All Entries in the "Strategic Short Sales" Category
Buying a Short Sale with CASH
A new trend seems to happening to folks buying short sales with cash. With a cash buyer there is no need for the property to have “value comps” to justify and approve a loan, banks can use an inflated market value BPO/appraisal to see if the unsuspecting buyer will pay more and take their “bait”. [...]
How does a HELOC affect the Short Sale
If you are about to do a short sale and have a second lien, you should be aware of what type of loan it is. Usually if the second is “purchase money” meaning the second loan was made at the time of purchase you have a chance of walking away without a deficiency. (ex. 80/20 [...]
January 2011 Foreclosure stats and median price points
Here are some stats provided by CNN last week from 10 cities across the nation. Notice Dallas and Houston both made the list. Thank goodness for the drivers that continue to move our economy forward and keep our unemployment lower than any other state. Not only that, but we have some of the most affordable [...]
Legal terms associated with a Texas-Short-Sale
If you are behind on your payments and are considering your property options, a few confusing legal terms may come up about foreclosure. I will make some sense of them for you. In Texas, lenders may foreclose on deeds of trusts or mortgages using either a judicial or non-judicial process. What is the difference? JUDICIAL [...]
The Importance of the Hardship Letter
The more short sales I do, I have found that the most important document of the short sale package is the hardship letter. It is read by a real person (loss mitigator) that have emotions and cannot help be influenced by a sincere hardship story. Please remember not to be embarrassed about your situation, create [...]
