October 2011 Blog Posts (10)

No It's Not Okay For One Agent to Represent More Than One Buyer in a Menlo Park Short Sale

This is so inherently unethical I can not believe I am actually writing a blog about this, but a buyer asked me this question today and apparently it is happening. 

I have a short sale listing in Menlo Park and offers are due by the end of the day on Tues.  At thus point I have 2. It is in Belle Haven,  a popular area for investors and is close to the the new Facebook Headquarters so the appreciation prospects are good.

Today I got a call from an investor who asked if I would…

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Added by Marcy Moyer on October 26, 2011 at 11:30am — 2 Comments

Minimum commission questions with short sales - BofA

I am considering whether to take on a BofA short sale, property will only sell for $20,000 or so, I know there was some news recently about banks not being able to cut commissions on short sales anymore, but not sure if that went beyond FNMA and Freddie Mac..   What I need to know is if I can charge a flat fee in a BofA short sale!  Even if they allow 6% its simply not worth it!

Added by Linas K Muliolis on October 25, 2011 at 11:48am — 14 Comments

PHH Escalation help

I have a short sale with PHH.  The offer and packet were submitted in April, a bpo was done right away, but we've had no other progress since.  PHH keeps advising us that the account is in the loan modification depatment, but the seller has called 3 times and told them he no longer wants the modification and has requested the short sale move forward.  We have escalated almost every week for the last three months, but still nothing.  I need a escalation phone number that works.  Or better yet…

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Added by Rowena Hardin on October 20, 2011 at 4:58pm — 1 Comment

Can Redwood City Short Sales Be Sold To Flippers?

If you are selling your home as a short sale and it needs work you may get one or more offers from flippers. These can be contractors or investors who want to buy your home at a discount, fix it up, and then resell it for a profit. I do not believe there is anything unethical about this, and in fact I used to flip homes myself, but that was a different market.

However, there are many banks who disagree and often will put limits on the minimum time a home must be held before they will…

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Added by Marcy Moyer on October 19, 2011 at 11:28am — 2 Comments

Ocwen "Relationship Manager" -What is that?

After a few months of dealing with Ocwen after saxon sold the loan I was told one week ago that Ocwen has all the paperwork and a relationship manager can call my client on october 25th. The person in india couldn't tell me what the call would be about or what the status of the short sale is.  Is this a good or bad thing and what should i be looking forward to?

 

Any help offered would be greatly appreciated. Thanks in advance

Added by Mike on October 14, 2011 at 2:37pm — 1 Comment

Benefits of Buying an Owner-Occupied WI Short Sale

 

WI Short Sales There are often…

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Added by Michael Collins, CDPE, SFR, BPOR on October 11, 2011 at 12:30pm — No Comments

Las Vegas Short Sale Market Report October 2011

There are approx 5,284 Short Sales for sale in the Las Vegas area per the local MLS,



(out of approx 11,384 homes for sale in Las Vegas )



This is for homes without contracts on them.



Our short sale pendings and homes with contracts on them are at .... 6,955



Last month (September) approx 800 short sales sold in the Las Vegas area.

 

Stats are on Resale Single Family homes only per the…

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Added by Dawn Barrier on October 7, 2011 at 12:29pm — 1 Comment

Bank of America being purchased by Chase...?

Los Angeles Short Sales - Chase to buy Bank of America!!!!

 

After some digging in I've been told by an Attorney who's one of several attorney's working on the buy out/merger of Bank of America with Chase! What I've been told is that out Federal Government has been strategically planning on having Chase buy Bank of America for years now! It's finally coming to life..! I've been waiting off on putting this…

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Added by Jennifer Escobar on October 4, 2011 at 6:00pm — 12 Comments

What is a Hardship in a Mountain View Short Sale?

It is estimated that about 25% of home in the US are underwater, that is the owner owes more on the mortgage than the home is worth. So if the owner has to sell, they would have to either make up the difference or do a short sale.

However, just being underwater is not enough reason for most banks to do a short sale. They want to know you have a hardship. what is a hardship?

there are a number of reasons that banks will accept as a hardship. they basically want to know what has…

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Added by Marcy Moyer on October 3, 2011 at 3:44pm — No Comments

Has The Real Estate Market Stabilized?

 

That's a question we hear frequently.

Has the Real Estate Market Stabilized?



Through The Short Sale Specialist Network, we are in communication on a daily basis with some of the top agents around the country. This questions seems to be something we…

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Added by Mike Linkenauger on October 3, 2011 at 11:00am — 10 Comments

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