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Delroy Gill LIV Sotheby's International Realty

Short Sale Updates from Freddie Mac and Fannie Mae Backed Loans and More

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I wanted to just give you a few updates that could help you or a friend that is facing a financial hardship. Freddie Mac and Fannie Mae backed loans have imposed new guidelines on Bank of America, Wells Fargo, Chase and other major loan providers to get there act together! The new most important rules are as follows:  … [Read More]

Banks are giving incentives up to $20,000 at closings

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Some of the nation’s leading mortgage lenders are paying sellers for completing Short Sale truncations rather than seeing a property go into foreclosure. Wells Fargo says it has been making “enhanced financial relocation assistance offers” that can be as much as $10,000 or $20,000 to certain borrowers who choose to go through with a short… [Read More]

Are Short Sales Decreasing in the Denver Metro areas?

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…It appears so, with short sales making up only 7% of properties on the market in the  Denver Metro area today.  Helping Homeowners with short sales is what I do best!  Closely watching these trends in the local market, is a part of my daily routine. Today, the total number of homes for sale in… [Read More]

MARS lands on Denver Realtors who do short sales

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Mars is the red planet, but MARS has some real estate professionals seeing red. The National Association of Realtors is working to fine-tune MARS – the acronym for Mortgage Assistance Relief Services Act – regarding real estate brokers, although some brokers already are cheering MARS. The act, sponsored by the FTC, with relatively little fanfare,… [Read More]

FAQ’s about Short Sales in Denver #1

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What is a short sale? A short sale is when a lender receives less than the loan balance when a home is sold, the bank is the one that takes the “short” amount. Each lender has their own criteria for accepting and processing a short sale. Why are some homes sold as short sales? A… [Read More]