April 2011 Blog Posts (53)

Bank of America and How they Determine Values.





You may find the comments of this Vice President of Bank of America very interesting.  He talks about the "Vindictive Investors" they represent, who demand more than market value from short sales.  This is part of what creates a failed business model for Realtors in Short Sale Transactions.. ... Will they wake up...??? They do not have to represent these investors. … Continue

Added by George Kenner on April 29, 2011 at 11:03pm — 4 Comments

My Week in Silicon Valley Short Sales

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…

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Added by Marcy Moyer on April 29, 2011 at 9:42pm — No Comments

Menlo Park Short Sale Approval Today!!!!!

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.…

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Added by Marcy Moyer on April 29, 2011 at 7:00pm — No Comments

Will HAFA get Faster??

Thursday, April 28th, 2011, 1:31 pm  by JON PRIOR,  WireHouse.com


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…

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Added by Chris B Johnson CDPE,SFR,HAFA on April 28, 2011 at 4:14pm — 1 Comment

Cheaper to Buy Than Rent? In Most Cities, 'Yes'

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…

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Added by Kenneth Bargers on April 28, 2011 at 2:24pm — No Comments

New Member getting into the short sales arena looking help

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

Sales up; inventory at six year low in Sarasota market

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.…

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Added by Ed Martinez,CDPE, SFR, CHS, REOS on April 27, 2011 at 4:00pm — 1 Comment

Indymac/Onewest HAFA Short Sale in 6 months

I submitted a complete file 4 months ago. Today we got the approval and it is scheduled for closing in June. I am happy, the sellers are happy and I hope the buyers are still on board and happy too :-)

Added by Mellissa Young-Ramirez on April 27, 2011 at 2:53pm — No Comments

Truly a Streamlined Wachovia Short Sale

I just had the smoothest experience with a Wachovia Short Sale. It probably helps that my company has a designated point of contact from WFB to walk our short sales through. He was excellent and this file had a sale date for that same week. In fact, I didn't think it would fly, but we turned in a complete package with everything and are awaiting our approval now.

Added by Mellissa Young-Ramirez on April 27, 2011 at 2:49pm — No Comments

Wells Fargo is getting more difficult..

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…

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Added by Reva Harris on April 27, 2011 at 2:34pm — 1 Comment

Ventura County Short Sales, This is What We Like to See!

This is what we like to see!! :

 

Top Logo
Printable Message…
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Added by Chris B Johnson CDPE,SFR,HAFA on April 25, 2011 at 9:27pm — No Comments

Market Comment for Week of April 25, 2011...

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…

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Added by Kenneth Bargers on April 25, 2011 at 8:15am — No Comments

If you are looking for a great shortsale consider this one just 12 miles from NYC...

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…

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Added by Vanessa Saunders on April 23, 2011 at 12:00pm — No Comments

Sunnyvale Short Sale: HAFA Limbo

Today I got a call from the listing agent on a Sunnyvale Short Sale where my buyer is waiting patiently. The agent said that the file went into HAFA limbo. A new wrinkle in short sale submission is HAFA elegibility testing.  When a short sale is submitted many banks are automatically sending the file for HAFA review, to see if the owner qualifies. the problem is that too often either the buyer does not qualify and you have lost… Continue

Added by Marcy Moyer on April 22, 2011 at 3:30pm — 2 Comments

Bank of Ameria --- and what the real truth is.. Listen to what I say to the CEO

 

 

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…

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Added by George Kenner on April 21, 2011 at 11:30pm — 11 Comments

'No Record' of Trustees Sale Number?

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? 

 

Added by Steven Pawera on April 21, 2011 at 6:19pm — 2 Comments

Buyer Link Preferred Program

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

 …

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Added by Mike Linkenauger on April 21, 2011 at 12:30pm — 1 Comment

New FICO technology predicts strategic default..I Wish I Could Get A Copy of This!!!

Wednesday, April 20th, 2011, 11:00 pm    by CHRISTINE RICCIARDI   Housingwire.com


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.

Strategic…

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Added by Chris B Johnson CDPE,SFR,HAFA on April 21, 2011 at 11:32am — 3 Comments

HAFA for VA

Any news in the immediate future for the HAFA program to begin accepting VA or GSE loans?

Added by donna herbst on April 19, 2011 at 2:10pm — 1 Comment

Waters Introduces Bill Calling for Mandatory Loss Mitigation......If this passed, how much more would the Shadow Inventory Increase??

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…

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Added by Chris B Johnson CDPE,SFR,HAFA on April 19, 2011 at 12:54am — 2 Comments

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