May 2010 Blog Posts (22)

Real Help For Distressed Homeowners With FHA Loans!!!

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…

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Added by Vanessa Calhoun on May 28, 2010 at 7:19pm — 14 Comments

Haverhill MA Short Sale Closed- Owner can move ON!!

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…

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Added by Kevin Vitali on May 28, 2010 at 1:59pm — No Comments

LAS VEGAS SHORT SALES -How many for are there? Are they selling? YES!

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…

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Added by Dawn Barrier on May 27, 2010 at 4:32pm — 2 Comments

HAFA Program

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…

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Added by Deana Smedlund on May 27, 2010 at 3:00pm — No Comments

Approval Letters vs. Approval Letters

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…

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Added by Jesus (Jesse) Gonzalez on May 23, 2010 at 5:54pm — 6 Comments

REO EXPO

These Certifications are very educational and help agents become more effecient. I'm attending and getting certified for all 4 courses that you can get certified for on this REO Expo conference as well as I signed up to be a platinum member of Open Door. Let's see what happens.

Added by Mark Cabrera on May 22, 2010 at 7:10pm — 2 Comments

Need a Realtor in Dallas TX area (Grapevine)

I am looking to send out a referral to an agent in the Dallas/Grapevine area of TX. Its my sisters house NOT a short sale. Contact me at JRKROLLREALTY@Gmail.c-m

Added by J.R. Kroll on May 20, 2010 at 12:12pm — 1 Comment

Another B of A NIGHTMARE!!

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

48 hrs

Added by Peggie Simmons on May 20, 2010 at 3:42am — 2 Comments

Lenders rekeying vacant homes? This is a first for me!

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…

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Added by Deana Smedlund on May 19, 2010 at 3:17pm — 12 Comments

Need Help on Escalating a Litton File

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…

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Added by Gilbert Washington on May 18, 2010 at 1:30pm — 4 Comments

Should we Settle or Short Sale?

Hello Specialists,

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…

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Added by MeLisa Minter on May 18, 2010 at 10:13am — 5 Comments

Getting Leverage in Short Sale Negotiations

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).

I…

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Added by Ken Crotts on May 17, 2010 at 1:09pm — 3 Comments

Waiting until the last minute!

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…

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Added by Romeo Manzanilla on May 17, 2010 at 9:42am — 2 Comments

Investor changes the entire picture... what could I have done differently?

It seems as though no two short sales are ever the same. The time frames, lenders and qualifying factors seem to differ with each transaction. My latest short sale "Bad" experience happened just this past week. The buyers and the bank (B of A) agreed on a price. B of A sold the loan to an Investor and we waited for about 3 weeks for the investor to Sign the papers so that we could go to closing. I was assured by the Listing Agent that 99.9% of the time this is just a formality… Continue

Added by Valerie L Whiteman on May 15, 2010 at 12:00pm — 4 Comments

Short sale that took a year and a half.

We just got our approval letter on a B of A file that we started on November 4 of 2008. Had an offer immediately. pushed out the foreclosure date on this property 8 times. pulled it from Bank of America to run it through Titanium solutions which was a complete and total failure and back through B of A to finish. Will close it up on the 20th of May. The only way I kept the buyers in the game was to move them into the property and rent it back from the seller. That's my longest short sale yet. I… Continue

Added by Brian Pitcher on May 13, 2010 at 1:18am — 6 Comments

Succesfull Short Sale Dracut MA







Closed Short Sale Short Sales can be a complicated real estate transaction. My Short Sale team and I just successfully closed another short sale in Dracut

Massachusetts.



This particular home required short sale approval from three parties.... the 1st Lien Holder, the 2nd Lien Holder and a

mortgage insurance company. All three parties allowed the seller of

this short sale to sell the home with no future collection of… Continue

Added by Kevin Vitali on May 12, 2010 at 9:30am — 1 Comment

Listed 10 Days Before Sheriff Sale. Closed!

Everyone once in a while the Short Sale Dietys -- don't get a big head Mike - smile down on us normal folks.



I listed a house only 10 days away from the sheriff's sale and we took it head on. On Friday, we dropped to the "magic" price and had 30 showings and nine offers by Sunday night. Went into contract on Tuesday, signed documents to lender Wednesday, and short-sale approval on Thursday -- contingent upon them being able to contact the Ohio foreclosure attorney to get the sale for… Continue

Added by Toby Boyce on May 9, 2010 at 10:43pm — 7 Comments

Are any of you seeing banks provide seller concessions?

Have any of you seen banks provide 3% or more seller concessions on the short sales? If so who has been willing to do this. Our area has several short sales. The buyers in our market normally need the seller to provide concessions to close the deal.

Added by Dawn Rupersburg on May 7, 2010 at 4:12pm — 17 Comments

Zillow Named in Lawsuit From First American Corelogic



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…

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Added by Mike Linkenauger on May 6, 2010 at 11:00am — 3 Comments

KNOWLEDGE IS POWER - SHORT SALE MANAGEMENT UTAH

People ask me all the time, ROBERT: We need to pay taxes, if we sell the home in Short Sale?…

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Added by ROBERT ORRIGONI on May 3, 2010 at 1:56pm — No Comments

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