Chance Gates' Blog » short sale

Beware Legal Pitfalls With Foreclosures, Short Sales

Chance Gates — Thu, 29 Sep 2011 18:39:42 +0000

Daily Real Estate News | Monday, September 26, 2011

http://realtormag.realtor.org/daily-news/2011/09/26/beware-legal-pitfalls-foreclosures-short-sales?cid=WR09292011:30262&ed_rid=1698691

Short sale and foreclosure transactions can be fraught with potential legal problems for real estate professionals. And as the number of these transactions continues to skyrocket, agents need to be careful, Stella Ling, managing senior counsel of the California Association of REALTORS®, told a crowd at CAR’s REALTOR® Expo last week.

Short sales success rate is only about 50 percent, Ling said, so “the best thing to do is to prescreen the short-sale listings.” For example, she encouraged agents to look for home owners who have refinanced in the mid-2000s and to avoid listings where a second trustee lender can come back for a deficiency through a judicial foreclosure or might not agree to a short sale. Ling also recommends checking to see if the seller has considered a bankruptcy.

Another danger she points to is “reverse staging.” With reverse staging, sellers trash the property in order to devalue the property. Ling says real estate professionals should ensure sellers don’t do any damage and if they suspect any, they should reconsider proceeding with the transaction.

“If a seller does reverse staging, destroying their own home, what else are they going to do? What other misrepresentations are they going to make?” Ling told the crowd of real estate professionals.

Ling also suggests when handling REO transactions that real estate professionals read the REO addendum carefully that lenders often add to the purchase contracts. Oftentimes, these addendums make buyers give up a lot of their rights, she notes.

Source: “Avoiding the Legal Pitfalls of Distressed Real Estate,” Inman News (Sept. 23, 2011)

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As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates . You can also follow me at http://www.twitter.com/chancegates . If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or to request a modification. If the modification fails, contact your local real estate professional to help short sale your home. To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

Guiness Book of World Records: Most Cosmetic Prodcedures

Chance Gates — Sat, 03 Sep 2011 21:45:50 +0000

http://www.guinnessworldrecords.com/most-cosmetic-procedures/

Cindy Jackson (USA) has spent $99,600 (£53,148) on 47 cosmetic procedures, including nine full-scale surgical operations since 1988. These have included three full facelifts, two nose operations, two eye lifts, liposuction, knees, waist, abdomen, thigh and jawline surgery, lip and cheek implants, chemical peels, chin bone reduction and semi-permanent make-up

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Banks Agree to More Short Sales

Chance Gates — Thu, 01 Sep 2011 21:41:31 +0000

Daily Real Estate News | Friday, August 26, 2011

source Bloomberg News 8/24/11

http://realtormag.realtor.org/daily-news/2011/08/26/banks-agree-more-short-sales?cid=WR08312011:27896&ed_rid=1698691

Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.

“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”

During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.

What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice–that’s down from 256 days in the first quarter, RealtyTrac reports.

Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount–or an average sales price of $192,129–compared to the sales price of non-distressed homes.

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Wednesday Quotes: Walt Kelly 1913-1973

Chance Gates — Wed, 31 Aug 2011 17:07:07 +0000

Every burden is a blessing.

Image via Wikipedia

Walt Kelly

In like a dimwit, out like a light.
Walt Kelly

It is not good enough for things to be planned – they still have to be done; for the intention to become a reality, energy has to be launched into operation.
Walt Kelly

We are confronted with insurmountable opportunities.
Walt Kelly

We have met the enemy and he is us.
Walt Kelly

Women aren’t as mere as they used to be.
Walt Kelly

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Wednesday Quotes: William Beveridge 1879-1963

Chance Gates — Wed, 17 Aug 2011 16:38:21 +0000

http://www.brainyquote.com/quotes/authors/w/william_beveridge.html

Ignorance is an evil weed, which dictators may cultivate among their dupes, but which no democracy can afford among its citizens.
William Beveridge

Scratch a pessimist and you find often a defender of privilege.
William Beveridge

The object of government in peace and in war is not the glory of rulers or of races, but the happiness of common man.
William Beveridge

