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This is so inherently unethical I can not believe I am actually writing a blog about this, but a buyer asked me this question today and apparently it is happening.
I have a short sale listing in Menlo Park and offers are due by the end of the day on Tues. At thus point I have 2. It is in Belle Haven, a popular area for investors and is close to the the new Facebook Headquarters so the appreciation prospects are…Continue
Added by Marcy Moyer on October 26, 2011 at 10:30am — No Comments
If you are selling your home as a short sale and it needs work you may get one or more offers from flippers. These can be contractors or investors who want to buy your home at a discount, fix it up, and then resell it for a profit. I do not believe there is anything unethical about this, and in fact I used to flip homes myself, but that was a different market.
However, there are many banks who disagree and often will…Continue
Added by Marcy Moyer on October 19, 2011 at 10:28am — No Comments
It is estimated that about 25% of home in the US are underwater, that is the owner owes more on the mortgage than the home is worth. So if the owner has to sell, they would have to either make up the difference or do a short sale.
However, just being underwater is not enough reason for most banks to do a short sale. They want to know you have a hardship. what is a hardship?
there are a number of reasons that banks will accept as a hardship. they basically want to know what has…Continue
Added by Marcy Moyer on October 3, 2011 at 2:44pm — No Comments