It's the end of the year so time for the round-up of distressed property sales in Palo Alto. So here's what happened:
Single family and condo townhomes 2011:
Total sales: 590
Short Sales: 13
Distressed sales as a percentage of total sales: 3.73%
Compare to 2010
Total sales: 563
Short Sales: 8
Distressed sales as a percentage of total sales: 2.5
Added by Marcy Moyer on December 30, 2011 at 1:00am — No Comments
I am dealing with both entities in 2 separate transactions. The negotiators will not give out investor information. When I call the general number, the response is "talk to your servicer". I cannot seem to get anywhere. The negotiators do not make much effort in getting the investors to understand what we are asking or saying.
One deal is with B of A, the FNMA loan. Property has been on the market since April, 2011. I originally listed it at $165,000 and had to keep reducing…Continue
I was starting to feel like the last player picked in dodge ball. The rejections were really hurting, especially since there was never any reason given. Just messages saying your supporting documents were rejected. Oh the pain!
I finally got a really nice B of A negotiator on the phone today who gave me a simple explanation, the buyer's proof of funds were downloaded as a web page instead of being a PDF of the originals and the current policy is…Continue
Added by Tim Ventura on December 28, 2011 at 3:00am — No Comments
Sad story. A client told me last February that she was not able to make the payments on her $750,000 home loan. The house is now worth about $400,000 and this person wanted to get a loan modification and get the principle reduced. I can not tell you how many times I hear this story and how few times I have heard that there actually was a principle reduction. Actually I can tell you how many times I have heard of a principle reduction, once.
Ok, so it is bad enough that banks have been…Continue
One of the best things that has happened to short sales in the last couple of years is the on line platform for processing a short sale. There are several platforms in use, but Equator is one of the more popular ones, and is the one used for Bank of America and Wells Fargo Short Sales. So, instead of your agent having to fax all the documents, usually several times, the short sale documents are uploaded as PDFs onto the Equator web site. In order to keep the process moving…Continue
Added by Marcy Moyer on December 24, 2011 at 7:28pm — No Comments
Added by Tim Ventura on December 22, 2011 at 6:30pm — No Comments
Recourse VS Non Recourse States For Deficiency Judgments
In order to understand recourse vs non recourse states for deficiency judgments, it may be necessary to consult an attorney or a tax adviser to identify whether your type of loan is a recourse or non recourse. …Continue
Added by Allie L. Zehring on December 21, 2011 at 2:00pm — No Comments
The National Association of Realtors announced Wednesday that existing home sales have risen yet again, last month. The evaluation though, is from lower sales number than formerly thought, showing revisions to National…Continue
Added by Allie L. Zehring on December 21, 2011 at 1:22pm — No Comments
I know a lot of you are going to think I am crazy but I really love short sales. I am sorry that the market is such that there are many people who need to sell their homes short, but that is the current reality. Given that reality there are many things about the short sale process that I enjoy, fewer things that I just tolerate, and even fewer I hate.
I HATE PRIVATE THIRD LIENS ON SHORT SALES!!!! I can not emphasize this enough. 3rd liens are always tough, but private ones are…Continue
What has been your success rate with going the HAFA route. BofA Lender just informed me that my clients are eligible but im getting mixed reviews and dont want to waist time if the, "streamline" program, is not so streamline.
The Wisconsin housing statistics are now in for November of…Continue
Added by Michael Collins, CDPE, SFR, BPOR on December 20, 2011 at 1:02pm — No Comments
An Indiana provider of valuation services, also known as, StreetLinks Lender Solutions, announced the beginning of StreetLinks LVR. StreetLinks LVR is a new liquidation valuation report established for servicers and asset management firms which is compatible with the Uniform Standards of Professional Appraisal Practice. Licensed appraisers, who perform the LVR's nationwide, are using a strict appraisal shadow method based on the properties condition, comparables and…Continue
Added by Allie L. Zehring on December 20, 2011 at 12:16pm — No Comments
Bank of America is doing its share of reaching out in today's market with its organizing of 45 events across the country.…Continue
There are several different types of short sales that will approve your price and the seller's eligibility before you get an offer. If you do not qualify for one of those programs (like HAFA or Bank of America co-operative short sales) then you can try to do a traditional short sale.
In most traditional short sales after the seller signs an offer, his/her short sale real estate agent will send the offer and all of the seller's financial documents to the…Continue
Added by Marcy Moyer on December 18, 2011 at 9:58pm — No Comments
It happens every year. Agents tell their sellers that they should wait until after the holidays to put their homes on the market. They say no one is looking during December so don't bother. Translation: Agent wants much needed and deserved time off during the holidays, or seller has a lot of family coming and does not want people traipsing through their home with all of the activity going on. Other side of the equation: Very busy professional gets some down time the last two weeks of the…Continue
Real Estate sometimes reminds me of a train on the fast track to destinations unknown.At one minute ,you can be up to your eyeballs in shortsales,foreclosures,and normal sales that have no financial issues on board.But,then the train slows down and your trying to figure out where the next assignment destination takes you.I love the challenge of the next deal and how far it may be down the track.But,more important ,I am proud to be the conductor ( Realtor ) of my own train;including the…Continue
Earlier this year I found myself in the midst of a very complex multiple property short sale transaction. To be honest, I was doubtful that the deal would get to closing and escrow. Here is a breakdown of some of the items that made this Wisconsin short sale(s) transaction so challenging.
Added by Michael Collins, CDPE, SFR, BPOR on December 16, 2011 at 12:59pm — No Comments
According to a recent report by California based RealtyTrac, distressed properties accounted for one third of all US housing sales in the second quarter of 2011. The glut of inventory is only going to increase as lenders slowly bounce back from the robosigning crisis and foreclosure filings begin to pick up…Continue
We are all now forced to deal with short sales... like it or not. I'm as frustrated as everybody else by the runaround with some of the banks, but what really gets me is the inequity of it all.
Those homeowners who have paid all of their bills and tried to keep their heads above water are getting the short end of the stick and the "dead beats" are, in many cases, getting all of the assistance.
I am working with a homeowner whose husband died about 18 months ago. They had a…Continue