and rent it back to you.

There is nothing in my short sale purchase agreement to prevent me from renting back to the sellers.

43 posted on 01/11/2011 7:33:59 AM PST by SeeSac
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To: silverleaf
” eventually someone in the bank or some friend of someone in the bank will get the house”

That is specifically prohibited. People have lost their jobs by buying a foreclosure or short sale that their bank employer owns or in most cases just services.

Maybe that stuff could happen with Bob's Bank and Bait Shop; but most lenders of any size would have prohibitions in place to prevent this.
It would be a huge conflict of interest....

44 posted on 01/11/2011 7:34:48 AM PST by HereInTheHeartland (Vote like Obama is on the ballot)
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To: SeeSac

So who controls the auction?

Is it not the party who holds title to the property?

Read the fine print, most allow the title holder to accept or reject any auction bid at their option.

I supose you think the stinkiest part of my advice is GET A RAL ESTATE ATTORNEY TO ADVISE YOU AND PROTECT YOUR INTERESTS.


45 posted on 01/11/2011 7:35:11 AM PST by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: SaintDismas
RE: http://shortsalepowerhour.com

How do you know of these folks, and since so many people are facing foreclosure OR are buyers wanting to capitalize on short sale real estate, just how would one go about identifying reputable honest professionals in this precise field in one's own home state?

For instance, what kind of searches would one conduct at google.com, and how could one verify that such realtors found who specialize in distressed properties are actually competent & trustworthy?

Thanks.

46 posted on 01/11/2011 7:38:03 AM PST by hennie pennie
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To: hennie pennie

It would be almost difficult top prove why the bank accepted one bid over another (wink wink)

Picture this- a bank client who is a builder or general contractor with large loans and lines of credit outstanding tells the bank he can fix up the house and resell it for $XXXXXXXX, and already has a buyer in his pocket ..... and the bank gets its money back on the old loan plus gets the new loan.

His bid is gonna carry some weight


47 posted on 01/11/2011 7:39:12 AM PST by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: HereInTheHeartland

see my post above

It’s just buseiness Sonny, it’s not personal


48 posted on 01/11/2011 7:41:16 AM PST by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: thirst4truth
I am a Realtor and I am doing a short sale right now for a client and now friend. We have priced the house below the mortgage amount and now are getting offers.

Minor correction. You are LISTING the house below the payoff amount. The bank will be doing the 'pricing' of the house. Your listing price has NO legal standing for the price of the house UNLESS it is high enough to pay off the balance OR the seller has agreed to make up the short. Otherwise, it is just a marketing tool used to get offers to send to the bank.

49 posted on 01/11/2011 7:42:49 AM PST by SeeSac
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To: SeeSac; All
A friend of mine mentioned to me that nowadays there are only one-fourth of the realtors nationally, that existed during the height of the housing bubble & flipping boom.

25 percent seems like a very low number.

And we have friends who wanted to look at a short sale on the market and their realtor friend told them NOT to even bother, that it would take way too long to buy any short sale in this housing market.

And that there might be five percent of residential housing investors as opposed to a mere five years ago.

How astounding!!

50 posted on 01/11/2011 7:51:58 AM PST by hennie pennie
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