Tag Archives: short sales

5 Things You Should Know About Short Sales

Short sale volume has significantly declined over the past two years in the San Francisco market. But such sales are still popping up; I’m actually in the process of representing sellers on a short sale listing. And based on the questions I’ve been asked at my open houses, I think it might be a good time for a blog post for prospective home buyers about short sale basics.

Buyers and sellers both take on risks when they get involved with short sales. The seller risks having the short sale denied, or approved and then cancelled by the buyer. And the buyer risks waiting for short sale approval and then being informed that the sale won’t be approved by the seller’s lender(s). Continue Reading

Tall Taxes on Tap for Short Sales in 2013

Pursuing a short sale could soon be much more taxing for homeowners heading into 2013.

A short sale occurs when lenders forgive part of the loan debt (technically viewed as income, for tax purposes) and take less than they’re owed. The Mortgage Debt Relief Act of 2007 has been allowing home sellers to exclude up to $2M of this debt/income on their principal residence since 2007. Debt related to a loan modification, as well as a foreclosure, has also qualified for the exclusion. Continue Reading

Do Your Homework Up Front in Short Sales

Do Your Homework Up Front in Short Sales

“BOM” is shorthand for Back on Market, and several properties earned this status over the past week. Three of them started off as short sales, meaning that their sellers could very possibly be foreclosed upon if they’re unable to find new buyers.

I point this out because it’s key for buyers who make offers on short sales to do their homework up front, and understand the full scope of the short sale process. Continue Reading

Lender Trends See Buyers Scratching Heads

The real estate lending landscape has changed significantly in the past couple years. Lenders are girding themselves against fraud in many ways, and that trickles down to what sort of documentation they’ll request from buyers in transactions.

Two areas that have raised questions recently center around gift money and personal information requests. Our team at Guarantee Mortgage recently presented an explanation about the issues related to these topics, so I thought I’d share this very practical information with you. Continue Reading

SFGate: Foreclosure Activity Down in First Quarter

I spoke with the San Francisco Chronicle’s Robert Selna yesterday about the foreclosure activity I’ve been seeing in the San Francisco market. The upshot of the story: Fewer homeowners in the Bay Area and California are headed down the path toward official foreclosure in the first three months of 2010 compared with the prior quarter and with a year ago. Continue Reading

Contact Eileen for Real Estate Help

Eileen Bermingham

Corcoran Global Living



DRE# 01352627

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