'Karen Bloggin on the Walls!

Thanks to Kim Cook for sharing information to help other people out there who need tax help ASAP!

1. Free Help filling in Tax Tribunal form CLICK HERE

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CLASS SCHEDULE

Date	Day	Class	City	Time	Price	Material Fee
9/28/2010	Tuesday	HUD	HFCC	6:30-8:30 PM	$11.00	0
10/6/2010	Wednesday	HUD	Birmingham	6:30-8:30 PM	25	10
10/7/2010	Thursday	HUD	Southgate	6:30-8:30 PM	15	10
10/19/2010	Tuesday	Beg. Investor	Birmingham	6:30-9:30 PM	32	20
10/20/2010	Wednesday	Beg. Investor	Southgate	6:30-9:30 PM	39	25
10/26/2010	Tuesday	Landlord	Birmingham	6:30-9:00 PM	34	10
10/27/2010	Wednesday	Condo	Birmingham	6:30-8:30 PM	20	0
10/28/2010	Thursday	Landlord	Southgate	6:30-9:00 PM	42	25
10/30/2010	Saturday	Adv. Investing	Livonia	9:30-12:30 PM	45	25
11/3/2010	Wednesday	Short Sale	Birmingham	6:30-7:30 PM	20	10
11/4/2010	Thursday	Short Sale	Southgate	6:30-7:30 PM	20	10
11/9/2010	Tuesday	Fin. Analy.	Southgate	6:30-8:30 PM	42	15
11/17/2010	Wednesday	Quickbooks	Birmingham	6:30-7:30 PM	20	15
11/20-11/21/2010	Sat/Sun	Weekend Blast	Livonia	9:00 AM- 5:00 PM	179
12/1/2010	Wednesday	Adv. Investing	Southgate	6:30-9:30 PM	42	15
12/2/2010	Thursday	Quickbooks	Southgate	6:30-7:30 PM	20	15
12/4/2010	Saturday	Fin. Analy.	Livonia	10:00-12:00 PM	45	25

 
 

1. Free Help filling in Tax Tribunal form CLICK HERE

Filing drop dead date 7/31/2010 do not miss

Must do this to lower your property taxes if you are not happy with

March Board decision....

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3. Class schedule CLICK HERE

Classes on Real Estate and the

2 day Real Estate Blast last time this year

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Free help Free help filling out tax tribunal forms. Things you need.... 1. Transfer affidavit 2. Deed 3. Board of appeals decision letter We do appraisals for the tax tribunal please call for pricing   WHEN Call now , 2010   Email: georgia@addedvaluereaty.com Call: 248-787-7325 Email: mandy@addedaluerealy.com

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CLASS SCHEDULE

Date	Day	Class	City	Time	Price	Material Fee
9/28/2010	Tuesday	HUD	HFCC	6:30-8:30 PM	$11.00	0
10/6/2010	Wednesday	HUD	Birmingham	6:30-8:30 PM	25	10
10/7/2010	Thursday	HUD	Southgate	6:30-8:30 PM	15	10
10/19/2010	Tuesday	Beg. Investor	Birmingham	6:30-9:30 PM	32	20
10/20/2010	Wednesday	Beg. Investor	Southgate	6:30-9:30 PM	39	25
10/26/2010	Tuesday	Landlord	Birmingham	6:30-9:00 PM	34	10
10/27/2010	Wednesday	Condo	Birmingham	6:30-8:30 PM	20	0
10/28/2010	Thursday	Landlord	Southgate	6:30-9:00 PM	42	25
10/30/2010	Saturday	Adv. Investing	Livonia	9:30-12:30 PM	45	25
11/3/2010	Wednesday	Short Sale	Birmingham	6:30-7:30 PM	20	10
11/4/2010	Thursday	Short Sale	Southgate	6:30-7:30 PM	20	10
11/9/2010	Tuesday	Fin. Analy.	Southgate	6:30-8:30 PM	42	15
11/17/2010	Wednesday	Quickbooks	Birmingham	6:30-7:30 PM	20	15
11/20-11/21/2010	Sat/Sun	Weekend Blast	Livonia	9:00 AM- 5:00 PM	179
12/1/2010	Wednesday	Adv. Investing	Southgate	6:30-9:30 PM	42	15
12/2/2010	Thursday	Quickbooks	Southgate	6:30-7:30 PM	20	15
12/4/2010	Saturday	Fin. Analy.	Livonia	10:00-12:00 PM	45	25

 

This is very informative option to avoid a foreclosure!!

