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There are various documents that the Seller should have which will be helpful in ensuring a smooth closing. Most of these documents can easily be obtained from the Seller beginning with the signing of the listing agreement. The information which the Seller can provide to assist in the closing is as follows:
1. Copy of prior title insurance binder (owner’s... Read More
Most of our local Clerk’s Offices, the Courts and some Banks will be closed Monday, October 11, 2010 for Columbus Day (National Holiday). For example, the Albemarle and Fluvanna Circuit Clerk’s Offices will be closed, while the Charlottesville Circuit Clerk’s office is open. It is our understanding that some law offices and mortgage companies may be closed, too.
Accordingly, if you have a Read More
(Short Sales—Three Basic Rules): Prior tips have outlined certain general rules regarding short sales. Unfortunately these rules have not changed; in fact, they seem more permanent and bear outlining again.
Rule No. 1—The most basic rule regarding short sales is “There are no rules”.
The short sale lender can do whatever they please, and this is especially true for second lien holders.
Read MoreSince HAFA (Home Affordable Foreclosure Alternatives) has not yet simplified and expedited the short sale approval process as was expected, it’s still the traditional Short Sale process.
This means wait for a ratified contract, prepare and submit the short sale package and then continuously call and/or email the short sale lender until a negotiator is appointed. Usually at this point, the negotiator will tell you to resubmit certain... Read More
Short Sale (Proposed HUD): The short sale lender requires a preliminary HUD to review as soon as there is a potential contract. It is important to provide whoever is preparing the HUD with as much correct information as possible. Some important matters not to forget are: HOA dues (especially if they are delinquent); well, septic and termite (who is supposed to pay); real estate commission (always start with a full commission); number of loans currently outstanding;... Read More
