January 2011 Blog Posts (29)

Short Sales and What is Involved 2011







SHORT SALES - SUSAN J. PENN,PA





Short Sales have become the new real estate frontier for 2011. Short sales have come as a result of the real estate bubble bursting and property owners seeing the markets pricing on their houses deflating.





Short Sales usually occur when the homeowner is behind in their mortgage payments and/or other liens. The lender agrees to accept less than what is owned because the homeowner is experiencing a… Continue

Added by Susan J. Penn, PA, SFR on January 31, 2011 at 8:30pm — No Comments

#1 REQUESTED TOPIC - INTERESTING

     Last week, thanks to my awesome Broker, Steve Daria, I attended a "Get Motivated Seminar," which was widely promoted and sold-out both days.  Top billed speakers were Colin Powell, Rudy Giuliani, Zig Ziglar, & Laura Bush.  Admiring the accomplishments and professional philosophies of each, I signed right up.  Each presentation was, as anticipated, excellent, entertaining, and informational.  More than that, each was inspirational.  These four, along with three other guest…

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Added by Lisa Farmer on January 31, 2011 at 12:34pm — 1 Comment

Market Comment for Week of January 31, 2011...

MARKET COMMENT   Mortgage bond prices rose last week pushing mortgage interest rates lower. There were several Treasury auctions and most resulted in decent foreign demand. Stock strength the middle of the week along with higher than expected new home sales put some upward pressure on rates. Volatile oil prices also factored into trading. Saudi remarks indicated they might increase production. This helped stem some of the oil price spikes in the middle of the week but world benchmark…

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Added by Kenneth Bargers on January 31, 2011 at 11:10am — No Comments

Pending Home Sales Continue Uptrend

Pending home sales improved further in December, marking the fifth gain in the past six months, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator, increased 2.0 percent to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2 percent below the 97.8 mark in December 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two…

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Added by Kenneth Bargers on January 29, 2011 at 9:41am — No Comments

Multiple Offers

Why does a third party like Equator only look at one offer at a time? I have a client that submitted an offer in November 2010. It is the second of two offers and from what I can gather our offer is the higher of the two. Realtors have to be fair with multiple offers why aren't banks and third parties held to the same standards?

 

Any suggestions?

Added by Gale Park on January 29, 2011 at 7:50am — 6 Comments

Parker, Elizabeth, and Franktown CO – US bankruptcies have reached a 5 year high.

Most homeowners in financial trouble do not realise the impact of filing a bankruptcy has on the ability to Short Sale their owner occupied home.  The public also needs to make certain when making these kind of decisions, that they are aware of the ratio that the Lawyer does that is a Chapter 13, VS a Chapter 7!

 

Some Lenders will not allow a short sale once a Bankruptcy is filed.  Lynne Wright-Colorado

Added by Lynne Wright on January 26, 2011 at 1:36pm — 5 Comments

Market Comment for Week of January 24, 2011...

MARKET COMMENT   Mortgage bond prices started in negative territory and that carried through most of the week. Spain and Portugal had relatively successful bond auctions, which reversed the flight to quality buying of US debt instruments that helped rates fall. Lower than expected weekly jobless claims Thursday added to the losses causing rates to spike higher. Analysts were looking for jobless claims at 425k and the actual release showed claims at 404k. Leading economic…

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Added by Kenneth Bargers on January 24, 2011 at 11:33am — No Comments

Wells Fargo Question

I have a friend who sold their home 5 months ago on a short sale.  The first mortgage was satisfied but the line of credit was short $360,000.  A promissory note was signed at closing in order for the bank to close the deal.  He does not have the ability to pay this off.  He has offered to pay $25,000 immediately and they have rejected his offer and said he needs to come up with 12% to settle. 

 

Does anyone have an experience with after closing negotiations?  All help would be…

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Added by Jo Anne Rizza on January 23, 2011 at 11:15pm — 3 Comments

Glendale, CA Real Estate | Short Sale Specialist | Short Sales | CA Free Loan Modification: Why Should I Pay Double For My Home?

 

 

 

 

 

Glendale, CA Real Estate – Jennifer Escobar a Realtor at Qwest Real Estate recently received a question from Luis…

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Added by Jennifer Escobar on January 20, 2011 at 10:47pm — No Comments

Short Sales - Same Old, Same Old!