Thursday, July 22, 2010-NOCBOR is offering its members and the general public an opportunity to learn about a special housing assistance program, which is being offered in only 5 states in the country! Known as the “Hardest-Hit Fund,” the states of Arizona, California, Florida, Michigan and Nevada will receive a total of $1.5 billion in federal funds to help homeowners, who are currently drawing unemployment benefits, and are struggling to make monthly mortgage payments. The $154.5 million in federal funds, allocated to Michigan, is expected to help more than 17,000 Michigan households to avoid foreclosure, due to unforeseen circumstances, such as a medical emergency. The Michigan State Housing Development Authority (MSHDA) was selected as the Housing Finance Agency (HFA) to share in the “Hardest-Hit Fund.” Michigan will be the first of the nation’s five states to implement its program. To register for the workshop, scheduled Thursday, July 22, 2010 at 6:30 p.m. at NOCBOR, call 248-674-4080.

 Friday, July 09, 2010

Buyers,

Do not and I mean do not go out and buy, breathe or inhale in another debt prior to closing on your new home that you are approved for!  It is hard enough to get approved nowadays, and let me tell you, your credit will  be without a doubt re-pulled prior to closing.  Have you purchased anything new after the lender pre approved you based  on your credit score and (pay attention to the next 2 words) debt ratio??  Which was fine until you the buyer decided that a house full of furniture or that car you have been dreaming of to park in your new driveway would just be great!!! I mean now that you have been approved and all? What could it hurt? Let's explore, your final underwritten approval....JUST DON'T DO IT!!

Your credit will be re-pulled...

LOUDER....

Your credit will be re-pulled prior to closing! 

That you can take to the bank literally!

As tempting as it may be to run to a furniture store, or auto, boat, recreational dealer! Hold on to your britches! You are not out of the woods yet!! It is stringent and hard right now to get a loan!  Don't make it easier for a bank to turn you down!

Don't go having credit card companies, retailers re-pull your credit report to get that stainless steel zero refrigerator trimmed in cherrywood, something you just have to have in your new home!  Untighten your belt, get a grip and take a deep breath and say this can wait,,,,I can do this...practice yoga, run, walk and do this by staying away from financing any thing other than your home while being considered for the final loan approval! I am speaking from experience with clients who have lost homes due to the very issues I raise!  And if you decide to spend your closing costs...DO  NOT I REPEAT

DO NOT BORROW FROM A CREDIT CARD OR OBTAIN A OUTSIDE BANK LOAN TO BORROW FROM TO BUY A HOME BECAUSE YOU CAME UP SHORT with $$$$ when time to close!!!

Gift funds from family can be used along with a gift letter provided by your lender but there are guidelines to that as well!

Trust me...your credit shall be re-pulled and banks want to know if you can afford this purchase!

IF YOU CAN'T WAIT UNTIL A LOAN IS APPROVED TO TAKE ON ADDITIONAL NEW DEBT..

before you even close, then maybe a home purchase is not in your best interest!

PATIENCE IS A VIRTUE!!!! Be Virtuous and throwing in frugal helps! I hope this also does not encourage especially 1st time buyers to  incur a bunch of debt after purchasing their first home.  Keep in mind ..that placed banks in the position they are in now to blame the new applicants for the banks past mistakes of lending and predatory lending that they now over scrutinize for their past sins and foibles (which I am darn mad about and find it  unfair to buyers of today) and it is becoming harder to get approved on its face, so don't fall for, you are approved until you have closed...I believe moreover the TARP money was used as it should, to LEND, stimulate the housing market etc Friday, July 09, 2010. So, we have to be wise!

Trust me ...I understand,,TEMPTATION CAN BE MEAN SPIRITED!

Good Luck!

After all if we all knew everything, we wouldn't have a reason to spread knowledge!

7/7/2010

Well today I decided to post something else other than my bloggin about situations that I can't change for right now.  However, here is a question I get allllll the time with all the foreclosures, short sales and folks just want alternative to leases. What is a land contract and how does it differ from a lease option to buy?   I remember when I did these years back like it was going out of business...well they're backkkkkk!  So, thought I'd supply this info so aptly detailed by Nat'l Home Lending. Since I get this question all the time as of late,, Karen, should I go lease or land contract?  Well now you can decide which works for you! Good reading! Have a good week!

Can you tell me basic information about a land contract?

