Jeffrey Tung's Real Estate Blog

Ever wonder why it takes so long to finish a short sale transaction?  It could take 3 to 4 times longer then a regular sale and there is no guarantee that the sale will be completed.  This process is really between the buyer and seller, however there is another party, a lender of record,  that has to cooperate with the purchase.  They have their own proceedures to approve the purchase and could take a long time. 

Related articles by Zemanta

• Short sales – recognizing seller motivation (agentgenius.com)
• California Department of Real Estate Issues Consumer Alert (eon.businesswire.com)
• Bank of America Offers Tips To Successfully Buy A “Short Sale” Home (prweb.com)
• Short Sales 101: Back to the Basics (agentgenius.com)
• The Short Sale Approval Letter (findwell.com)
• Short Sales, a Juggling Act (agentgenius.com)
• Defining a Quick or Short Sale in Real Estate (brighthub.com)
• Local Agent Provides Resource on Foreclosure Alternatives, Short Sales (pr.com)
• Short Sales, When the Bank BPO Is Out of the Ballpark (agentgenius.com)

Have you had an experience working with a short sale?  If you did, you’ll agree that there is no guarantee that the home will be sold to you, no matter how long it takes to get an approval and how frustrating it is to not know if you are going to be able to buy the home.  Well, the HAFA program is designed to help with the frustrations homeowners, sellers, buyers, and agents experience when going through the short sale process.  This program should help speed up the process and help people but there is no guarantee.  Only time will tell.

Related articles by Zemanta

• HAFA: Is it really half the time?(agentgenius.com)
• Short sales, a product that changes with the blink of an eye(agentgenius.com)
• Ten Dirty Secrets of a Short Sale(stealthmode.com)
• July 21st(slideshare.net)
• 75% of modified home loans will redefault(money.cnn.com)
• The Mortgage Mess: Are Solutions Out There?(news.firedoglake.com)

Have you been thinking about when it may be the best time to purchase a property? Well, here’s 5 reasons why you might want to make that big step now. Don’t forget, real estate has cycles. We are now in a buyer’s cycle and it’s the best time to take advantage of the market place. Remember, not too long ago, the last seller’s market? Do you remember when prices went through the roof and properties were selling like hot cakes? Does multiple offers to buy a home and  bidding over the asking price sound familiar? Well, it’s better now. If you can get into a property today, you’ll be able to ride the wave of the next seller’s market.

So how are you going to get the money to take advantage of the opportunity? Unless you have lots of cash to make that purchase, you should see your banker or loan agent to see how much you can borrow. If you need to scrape up some money for a down payment, here’s 7 ways that may help. Good Luck!

Related articles by Zemanta

• How Much Earnest Money is Enough? Or Too Much? (findwell.com)
• A Guide to What Is Included in Closing Costs (brighthub.com)
• Summer mark downs: big reductions in Marin (sfgate.com)