Vermilion Realty Blog

March 10, 2010

Program To Emphasize Short Sales

Filed under: Financing — Tags: — Don Grafues @ 8:10 am
 
April 5 marks the start date for a new program to help homeowners facing foreclosure. There is a concern that if foreclosures continue at a high rate, the effect could be catastrophic to an economic recovery. Read the full article here.

Don Grafues
Resource: REALTOR.org & The New York Times
 

February 8, 2010

A Bit Of Irony

Filed under: For Fun — Tags: , — Don Grafues @ 11:37 am
 
The Mortgage Bankers Association was underwater on its loan for their 10 story headquarters building in Washington, D.C. Utilizing a short sale they sold the building for $41.3 million after paying $70 million in 2007.

Many of the members of the Mortgage Bankers Association are credited with the bad lending practices that brought on the current crisis.

December 13, 2009

Conventional Loan Guidelies

Filed under: Financing — Tags: , , — Don Grafues @ 10:30 am
 

Blue doors to an old building

Blue doors to an old building

Our friend Scott Simmons of Desert Empire Mortgage Company in Palm Springs, CA. recently sent us an email that summarized conventional loan guidelines. This the first time we came across this information in a consolidated and concise form. So we pass his message to you, our readers.

SHORT SALES
Minimum 2 years or more from short sale completion date required by Fannie Mae before a borrower may be eligible for financing again. Individual lenders may require a longer time period.

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October 12, 2009

Banks Making Short Sales Tougher

Filed under: Market Info — Tags: — Don Grafues @ 9:14 am
 
Banks are backing away from short sales, forcing sellers to pay extra at closing or demanding a promissory note for the amount due. One-third of borrowers owe more on their mortgages than their properties are worth, according First American CoreLogic.

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October 6, 2009

Distressed Properties: Still More Pain Than Gain?

Filed under: Short Sale — Tags: — Don Grafues @ 7:31 am
 
Foreclosures and other distressed property might look like a good deal, but some buyers are discovering that they just don’t have the stomach for the problems that come with it.

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September 23, 2009

Thinking of Making an Offer on a Short Sale? What You Need to Know

Filed under: Buyers, Short Sale — Tags: , — Don Grafues @ 6:35 am
 
On August 11 we published a post with a link to a new report on Short Sales available on our “Reports” menu tab. That report is directed towards the seller and outlines some of the steps and cautions involved in a short sale. This post is directed towards the buyer.
Are you looking to buy a new home? Are you thinking that now’s a great time to find bargains? That’s true, but it pays to know a little about the seller’s situation before you make an offer.

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September 14, 2009

Navigating Short Sales: What to Do When the Sale Price Leaves You Short

Filed under: Sellers — Tags: , — Don Grafues @ 8:22 am

If you’re thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won’t cover your total mortgage obligation and closing costs, and you don’t have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.

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August 11, 2009

Short Sale Info & Report

Filed under: Financing, For Sale, Sellers — Tags: , , , — Don Grafues @ 12:58 pm

A new report entitled “Short Sales Tips for Sellers” is now available under the “Free Reports” tab on our site.   Here is a synopsis of the report:

If you’re thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale.   A short sale is one where the net proceeds from the sale won’t cover your total mortgage obligation and closing costs, and you don’t have other sources of money to cover the deficiency.   A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.

Read the entire report to gain more information on the short sale process, timing and risks.

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