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What the heck?????

An opportunity to ask questions regarding anything you've never heard of before, regarding short sales!

Members: 63
Latest Activity: Apr 11, 2014

Discussion Forum

BOA FHA Short Sale - List at Payoff Amount. Huh?

Started by Terrence D. Langford. Last reply by Sharon Molnar Apr 11, 2014. 2 Replies

I listed my client home with (Bank of America) as a FHA short sale. The owner who has defaulted on her mortgage payments and has failed two loan modification guidelines. We have a short sale and a…Continue

I think my seller just got a free house!

Started by Pamela Ann Zyski. Last reply by Pamela Ann Zyski Apr 12, 2011. 4 Replies

I have never heard of this before-tell me if you think I'm right. I was doing a short sale with a credit union & in the process the credit union sold the property in sheriff sale.  Yesterday my…Continue

What is a LIVE option?

Started by Janet D Brown. Last reply by Vanessa Calhoun Feb 15, 2011. 4 Replies

I have a listing referral that I've been communicating with for weeks but we have not listed his property yet. He purchased a lot in a resort neighborhood two years ago for hundreds of thousands…Continue

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Comment by Dan Hawkins CRS SFR CSSG CDPE on April 9, 2014 at 5:58pm

Correction anyone dealt with Residential Credit Solutions in Texas?

Thanks,

Comment by Dan Hawkins CRS SFR CSSG CDPE on April 7, 2014 at 12:44pm

Anyone had a dealing with credit solutions in Texas? They just bought my file from Bank of America. Please let me know asap

Thanks,

Comment by Mike Linkenauger on September 29, 2010 at 10:05am
Unfortunately I haven't worked with LBPS before. That is messed up that nobody will even answer the phone!
Comment by Janet Fuller CDPE, HRC, ABR on September 28, 2010 at 6:10pm
HELP...anyone have a way to email this LBPS company...Can not get them to pick up phone, it says call back another time ....
Buyer is over paying for a short sale and I want it closed! HELP
Comment by Janet Fuller CDPE, HRC, ABR on September 23, 2010 at 10:46am
Just speaking with LBPS, Chase sent to process the file after the first buyer lost their job....she states the borrower is in the HAFA program for short sale, I explained that this borrower does not qualify for HAFA, its an investment property. She said this is so new to us, let me review....OMG...these negotiators do not seem to be trained on todays foreclosure alternatives...really?
Comment by Julie Vrigian CSSG, CSSP on June 6, 2010 at 1:29pm
I don't know how they are going to determine the market value of homes here in Las Vegas, if they don't take into consideration, REO's and short sales. It would be impossible.

I am currently waiting for the list price on a home here that is $300k upside down...This should be interesting.
Comment by Karen Hulbert, Woodland CA on May 29, 2010 at 3:11pm
Tell them the sellers are insolvent and have decided to let it go to foreclosure on the first...then will get nothing. Ask them to take it again to the next level person (supervisor, lead negotiator) for reconsideration. Sometimes this works once they realize they will get zippo if the first forecloses.
Comment by Natalee N. Thurston on May 27, 2010 at 7:54pm
Okay, where to start? Clients have a first and second. First is with Wells Fargo and the second is with some nightmare place called American General. The people at American General are so unprofessional and just mean. Originally we had offered them $3000 for a $17,000 balance. the first came back at 10%. They have been calling my Seller and harassing her and now what her to sign over the deed to their car as collateral and will take $1700. and want the the balance paid to them ! What can they do?....
Comment by Lynn Garrison-Illescas on March 7, 2010 at 11:01am
We’re experiencing the same problem in Florida of late. Isn't this the part of Making Home Affordable (MHA) program that includes both the Home Price Decline Protection program (HPDP) and Home Affordable Foreclosure Avoidance (HAFA) programs that stipulates that the LENDER will determine the price at which a property will be listed for the HAFA program? Recently, BPO agents and appraisers have been advised that the sales of short sale and foreclosure properties may not be included in the comps when making value judgments for the HAFA program.
In our county, we've seen property values decline by as much as 60% in some areas. Practically all of the properties that are selling in one particular area are foreclosures and short sales. When the guidelines for HAFA first came out; it sounded like the answer to a maiden's prayer in many respects. However, when I got to the part about the lenders determining list price; I knew we were in for big trouble.
In any real estate market whenever a homeowner needs to sell a home within a short period of time (due to relocation, health, or any other variety of reasons folks need to sell quickly) the properties must be priced aggressively. This is Real Estate 101!
I did not read anything in the program guidelines that recognizes this real estate truism. My consternation revolves around the fact that lenders (under the terms of the government program guidelines) are practicing real estate AND making this is a Catch-22 situation for distressed homeowners. In an area where foreclosures run rampant, any other property that isn't listed realistically will not sell. Ergo, if a short sale property is not listed realistically then it too will become a foreclosure and the cycle continues.
I could certainly understand the rationale for this pricing structure if all foreclosures could be placed on hold, thereby keeping them off the market, but without that caveat, it is my contention that this program may hinder more than help the very homeowners that it proposes to assist. Go figure.
Comment by Karen Hulbert, Woodland CA on February 23, 2010 at 9:11pm
Okay - had a phone conversation with the listing agent of a short sale my buyers were interested in. His seller has accepted an offer, he turned it into the lender. Still has the property active in our local MLS (our rules say it should be either pending or Short Sale Contingent so I turned him in on that point) but he is collecting other offers so when the lender responds he is going to send ALL those offers to them and let them pick one. Am I the only one that is saying 'WHAT THE HECK'? We have no fiduciary duty or contract with the lender. Does he really think he is acting in the best interest of his client? What if the lender picks the lowest one - they may have tax liability.
Another SS listing agent told me recently she sends all the offers in unsigned by the seller.....any thoughts?
 

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Discussion Forum

BOA FHA Short Sale - List at Payoff Amount. Huh?

Started by Terrence D. Langford. Last reply by Sharon Molnar Apr 11, 2014. 2 Replies

I think my seller just got a free house!

Started by Pamela Ann Zyski. Last reply by Pamela Ann Zyski Apr 12, 2011. 4 Replies

What is a LIVE option?

Started by Janet D Brown. Last reply by Vanessa Calhoun Feb 15, 2011. 4 Replies

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