Steve Wilde's (shortsalesteve) Blog

  Ok, maybe short sales won't save the planet (does that mean that I don't really need to finish designing my superhero outfit for Captain Short Sale, or maybe The Mighty Short Sale Warrior?  I was kind of digging the yellow cape). Anyway, short sales may not stop a speeding train or fix our bank...

10% of the amount owed:   As we all know the land of short sales is anything but settled.  Even after three years of doing this full time there always seems to be something new coming or going…like unsecured promissory notes or confession of judgments.  Over the summer all of the investors and se...

NORTH CAROLINA SHORT SALE ADDENDUM. The North Carolina Short Sale Addendum to the Offer toPurchase and Contract states: “Buyer and Seller understand that additional offers may be receivedby the Seller’s Agent, which must be presented to the Seller pursuant to North Carolina law. Suchoffers may be...

There is a new game in town and it goes by the intimidating name of “Flopping.”  Freddie Mac and Fannie Mae also use another name…Mortgage Fraud.  Did that get your attention?  It should.  The real estate agent will encounter this in a number of ways but most ways will be a variation of the follo...

We strongly suggest that the Seller use his/her own closing attorney for a short sale. Our firm requires it if we are facilitating the short sale. Why? Well, if the Seller docs are prepared by the Buyer’s closing attorney, as is usually done in a real estate closing in North Carolina, the Seller ...

  If you have not had to negotiate with a Home Owner Association (HOA) regarding past HOA dues in order to get a short sale closed, well you haven’t lived.  It is, seriously, one of the more frustrating tasks that we have to handle.  It seems that more than half of the HOAs have some hard and fas...

  The mantra for a Buyer should be WHAT IS THE FASTEST WAY TO GET MY OFFER APPROVED AND THIS SHORT SALE CLOSED.  There is a long track of hurdles to get over between the offer and closing.  That list includes: 1) document collection; 2) package compilation and submission (sometimes multiple times...

  In North Carolina we now have a Due Diligence Period that can be negotiated and put in the Offer to Purchase and Contract (Offer to Purchase).  We could have done it with the old contract but it is now a prominent part of the new Offer to Purchase.  In a short sale situation, however, the best ...

The simple answer is as soon as possible.  I know that the Buyers don’t want to spend $350 for a home inspection before they know if the short sale will get approved.  I get that, but lets analyze why it is better to get it done sooner rather than later: 1.      Think “AS IS” contract.  As you kn...

I appreciate all of the comments and clarifications.  You raise many valid issues. I wrote the blog primarily from the point of view of a North Carolina attorney as that is where my practice is, but many of the issues are valid in all states.  I certainly understand that the state attorney bar as...