Dennis Toomey's (dennis2me) Blog

IL – The biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is accurate. Here is the process your agent needs to follow to ensure an accurate appraisal. Click here to discover how other sellers successfully did a short sale and avoided...

IL – The biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is accurate. There are a lot of opinions on how to ensure the appraisal is correct and accurate. You need to check and make sure your agent is willing to do the extra work. Cl...

IL – The biggest threat to your short sale is a high appraisal. Banks consider short sales for economic reasons. A bank will approve a short sale only if they think they will net more money taking the short sale offer. To make sure they aren't selling the house for too little, they order an appr...

IL – A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan. If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible. So, a ...

IL – The Stop Foreclosure Institute recently received a question from Dan. Here was Dan’s Question. "I recently purchased another home and tried to sell my former home. It isn’t selling and I can’t afford to make both payments. The home won’t rent for even 1/2 of the mortgage payment. An agent t...

IL – Yes, short sales actually help preserve home values in a neighborhood. Here is why. Most people short sell their home while they are still living in the home. They are maintaining the home, mowing the yard, keeping the air conditioning on, etc. Most bank owned properties are empty for 3-6 m...

IL – The Stop foreclosure Institute recently received a question from Susan about short sales. Here was Susan’s Question. “My home is scheduled to be going on the courthouse steps in about 2 months. I had thought about short selling, but a friend told me I wouldn’t have enough time to do it. Bec...

IL – The Stop Foreclosure Institute recently received a question from Tom about short sales. Here was Tom’s Question. “My Ex-wife decided to Short Sell our former house. Unfortunately we both signed the mortgage when we bought the house together. I think that means I am still liable for the debt....

IL – Many Americans are concerned about the housing market. If they housing market continues to decline, then it could drag the entire economy with it. At least that’s what some economists are saying. We want to be part of the solution, not part of the problem. So, we decided to propose a soluti...

IL – The Stop foreclosure Institute recently received a question from Steve about short sales. Here was Steve’s Question. “I am interested in a short sale. I just have a few questions about how the process works. Does my lender set the price for the property. And, will that price include the rea...