This was not a terrible week for me with short sales. In fact, it was pretty good. Here's the summary:
1. Closed a Menlo Park Short Sale with Bank of America, I represented the buyer. It was smooth, and took 3 months start to finish.
2. Another buyer is buying a short sale in Sunnyvale. The file had been lost in bowls of HAFA, (government assisted short sales), but the listing agent managed to find it, get it back to a tradional sale, and we are waiting for a…Continue
Added by Marcy Moyer on April 29, 2011 at 9:42pm — No Comments
Well, it has taken a lot of months, and 4 buyers, but I finally got approval today from Chase for a short sale in the Belle Haven neighborhood of Menlo Park. So far everyone is delighted, and hopefully we will make it through the loan and property contingencies.
Short sales are sold "As-Is", period. Banks do not allow any credits, repairs, or other consessions for things that are wrong. That is why I try to get inspections on all my short sale listings before they go on the market.…Continue
Added by Marcy Moyer on April 29, 2011 at 7:00pm — No Comments
The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac Thursday to align their guidelines for servicing delinquent mortgages.
Previously, the government-sponsored enterprises maintained different requirements for how their mortgage servicers would treat these loans. But the FHFA forced an alignment to push servicers into…Continue
Americans in 39 of the country’s 50 largest cities are finding it’s cheaper to buy a home than rent one, according to Trulia’s second quarter Rent vs. Buy index. In its index, Trulia compared the cost of buying and renting a two-bedroom apartment, condo, or town home in the 50 largest cities in the country.
When compared to the previous quarter, buying a home has become even more affordable than renting. Trulia found last quarter that in 72 percent of the cities it was better to buy…Continue
Added by Kenneth Bargers on April 28, 2011 at 2:24pm — No Comments
I a new member, and I like to know what are other member are using when it comes to web marketing and lead capture, with so many different companies out there, I like to maximized my $$ any suggestions??
I plan to start a direct mailing post card directing them to my web for the most part, to capture the leads.
Added by Douglas Ramos on April 28, 2011 at 12:55pm — No Comments
The number of available properties in the Sarasota real estate market dropped to a six-year low in February 2011, and sales were up 24.2 percent from the previous month. Median sales prices for both single and condominiums dropped as bargain hunters continued to grab foreclosures and short sales, which represented almost 47 percent of all sales.…Continue
Added by Mellissa Young-Ramirez on April 27, 2011 at 2:53pm — No Comments
Added by Mellissa Young-Ramirez on April 27, 2011 at 2:49pm — No Comments
One of my listings (WF is lender) has had 2 offers with both buyers pre-qualified by yes, Wells Fargo did not close uderwriting concerns. The second time, I submitted the offer and HUD within 3 days of the other canceling, yet everything from the seller has to be resubmitted and the BPO was done again. I submitted the same offer amount with closing the same date as approved. It took 28 days to get the new approval letter because I had to dispute their counteroffer. Mind you, they had…Continue
This is what we like to see!! :
Added by Chris B Johnson CDPE,SFR,HAFA on April 25, 2011 at 9:27pm — No Comments
MARKET COMMENT Mortgage bond prices rose slightly last week pushing mortgage interest rates lower. The data was mixed. Housing starts, existing home sales, and leading economic indicators data were all higher than expected which didn’t bode well for mortgage bonds. However, weekly jobless claims and the Philadelphia Fed business conditions index were both bond friendly. We rallied nicely Tuesday as stocks struggled a bit that day and most of the small gains for the week came from…Continue
Added by Kenneth Bargers on April 25, 2011 at 8:15am — No Comments
A luxury Short Sale Opportunity Knocks!! Classic Mid-Century Modern design by Architect William Dedering - Mezzanine master bedroom suite with dressing room and bathroom with balcony overlooking great room with stunning fireplace. Three further bedrooms and a wonderful kitchen with multi-level center island, tons of storage and closets throughout. A picturesque back yard with double decks just 12 minutes from the GWB via the…Continue
Added by Vanessa Saunders on April 23, 2011 at 12:00pm — No Comments
Then you can go to Highlights of the V.P. from Bank of America in the Western Region. I see major confusion within their system. The 5 or more HAFA subcontractors do not all dance to the same fiddler. In fact its time we as member of our community call them to task. We…Continue
Has anyone experienced after an NOD is issued,and your working on the short sale, when you go to check the status at the trustee's sale info line or on their website and enter the TS #, 'no record found'?
It's been happening more frequently to me. I just wonder where the number goes. Is it lawful to then record a NTS - if the trustee was acting like there was no NOD?
The original Buyer Link program will now be called the Buyer Link Preferred Program. We only allow a handful of select, highly performing agents to join THIS program. Most agents will be directed to the new and improved Buyer Link program, which only costs $39.95 / Month to participate, and a 20% referral fee at closing
A new way to predict the likelihood borrowers will default, even if they can afford their mortgage, just hit the marketplace.
FICO Labs, a unit of Fair Isaac Corp. [FICO]], is releasing new technology that helps lenders identify the probability of strategic default by looking at a borrower's credit score.
Mortgage servicing practices have taken center stage on Capitol Hill, with a flurry of bills being penned to make servicing reforms the law of the land.
Rep. Maxine Waters (D-California) has revised a bill she’s brought to the table several times before that would compel lenders to engage in what she says are “reasonable loss mitigation activities” for all delinquent homeowners.
Waters has long maintained that the servicing…Continue