"One thing you didn't mention that I am quickly finding out more info is that the MI denies the short sale. how often has this happened? Which PMI companies are the worst? The best? Thanks for your post. So far, I have been 100% successful with…"
Realtor Short Sales Training and Resources
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Jose A. Rivas (RDCpro,SFR, CDPE)
- Male
- Nottingham, MD
- United States
- Blog Posts (3)
- Discussions (1)
- Events
- Groups (3)
- Videos
Jose A. Rivas (RDCpro,SFR, CDPE)'s Groups
Jose A. Rivas (RDCpro,SFR, CDPE)'s Discussions
Need HELP with DSELP
Started this discussion. Last reply by Smitty Jul 11, 2011. 2 Replies 0 Likes
I just received a short sale approval from a lender, but the owner (borrower) used a DSELP grant for $9,000 towards closing cost when they purchase the house, now the bank is asking the borrower to…Continue
Tags: Note, Default, Foreclosure, Promisory, Approval
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Jose A. Rivas (RDCpro,SFR, CDPE)'s Page
Latest Activity
"FHA will do a short sale as long as it was a rental for a max of 18 months."
"Marcus I did and the guidelines say that to qualify for a short sale the property was not purchase for rental investment and was not rented for more than 18 months. she had the property rented for more than 18 months"
"You might want to check the FHA guidelines in regards to the rejection. You know how banks lie sometimes"
Reasons why a bank would reject a short sale
I have been doing short sales for about 3 years, I have seen a lot but I am still learning. I known that banks sometimes might denied a short sale in the following cases:80/20 they can agree on how much each one is getting, sometimes the 2nd mortgage wants more than what the first mortgage is willing to approve.Contract price is too low or property is so ugly and has to many issues that no one is interested to pay what the bank has approved.Too many liens on the property and bank wants seller…See More
"Hmmm... I'm guessing you haven't dealt with BOA in the last 1/2 yr. If you mean streamline as in crazy high counters, FNMA/freddie HAFA hosed, streamlining by forcing foreclosures, well, then BOA is streamlining. My last…"
Terri Barrow commented on Jose A. Rivas (RDCpro,SFR, CDPE)'s blog post Banks are giving money for Short Sales"Also, with BOA, we just received an email from them that if our original buyer bails, that they will still move forward with the process and when we have a new buyer, just send them the new contract, etc.......anyone here of this?
"
Terri Barrow commented on Jose A. Rivas (RDCpro,SFR, CDPE)'s blog post Banks are giving money for Short Sales"I am gathering that this offer is for owner occupied properties only. This is exciting and motivating. My seller recently lost his wife and he is so sad, so if we can sell and the bank still give him up to $20k that would be…"
"Definitely legit. We have closed a few now with the sellers getting large amounts back. Had one close the other day that got 20K back for the seller, and another last week that got 10K back for the seller (that was only priced at 60K)!"
Terri Barrow commented on Jose A. Rivas (RDCpro,SFR, CDPE)'s blog post Banks are giving money for Short Sales"I have a client that is with Chase and just received a letter offering $20k for a short sale! We were in the process of seeing if it was legit!"
"I just closed a transaction with Chase, and they gave my seller $20,000 from the bank and $3,000 from HAFA at the close of escrow."
Banks are giving money for Short Sales
I just read an interesting article on DSNEWS, the article explains that major lenders are giving their borrowers insentives for short sales, and some are trying to streamline the process.The article states that Wells Fargo has been giving relocation assistance up to $20,000 in Florida for if the borrower chooses to go do a short sale or deed in lieu. Chase is also offering up to $20,000 if the borrower doesn't qualify for a loan modification and up to $30,000 in CA. Citi has insentive average…See More
"In my state we are allow to collect a retainer fee up front, however it is my policy and my company's not to charge any client up front."
"According to the FTC's news release on 7/15/11 http://ftc.gov/opa/2011/07/mars.shtm, It states,
"The Federal Trade Commission today issued a statement announcing that it will forbear from enforcing most provisions of its Mortgage…"
"Thanks, everyone. Very helpful."
