Questions and Answers

Why do Short Sales take so long to close in California?

by Eric Baskett April 13, 2012 Questions and Answers

Why do Short Sales Take so Long to Close in Los Angeles? Real estate professionals know that a short sale transaction can take months for it to be approved and closed. The reality is that short sales usually take three to four times as much as a regular sale to finally get to the closing [...]

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Will there be an extension of the Mortgage Forgiveness Debt Relief Act of 2007

by Eric Baskett February 16, 2012 Foreclosure Prevention Help

Mortgage Forgiveness Debt Relief Act of 2007 Obama has already written it into his FY2013 budget proposal. The Act ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences do not have to pay taxes on the amount forgiven. Without the Mortgage Forgiveness Debt Relief Act, debt reduced [...]

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Is a Short Sale My Best Option?

by Eric Baskett December 21, 2011 Questions and Answers

A Short Sale is not for everyone. You need a professional that will explain everything to you so you can make the best choices for you and your family. I created this video to give you one scenario where a short sale would not benefit a homeowner in Los Angeles. Everyone’s situation is unique. This [...]

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Should I keep Paying my Mortgage if I’m going to do a Short Sale?

by Eric Baskett December 21, 2011 Questions and Answers

Understand that if you are going to do a short sale don’t expect your lender to be sending you a refund check in the mail. Technically, I’m not allowed to tell you to stop paying your lender so lets take a look at both sides of the equation. People are doing short sales for many [...]

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Is a short sale possible in Redondo Beach with Bank of America

by Eric Baskett November 15, 2011 Latest News

Bank of America is a very short sale friendly bank. Currently in Redondo Beach Bank of America has 67 active Notice of Defaults/ Trustee sales notices. As of today there are 180 ACTIVE foreclosures in Redondo Beach per Foreclosure Radar. That is a whole lot of foreclosures for an upper middle class city. Foreclosure radar [...]

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Divorce and Short Sales

by Eric Baskett November 14, 2011 Divorce

Can I do a short sale even though I’m going through a divorce? YES Divorce is very common and so is having a house that you owe more on than what it is currently worth. The only way I can help a family who is going through a divorce is if both parties are in [...]

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How long should a short sale take?

by Eric Baskett July 31, 2011 Latest News

How long should a short sale take? —-If Your In Doubt About About Your Agents Short Sale Ability You Have The Wrong Agent—- Don’t become another Foreclosure statistic! On average, once the bank has received a complete short sale package and a purchase agreement from a buyer your looking at 30-90 days. If you have [...]

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What are the steps in buying a short sale?

by Eric Baskett June 29, 2011 Questions and Answers

A short sale is a real estate sale by the private owner (not a bank) where the home’s market value is less than the what the seller owes the bank. Therefore, the seller is asking the lending bank to allow them to sell the home short (at a loss). Because the lending bank is not [...]

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How to Find a Short Sale Realtor

by Eric Baskett May 12, 2011 Questions and Answers

It’s really easy to find a realtor…There everywhere… but you need someone that is a short sale specialist, who knows how to list the property, negotiate the contract with the buyers, negotiate the short sale with your lenders and close the transaction. Here are my recommendations on what to look for in a Licensed California [...]

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