Buyer Tips

Could not pass this article up to share, not my own blog but a article worth sharing as my clients suspect and have long suspected these bids they are losing out on going to investors and not homeowners is beset in fraudulent behavior,,,,read below!  Feel free to share your thoughts! I will not let this subject die..it is running rampant and too many sincere homeowners are missing out on opportunities to own ,,with these vultures running around!

Feature Story

May 18, 2010

Rise in REO Flips with Cash, Pooled Funds, LLCs

By Jennifer Harmon

Freddie Mac is seeing more REO property-flip fraud cases in which investors recruit people to pool money in an LLC and purchase bank-owned properties for cash, according to Martin Abad, associate director, Freddie Mac.

“The logic behind it is that if you submit a cash offer, it’s more likely to get approval from the bank, get a better deal and close quickly,” Abad said at the Mortgage Bankers Association’s National Fraud Issues Conference in Chicago.

Property theft is a new type of fraud hitting the market, he told attendees at the general session on mortgage fraud and the secondary market. “Given my 18 years of doing this, I haven’t seen this type of fraud. I have an active case right now that involves property theft,” he said.

When a lender or Fannie or Freddie takes a property back at REO, there are people who will record fake rent deeds, transferring title from the banks or GSE into an LLC. “There is an online recording service where you can pay a fee and record any document you want. You don’t have to go to the county recorder’s office.”

Once the individual takes possession of the house, he or she will list the property for rent on Craigslist. The locks are changed, tenants move in, and rent and security fees are collected. “You multiply that by a hundred properties, you are making some money,” Abad said.

Now some of these fraudsters who have taken title to these properties are beginning to sell the homes. “Trying to undo the mess will create a nightmare for lenders.”

Half of the loans involved in Freddie Mac’s fraud cases involve non-owner-occupied properties. What had been loan modification fraud is turning into short sale fraud, “because scammers can make more money in a shorter period of time,” he said.

In 2009, short sale activity at Freddie Mac increased by 250% from the previous year. In the first three months of 2010, it has increased 65%. In order to keep up with the pace, the fraud unit at Freddie Mac has doubled its staff since 2006, from 10 to 21.

For 2008-2009 originations, Fannie Mae discovered the highest amount of fraud in the Southeast at 32%, followed by the Midwest, California and the Northeast.

“The Northeast region has increased dramatically in the last couple of years. It accounted for only 6% of our fraud in 2006. It’s 15% now. That spike happened rather quickly,” said Amy Heinz, director, mortgage fraud program, at Fannie Mae.

“We’ve seen blatant rings with inflated values, undisclosed liabilities or 'shot-gunning,’ and frauds involving closing attorneys and settlement companies.”

Florida accounts for more fraud than in any single region at 22%, she said. The Midwest accounted for 18% of the fraud Fannie Mae has seen.

“One current New Jersey investigation came to us as a fraud tip from one of our customers at the same time our data mining found a concentration of defaults all delivered by one originator,” Heinz told the conference.

“A review of just nine loans in that case showed us that all were 90% loan-to-values in the Newark area. They were purchase transactions closed between March 2008 and March 2009. All were early payment defaults. Six of them, reverse payment defaults. Misrepresentation of downpayment was proved on eight of the nine. In addition, excessive nondisclosed seller contributions were proved on four of the loans.”

In this case, she said all the borrowers shared the same ethnicity. Most were documented as being employed in the construction trade. Attempts to contact the employers were unsuccessful. “This could be organized crime. Or affinity fraud, investment club, straw buyers,” she said.

In one scam, taking place in Pennsylvania primarily, fraudsters applied for multiple mortgages at different lenders at the same time. They don’t tell a single lender about the other applications, using the delay to their advantage.

In a “sinister version of shot-gunning,” Heinz said the perpetrator simultaneously obtained eight cash-out refinances, telling each lender the property was owned free and clear. They netted over $2 million.

“This was a ring operating out of the Philadelphia area. The kingpins attracted immigrants on work visas to purchase these properties. As soon as the loans were taken out, the purchaser would go back to their native country.”

Fannie also is seeing a trend toward back-to-back property flips perpetrated by individuals who “flock into these neighborhoods, buy low in an REO sale and because of the instability in values, convince lenders to sell at inflated prices.”

After these sales occur, the properties default, Heinz said.

