April 2010 Blog Posts (15)

Sanibel Island Short Sales

In a time where most deals are realized through the short sale process, I wanted to let buyers and other agents know that although Sanibel and Captiva have not been plagued with foreclosures and short sales like other areas, the down market has significantly adjusted pricing on the island. Ocean front condos are now available well under the million dollar range for the first time in years. Lots of deals in paradise..many with incredible rental history!

Added by Sarah Brady on April 29, 2010 at 4:03pm — No Comments

GMAC taking it to the Auction

I have been frustrated working on one of my GMAC short sale files. Any luck out there with GMAC stopping an auction or am I wasting my time. They have countered one great offer and one so so offer. Both times the buyers walked, there was no interest at the price countered. Now we are scheduled for a May 19th auction date.

Added by Jeanine Metts on April 29, 2010 at 1:14pm — 3 Comments

Reason No. 1 to Auction that Short Sale

No pain no gain?

In the world of auctions it is just the opposite…

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Added by Mary Ellen Wilson on April 28, 2010 at 5:53pm — No Comments

MLSPIN in MASS and new regulation on listing information

Hi,

Just waated to let MASS MLSPIN realtors know ....I learned today that Multiple Listing Services in Mass (MLSPIN) no longer allows the wording subj. to 3rd party approval on commission, conditions and terms.

They state that if you offer a specific amount on the comssiion section then that is what the other agent gets paid. So, if you offer3 % to buyer agent and the demand letter only pays out 2.5 then you take the hit on your commission. Apparently, this was…

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Added by Cidalia Mendonca Matukas on April 26, 2010 at 7:43pm — 4 Comments

Lenders are no Longer Foreclosing on Properties!



I just read on another agents blog about an REO broker in California who said his inventory has gone from 700 listings down to only around 100. The is VERY significant event in the real estate industry, and it shows an obvious trend in the industry. This year will be the year that the number of short sales jumps very high, and the number of foreclosures falls sharply!



There are several factors that are contributing to this new direction in the…
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Added by Mike Linkenauger on April 24, 2010 at 6:00pm — 2 Comments

VA "Short Sale" or "Compromise Sale",

Here is what you must do to begin the process:

Contact your lender to see if they are an approved VA Servicer, Loss Mitigation lender or contact the VA regional office servicing your loan directly.



Fill out a financial status report . ( form provided by your l...ender or the VA )



Complete a letter of request.



Complete a Compromise Agreement Sale Application. You can get this…

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Added by Cecilia Rodriguez on April 23, 2010 at 3:42am — 2 Comments

LET ( HAFA ) SHORT SALES BEGIN !!!!



Here is a summary of the proposed short sale changes:



Remember I am condensing here and pointing out what migth be important to you the homeowner.

I Hope this helps you understand more about the new HAFA Program, I know that it is confusing, I try my best to make it easier.

If you dont need any help, but you know somebody in your family , friend, co worker that is facing foreclosure please…

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Added by Cecilia Rodriguez on April 22, 2010 at 11:52am — No Comments

FHA Short Sales & Leased Property

This is my first dealing with this situation. Per FHA if you as a seller have a FHA Loan and later Lease your property for 12 months or more you are no longer eligible to sell your home in a Short Sale. Here in Lincoln, NE we do not deal with that many Short Sales so I was dumb founded when I founded this out.

Added by Noel Herrington on April 19, 2010 at 5:43pm — 5 Comments

( HAFA ) Short Sales, Let The Game Begin !!!!!



The Treasury Department guidelines and forms, updated on March 26, 2010, do not apply to loans owned or guaranteed by Fannie Mae or Freddie Mac.

Those enterprises will issue their own HAFA guidance and…

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Added by Cecilia Rodriguez on April 19, 2010 at 3:46am — 1 Comment

Freddie Mac Approval

Does anyone know what Freddie Mac's requirements are? I have a very very small bank that is servicing a loan. They are NO help with this short, but said as long as Freddie Mac will approve it, they will approve it. Seller is current on his mortgage, so that's the biggest issue I'm finding. I would hate to do all the work, and not get approved, but not sure what there specific requirements are. Can anyone help???

Added by natalie poteete on April 16, 2010 at 11:55am — 18 Comments

CONDO/HOA Issues. Neighborhoods over 15% default causing Lenders not to approve loans.

Have a condo listed in a newer complex. Short Sale. Everything is running smoothly until another agent

calls me who has a listing in the same complex.

She was asking me if I heard of new FHA Guidelines that won't approve loans in neighborhoods where more than 15% of the neighborhood is in default of paying their HOA/Condo dues.

This is new to me since I have closed 2 other units in the same complex in the last 2 months.

I called a lender that I use and he…

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Added by Benjamin S. Lehrman on April 16, 2010 at 7:27am — 4 Comments

tax credit in Minnesota and western wisconsin for homes-properties

The tax credit is running out. If you are going to buy a properties and use the 1st time home buyers tax credit you may want to get out there and start looking. Call your realtor today and get your dream home. http://www.mnhomescontractfordeed.com you may use your tax credit on owner financed properties-contract for deed homes. The $6500 tax credit will run out at the same date end of april. You must close on the property you wish to purchase… Continue

Added by steve vennemann on April 14, 2010 at 11:14am — No Comments

Take action to avoid foreclosure

The worst thing a homeowner can do when facing foreclosure is nothing. Homeowners behind on their mortgage go through a range of emotions, shame is one of them. There is nothing shameful about falling on hard times; it can happen to anyone.

It's not realistic to suffer a change in your situation such as a divorce or death of a spouse, job loss, or illness/injury and expect everything else in your life to remain untouched. The best thing to do when you're behind is to seek…

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Added by Tish Thompson on April 11, 2010 at 4:00pm — No Comments

Learning Process

The learning process of Short Sales is much more than I ever anticipated, but I feel it is worth it. I am so glad I had the advice of getting the training. There is a lot of information someone should know to process a Short Sale, much of which I had no idea until recently. If there is anyone that feels they can jump right in and just do it, I am here to report there is no way you should juggle someone else's future like that, that just isn't fair. I fully support getting hands on experience,… Continue

Added by Teri Jo Fox on April 1, 2010 at 9:05am — 2 Comments

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