"In many states, advanced fees are still unlawful. Stacie, although you may receive an answer here, I highly recommend contacting the DOL in Ohio regarding this issue as it would be the safest way to go if you are thinking about charging advanced…"
Profile Information
- Occupation
- Realtor
- Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
- MD Anne Arundel, MD Cecil, MD Baltimore, MD Harford, MD Howard, MD Montgomery, MD Prince Georges, MD Carroll counties and MD Baltimore City
- Website
- http://reocentral.net
- Short Sale Designations and/or Special Training
- SFR (Short Sales and Foreclosures Resource), CDPE (Certified Distressed Property Expert), Equator Certified, HRC (Home Retention Consultant)
- Short Sale Transactions Completed
- 10-25
- Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
- no
- About Me/Profile of yourself: - Please add your Brokerage Company name also!
- I am partner of Central Realty, the larest Hispanic owned realty in the Greater Baltimore area. My team specializes in distressed properties REO and Short Sales, I have 2 designations CDPE and SFR and I am also an HRC for Titanium Solutions. I enjoy helping home owners who are facing difficulties paying their mortgage. It is good to help people solve their problems and better their situations.
- Put in todays date! This is to help stop spammers!
- May 21, 2010
- PLEASE READ THIS!!! - This site is primarily for Realtors, REAL buyers or sellers with questions are welcome to ask, anyone here for other purposes may be banned. 1. Because this site is primarily for agents agents, Any soliciting is pointless and is not allowed. Please do not sell or promote products or services in any way, directly or indirectly. Do not link or sneak in links promoting your services on comments, posts, discussions or blogs. You may have links on your profile pages to your websites as long as your are not selling things other than real estate! Again, absolutely no outgoing links to your websites, blogs or listings 2. Do not speak disparagingly about members on this site. This community is meant to be helpful, and we are here to help each other. 3. We reserve the right to delete content and/or ban members that violate these rules. 4. Member Name (Full Name Field) format must be FIRST NAME, then LAST NAME! Please no company names, DESIGNATIONS, or website in the name field! Please read the terms of service under the "home" tab! IF YOU AGREE TO THESE TERMS, PLEASE TYPE "I AGREE" IN THE BOX BELOW!! Thanks for your cooperation, and welcome to the Network!
- agree
Jose A. Rivas (RDCpro,SFR, CDPE)'s Blog
Reasons why a bank would reject a short sale
Posted on August 10, 2011 at 9:52pm 4 Comments 0 Likes
I have been doing short sales for about 3 years, I have seen a lot but I am still learning. I known that banks sometimes might denied a short sale in the following cases:
- 80/20 they can agree on how much each one is getting, sometimes the 2nd mortgage wants more than what the first mortgage is willing to approve.
- Contract price is too low or property is so ugly and has to many issues that no one is interested to pay what the bank has approved.
- Too many liens on…
Banks are giving money for Short Sales
Posted on July 30, 2011 at 2:11am 7 Comments 0 Likes
I just read an interesting article on DSNEWS, the article explains that major lenders are giving their borrowers insentives for short sales, and some are trying to streamline the process.
The article states that Wells Fargo has been giving relocation assistance up to $20,000 in Florida for if the borrower chooses to go do a short sale or deed in lieu. Chase is also offering up to $20,000 if the borrower doesn't qualify for a loan modification and up to $30,000 in CA. Citi has… Continue
The article states that Wells Fargo has been giving relocation assistance up to $20,000 in Florida for if the borrower chooses to go do a short sale or deed in lieu. Chase is also offering up to $20,000 if the borrower doesn't qualify for a loan modification and up to $30,000 in CA. Citi has… Continue
Good NEWS From MARS
Posted on July 18, 2011 at 4:18pm 11 Comments 5 Likes
I read all over the internet about the new MARS rules, that wont be enforced to agents in good standing with their local boards.
This is a great news for us, before MARS required us to make several disclosures and we were not allow to collect any retainer fees.
The new rules:
Real estate agents who are in good standing under state licensing requirements, in compliance with state real estate laws, and assisting homeowners in obtaining short sales…
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