There are so many misconceptions about how to negotiate 1st mortgages versus 2nd mortgages when dealing with a real estate short sale! First off, one of the most important details to be aware of in today’s market is that the 1st mortgage is typically the lien holder that is foreclosing on the seller, and [...]

The real estate short sale industry is booming and lenders are so overwhelmed with new and existing over debted properties in default that they need our help!  What I mean by that is, if you are doing short sales, please DO THEM correctly!  I keep getting feedback from lenders that there are too many investors [...]

The simple answer is: by remembering one key thing; the homeowner of the property is the seller, NOT the bank.
Too many so-called real estate professionals get this completely wrong. First off, all offers must be presented to the seller and it is the seller’s decision, with the professional assistance of their real estate agent or [...]

With BILLIONS of dollars set aside to help homeowners who are facing hardship with homes that are “underwater”, the Government’s new plan is designed to prevent a tidal wave of foreclosures.  The question is “will it”?  Will it affect the number of homeowners who will need a short sale?  The plain and simple answer to [...]

Let’s face it.  Homeowners today are faced with many different financial and personal issues; from interest rates being reset, to property tax hikes, to job losses.  These issues and many more, are forcing many homeowners to have to sell their homes. Which means that a vast majority of these properties will require a short sale [...]

The Change on how Lenders process Short Sales is finally here! Lenders now WANT your Short Sale Offers!
Contrary to popular belief, lenders are now more and more agreeable to working with short sale specialists and are asking us for any and all offers!  Although it seems like we’re constantly fighting against them, in recent weeks [...]

One word…ego.
And the factor that amplifies this ego is the unfortunate fact that we are in a buyer’s market.  Buyers and their agents know that for deals to be successful, their offers are needed.  They know they hold all the cards and that sellers and foreclosing lenders alike are desperate for those short sale [...]

Whether you are the listing real estate agent or an investor, perhaps one of the most important aspects to a short sale is to make sure that the buyer on any given property can actually close, and that they aren’t just wasting everyone’s time.  With tighter lending guidelines these days, buyers are not only taking [...]

One of the most important factors of completing a short sale successfully is Managing Seller Expectations. Whether you are a real estate agent or a real estate investor, upon initial contact with a potential seller, you must set proper expectations up front! What I mean by that is you need to immediately let them know [...]

For those of you that have been doing lots of short sales lately, you’re likely aware that many second mortgages are requesting a minimum of 10% in order to agree to a short sale.  Bank of America is no exception to this.  They are now one of the lenders that request a minimum of 10%, [...]