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<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>Helpful explanation. and that site has
lots of good info.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>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.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>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. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>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.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>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.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>Good luck to your family,<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>Erin<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
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<p class=MsoNormal><b><font size=2 face=Tahoma><span style='font-size:10.0pt;
font-family:Tahoma;font-weight:bold'>From:</span></font></b><font size=2
face=Tahoma><span style='font-size:10.0pt;font-family:Tahoma'>
social-bounces@lists.deeptrouble.com
[mailto:social-bounces@lists.deeptrouble.com] <b><span style='font-weight:bold'>On
Behalf Of </span></b>Geoff Davis<br>
<b><span style='font-weight:bold'>Sent:</span></b> Wednesday, June 23, 2010
5:18 PM<br>
<b><span style='font-weight:bold'>To:</span></b> Amy Muller<br>
<b><span style='font-weight:bold'>Cc:</span></b> Social Social<br>
<b><span style='font-weight:bold'>Subject:</span></b> Re: SOCIAL: short sale</span></font><o:p></o:p></p>
</div>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
<p class=MsoNormal style='margin-bottom:12.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'><a
href="http://homebuying.about.com/od/shortsale/f/arms-length-affidavit.htm">http://homebuying.about.com/od/shortsale/f/arms-length-affidavit.htm</a><o:p></o:p></span></font></p>
<div>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>On Wed, Jun 23, 2010 at 5:08 PM, Amy Muller <<a
href="mailto:amymuller@gmail.com">amymuller@gmail.com</a>> wrote:<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>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. :)<o:p></o:p></span></font></p>
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<p class=MsoNormal style='margin-bottom:12.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'><o:p> </o:p></span></font></p>
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<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>On Wed, Jun 23, 2010 at 4:51 PM, Amandeep Jawa <<a
href="mailto:deep@deeptrouble.com" target="_blank">deep@deeptrouble.com</a>>
wrote:<o:p></o:p></span></font></p>
<div style='word-wrap:break-word'>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>Hmmm - here are 2 NPR episodes on short sales - but they seem to being
promoted by the Obama administration:<o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>(so probably not illegal :-) )<o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
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<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><a href="http://www.npr.org/templates/story/story.php?storyId=124850418"
target="_blank">http://www.npr.org/templates/story/story.php?storyId=124850418</a><o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><a href="http://www.npr.org/templates/story/story.php?storyId=125518608"
target="_blank">http://www.npr.org/templates/story/story.php?storyId=125518608</a><o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
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<div>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
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<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
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<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>On Jun 23, 2010, at 4:48 PM, Amy Muller wrote:<o:p></o:p></span></font></p>
</div>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><br>
<br>
<o:p></o:p></span></font></p>
<p class=MsoNormal style='margin-bottom:12.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>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. :(<o:p></o:p></span></font></p>
<div>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>On Wed, Jun 23, 2010 at 3:31 PM, palak joshi <<a
href="mailto:palak.joshi@gmail.com" target="_blank">palak.joshi@gmail.com</a>>
wrote:<o:p></o:p></span></font></p>
<div>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>Dear Social, <o:p></o:p></span></font></p>
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<div>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>Does anyone understand short sale and can explain me into layman terms?
<o:p></o:p></span></font></p>
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<div>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>Are there pros and cons you can list of being a buyer in the short sale
to help a family member out? <o:p></o:p></span></font></p>
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<div>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>If not does anyone know anyone i can talk to?<o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>Thanks a lot. <o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>palak. <o:p></o:p></span></font></p>
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