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Wednesday Quotes Adam Smith 1723-1790

Chance Gates — Wed, 29 Jun 2011 20:53:01 +0000

Read more http://www.brainyquote.com/quotes/authors/a/adam_smith.html

Adventure upon all the tickets in the lottery, and you lose for certain; and the greater the number of your tickets the nearer your approach to this certainty.
Adam Smith

All money is a matter of belief.
Adam Smith

Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.
Adam Smith

Defense is superior to opulence.
Adam Smith

Great ambition, the desire of real superiority, of leading and directing, seems to be altogether peculiar to man, and speech is the great instrument of ambition.
Adam Smith

Happiness never lays its finger on its pulse.
Adam Smith

I have never known much good done by those who affected to trade for the public good.
Adam Smith

It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country.
Adam Smith

It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
Adam Smith

Labor was the first price, the original purchase – money that was paid for all things.
Adam Smith

Labour was the first price, the original purchase – money that was paid for all things. It was not by gold or by silver, but by labour, that all wealth of the world was originally purchased.
Adam Smith

Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things.
Adam Smith

Man is an animal that makes bargains: no other animal does this – no dog exchanges bones with another.
Adam Smith

No complaint… is more common than that of a scarcity of money.
Adam Smith

No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.
Adam Smith

On the road from the City of Skepticism, I had to pass through the Valley of Ambiguity.
Adam Smith

Resentment seems to have been given us by nature for a defense, and for a defense only! It is the safeguard of justice and the security of innocence.
Adam Smith

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45-day Short Sale Decision Legislation Introduced

Chance Gates — Sat, 23 Apr 2011 21:55:53 +0000

www.realtor.org
On Tuesday, April 12th, 2011, Representatives Tom Rooney (R-FL) and Robert Andrews (D-NJ) introduced H.R. 1498, the “Prompt Decision for Qualification of Short Sale Act of 2011″. This legislation makes it mandatory for mortgage servicers to reply to a short sale application within 45 days of submission. If the servicer fails to provide a decision to the short sale applicant within that time period, the application is deemed approved. NAR has heard from many of our members nationwide that the length of time for a decision on a short sale application remains a significant impediment for this foreclosure mitigation option. It is the NAR’s hope that this legislation will not just shine a light on the short sales issue, but establish a mechanism for the development of an appropriate solution.

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Hardest Hit Fund Helping Nevadans Avoid Foreclosure

Chance Gates — Thu, 10 Mar 2011 21:47:39 +0000

The “Hardest Hit Fund” to help struggling homeowners make their mortgage payments began on February 28. Nevada is one of five original states chosen to receive money from the federal government based on the number of foreclosures and unemployment rates. Nevada is slated to receive $194 million, with $150 million available during the initial programs. The fund has 4 programs, including mortgage assistance, principle reduction, short sale acceleration, and second lien relief program. To find a list of the qualifications for this fund, or to apply, visit www.nevadahardesthitfunds.org or click here

Wednesday Quotes E.P Thompson 1924-1993

Chance Gates — Wed, 09 Mar 2011 20:34:37 +0000

I think that the U.S. does have this very much more open attitude, and I admire it very much and I think it’s very important to the world. But the information and the discussion sometimes come too late, after the effective decision has been made.

I think you will find scientists that think like you in Germany and Britain, and you will find politicians that think like Weinberger. I think the most bellicose ruling group in the Western world at the moment is the British.

I will hear no talk that there are no intermediate-range weapons on the NATO side.

The missiles come first, and the justifications come second.

The readings of Soviet society are as many as the experts you speak to. In my view, it’s a society that is overdue for measures of democratization and organization.
E. P. Thompson

The talk about balance, nuclear balance, seems to me to be metaphysical and doesn’t seem to be real at all.

Wednesday Quotes Andrew Mellon 1855-1937

Chance Gates — Wed, 02 Mar 2011 17:32:42 +0000

Image via Wikipedia

A balanced program for tax reform based upon the common sense idea of lowering taxes out of surplus revenues.

Gentlemen prefer bonds.

Strong men have sound ideas and the force to make these ideas effective.