Short sales still taking a long time to process

Buyers, sellers, and agents alike are very frustrated over the long delays in processing short sales. There are reasons for these delays but understanding them will help alleviate some of the frustration.

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Getting Rid of a Promissory Note After a Short Sale

In a large number of short sale cases, the lender has required the sellers/borrowers to sign a  promissory note as a condition of the short sale approval.  We often are asked if there are ways to get rid of that promissory note after the short sale is completed. The answer is “Yes!”  However, before describing the Continue reading...

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New Short Sale “Dirty Tricks” By Second Lien Holders

Recently we have seen a rash of demands from second lien holders for $6,000 to $6,500 to release the lien.  The amounts were so consistent I decided to look further into this.  I contacted a number of insider friends who wok for various lenders and secondary market investors to determine the motivation behind these consistent Continue reading...

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What happens to a short sale when the homeowner dies?

Recently we had a case where an agent reported that the homeowner of a home being sold as a short sale had just died.  What happens then?  Can the home still be sold in a short sale? I receive a number of inquiries concerning the steps to take when the homeowner dies before the short Continue reading...

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Short Sales: A Commission Modification Agreement can protect agents from liability

In my 20 years of practicing law, I have seen a lot of lawsuits over some of the what sometimes seem to be the least likely situations. I have written in the past on several cases some various situations in which real estate agents may be at risk from seller clients in short sale cases. Continue reading...

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