Here's the scenario.......Listing Agent has a million dollar listing in a high end community. The property is still owner occupied and is filled with extravagant and expensive furnishings. An unrepresented Buyer approaches the listing agent and gives her an exciting story about winning the Colorado lottery. She also mentions how she has made it her life mission to adopt homeless children and give them a lifestyle that supercedes the one that they're currently living. She needed an opulently…Continue
Added by Vanessa Calhoun on February 28, 2013 at 12:00pm — No Comments
We've just seen a huge wave of loan documents coming across informing us that servicing has been switched to Ocwen Loan Servicing, LLC. Just recently Ocwen bought the servicing rights of a huge portfolio of loans and homeowners across the country are receiving notices. Ocwen is actually a great company to work with in our experience, but be aware that they will not consider a…Continue
Added by Jenna Davis on February 28, 2013 at 10:57am — No Comments
In regards to the banks dictating the terms of the Short Sale approval , you must remember the banks are not a party to the transaction. they do not own the property, they are a condition of sale, and when a Seller and a Buyer enter into a contract, you must follow the letter of your state law. The contract is between the Buyer and the Seller, our state has created a form with an option that the Seller and Buyer must agree to : To continue to market the property until X days or when Seller…Continue
Added by patti duke on February 25, 2013 at 2:14pm — No Comments
Added by MarkoRubel on February 22, 2013 at 2:41am — No Comments
Well, I just sat in on the Fannie Mae webinar where they explained how they are doing short sales. I was struck by the fact that they insist that 1. we leave all short sales as "active" on the MLS even when our MLS service insists that we use things like"pending ss approval". They said they would consider it fraud if we do not keep these as "active".
2. They explained how they come up with their value and if you break through the garbage that they said, it is exactly what we have all…Continue
Here is the information that I received on the ss lease back program. I will be attending this convention in March and will post what I learn at that time.For now:
Short Sale Lease Back
The Short Sale Lease-Back Program is expanding in California.
Nearly 40 California real estate agents from around the state completed the required training…
Added by Mike Linkenauger on February 20, 2013 at 5:00pm — No Comments
Today pretty much started out as normal. I'm working diligently alongside my Assistant when I receive a phone call. This young lady is interested in a property that I'd previously listed which is now being marketed as a rental by another Brokerage. I informed her that I'd sold the property and that I no longer have any information regarding the current status of the property, but would gladly assist her in contacting the current listing agent. I look up the property in order to get the…Continue
I recently posted this on my regular blog and I am curious to see what everyone thinks about how the new FHA Guidelines will affect our short sale. I live in Columbus and we have over 40% of our homes that sell with FHA loans.
Here is the post I made today:
FHA: More Expensive Than Expected ACT NOW!!…
Added by Jim West on February 19, 2013 at 1:02pm — No Comments
When I began my career in real estate 7 years ago, I quickly learned to adapt to the world of declining home prices, BPO's, REO's, Short Sales, Asset Managers, yada yada yada.....you get the picture. Almost overnight, my entire business was centered around the distressed market. From a business standpoint, it didn't bother me. In fact, it fit right into my loss mitigation background and appealed to the analytical party of me. It wasn't the best scenario and could be extremely volatile at…Continue
My client received short sale approval on her home. She couldn't believe she qualified for Bank of America's Co-op short sale program and that she will be receiving $6900.00 in relocation assistance at the close of escrow. She is so grateful for the assistance to help her with rental and moving expenses. She thought it could not be done due to the fact that she had not missed any mortgage payments and was fearful of ruining her excellent credit. It was perfect timing. If Bank of America…Continue
Added by Martina Diaz on February 18, 2013 at 8:51pm — No Comments
Recently, I completed a short sale with US Bank. I want to say it was a struggle at first and then I contacted HUD and the process was pushed along rapidly. It seems like most lenders want to see if you will be willing to contact HUD to push along the process. HUD has been wonderful to work with and they continue that trend with US Bank. I have also used HUD to help push Flagstar. They never would have closed that short sale without HUD intervening.
THE NEW YEAR BEGINS WITH 18 PERCENT INCREASE Press Release by GNAR, February 7, 2013
NASHVILLE, Tenn. (Feb. 7, 2013) – There were 1,634 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORSÒ. This figure is up 18.7 percent from the 1,377 closings reported for the same period last year.
“This is a very positive start to the year for Middle Tennessee home sales,” said GNAR…Continue
Added by Kenneth Bargers on February 16, 2013 at 12:37pm — No Comments
I just received an email from CAR ( California Assoc of Realtors) which said that they have been in talks with Fannie about their new valuation of short sales. They have said that we can go to homepath.com if we wish to contest or question the valuation on any of our short sales now.
Also, For anyone who is in California, they are going to have a webinar with Fannie on 2/21 from 10am to 11am. Go to the CAR website for information and to sign up for this important webinar. They say…Continue
Wow, I had been afraid to work with Ocwen as I had heard nothing but bad news about them. Boy, was that wrong. In less than a month, I have an approval letter on a HAFA short sale. With Bank of America, that would have taken months and months. Bank of America is a nightmare. On an FHA file, which was issued an ATP back on November 9, and went under contract at the end of November, I am on my 3rd negotiator. I should have had an approval no later than the 1st week of January. Now the…Continue
PDF Version of this article - 10 Underwater Homeowner Options
Slipping toward foreclosure can lead to feelings of anxiety, depression, and loss of self-esteem. Don’t give up. There are options available to help millions of homeowners rescue themselves from…Continue
Added by Michael Collins, CDPE, SFR, BPOR on February 13, 2013 at 2:24pm — No Comments
There's nothing like the simple joys of listing a home on the market, securing a buyer, and closing within a relatively short time frame......NOTHING AT ALL! HOWEVER.......I've just recently been afforded the opportunity of handling a short sale with Bayview Loan Servicing in the first lienholder position. What a treat!!!
First, we received a wonderful offer on the property within days of market time and submitted the entire short sale package to Bayview on January 25th. The…Continue
Added by Vanessa Calhoun on February 13, 2013 at 10:59am — No Comments
Fannie Mae is notorious for going afoul with it's consumers and the real estate community. They are artificially inflating the prices of the short sales they own causing the properties to be unable to be acquired by qualified buyers. They are also holding these properties for long periods of time trying to cause the price of the home to be even more inflated.
Fannie is most uncooperative with the real estate community as I experienced this myself with one of their short…Continue
FINALLY!!!! The day has come where the stars and moon have all aligned and you have all of your ducks in a row! You've secured a wonderful lender, an exceptional Buyer's Agent, you've saved ample funds, you have your list of all that you could ever want and desire in a home, and you've found at least six within your preferred area that meet your criteria!! You pick on the phone to contact your agent and quickly provide them with the list. Your agent advises that they're going to check…Continue
I need a short sale expert for a short sale listing in Jonesboro Arkansas.