Tagged : short sales

Found 5 blog entries tagged as "short sales".

sale_chris_boswell_450When buyers hear the term “short sale,” they typically think about distressed sellers and good deals — especially in markets where prices have ticked upwards. But the word “sale” can be misleading. In fact, many real estate agents have renamed “short sales” as “long-and-drawn-out sales.”

If you want to read about why short sales often take a long time to complete, click the link below:

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money.cnn.com - Borrowers who lost homes to foreclosure during the housing bust are starting to buy again.

Since the housing bubble burst, 4.8 million borrowers have lost their homes to foreclosure, and another 2.2 million gave them up in short sales, according to RealtyTrac. While many are still struggling to recover financially, a growing number are starting to bounce back -- and they are looking for a new place to call home.

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realtytimes.com - Many of the homes on the market need some work and some need a lot of care. How do you know what to look for in a fixer-upper? If you're a first-time home buyer, purchasing a fixer-upper can be a good option because the price will be lower. But fixer-upper homes come with flaws and some can be huge.

Why a fixer-upper? In some areas, the housing market is very low on inventory, especially new and/or homes in top shape. Foreclosures and short sales, though, can offer better prices if you can deal with the home's maintenance needs.

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dsnews.com - Home price purchases were mixed month-over-month in May, with non-distressed prices up and short sales down, according to the Campbell/Inside Mortgage Finance HousingPulse tracking survey.

From April to May, transactions reported by HousingPulse survey respondents revealed the average price for non-distressed properties rose 1.7 percent, while the average price for short sales fell 0.7 percent. For damaged REOs, the average price went up 1.8 percent and for move-in ready REOs, the average price dropped 1.5 percent.

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Fannie Mae and Freddie Mac have issued new guidelines designed to speed up short sales and make them more consistent, but real estate agents question whether they are achievable in the real world.

In a short sale, a lender agrees to accept less than the amount owed on a property and release its lien.

Under the new guidelines, which take effect June 15, servicers have 30 days to review and respond to short sale offers or requests. If they need more than 30 days, they must provide the borrower weekly updates and a final response within 60 days.

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