[NotCranky]

The pitfalls of short sales are many. The price is a wishing price, more dependent on how established the mechanisms for actually selling that property short . Have your agent quiz the listing agent on the topic. Ask if they can verify that the short sale has reasonable possibilities of success before spending too much time and energy on it. Has the lender approved the short sale? The price? Is there evidence of this? Are they making progress towards these goals? If not tell them express your interest but with strong language of it being non-binding, if written, and move on. Check back in a month or so. Don’t go getting pre-approval letters every month for a hopeless properties, that can hurt your credit.

Short sales can be fairly cut and dry but it is taking a while for the parties to get up to speed on them in some instances.

SDR has posted some threads on this topic, You can find them in the archives.

Here is a thread I was just looking at that discusses some important issues on the topic.

http://www.sdlookup.com/Forums/General/tabid/57/forumid/104/tpage/1/view/topic/postid/14786/Default.aspx#14786

[NotCranky]

I am not one to say give up quickly for a few reasons.
It could be a case of the right project wrong people. Happens all the time. Maybe no one has found the right angle on it yet. Your name could be Nostradamus Horton or McMillin.
Some properties got left behind in development because there was still plenty of easy build land around and houses were cheap. Times have changed.

I have had success buying a splittable landlocked 20 acres and buying easements cheaply from neighbors.Not such a huge windfall because it is rural and limited to two ten acre lots but still a good deal. It doubled the value of the lot
even without splitting. Actually my neighbor just paid three times what I did for an unsplittable lot.

Anyway, you will probably hit a dead end because of some of the things we have mentioned but it doesn’t hurt to look at it.Even the easy ones are a nightmare BTW. It all depends on the potential endgame and interest and ability for the project.

Double check the addresses I gave you if you intend to start with them. I deduced the addresses from the tax assessors partial map and the position and addresses of the few houses on the mls related to the 5 acre partial.

.

[NotCranky]

I am not one to say give up quickly for a few reasons.
It could be a case of the right project wrong people. Happens all the time. Maybe no one has found the right angle on it yet. Your name could be Nostradamus Horton or McMillin.
Some properties got left behind in development because there was still plenty of easy build land around and houses were cheap. Times have changed.

I have had success buying a splittable landlocked 20 acres and buying easements cheaply from neighbors.Not such a huge windfall because it is rural and limited to two ten acre lots but still a good deal. It doubled the value of the lot
even without splitting. Actually my neighbor just paid three times what I did for an unsplittable lot.

Anyway, you will probably hit a dead end because of some of the things we have mentioned but it doesn’t hurt to look at it.Even the easy ones are a nightmare BTW. It all depends on the potential endgame and interest and ability for the project.

Double check the addresses I gave you if you intend to start with them. I deduced the addresses from the tax assessors partial map and the position and addresses of the few houses on the mls related to the 5 acre partial.

.

[NotCranky]

I am not one to say give up quickly for a few reasons.
It could be a case of the right project wrong people. Happens all the time. Maybe no one has found the right angle on it yet. Your name could be Nostradamus Horton or McMillin.
Some properties got left behind in development because there was still plenty of easy build land around and houses were cheap. Times have changed.

I have had success buying a splittable landlocked 20 acres and buying easements cheaply from neighbors.Not such a huge windfall because it is rural and limited to two ten acre lots but still a good deal. It doubled the value of the lot
even without splitting. Actually my neighbor just paid three times what I did for an unsplittable lot.

Anyway, you will probably hit a dead end because of some of the things we have mentioned but it doesn’t hurt to look at it.Even the easy ones are a nightmare BTW. It all depends on the potential endgame and interest and ability for the project.

Double check the addresses I gave you if you intend to start with them. I deduced the addresses from the tax assessors partial map and the position and addresses of the few houses on the mls related to the 5 acre partial.

.

[NotCranky]

I am not one to say give up quickly for a few reasons.
It could be a case of the right project wrong people. Happens all the time. Maybe no one has found the right angle on it yet. Your name could be Nostradamus Horton or McMillin.
Some properties got left behind in development because there was still plenty of easy build land around and houses were cheap. Times have changed.

I have had success buying a splittable landlocked 20 acres and buying easements cheaply from neighbors.Not such a huge windfall because it is rural and limited to two ten acre lots but still a good deal. It doubled the value of the lot
even without splitting. Actually my neighbor just paid three times what I did for an unsplittable lot.

Anyway, you will probably hit a dead end because of some of the things we have mentioned but it doesn’t hurt to look at it.Even the easy ones are a nightmare BTW. It all depends on the potential endgame and interest and ability for the project.

Double check the addresses I gave you if you intend to start with them. I deduced the addresses from the tax assessors partial map and the position and addresses of the few houses on the mls related to the 5 acre partial.

.

[NotCranky]

I am not one to say give up quickly for a few reasons.
It could be a case of the right project wrong people. Happens all the time. Maybe no one has found the right angle on it yet. Your name could be Nostradamus Horton or McMillin.
Some properties got left behind in development because there was still plenty of easy build land around and houses were cheap. Times have changed.

I have had success buying a splittable landlocked 20 acres and buying easements cheaply from neighbors.Not such a huge windfall because it is rural and limited to two ten acre lots but still a good deal. It doubled the value of the lot
even without splitting. Actually my neighbor just paid three times what I did for an unsplittable lot.

Anyway, you will probably hit a dead end because of some of the things we have mentioned but it doesn’t hurt to look at it.Even the easy ones are a nightmare BTW. It all depends on the potential endgame and interest and ability for the project.