 

 

Due to the current economy, I, like most Realtors, have had to deal mainly with short sales.  I kee reading all these hopeful articles detailing how much the short sale process has improved when, in reality, it is barely better than it was a year ago.  Sure, B of A has started their…

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Added by Michele Ashbarry on January 20, 2011 at 12:42pm — No Comments

Keeping Your Home in California

KEEPING YOUR HOME IN CALIFORNIA

The U.S. Treasury Department has approved CalHFA's plan to use nearly $2 billion in federal funding to help California families struggling to pay their mortgages.

 

The Keep Your Home California programs are focused on assisting low and moderate…

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Added by Michele Ashbarry on January 18, 2011 at 8:30pm — No Comments

Market Comment for Week of January 17, 2011...

MARKET COMMENT   Mortgage bond prices started the week in positive territory. We were able to establish some interest rate improvements as flight to quality buying emerged heading into some European debt auctions. Unfortunately there was a spike in rates the middle of the week as the buying reversed following an announcement by Japan that they would support the European markets. Higher than expected weekly jobless claims Thursday helped reverse this spike and enabled rates to fall. We…

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Added by Kenneth Bargers on January 17, 2011 at 4:59pm — No Comments

Glendale, California Real Estate | Short Sale Specialist | Short Sales | California Free Loan Modifications: "Is it legal for a seller to buy the house he is short selling?"

 



 

 

Glendale CA – Jennifer Escobar of Qwest Real Estate recently received a question from Jessica.  

 

Here is Jessica’s Question.…

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Added by Jennifer Escobar on January 14, 2011 at 5:00pm — No Comments

Suntrust stalling with approval letter

We have negotiated back and forth 3-4 times accepting what the bank was asking for.  We have revised the HUD and sent it in expecting the approval letter when Suntrust now comes back stating their BPO is outdated and they need to do another. WHAT???  There was a BPO completed 4 weeks ago and the one before that was 11 weeks ago.  Is there someone other than the negotiator that I can escalate to?

Added by Cindy Gillies on January 14, 2011 at 3:35pm — No Comments

Bank of America Short Sales are totally unpredictable!

Working with BOA on a short sale is totally unpredictable. For the first time as a working adult, I can honestly say that experience does not count  - when working of BOA. Everytime things are handled differently. TImelines and requirements change. Counteroffers are unrelated to fair market value. BPOs are made by agents from hundreds of miles away! What? Really? This is a general rant, but I could go into at least six specific recent experiences that seem impossible. One day turn arounds for… Continue

Added by Reva Harris on January 14, 2011 at 2:13pm — No Comments

What does everyone think of this new regulation - mortgage assistance relief services which is known as “MARS”

First, some key terms under the new rule.

• A “provider” includes any person who provides, offers to, or arranges for others to negotiate, obtain or arrange a short sale of a dwelling.

• A “dwelling” means a residential structure containing four or fewer units, whether or not that structure is attached to real property, that is primarily for personal, family, or household purposes and includes individual condominium units, cooperative units,…

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Added by Andrew Sawyer on January 13, 2011 at 4:31pm — No Comments

Overpriced, Underpriced Housing Markets

What are the most overvalued and undervalued housing markets in the country? The Local Market Monitor recently released a list for investors analyzing buying conditions for real estate markets in the United…

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Added by Kenneth Bargers on January 12, 2011 at 10:45am — No Comments

Will Foreclosures be Erased?

Good information from the KCM Crew...What will this mean to your market?



Will Foreclosures Be Erased?

by The KCM Crew on January 10, 2011 · 1 comment



A court in Massachusetts voided two bank foreclosures this past Friday. The decision has already created a ripple effect across the banking community. Will other courts also decide to void local foreclosures? Does this put an added burden on banks when they are trying to complete a foreclosure process? What will it mean to… Continue

Added by Kathryn Lovell on January 10, 2011 at 2:30pm — 3 Comments

Market Comment for Week of January 10, 2011...

MARKET COMMENT   Mortgage bond prices started the week in negative territory. The ADP employment report was significantly stronger than expected sending rates higher. There were few data releases. Stocks started the New Year generally stronger, which added to the losses in…

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Added by Kenneth Bargers on January 10, 2011 at 10:42am — No Comments

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