Short Sales 
There are currently 3 blog entries related to this category.
San Diego Short Sale Homes with a 2nd Mortgage
Friday, August 27th, 2010 at 3:22am. 39 Views, 0 Comments.
Here is a quick blog about the 2nd Mortgage on Short Sales. Lately
to get the Short Sale approved from the 2nd Mortgage, they have been
asking for about 10% of the loan balance. So basically if the balance
is $200,000, the 2nd Mortgage wants $20,000 to approve the Short Sale.
Now the 1st Mortgage usually gives about $3,000-$8,000 to the 2nd
Mortgage, so who would pay the difference? Most likely the Buyer will
be asked to pay the difference because chances are the Seller doesn't
have the money. Now if the Buyer won't pay it and all other parties in
the transaction can't agree to some kind of terms to satisfy the 2nd
Mortgage, the home will go back on the market or even Foreclosed.
Why is it important for a Buyer to know this? It will save…
San Diego Short Sale Approvals
Monday, April 19th, 2010 at 5:04pm. 243 Views, 0 Comments.
The turnaround time to get a Short Sale Approved are different for every Lender. Here is a list of the average turnaround times for each Lender that my Short Sale Negotiation Team experienced lately on the Short Sale deals they closed.
Bank Of America- 4 months
Chase- 6 months (first lien)
Chase 2nd's- 60 days
WAMU- 4 Months
Wells Fargo- 60-90 days
Wells Fargo 2nds- 30-45 days
Aurora Loans- 60-90 days
GMAC- 60 days
CITI- 90 days
AHMS- 60 days
National City- 4-6 months
Litton- 30 days
Wachovia- 2-3 weeks.
SPS- 45-60 days
SLS- 30 days
Suntrust- 4-6 months
EMC- 60 days
Indymac- 4 months
Central Mortgage- 60 days
Guild Mortgage- 30 days
Ocwen – 45-60 days
HSBC- 60 days
*Please keep in mind that other Realtors and Short Sale complanies may have different…
Buying a Short Sale
Tuesday, December 2nd, 2008 at 2:34am. 637 Views, 1 Comments.
I have been meeting many Buyers thinking a Short Sale is the same as a Bank Owned Foreclosure (REO). Well, it is not. A Short Sale is still owned by the current owner but is in Notice of Default and currently negotiating with the Lender on doing a Short Sale so the home won't get Foreclosed on. Also by meaning Short Sale, it's the Lender willing to let the sale of the home at a certain price even though the current owner owes more than that price. Short Sale can also be referred as Short Pay.
Now buying a Short Sale. Sometimes Short Sale can get confused with the home selling fast. Actually the Short Sale process can take months for it to Close Escrow. You asked why!?! Well the Lenders are currently just swamped with requests on Short Sales. …