Double check the addresses I gave you if you intend to start with them. I deduced the addresses from the tax assessors partial map and the position and addresses of the few houses on the mls related to the 5 acre partial.

.

[NotCranky]

“Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.”

The Housing and Urban Development department repossesses homes, mainly through its FHA program. The FHA insures lenders who make loans(see my Post above for how this is supposed to work). When a borrower defaults, the FHA makes good the loan to the lender, and takes the property back.

Watch out for a new plan for HUD to put the homes in an subsidized affordable rental housing scheme. (crackpot conspiracy theory but don’t let Washington catch wind of the idea)

I haven’t seen anyone post it but I think they might be in part targeting houses with 90 days or longer delinquencies, at least the gse’s anyway. I tried to find the reference to this topic but couldn’t right away so I quit.

[NotCranky]

“Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.”

The Housing and Urban Development department repossesses homes, mainly through its FHA program. The FHA insures lenders who make loans(see my Post above for how this is supposed to work). When a borrower defaults, the FHA makes good the loan to the lender, and takes the property back.

Watch out for a new plan for HUD to put the homes in an subsidized affordable rental housing scheme. (crackpot conspiracy theory but don’t let Washington catch wind of the idea)

I haven’t seen anyone post it but I think they might be in part targeting houses with 90 days or longer delinquencies, at least the gse’s anyway. I tried to find the reference to this topic but couldn’t right away so I quit.

[NotCranky]

“Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.”

The Housing and Urban Development department repossesses homes, mainly through its FHA program. The FHA insures lenders who make loans(see my Post above for how this is supposed to work). When a borrower defaults, the FHA makes good the loan to the lender, and takes the property back.

Watch out for a new plan for HUD to put the homes in an subsidized affordable rental housing scheme. (crackpot conspiracy theory but don’t let Washington catch wind of the idea)

I haven’t seen anyone post it but I think they might be in part targeting houses with 90 days or longer delinquencies, at least the gse’s anyway. I tried to find the reference to this topic but couldn’t right away so I quit.

[NotCranky]

“Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.”

The Housing and Urban Development department repossesses homes, mainly through its FHA program. The FHA insures lenders who make loans(see my Post above for how this is supposed to work). When a borrower defaults, the FHA makes good the loan to the lender, and takes the property back.

Watch out for a new plan for HUD to put the homes in an subsidized affordable rental housing scheme. (crackpot conspiracy theory but don’t let Washington catch wind of the idea)

I haven’t seen anyone post it but I think they might be in part targeting houses with 90 days or longer delinquencies, at least the gse’s anyway. I tried to find the reference to this topic but couldn’t right away so I quit.

[NotCranky]

“Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.”

The Housing and Urban Development department repossesses homes, mainly through its FHA program. The FHA insures lenders who make loans(see my Post above for how this is supposed to work). When a borrower defaults, the FHA makes good the loan to the lender, and takes the property back.

Watch out for a new plan for HUD to put the homes in an subsidized affordable rental housing scheme. (crackpot conspiracy theory but don’t let Washington catch wind of the idea)

I haven’t seen anyone post it but I think they might be in part targeting houses with 90 days or longer delinquencies, at least the gse’s anyway. I tried to find the reference to this topic but couldn’t right away so I quit.

[NotCranky]

Where does mortgage insurance fit into this?

For those who don’t know, this is how FHA supposedly works:

Mutual Mortgage Insurance Fund:
Government sponsored mortgage insurance administered by the Federal Housing Administration which insures mortgage loans on one- to four-family residential housing. The plan is designed to be self-funding, the FHA collects premiums from mortgagors and pays lender claims on losses from mortgage defaults. Borrowers pay a one time premium or MIP which is a part of the monthly payment. Maybe some of those big 6% seller contributions go to that?

On the bright side, Bidding on HUD repos is fun.

[NotCranky]

Where does mortgage insurance fit into this?

For those who don’t know, this is how FHA supposedly works:

Mutual Mortgage Insurance Fund:
Government sponsored mortgage insurance administered by the Federal Housing Administration which insures mortgage loans on one- to four-family residential housing. The plan is designed to be self-funding, the FHA collects premiums from mortgagors and pays lender claims on losses from mortgage defaults. Borrowers pay a one time premium or MIP which is a part of the monthly payment. Maybe some of those big 6% seller contributions go to that?

On the bright side, Bidding on HUD repos is fun.

[NotCranky]

Where does mortgage insurance fit into this?

For those who don’t know, this is how FHA supposedly works:

Mutual Mortgage Insurance Fund:
Government sponsored mortgage insurance administered by the Federal Housing Administration which insures mortgage loans on one- to four-family residential housing. The plan is designed to be self-funding, the FHA collects premiums from mortgagors and pays lender claims on losses from mortgage defaults. Borrowers pay a one time premium or MIP which is a part of the monthly payment. Maybe some of those big 6% seller contributions go to that?

On the bright side, Bidding on HUD repos is fun.

[NotCranky]

Where does mortgage insurance fit into this?

For those who don’t know, this is how FHA supposedly works:

Mutual Mortgage Insurance Fund:
Government sponsored mortgage insurance administered by the Federal Housing Administration which insures mortgage loans on one- to four-family residential housing. The plan is designed to be self-funding, the FHA collects premiums from mortgagors and pays lender claims on losses from mortgage defaults. Borrowers pay a one time premium or MIP which is a part of the monthly payment. Maybe some of those big 6% seller contributions go to that?

On the bright side, Bidding on HUD repos is fun.

[Author]

Posts