Thanks Jannie White,,,it is so refreshing to see that a client/friend keeps up with short sales and what is happening than errrr some fellow cohorts who need a training class on the matter!! Sharing this as I have been talking about short sales unendlessly and trying to learn as much as possible or keep up with the ever growing "pains" of this mess!  Good article! And Jannie thanks for sharing, hopefully the "agent" who asked me today when is the bank closing a short sale that they haven't approved yet will read this as well! 2 weeks for a answer, pre-approved for a short sale...a magic number ..about time ...now we can actually save our neighborhoods from infinite decline,,,let's see cash for keys to relocate, even though I don't get this, keep the people in the home pay what the home is worth until solvent...but hey.. I will still complain on this one and the one I am looking to hold the banks to ...how about 45 days to close!!!!  And while they're at it...hire more people to make this happen,,,it's not "Kansas" yet but almost getting there,,pay attention there will be a quiz to see if the banks pass!!  

Dearest Karen, I trust all is well. In my readings I came across this article not sure if you've seen it.  Short-sale program aims to help 'underwater' homeowners The government launched a new effort on Monday to speed up the time-consuming, often-frustrating process of selling your home if you owe more than it's worth. USA Today - Apr 09 5:48 AM   Can we say"KANSAS"? uhhh,,, UNCLE...yet? Thanks for sending! Jannie

 Tuesday, March 16, 2010

"Excellence is not an act but a habit. The things you do the most are the things you will do the best."
– Marva Collins

I find short sales to be challenging to say the least, but in no way do I tout myself as a short sale expert nor specialist yes...I specialize in short sales as I have done enough negotiations in which my clients were satisfied with the results.  Short sales are ever evolving and you are only as good as what you are working with. Hey, the journey is rocky! Each person has a narrative whic can be different with different outcomes, based on individual circumstance.  Such as...your income, solvency, hardships, lien holders etc.  If I were not honest to say this can be challenging and no amount of professing specialization will get the desired results one seeks then a "specialist" I am NOT! Can I give you the best service possible, you betcha! To keep my readers informed makes you quite the specialist in your own right,,so keep up with my posts and learn and learn again!  As partners, formidable specialists in learning the ropes will put us amongst the top at our game! Good Luck! 

Nothing in this climate of real estate surprises me any longer, it's for me what's next?  Well readers a new one, how about a soft credit pull before you are considered  for a short sale.  What is this?  How about just pulling your credit report without notifying you to see if you are making payments to other debtors and cheating by not paying your note, but your other bills (hmmm daycare or medical bills, student loans count) ?  How solvent are you,,,,,??  Only your credit report can tell the story! Unfreakinbelievable! Soft report? That's new which is why I lamented with such an exclaimer expletive. I read about this today and lo and behold,,, found this was being done to a close personal loved one today to determine short sale viability and had NO idea this was being done without this person's knowledge. Based on this hardship could not imagine that this would be done, especially when I have nothing signed that this would be done in a final determination. 

So, there you have it, just sharing a little 411~! Geez, hope this doesn't have folks makin a point by not paying their bills to avoid paying for a home they are in a hardship for in some cases predatory lenders who had a huge hand in, getting us in this mess in the first place!  Again operative word today is "unfreakinbelievable" and how was your day?

Let me repeat as this drives me batty, nutty crazy when I get the infamous call...is this home approved for short sale? That is a general question that I run frankly scared from when I am told that a home is already short sale approved. Assuming that the seller submitted a hardship package is no indication by any means we are on the way to an ok to a short sale? So not so fast. Oftentimes a banks' loss mitigation or short sale department may indicate that they  need a purchase agreement submitted in order to give a verdict after meeting with the infamous committee who has to decide what to do with your short sale offer.  At this time (better late than later) will you be requested to send a hardship package. In other words don't call us, we'll call up after the review and upon that time shall it be determined if your hardship meets their criteria.

 You must be qualified for a short sale and reasons  that you find yourself unfortunately in do not meet hardship for a majority of banks.  Say, because your home is upside down, and the across th street a few homes are selling for $100,000 less than your purchase price three years ago or you need more space for your 3rd child, in laws etc. and homes in your area are vacant and pose a safety issue,,well unfortunately are not a hardship qualifying factor.  Question is how solvent are you, which will be investigated to determine this?  But walking away folks,,,,that is NOT a good option by no means, especially if you think down the road, just when you're sipping that tall glass of lemonade without a care in the world, you get that certified letter in the mail indicating that you have an unforgiven foreclosure debt that you thought was behind you.   Not worth it! Between Loan Mods, rentals, short sales, deed in lieu.. really give it thought, talk to an attorney, or a learned professional.  And I happen to not be one that believes that you don't have to file bankruptcy against a home when it can be sold with the bank's ok because it can still be sold?

