About short sale and other animals / The reflections by Tal Levi
About Short Sale and Other Animals / Giggs by Tal Levy
If you fancy your pewter
Don't fall for the "exercise"
Short Sale can be a successful deal
If you use a little fever
Did I attract attention? Well, so listen now, and it's directed to a little lesser acquaintances, guys mostly physically distant, who don't quite know what is meant by Short Seale and especially the laws that go into it. I will briefly explain what Short Seale is, and three things to watch out for, and none of them are related to the property itself, so take note, here it comes.
Close your eyes and imagine the next situation - this year 2005, a property owner taking out a loan on his house, playing with the kids in the yard, throws a dog a ball to bring. Honey life, Emma Ma, three years later the real estate market and with it the economy, he loses his job, cannot pay the mortgage and his property value falls below the amount he owes to the bank, meaning even if he sells the property he will not be able to Paying the debt in full and in most cases it will end up in a US Foreclosure Assignment. We will return to this) and in return, if the bank agrees, the bank will oblige all debt. Sales at the market price no profit or income to the seller and for a living. This is the bargain.
I would like to emphasize here that I am not opposed to Short Sale deals, but in the years following the market collapse the issue was completely broken. Today the situation is different and requires a higher level of caution and knowledge and for that reason I am here. Need to remember, I mention that I am not an attorney so feel free to check me out, because when you wrinkle the truth in front of the bank, it can easily be considered a bank fraud, a federal offense, and so caution is important.
So why pay attention?
1. The agreement is based on the so-called Arm's Length Transaction. You guys need to sign a statement regarding the purchase. The free translation of this is that the buyer and seller do not know each other and the transaction is conducted under objective market conditions. why is it important? In some cases, a seller identifier who is in the process of convening, offering and doing Short Sale and buying the property at an attractive price, only does not really meet the definition of Arms Langs, because you knew the buyer before the deal was on the market and did not really market to the public to get the best offer. Most (according to market price).
2. Money around the world - Many times the seller's motivation to agree to a deal is to get money "under the table". dangerous! Again, the agreement makes it clear that the bank's agreement is conditional on all money coming to it, so paying black money is definitely a breach of the agreement, especially on the part of the seller but you cooperated, and returns us for the bank fraud.
3. Purchase a Short Sale deal that has already closed - If you have decided to purchase a deal that has already closed in Short Sale, please note that no transfer of ownership can be made before 90 "cooling off" ends. In order to circumvent this prohibition, there are cases where buyers purchase the company that owns the property and not the property itself. Kind of clever. so no! You will always transfer the property under your name or under a new and clean company and do not agree to purchase the company the property is already listed under. Why? If you were not involved in the process you cannot know what was actually done or told the bank in the process and how much the transaction is "clean". If you bought the company that owns it you will inherit the history of the deal for the better but mostly for the bad. Buying and transferring the property neatly, with new Teitel insurance disconnects you as buyers from what happened before you can start a clean new page, protecting you and your money.
Good luck!
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Accurate and excellent post!