Thursday, June 24th, 2010 at
4:48 pm
I’m in a situation where I have the opportunity to short sale my property instead of letting it go to foreclosure. This might seem like a very easy answer, of course do the short sale, but there seems to be some compounding factors which may lead to foreclosure being the best option.
My unique situation requires that I pay partial closing of 00 to do the short sale. I’ll explain…. My outstanding balance on the home is 5k, the buyers final offer was 0k, and the bank is requiring 5k to close. My realtor is requiring me to pay k to close the gap between the buyer and bank. The buyer appears to be some investment company that buys distressed properties for profit.
My reason for questioning the short sale… I’ve read an article online about, "Deficiency Judgments." The bank can seek a deficiency judgment for the shortage on the actual amount received versus the amount that was due. Using my unique situation, the judgment may be recorded against me for ,000.
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Wednesday, June 23rd, 2010 at
2:25 pm
Since the market is flooded with distressed properties, we feel that we could get more of the type of property we want–house with some acreage–in looking through such listings in Southern New Jersey. I’ve found a number of services on the Internet but they seemed more geared towards investors. We just want to find a home for ourselves. I can do quite a lot of research (and already have) and found some interesting prospects on my own.
Would a buyer’s agent help in this situation? He or she would have to be familiar with the above type properties as well as short sales.
Thanks in advance.
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Tuesday, June 22nd, 2010 at
12:01 pm
I am generally opposed to bailing out irresponsible people. But the increasing number od foreclosed and abandoned houses is hurting even responsible people who made their payments all on time, but who are seeing their property drop in value because irresponsibles abandoned property in the neighborhood. Should the government help provide lower rate loans to responsible people who are now trying to buy some of these distressed properties? This would avoid direct help for irresponsible borrowers who caused the problem, but would help get some of the houses off the market.
It seems like having a property go through foreclosure costs everybody too much. I don’t care too much about what it costs the irresponsible borrower and the irresponsible lender. However, I do care aboout what a bunch of empty, foreclosed houses can do to the responsible homeowners in a neighborhood. It is best to find a way to help a responsible buyer, purchase the property, even if the borrower loses all of his equity and the lender loses someting too. The loss will be less to both of them than a foreclosure would be.
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Wednesday, June 16th, 2010 at
4:50 am
cheap distressed properties in need of work?
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Saturday, June 5th, 2010 at
2:25 pm
i have company to clean up distressed properties in northern arizona looking for morgage companies
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