However, stating a home is approved short sale sounds easy and breezy. Why it seems simple enough and it appeases the buyer and perhaps the agent ...but not me! I have learned that red tape and missing docs and the folks behind those desks have more than my deal on their table, may take awhile. HAFA is proving to shore things up and preapprove sellers for short sale.  We all need to push this forward to prevent so many foreclosure and REO listings which has a more detrimental effect in the value of your home.

Again all Banks do not handle short sales the same way.  Some will not even consider a short sale unless you basically wreck your credit by being the infamous 2-3 months late on payments...what brainiacs think that by not paying them for a few months to be considered for a short sale..now that was a bright idea, I still  don't get the logic. If I know I have $600.00 left to my name and my note is $300 hypothetically speaking and I know I can eek out two payments to give to the bank to not ruin my credit OR behind door number two pay a Medical bill to keep up my insurance and worry about the consequences later, because I have a better shot at a short sale, by missing the payments, how is that reasonable? Well, guess what doors some cash strapped homeowners are deciding on. Some people actually have a moral compass and don't want to ruin their credit, and at all costs skimp on everything when they see trouble coming and they want to avoid it head on by calling their lender and explaining their plight and you know what? You would think that is feasible and the correct way to handle your future.

But in most cases, what clients hear instead is the canned in response that,,,you are not behind in your payments Mr or Mrs or Ms homeowner (which translates) you are SOL and until you are behind,,,call us back and we will determine if you are eligible for a hardship at that time. Brilliant eh?  Most ridiculous crap I have ever heard of. And after this we can consider  a loan mod or a short sale now that you just ruined the very credit that helped you qualify for a loan you can't kind of afford any longer because your income changed, laid off or for whatever reason, taxes etc. you are basically screwed,  sorry but that is how I feel for the people because I hear the sad stories and it angers me.

What not to do?

First mistakenly think you can call up a Realtor and say you want to  sell your home on a short sale, just because you think everyone is doing so.  Every institution has different criteria such as hardship packages.  Some may say "my you're on time each month,, can't help you!, or bring us an Purchase agreement and we will let you know. (at that time is when you supply the short sale package which could be possibly denied, negotiated as your bank will have a BPO performed which is subjective on how great that BPO provider is which is actually supposed to by Michigan Law performed by a bonafide broker,,,which most are not!  (sorry my fellow realtors for citing the Michigan licensing law to perform BPOS (broker price opinion, but it is true, unless they change it to APO just how it is). Another thing to consider please,,, the worst thing said to Buyers is..it's a short sale they'll take anything...SO far from the truth. NOT TRUE, if a bank thinks your offer is no benefit to them even though the contract is between you and the seller (very important to repeat, it's between Buyer and Seller) the bank and the seller has the final say.  The Seller in turn negotiates the terms of perhaps a repayment in some cases or discharge etc.  The Buyer's offer can be countered by the Seller and in turn by the Bank and keep in mind if the Seller is not content with your lowball offer as it may cost them money they don't have to settle, so don't be surprised. The plus side you can get a really great home as opposed to what's out there. I cannot believe how many times I have rattled an agent by saying by Seller won't accept that price just because they aren't getting anything.  Maybe it's because the bank has already told them under a certain price they have to bring X amount of dollars either to a JR lein holder or perhaps installment payments they still can't afford or want to pay to take that low offer you think will be wonderful as they will take anything of course!

However banks will request one or more BPO's to determine price. Appraisers are pretty much almost phased out in this arena perhaps they cost more so why not eliminate their professional opinion....perhaps cost too effective. Yet some corrupt ones get us in this trouble in the first place over inflating prices? Well , how it goes.  Also some banks may approve a short sale and the buyer/s walk after months of a slow process (you would think the banks may need to hire up the kazooty at this point to expedite the need for homes to NOT go to foreclosure status or to a sheriff sale while waiting and save money and perhaps a buyer but ,,,yawn) the reality is the buyer may walk away. Sure you can get a new buyer but some banks some actually  need to start the process all over again.

