SOCIAL: Fw: Re: short sale

Thu Jun 24 14:37:37 PDT 2010

you should send this to Garrett or call him at 602-2282

J e s s i c a T a n z e r
http://www.conroytanzer.com
jessicatanzer.blogspot.com 

--- On Thu, 6/24/10, palak joshi <palak.joshi at gmail.com> wrote:

From: palak joshi <palak.joshi at gmail.com>
Subject: Re: SOCIAL: Fw: Re: short sale
To: "Jessica Tanzer Conroy" <jbtanzer at yahoo.com>
Cc: "social" <social at deeptrouble.com>
Date: Thursday, June 24, 2010, 2:28 PM

I guess the following are the major questions I have right now. 

1. Is there a law that says that doing a short sale to  your family member is 'illegal'. If there is can someone point me there. Some people say its the law and some people say its not! I just want clarification. 

2. If IIt is not illegal to do so but the banks dont like it and so they have an affidavit statement which will determine that you are family and they wont agree!  In that case one just gets denied 

3. If it is not illegal and the bank may agree can you sell your property to someone who is in your family what are the things that the buyer has to be mindful off beside the obvious ones
           a. Assuming your family will stay in the house, they may pay rent that will then be paid as mortgage. You have to make sure that all happens in a timely fashion so that it doesnt destroy the buyer's credit

           b. Get into some kind of a contract that will say that the original owners should buy the place back within ___ amount of time or else the buyer can sell it off? 
           c. What are the negative impacts of buying a home in short sale to someone who was already thinking of buying a place in the near future with a partner?

4. How do you know the agent who is working with the sellers is actually legit?/ 

I dont even have a list of good questions at this point. But yourfeed back will be appreciated.  
Thanks
palak.

On Wed, Jun 23, 2010 at 11:14 PM, Jessica Tanzer Conroy <jbtanzer at yahoo.com> wrote:

 wrote:

From: Garrett Burdick <garrett at birdmaninc.com>
Subject: Re: SOCIAL: short sale

To: "Jessica Tanzer Conroy" <jbtanzer at yahoo.com>
Date: Wednesday, June 23, 2010, 10:57 PM

Thanks Jessica!! I hope someone with call for info. They are wrong about hurting your credit for seven years. You can buy a house within two years or less when you do a short sale. 

Talk to you soon,

Garrett

On Jun 23, 2010, at 10:43 PM, Jessica Tanzer Conroy wrote:

J e s s i c a T a n z e r
http://www.conroytanzer.com

jessicatanzer.blogspot.com 

--- On Wed, 6/23/10, Jessica Tanzer Conroy <jbtanzer at yahoo.com> wrote:

From: Jessica Tanzer Conroy <jbtanzer at yahoo.com>

Subject: Re: SOCIAL: short sale
To: "'Geoff Davis'" <geoff at geoffdavis.net>, "'Amy Muller'" <amymuller at gmail.com>, "Erin Milnes" <erin.milnes at comcast.net>

Cc: "'Social Social'" <social at deeptrouble.com>
Date: Wednesday, June 23, 2010, 10:40 PM

Hello Social, 

  My former employer Garrett Burdick is doing short sales and he is the most lovely, honest, trustworthy Northern California kind of guy, I would recommend him for anything to anyone.  His office number is 415-543-3830 and his cell is 415-602-2282

--- On Wed, 6/23/10, Erin Milnes <erin.milnes at comcast.net> wrote:

From: Erin Milnes <erin.milnes at comcast.net>

Subject: Re: SOCIAL: short sale
To: "'Geoff Davis'" <geoff at geoffdavis.net>, "'Amy Muller'" <amymuller at gmail.com>

Cc: "'Social Social'" <social at deeptrouble.com>
Date: Wednesday, June 23, 2010, 8:59 PM

Helpful explanation. and that site has lots of good info.

Palak, I know someone who has done a short sale recently in Portland, and someone whose bank refused the deal here in Oakland. Neither involved family members, but there are plenty of reasons it won’t go through even without the “arms-length” issue. If you’d like to speak with someone who has been through it, let me know.

A short sale is a way to sell a house whose mortgage (bank loan) amount is greater than the current market value of the house (a situation that is called being “upside down” or “under water”). It is in the bank’s interest (as well as the homeowner) to avoid foreclosure, so they agree to the owner selling the house at a price that’s less than the mortgage and forgive the remainder of the debt. When you do a short sale it wrecks your credit for several years, but not as long as if you declare bankruptcy or walk away from the house and let it be foreclosed upon. 

We have thought about short sale ourselves a little, and it may become a reality in three years for us if the market here doesn’t improve. We’d like to get out of Oakland before Duncan goes to kindergarten.

The practice is becoming much more common, so there should be a lot of material online in addition to the site that Geoff provided if you want to more.

Good luck to your family,
Erin

From: social-bounces at lists.deeptrouble.com [mailto:social-bounces at lists.deeptrouble.com] On Behalf Of Geoff Davis

Sent: Wednesday, June 23, 2010 5:18 PM
To: Amy Muller
Cc: Social Social
Subject: Re: SOCIAL: short sale

http://homebuying.about.com/od/shortsale/f/arms-length-affidavit.htm

On Wed, Jun 23, 2010 at 5:08 PM, Amy Muller <amymuller at gmail.com> wrote:
Hmmm... I was just listening to Forum (I think it was Forum) the other day on NPR and someone called up and said they were under water on their house and they specifically asked if it was ethical to do a short sale of their house to a family member and then buy it back. The "expert" on the show said that it was actually categorically illegal to short sale sell a house to a family member or friend. He was very definite about it. But maybe there *is* some way to do it that's not illegal? I dunno. Just reporting what I heard. :)

On Wed, Jun 23, 2010 at 4:51 PM, Amandeep Jawa <deep at deeptrouble.com> wrote:

Hmmm - here are 2 NPR episodes on short sales - but they seem to being promoted by the Obama administration:

(so probably not illegal :-) )

http://www.npr.org/templates/story/story.php?storyId=124850418

http://www.npr.org/templates/story/story.php?storyId=125518608

On Jun 23, 2010, at 4:48 PM, Amy Muller wrote:

Are you talking about real estate? If so, I *just* heard this question asked on NPR the other day. Short sale of a property to a family member or friend is illegal. :(

On Wed, Jun 23, 2010 at 3:31 PM, palak joshi <palak.joshi at gmail.com> wrote:

Dear Social, 

Does anyone understand short sale and can explain me into layman terms? 

Are there pros and cons you can list of being a buyer in the short sale to help a family member out? 

If not does anyone know anyone i can talk to?

Thanks a lot. 

palak. 

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