Saturday, February 11, 2012

Short Sales

There is a lot of talk about short sales and how they effect one's credit.  I have learned that if a seller stays current on his payments right up to the closing of the short sale that he can immediately purchase a new home as long as he buys down. (Meaning that the new property has to have a value less than the one sold via short sale.)

Right now I am working as the listing agent on two short sales with Bank of America.  What I like about the program I am using (cooperative short sale) is that an inital price is agreed upon ahead of time so the buyer knows going into the transaction what the lender will accept.  It takes a lot of the ambiguity out of the transaction.  One listing at 858 Neilson in Berkeley is listed at $465K.  We know the lender will approve that price.  By the way this property is open on Sunday 2/12 from 11-1.  Come by and see what a bargain looks like.  This house is tenant occupied and they have a small child who naps during  the regular open house time.

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