In no way am I saying a short sale is not worth it.  Pack a lunch and be ready for a short or long fishing trip, depending on what's biting.  A good home is worth the wait.  The banks are catching on,,,keep screaming to your state reps.  I am telling you HAFA must be sped up and SOON!  Pre-approvals for short sales should be done before a home hits the market ...not afterwards!!   So when I hear if a home is short sale approved already,,,that's a loaded question. A short sale is approved if price and terms are acceptable to the seller, the bank and both combined.  Also, only one offer (contract) is submitted to the bank, not several offers, a short sale IS NOT A FORECLOSURE. A bank accepts a foreclosure multiple bid situation, however a SELLER (the owner) in a short sale signs and commits to ONE OFFER PERIOD!! If there are multiple bids, just like any other sale they have a right to counter if they think it will not satisfy the bank or whatever they may have negotiated prior with their lender. Have that clause written in your contract if your agent or the seller's agent does not understand that, so you won't be placed in a situation whereas another offer that was higher was accepted after the fact because of someone's ignorance on how to proceed on a short sale! It will save you anguish and grief!

Again, If the answer is too easy, ...well to say the least, (well let's put your home on the market for a short sale, or just put in any offer, the seller isn't getting a dime etc.) don't know about you, but to say the least I had better hire a short sale specialist!

Take care, and if you care to comment on your stories of short sale bliss, or horror experiences (I have heard more than I care to) and if you have any questions,,,try me, if I can't I will find out for you!  Don't forget to read my resources page!! Much anticipated TAX TIPS to arm you with!  By the way if a short sale if in your neighborhood, see how it's handled.....that same home if handled improperly will come back to haunt you in a foreclosure listing which will bring down the cost of homes in your area due to someone dropping the ball.  Public knowledge is priceless! And I do plan to share these stories with congress to speed up the short sale process. Wonderful part,,,banks are FINALLY getting it!

Being a Realtor of many years I am growing frustrated with the mindset that Buyers have adopted and in many instances falsely so and that is to purchase a foreclosure is like hitting a gold mine. I shall scream off the walls, not all foreclosures are a gold mine. Now if you happen to be a master contractor and can afford to take on the expenses of updating, building, buying the material in most instances making the home habitable then this may defray some costs for you. Well hey, then sure go for it. However, if these options and your skills as a carpenter have to be outsourced you had better get some honest contractors out there giving you quotes along with your private inspector pointing out each and ever flaw. Make sure you have independent quotes from each and it would be a conflict of interest to hire a contractor who is also a private inspector, in my humble opinion. It is extremely important to weigh your odds, or say costs.

A few questions you need to seriously ask yourself and a few professionals first;

Is the neighborhood depreciating in value? If say, you invest say $30,000 into this dream home that has the potential to become a money pit (trust me I have seen this much to my chagrin) then back away! Over improvement can be just as bad as under improvement. If you add up the costs to make this your dream home, make sure you do your “due diligence” with a Realtor or Certified appraiser. Note trends and statistics of your immediate market. I often hear my clients say in years when the market finally bounces back, we’ll be so far ahead in equity that they will be sitting on a goldmine. Unfortunately, I heard this a few years ago, and many have lost their homes, due to foreclosures brought on by unforeseen circumstances job loss etc. and the market we find ourselves in as well. Some of these had short sales on the market and were lost to foreclosures with Buyers in the rush to foreclosures. It's maddening! Somehow I think that is not the American way, to bypass great homes not realizing that the short sale Seller will be the predicament that “ones” find an excellent deal!

In parting, I remind Buyers to open up to short sales and Seller backed homes when you make a decision to look. Some have owned their home for years and have room to negotiate. Some yes, can bring money to closing to settle their debt. Don't overlook these, investors will, as they often out bid the regular home buyer again and again on foreclosure, they often have deeper pockets. This can be very frustrating in the long haul; my clients who can’t go over a certain price after 10 losses to overbids won’t give up! Some Sellers are offering wonderful deals that are already fixed up, updated etc. Everyone seems to think that short sales take forever. Not true. Get proactive; your agent along with the Seller’s agent and Seller can move this along and in the long run, a great house. More than likely most homes that hit sheriff sales are less than what the short sale home is selling for. When it hits foreclosure and is listed much later (home now suffers damage in most instances) with the REO agent a majority of these agents will of course under price it (sometime ridiculously so) and at the end of the day with overbids voila the winner winds up paying for what it would have sold for at the short sale price, or above it ,,but without all the multiple bids. Only now the taxes are non-homestead because it is bank owned, which the buyer happily or drudgingly pays because they have a deal. It’s like everything else, when we think we are getting deals we keep those blinders on and everyone wants that same great deal when the deal that should be had is often in the rearview mirror. All that is not gold can turn your skin green, but not your wallet if you don’t research your options carefully. Just my two caveats...Buyers beware!