Recap of Angelos Angelou 2012-13 Economic Forecast:
Angelos Angelou, one of the states top economists is predicting a great 2012 for Austin's economy. For the past 27 years, Angelou has been at the helm of Austin’s annual economic forecast, where he and local economists predict what the future holds economically for the city that year. The former economist for the Austin Chamber of Commerce and nationally known CEO of Angelou…
Added by Jeff Clawson on February 29, 2012 at 4:21pm — No Comments
Home Prices in Wisconsin are Stabilizing
Amidst the turmoil and problems of the year, there was some good news about Wisconsin home values in the year…Continue
Added by Michael Collins, CDPE, SFR, BPOR on February 28, 2012 at 11:05am — No Comments
Short Sales, Loan Modifications and Taxes -- Act Now Buford Dacula Suwanee Gwinnett County GA
Many people are unaware of the potential tax consequences of a short sale (or foreclosure). A short sale involves selling a property for less than the amount owed to the lien holder. The tax code considers a short sale a "Debt Cancellation". When a lender cancels…
Added by Roland Lorans on February 27, 2012 at 3:59pm — No Comments
Added by Michael Collins, CDPE, SFR, BPOR on February 24, 2012 at 12:56pm — No Comments
According to the latest monthly outlook, Freddie Mac foresees “cautious signs” of improvement in the housing market as well as the overall economy and looks forward to “more warmth” in the year 2013. “The US economy continues to build on the momentum from the end of last year,” said Freddie Mac VP and chief economist, Frank…Continue
Added by Allie L. Zehring on February 23, 2012 at 12:46pm — No Comments
Added by Michael Collins, CDPE, SFR, BPOR on February 23, 2012 at 11:47am — No Comments
Has anyone out there ever had or heard of a bank cancelling a sale on a REO because the buyer was 2…Continue
I have seen short sales approved without hardship. Some with no deficiency and some where the seller negotiates a lump sum payment at closing or a note to the bank for a portion or all of the deficiency. It is all a negotiation between the parties.
Added by Ken Lowe on February 20, 2012 at 12:35pm — No Comments
Added by Mike Cooper on February 20, 2012 at 11:19am — No Comments
There is empathy and there is charity. I for one think that a seller that has not been paying the mortgage should be willing to pay his share when a short sale is done. The seller on the average has 6 months or more before having to move out. In the mean time no rent/mortgage is paid. The only person with the biggest benefit from a short sale is the seller.
The buyer is not getting a great deal s/he is paying what homes in an area sell for wheather Regular Sale, REO or short…Continue
I am in the middle of listing a short sale, the loan is with BofA. However, in the mail the seller received a letter from LRC and it offers an incentive. I called and spoke with the person on the letter and he said they generally tell the owner to find a Realtor and list the property. He wasn't very specific with what happens if the owner doesn't have one in mind, said they normally do. So....exactly who are these guys and what are the going to be doing? It seemed like I am to send the…Continue
I am rather conservative in how I run my business and as a result, obviously my initial question of someone who contacts me about a short sale is exactly that ... "Do you have a financial hardship at this time such that you can not afford the property?" If that uncovers that they CAN afford the property, my interview is mostly over.
Help FRANKLIN CREDIT: short sale with BOA. The seller approved for Cooperate Short Sale Program. second with Franklin Credit. Per the approved short sale by BOA Franklin Credit is getting $2150. Franklin denied and said they wanted a promissory note for full balance. seller agreed to the promissory note. Then Franklin came back and denied the short sale again now they want $7500 and the promissory note for remaining The seller does not have the $7500 Then Franklin Credit came back and…Continue
I have a short sale in process with Wells Fargo. Shortly after listing the property and getting an offer we discovered that the Seller had had new siding installed on the house after buying the home. They are in default on the loan payment to the bank who funded the siding installation which is not uncommon.
What is not common is that lender saying tat the lien on the property is a UCC2 lien and that it will take precedence over the Wells Fargo lien even though Wells Fargo was filed…Continue
Getting a short sale approved is no easy task. Buyers can, and do, walk away if they feel the transaction is taking too long. Mortgage insurance companies frequently demand unreasonably high contributions from the seller, thus killing the deal. Servicing rights can be transferred to a new lender mid- transaction. The foreclosure auction occurs despite the lender repeatedly…Continue
Added by Mike Cooper on February 14, 2012 at 1:00am — No Comments
Working on a short sale with an FHA loan, appraisal came in at $90,000, buyer made an offer of $90,000 and asked for 3% seller concessions. Negotiator said that they can only pay 1% seller concession if buyer is getting an FHA loan and no seller concessions if buyer is getting any other loan. Does anyone know the mortgagee letter where I find this information?
For those of us who are frequent sellers of short sale properties, the lack of communication between us and the seller's bank is one of the most frustrating aspects of the sale. If you've ever tried to get the bank negotiator on the phone, you have probably found that they can be…Continue
As tax season approaches, and more importantly, the expiration of the Mortgage Debt Relief Act of 2007, it is important to review the tax consequences following a short sale. In general, the IRS will treat any canceled debt, such as forgiveness of a mortgage loan, as…Continue
Added by Andrew Coppo on February 13, 2012 at 3:30pm — No Comments
I received this in Equator today and have never had this happen before...
Body: Message Created on 02/10/2012 10:05 AM Dear Valued Realtor: Please be advised that the Short Sale for the property above has been declined by Wells Fargo. You may not be able to submit another offer for this property. If you have any additional questions or would like additional details concerning the Short Sale process, please contact Wells Fargo at (866) 903-1053 Monday through Thursday between…Continue