A short sale negotiation is and does as their title suggests—they are experts in the art of the short sale negotiation. This is no small feat, as many short sales collapse because they began on tenuous grounds. Banks are losing money in a short sale, and need to be assured that there is no possible  … Read more

An active contingent status on a short sale designates that that home has received an offer from a buyer and the seller has accepted. Buyer and seller are awaiting the approval of the bank to finish the transaction. The finalization of the sale is ‘contingent’ on the bank’s approval. The active contingent part of a  … Read more

Under the Forgiveness Debt Relief Act of 2007, you have no tax obligations after a short sale until 2012. However, the status of tax liability in this case may change very soon. A common misconception troubled homeowners frequently held before 2007 is that they were free of their tax obligations to the IRS after a  … Read more

The BPO, or Broker Price Option, is when the bank appraises your house through a hired third party. An integral part of the short sale process is getting your bank to accept a lower price for your house that consistent with other short sale prices in the neighborhood. Your bank will likely come back at  … Read more

The short sale market, only a year ago, was a dismal place. Even today, it remains a woefully deficient marketplace where buyers, sellers and banks are constantly confused and disillusioned by new rules, fraud and bogus selling practices. To put your home in the best possible light, here are some good selling practices to observe.  … Read more

The nation’s glut of upside down mortgages is a headache for policymakers and banks alike. With nowhere to go for banks, many have resorted to outright bullying and subtle pestering to coerce borrowers into paying. Many borrowers just can’t do it—there is nowhere to make more money. One program, Home Affordable Foreclosure Alternatives—HAFA—is another opportunity  … Read more

Many real estate agents have become advocates of another tool from President Obama’s Making Home Affordable program called Home Affordable Foreclosure Alternatives. It is designed to help delinquent or struggling mortgage borrowers short sell their home if they don’t quality for a mortgage modification through the Home Affordable Modification Program—HAMP. Many homeowners, at first glance,  … Read more

The home foreclosure and short sale market today is bloated. It is unequivocally a buyers’ market and will certainly continue to be for a few more years. For those selling, they make be asking for nothing short of a miracle to get them out of a house that has become too much of a financial  … Read more

Many people suffer under the illusion that a short sale is the ultimate means to escape a bad credit report. In reality, nothing could be further from the truth. Short sales, though they may save you from the stigma attached to foreclosure, will still damage your credit and make you a liability to new creditors  … Read more

There are many reasons why a bank might reject your short sale offer. Some are less mysterious than others, and, more often than not, your bank hasn’t heard the magic bargaining number that will release you from their clutches. Here’s a couple ideas how to get the bank to accept your short sale terms. Its  … Read more