Better late than never. Good news for our Short Sale Sellers – the Fiscal Cliff has been averted with reference to the Debt Forgiveness Act. It was voted in and will be extended. We had some short sale sellers in the Santa Clarita Valley asking if they should cancel their listings. This is the case where I am glad our short sale sellers heeded our advice to let us continue to press forward.
We have also seen as most of the expired listings that took place in the SCV cities that went the way of expiration on December 31, 2012, were short sales in profile. It is time for those sellers to renew those contracts with their previous listing agents or set up a time to interview our Santa Clarita short sale team.
References for the extension of the Debt Forgiveness act – off of the wire are as follows:
- Dead Line news reports Senate Fiscal cliff bill retains mortgage cancellation….
- Bigger Pockets reports on the Fiscal Cliff…
Santa Clarita Short Sale Team Tip:
Sometimes, a short sale that is in process will sell it’s paper to another bank or lending institution. This happens more often than you might think. After hours and hours of negotiation, collecting documents and speaking with the primary lending institution, we get word that the loan has sold or has transferred to a different bank.
This news typically comes from the homeowner of the short sale we have listed and are negotiating. There is a fair share of “cloak and dagger” that goes on internally at the “short sale department level. Even if they know, we have found that “mums the word”.
Make sure you are giving all documents that you obtain from your bank. Keep records of all of the phone calls they make to you, times, questions and Intel you can gather. Your Short Sale representative should have a effective way of having you send them your documents. It may be by a Fax 888-484-7748 or via an upload “short sale” document system.
If you are using The Paris911 Team at REMAX of Santa Clarita to handle your short sale. You can get to our Short Sale document upload page by heading over to the MacBoX at our main site of Paris911. I have also embedded the form below!
[gravityform id=”18″ name=”Short Sale document upload portal” ajax=”true”]