Currently viewing the tag: "sale"
Question: Real Estate Question: What Is A Short Sale?
Since the foreclosure crisis began several years ago, I’ve heard the terminology, “Short Sale” many times, yet I don’t quite understand it.
Help a Susta out! Plain & simple: What is a short sale?
Answer:
Answer by Karen
Plain and simple it means that the house is being sold “short” of what is owed on it, or less than what is owed on it.
For instance, the person has a $ 200,000 loan on a house, but since the real estate market has fallen, the house is no longer worth $ 200,000 or more. The house is now worth $ 150,000. So the house will only be able to be financed for $ 150,000 because that’s all the bank will loan on it. So the sellers have to sell it for less and owe the bank the difference. Sometimes they forgive the debt, sometimes they don’t.
So that’s all it means, it does not mean faster. It means for less than what is owed.
Question: Is it possible for to do short sales in NC without acquiring my own mortgage, As taught in Short Sale Magic?
I recently purchaced Tom Butler’s Short Sale Magic course and all the information contained in the material seems very benificial. However I know that North Carolina has laws in place that hurt some Real Estate Reseller’s. Can anyone tell me a legal way to control Real Estate in NC without aquiring personal financing nor triggering the “Due on Sale” clause that is in most mortgages.
An example of this would be assuming the property “Subject To” current owners mortgage. Not sure if this is legal in NC, but any legal creative financing ideas are welcomed…
Answer:
Answer by kemperk
u are confusing your state’s laws
with tort laws.
Mortgage companies have their
own polices re Due on sale–that
has nothing to do with a state law.
States must permit their
courts to JUDGE whether
contracts are fair and if one
party seems harmed, to cure
the wrong.
Being involved in short sales
during the national foreclosure debacle is like selling life preservers to
people who have jumped off
a sinking ship.
if you wish to gain legal control
of any property, REGARDLESS of
anyone’s mortgage, you must
have a contract signed by
the seller.
IN many cases, if the seller has
a mortgage [behind or not in payments], once the seller
has agreed to sell the home
at close, the mortgage must be paid.
it is totally legal to assign a contract.
however, inbetween getting legal
rights to the home by having the
seller sign the contract and finding
a buyer, the short seller is legally
responsible and some seminar
holders find this bad. They do so
because it slows their biz.
All states are responsible for
protecting home owners.
MOst short sellers do not care
to provide protection for sellers; thus
the rub.
lastly;
i was offered a fast check for $ 500
a few years ago when selling my home [which I did sell to others]
and if I took the check, I was obligated
to turn over the house and sign the
deed to the short buyer but he
refused to go onto the lien. I told him that was absurd; lien holders need
needs to protect them and visa
versa. He was a crook and I had
nailed him. I did not take the check.
Question: How does a short sale work?
My family and I are looking at several houses to buy in our area, and one that we are particularly interested in says at the bottom of the listing, “This property is subject to a short sale”. I understand what a short sale is, but do any real estate professionals have any more info? Such as, are they more difficult to buy? Is there more room for negotiation? Are there many more hoops to jump through? The price and taxes listed fit well within our budget, but is that necessarily the bottom line? Any knowledgeable info is appreciated.
Answer:
Answer by chatsplas
Patience and perseverance by buyer are necessary.
Seller lists house and gets contract, offer from buyer which they accept, then send to bank. Unless bank OKs deal, nothing happens. Bank is NOT being paid back all the money they lent seller, and has to approve any short sale. Banks are slow to act, and may act against their own best interests. They are definitely MORE difficult to buy and take longer.
The better qualified you are as buyer/borrower, the better chance you have, so get prequalified. This means good credit rating, stable job history, adequate income, adequate down payment (3.5-5% minimum and 10% is better by far, while 20% down avoids costs of PMI). The fewer conditions, restrictions and things you ask for in contract, the better chance your offer has of being accepted.
Question: Real Estate Taxes – TAX SALE – What is it?
A friend of mine has paid real estate taxes religiously and ontime on his house for years via escrow, until this year, when he ran on hard times. The last date for payment and interest due for this year is fast approaching, and they mentioned that if it’s not received by that date, it will go into “tax sale”. As I understand it, he will NOT lose his house….his taxes will be sold to a bidder (not sure of the process), and he will then owe the bidder the past due amount AND an additional percentage of interest to the winning bidder…and would then have “x” amount of time to pay that off.
Am I correct about all of this? He will NOT lose his house?
Thanks!
Answer:
Answer by Liome
County and state taxes proside over morgages, so with the tax sales you would pay the past due taxes (and interest if added in) for the purchase of real estate, free and clear. It is a great investment opportunity if insurance isn’t outrageous. Now if they auction his home off, it seems to me that the person/business that pays off everything is the deed holder and they can assume the property in their posession if he doesn’t get them paid. They are probably under a signed agreement to give him a chance, but if he fails, they are the legal deed holders.
Question: what does short sale in real estate mean?
Every other home that is listed in mls in my area, put “short sale” in description. what is short sale?
Answer:
Answer by phattygirl
quick sale
Question: Used copy of Jason Loucks “7 Day Sale” course?
I’m interested in buying the above real estate course used.
I can’t seem to find anyone (or any place) with one available yet, though. (I tried EBay, of course).
I’m a serious buyer. Any ideas?
Answer:
Answer by Doc
google it
Question: whats a short sale in real estate slang?
I’m looking into buying a condo, and several I am interested in say they’re “short sales”. What does that mean?
Answer:
Answer by golferwhoworks
selling for less than what is owed
Question: How do real estate Trust Sales work? Can I purchase a trust sale w/ a loan?
My husband and I found a house that’s under “Trust Sale” and we’d like to buy it, but our Realtor says that we cannot purchase this house w/ a loan and that we need cash to buy it. Is this true?
Answer:
Answer by jcampos8782
Yes. A trust sale is what happens (in California and a few other states) when a home is foreclosed upon by the bank.
There are a couple of ways around this if you are savvy…. try finding a private investor that will put the cash down on the house you are looking to purchase and then purchase the home from the investor with a loan or a land contract.
Or… If you own another property you may be able to secure a cashout loan using your already owned property as collateral.
Question: who makes the money on a short sale?
Are the mitigators who advertise themselves to do “short sales” real estate brokers or real estate attorneys? Is it a commission that they get, as if it were a regular real estate sale, or do they get a fee from the lender? I know some mitigators say that the party trying to get out of their mortgage does not have to pay for their services. Then how do they make their money?
Answer:
Answer by Alexzander
no one
Question: Did I just get scammed at a yard sale/estate sale?
I just went to an “estate sale” in a rather rough part of town. Honestly, it was more like a garage sale but pretty much all over the inside of the house. It looked to me like either a hoarder lived there or someone was a major pack rat. Literally, every square inch was covered in nick-nacks and had price tags. Anyway–the people there had a little register set up. When I checked out they charged me tax. I didn’t say anything because I wanted to get out of there as it was getting really crowded. Is that typical or did they just get some extra money out of me?
There were no signs up, just some hand-made signs pointing to the sale on the street. They wrote me a receipt and all, but I just thought it was strange. Thanks for the responses. I am now the proud owner of a vintage dress, a bag of vintage costume jewelry, crystal napkin rings in the original box, and some aquaglobes. 
Answer:
Answer by formula72
ha ha ha….. they nailed u for a few cents more.