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The second-quarter 2013 CoreLogic suspicious short-sale analysis update found that the suspicious rate for single-family short sales remains high at approximately 3.
A short sale occurs when the sale price for a property is exceeded by the amount of the mortgage owed on it.
For example, if a homeowner owes $200,000, a short sale might allow them to sell for $180,000, and the lender accepts $180,000 as payment in full.
Short sales are becoming more and more common in expensive areas as Long Island luxury homeowners try to escape the embarrassment of a foreclosure, the New York Times reported.
Last year Paddilla, managing broker at real estate firm Key Concepts, sold 42 properties that were either bank-owned or short sales.
Of primary interest to real estate agents, lenders, asset managers, and to a lesser extent, appraisers involved with short sale properties, Short Sale Rush provides a practical guide to sales techniques, checklists, forms, and procedures designed to improve the marketability of short sale and REO properties.
The title company must make certain that the new lender will be in a first lien position, and diligently examine the short sale transaction to make sure all steps are followed.
In the second situation, a taxpayer constructively "sells" the short sale on December 31 of a specified year by acquiring the same or substantially identical stock as the shares underlying the short sale.
Another strategy currently being used is the short sale of a similar security or a basket of securities that mimic the appreciated security owned.
Therefore, it should be much easier for short-sellers to find overpriced candidates for short sales than it is for long buyers to find cheap candidates for purchase.
Since the survey began in 2010, lenders have made some progress in their short sale processes, with 64 percent of California REALTORS([R]) expressing difficulty in closing short sales, down from 77 percent in August 2011 and 70 percent in 2010, according to the C.
A Fleming Island short sale will occur when banks believe the borrower is having a hardship, where their current financial situation does not allow them to pay the mortgage off or to continue making payments.