From the California Association of Realtors: LOS ANGELES (Sept. 3) – Thanks to partisan political gamesmanship by the Assembly Appropriations Committee, struggling homeowners who sold their homes in a short sale in the past eight months will be further penalized by...
This is a typical bank form that all parties are required to sign in order to close a short sale: BofA short-sale addendum-broker cert The form requires that the deal is an arm's length transaction - and now we have some enforcement, at least in Nevada: A Henderson...
It sounds like this erases the record altogether - from C.A.R. Effective January 1, 2014, California’s anti-deficiency laws that generally prohibit a foreclosing lender from obtaining a deficiency against a borrower have been expanded to also prohibit the lender from...
The foreclosure era is winding down, and around the North San Diego County Coastal region, the overall impact has been less than imagined - let's recap the counts of distressed-sales: Year Short-Sale REO Non-REO/SS Distressed-Sales % 2008 5 30 2,002 2% 2009 110 164...
Fannie Mae's new requirement that all HAFA short sales to be active on the MLS for at least five days amounts to shutting the barn door after the horses have escaped: On or after August 1, 2013, all properties being considered for a standard short sale/HAFA II must be...
The California Senate passed the California Association of Realtors-sponsored tax relief bill without a single "no" vote on June 20. SB 30 (Calderon, D-Montebello) protects homeowners from having to pay income tax on a short sale. SB 30 will extend the sunset date in...
A tax provision that spares underwater borrowers from being penalized when they agree to a short sale is due to expire at the end of this year. But two senators want to extend the Mortgage Forgiveness Tax Relief Act through 2015. Senators Debbie Stabenow, D-Mich.,...
I had this email conversation with a short-sale realtor who had listed a property for at least 10% under value last month, and marked it contingent immediately: JtR: I'm curious about the price. With the reaction (she said she received a "bazillion" offers), it is...
The number of completed short sales has dropped this year, and the agents who specialized in them are scrambling around trying to figure out how to be regular realtors. Hopefully the short-sale business will conclude when the debt-tax exemption expires again on...
These are the short-sale scams mentioned in yesterday's comments that deserve their own post as a resource for people to use to protect themselves. If you have seen other tricks, include them in the comments so we stay aware! The most common packages: 1. The listing...
