In A Short Sale. .Who Pays The Deficiency?

Original article: http://www.reallynicehomes.com/blog/short-sale-will-i-have-pay-difference-between-what-i-owe-and-final-sales-price-my-property/

Question:

On a Short Sale, will I have to pay the difference between what I owe and the final sales price of my property.

In some cases the lender may ask you to pay the difference in the form of a promissory note in order to complete the short sale.

Most often this comes into play if there is evidence that the seller has money available in the form of savings or other major assets.

In some cases the lender will simply give the third party approval with a conditional language that says in effect. ."Short Sale is approved under these conditions. . that the lender maintains the "right to reserve to pursue a deficiency" at a later date.

Most often this is a subdue attempt to maintain their rights to go after the borrower in case they have reasonable belief that they are able to pay it.

My contention to the lender in this case has always been the same back to them. .

"They have a HARDSHIP. . you acknowledging that-- when you gave the approval. . HARDSHIP means NO MONEY!!! WHY ARE YOU ASKING FOR THIS??

"Please remove the language "right to reserve to pursue a deficiency" so we can proceed. . so the seller can be assured that this is the end of it and not leave them hanging just like they have the last few months!. ."

Having experienced 160 short sales, I can assure you that short sales are like snow flakes. .no two are alike. . . even with the same bank!

You are doing a short sale to remove this deficiency and that is the ultimate reward for having to consider it. . if not. . why do it at all?

 

Fernando Herboso is a Short Sale Specialist in Maryland DC and Virginia 

Expert in  Bank of America, Wells Fargo and Chase Short Sales.

call: 240-426-5754 for MD, DC & VA

Fernando Herboso has listed over 160 short sales, trained dozens of agents "how to do short sales "and has authored the following books about short sales

Author of the eBOOK "Is A Short Sale An Option For Me?

Author of the eBOOK "AdiosLender.com"

Author of the eBOOK " 10 Secrets To Loan Modifications"

Author of the eBOOK " Avoid Foreclosure Hell"

Author of the Ebook " 31 Reasons To DO A SHORT SALE"

Maryland Principal Broker : Fernando Herboso direct # 240-426-5754
My  Best Short Sales Testimonial Ever 

Herboso & Associates LLC | 301-246-0001 

Maryland | DC | Virginia  

www.Short-Sales-Expert.com 
www.ReallyNiceHomes.com

Hello, 

It is my sincere belief that homeowners need to find an advocate to represent them.  

Someone to seek the guidance, counsel, and services to make the right decisions based on facts and not emotions.  

An advocate that is educated, a licensed distressed property expert, a real estate broker that has the experience, the knowledge and the savvy to simply get you OFF the hook! Someone that will act totally in your best interests to help you find the best solution to the financial crisis you are facing now.

I believe I am that advocate for you for many reasons. .

Please call 240-426-5754 to discuss your special case. .  . without any obligation.

Thanks, 

Fernando Herboso

Villages of Urbana Maryland Real Estate Latest Listings

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Are you in the fence to buy real estate?

Originally Published : http://www.reallynicehomes.com/blog/are-you-fence-buy-real-estate/

Are you in the fence to buy real estate?

Why this may be the best of time to buy Real Estate

Take Three PILLS and call us in the morning. . 

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Currently, borrowers can try to get a mortgage from a bank with just 3.5% down by taking on mortgage insurance mostly because that mortgage is then guarantee as an FHA LOAN - The Federal Housing Administration is your ticket to a lower down payment right now. . 

But what about after the elections?

There are talks about a gradual increase of down payments in the future mostly because the Government can not afford it any longer and they also want homeowners to have a higher vested interest in the property they buy and slowly take the Federal Government away from insuring riskier loans.

#2 Interest rates are at an all time low.. .

With lower interest paid on mortgages, it also means you can get more house for the amount you can afford to pay each month. If you lock in for a 30 year term at today's interest rates, when interest rates rise, as they surely must, your interest rate will remain low. 

Just know that Mortgage Lenders now have plenty of money to lend on Real Estate. 

#3 Prices are still at 2003 levels. .

You are back in time to 2003

You are riding around looking for homes listening to Michael Jackson in your car radio.

Your re paying the same prices people paid nearly 10 years ago!

But beware of  the signs everywhere pointing to a resurgence of the housing market as never seen before.

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This mansion has the wow factor of 10 Should you consider it? Find More Information HERE Buying foreclosed homes can be a great investment option for you as a homeowner or investor. .CHECK THE LATEST FORECLOSURES HERE! How long will low mortgage rates last? That question is on the lips and minds of many home buyers today. In recent months, rates have sunk to near historic lows, presenting all buyers with a rare opportunity get mortgages as low as 3.5%  The best time to buy a house in my opinion. .  Waiting for the bottom? How low more do you think it will go? Still, some buyers we are talking to continue to wait, Are you waiting for the perfect timing where rates dip below the 3.5 percent mark and really believe that our recently stabilizing home prices go back in a crash mode to drop 25% more? That's not going to happen. . My opinion is that if you fit this pattern and false hope.. such procrastination may be a mistake and could cost you thousands of dollars for years to come. At Herboso & Associates, We all have been in the business for a while to know that interest rates rise faster than they fall. .and one day you may find yourself missing this tsunami of real estate opportunity where we live today. Low interest rates Homes priced reasonably  and no competition when it comes to high priced real estate If you have plans to  buy a home, don't wait. . .there is no logical reason to do so. Fernando Herboso | Carlos Herboso | Stephanie Reilly | Hilda Rocha | Susan Cadima | Gale James      240-426-5754       240-671-5542    301-704-1616                                                       703-928-8111 Maryland Principal Broker : Fernando Herboso  Virginia & DC Broker : Gale L. James |Relocation Express| Herboso & Associates LLC | 301-246-0001  Maryland | DC | Virginia   www.ReallyNiceHomes.com www.Short-Sales-Expert.com

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Many people do not realize they need representation when buying a home!  
When you call the agent on the sign, are you aware they represent and have a fiduciary relationship only with the seller?  In other words, that listing agent has one goal in mind. . to sell their client's house for the most money!

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