Comments for Short Sales - Real Estate Sales http://favoriterealestate.com Attorney Negotiated Short Sales and Traditional Real Estate Transactions Tue, 07 Feb 2012 19:30:21 +0000 hourly 1 http://wordpress.org/?v=3.3.1 Comment on Form 982 and short sale taxes by John McConnin http://favoriterealestate.com/form-982-and-short-sale-taxes/#comment-9 John McConnin Tue, 07 Feb 2012 19:30:21 +0000 http://favoriterealestate.com/?p=573#comment-9 1. Our main office is in Carlsbad, but we also have an office in downtown San Diego. We are currently negotiating for space in Orange County and Temecula. However, I have Real Estate Agents in my brokerage who work all the way up to Santa Barbara. 2. Most but not all loan servicers or lenders require the parties to state in writing that there are no agreements or deals between buyer and seller for seller to stay in the property. So make sure you work with an experienced agent who can show you your lenders buyer and seller "addendums" before you waste your time. 3. I know there are many people who claim to be able to buy the note from the bank and then strike a deal with you directly.... but they are not telling you all the facts. Anyone who is making a "buy the note" claim... needs to show you some notes they have purchased in Orange County in the last 12 months. Otherwise you are just dealing with Realtor marketing hype. Note to anyone is buying notes in L.A. down. I have hundreds of potential clients for you... but you must show us notes you have purchased in So Cal in the last year. 4. If you would like to discuss your options in more detail let us know. Thank you for the question. 1. Our main office is in Carlsbad, but we also have an office in downtown San Diego. We are currently negotiating for space in Orange County and Temecula. However, I have Real Estate Agents in my brokerage who work all the way up to Santa Barbara.

2. Most but not all loan servicers or lenders require the parties to state in writing that there are no agreements or deals between buyer and seller for seller to stay in the property. So make sure you work with an experienced agent who can show you your lenders buyer and seller “addendums” before you waste your time.

3. I know there are many people who claim to be able to buy the note from the bank and then strike a deal with you directly…. but they are not telling you all the facts. Anyone who is making a “buy the note” claim… needs to show you some notes they have purchased in Orange County in the last 12 months. Otherwise you are just dealing with Realtor marketing hype. Note to anyone is buying notes in L.A. down. I have hundreds of potential clients for you… but you must show us notes you have purchased in So Cal in the last year.

4. If you would like to discuss your options in more detail let us know. Thank you for the question.

]]> Comment on Form 982 and short sale taxes by Tanya http://favoriterealestate.com/form-982-and-short-sale-taxes/#comment-8 Tanya Mon, 30 Jan 2012 00:33:46 +0000 http://favoriterealestate.com/?p=573#comment-8 I'm seriously thinking about trying to do a short sale on my condo in Aliso Viejo. I am "underwater" by about $150,000. as I bought 6 yrs ago. I'm hoping to try and rent the condo back, so I don't have to move. I've heard this is sometimes done. Where are you located ? And do you charge a fee up front for advice? I'm very serious and wish to retire in 2 years, but wont be able to afford these payments on a retirement income. Thanks so much, Your website is very helpful. Tanya I’m seriously thinking about trying to do a short sale on my condo in Aliso Viejo.
I am “underwater” by about $150,000. as I bought 6 yrs ago.
I’m hoping to try and rent the condo back, so I don’t have to move.
I’ve heard this is sometimes done. Where are you located ? And do you charge a fee up front for
advice? I’m very serious and wish to retire in 2 years, but wont be able to afford these payments on a retirement income.
Thanks so much, Your website is very helpful.
Tanya

]]> Comment on CCP 580b – California’s non recourse loan statute by John McConnin http://favoriterealestate.com/ccp-580b-californias-non-recourse-loan-statute/#comment-5 John McConnin Wed, 30 Nov 2011 01:03:47 +0000 http://favoriterealestate.com/?p=197#comment-5 Refinanced loans are generally not protected under CCO 580b. Exceptions indicated by the case law might include certain types of re finances with the same lender which did not involve cash out. Also be careful with loan modifications. Refinanced loans are generally not protected under CCO 580b.
Exceptions indicated by the case law might include certain types of re finances with the same lender which did not involve cash out.

Also be careful with loan modifications.

]]> Comment on CCP 580b – California’s non recourse loan statute by Question http://favoriterealestate.com/ccp-580b-californias-non-recourse-loan-statute/#comment-4 Question Wed, 30 Nov 2011 00:59:43 +0000 http://favoriterealestate.com/?p=197#comment-4 Is a cash out refinance still a non recourse loan, if it is my only loan? Is a cash out refinance still a non recourse loan, if it is my only loan?

]]> Comment on California’s New Short Sale Law – Blessing and a Curse by - Short Sales and Traditional Real Estate Sales http://favoriterealestate.com/ca-short-sale-law-blessing-curse/#comment-2 - Short Sales and Traditional Real Estate Sales Tue, 29 Nov 2011 23:04:06 +0000 http://favoriterealestate.com/ca-short-sale-law-ccp-580e/#comment-2 [...] Please see our note on why this law is creating problems for short sale Realtors and upside down owners with two loans. CCP 580e Blessing and a course [...] [...] Please see our note on why this law is creating problems for short sale Realtors and upside down owners with two loans. CCP 580e Blessing and a course [...]

]]> Comment on CCP 580b – California’s non recourse loan statute by John McConnin http://favoriterealestate.com/ccp-580b-californias-non-recourse-loan-statute/#comment-3 John McConnin Sat, 28 Nov 2009 06:56:44 +0000 http://favoriterealestate.com/?p=197#comment-3 Note: Many people believe this law applies to all purchase money loans. But if your the California case law, it generally only applies to original loans on a residence and few specific other circumstances. It typically does not apply to investment properties. Feel Free to leave questions below. Note: Many people believe this law applies to all purchase money loans.
But if your the California case law, it generally only applies to original loans on a residence and few specific other circumstances. It typically does not apply to investment properties.

Feel Free to leave questions below.

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