An Infamous Real Estate Short Sale
As the real estate market continues to slow, you will continue to hear about real estate short sales. The most infamous real estate short sale is now 523 Covena Ave in Modesto. The Peterson home. Here is a highlight of the article.
The current real estate agent indicated that the lender is open to a real estate short sale and has listed the home for $350,000.
Roberts paid $390,000 for the home in July 2005 and listed it a year later for $479,000. As real estate sales took a dive, he lowered the price and tried hawking the home on eBay, saying he had little interest in a buyer's motive.
Foreclosure documents show Roberts' first mortgage is $312,000 and he took a second at $78,000 for a total of $390,000, the price he has sought since his lender put the home into foreclosure.
The current real estate agent indicated that the lender is open to a real estate short sale and has listed the home for $350,000.
posted by Jessie B at 8:27 AM
2 Comments:
Short sales do work if you have persistance and patience. The lenders are not in a hurry at all. It can take months to get an approval. Make sure you have all of the required documentation required and follow up everyday. If there are two mortgages involved you must submit to both. Don't rely on the fact that they will negotiate together on their own behalf.
I have sold two homes in a short sale agreement. Real Estate person represented me. One of the houses was more than 100K under water. Does the bank have the right to come after me for the delinquency. Can they put a lein on a business I am selling. I am under water with the business as well but want to receive the money from the sale to clear other debts and move on. The business is operated under an "S" Corporation Status.
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