Blog

Department of Real Estate Benefit of the Doubt Program in a Nutshell

Good news for vigilant brokers throughout California!

This past summer the Department of Real Estate started a new “Benefit of the Doubt Program” which is now in practice on a trial basis.

Continue reading “Department of Real Estate Benefit of the Doubt Program in a Nutshell”

Short Sale Act of 2010 – What Does it Mean to Realtors and Brokers?

A new bill (H.R.6133) has been filed in Congress that would require lenders and servicers of home mortgages to respond within 45 days of a short sale request.

A short sale occurs when a homeowner sells their house for less money than is owed on the mortgage. In order to conduct such a sale, the seller needs the permission of the lender. Once approved, the lender basically agrees to forgive the difference between the sale price and the value of the mortgage. The current downside to requesting a short sale, however, is the amount of time it can take to receive approval. In the current market, it can take 120 days (or more) to get approval, by which time the potential buyer may have lost interest.

Continue reading “Short Sale Act of 2010 – What Does it Mean to Realtors and Brokers?”