Well, it's Springtime again and the season is filled with new beginnings!!!!
New flowers are springing to life and so is a new program benefitting those homeowners who are facing a hardship and have FHA mortgages.
The FHA Pre-Foreclosure Sales Program provides help for homeowners who have experienced a verifiable hardship that has forced them to fall behind on their mortgage payments. The program allows a Mortgagor in default to sell his home and use the sales…Continue
It is important if you are in a short sale situation to hire the right real estate agent to handle your transaction. Short Sales are complicated and each one is different. You need an agent that is experienced in handling the transaction. A good short sale agent will obviously have recent short sales they have closed on. More importantly a short sale agent cannot guarantee an outcome, they can just work hard on your behalf for the best possible outcome for your situation and manage the…Continue
Added by Kevin Vitali on May 28, 2010 at 1:59pm — No Comments
Short Sales are the wave of the future...
Currently there are approx. 4,389 short sales for sale in the Las Vegas area, this includes, resale single family homes, condos, townhomes, of that approx 3,443 of them are single family homes.
There are approx. 11,756 short sales that are in escrow under contract/pending in the Las Vegas area.
Total short sale closings year to date…Continue
Ok I have a new topic of interest, the HAFA program. I have a client that asked me when she was going to get her $3K and I said well I just learned of this program myself. She was very upset with me that I couldn't just tell her when she would get her check. I told her I didn't think it was that simple. I called her bank, CITI Bank and they told me they were in he beginning stages of training people on the program and at this time did not participate in it. Is there anything I can do to help…Continue
Added by Deana Smedlund on May 27, 2010 at 3:00pm — No Comments
Friday, I closed on a $322,000.00 short sale, Monday I close another for $340,000.00 and amazingly enough, both buyers, brought me "pre-approval letters" from the exact same lender.
Just so you are clear, these are 2 different homes, 2 different buyers but, both had the same exact lender. Now, the reason this is critical to understand is because, on both offers, I made sure to ask for a Pre-Approval Letter and, you would think that because both buyer's are using the same…Continue
Can anyone tell me why B of A is SOOO CLUELESS??? Had a listing in Phoenix in a not so Desirable Area,
however it has some Great Views, Semi Custom Home. Listed July 2009, presented first Short Sale offer in
Aug. 2009. Took B of A 4 Mos. to even Acknowledge the offer. Buyer walked early DEC. Approval Came within
I have done several short sales and have never had the lender put a note on the door that said home may be rekeyed due to being vacant. I work with someone that has had that happen to his short sale listing and it has been 4 months they have promised him the new key and he has several offers in the file and no key as of yet.
I do not understand why you would keep the Realtor from showing the home and trying to get it sold so that you can at least recoop some of your money out…Continue
Does anyone have any contacts at Litton to escalate a file? The BPO agent was forced to value the property at fair market value and ignore the extensive repairs. The home needs more than $30,000 in repairs but Litton doesn't want to consider them. It has been on the market for a month and I haven't gotten any interest or showings from other realtors. I've received one offer from an investor, and his offer is based on fair market value minus the repairs needed.Litton also told me that if the…Continue
I have a new client that has a 1st with Ocwen and 2nd with Wells Fargo. His situation is so convoluted, it would take me hours to explain.
So the long and short of it is, in 2004 his property was valued at $600K per tax. Today, it is valued at $325K. He went through major medical problems and has filed bankruptcy. Now Ocwen has a sale date of 7/5/10. He wants to offer them a settlement amount of $200K. He has already offered Wells $18K on their $44K…
Short sale negotiations, as we are doing them now, consist of collecting a complete short sale application and an offer and then working through the bank to get them to agree to accept less than they are owed so the contract can close. The presumptive position in the negotiation inherently disadvantages the agent/negotiator as they are asking for a tangible discount by providing evidence that the lender will be better off in the long run based on subjective evidence of value (BPO).
Over the last two weeks, I've had two different property owners from California contact me about wanting to do a short sale on their Austin Texas area investment properties. One of the sellers was actually an active real estate agent that was trying to do his own short sale negotiations without having had any previous experience. He called me on a Friday at 3pm to list his home, but the foreclosure auction was already scheduled for Tuesday morning. I work with a loss mitigator and an…Continue
Short Sales can be a complicated real estate transaction. My Short Sale team and I just successfully closed another short sale in Dracut
This particular home required short sale approval from three parties.... the 1st Lien Holder, the 2nd Lien Holder and a
Automated property valuation service and Real Estate powerhouse Zillow has been named as one of eight defendants in a lawsuit by First American CORELOGIC. First American Corelogic claims to own the patent on formulas that Zillow and other companies use to do automated property valuations. Seven other companies were also named in the lawsuit, but Zillow is the name most consumers will recognize. All of the other…Continue
People ask me all the time, ROBERT: We need to pay taxes, if we sell the home in Short Sale?…Continue
Added by ROBERT ORRIGONI on May 3, 2010 at 1:56pm — No Comments