Mike Rizzo
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HAFA guidelines feb 1 2015

Started this discussion. Last reply by Brian Avery May 15, 2015. 25 Replies

Admittedly, I haven't done a short sale in about a year now.  It used to be 40% of my business, but I now have 2 coming up in the same week.  I heard there are changes taking effect Feb 1, 2015…Continue

Denial Letter 9 days before closing

Started this discussion. Last reply by cat gellatly Mar 21, 2014. 38 Replies

Yes, that's right, I already had the approval letter in hand and everyone was proceeding to the close date.  The buyer did their inspection and was ready to move forward.  No indication of trouble in…Continue

Fannie Mae has become unreasonable on their asking price

Started this discussion. Last reply by ALLAN ARTHUR Feb 20, 2013. 63 Replies

Over the last few months, it has become apparent that Fannie Mae is more interested in foreclosing than approving short sales.  The scenario is the same over and over again.  The BPO comes in at one…Continue

 

Mike Rizzo's Page

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First Name
Mike
Last Name
Rizzo
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Agent
State
AZ
City
Phoenix
My Profile
Residential resale

Mike Rizzo's Blog

Short Sale on a house being rebuilt and foreclosure right around the corner

Posted on March 12, 2013 at 4:12pm 1 Comment

I was contacted by a lady that had her house burn down last August.  She stopped making payments in October.  The house is currently being rebuilt.  She tried to get BofA and Fannie Mae to postpone the foreclosure because she wants to short sale the property.  The house should be done the end of March.  The foreclosure date is the middle of August.  I've never run into something like this.  How do you start a short sale without a house??  How do you put a house on the market that isn't…

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Fannie Mae has become unreasonable on their asking prices

Posted on October 31, 2012 at 9:32am 0 Comments

Over the last few months, it has become apparent that Fannie Mae is more interested in foreclosing than approving short sales.  The scenario is the same over and over again.  The BPO comes in at one price and Fannie Mae adds 20 or 30% and says that is what they will accept.  Some have suggested that they are trying to get next year's prices if the current price trends continue.  In the meantime, buyers are unwilling to overpay by that much and are backing out of the contracts when they hear…

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HAFA Short sale declined - too much given to Fannie

Posted on February 15, 2012 at 8:17am 0 Comments

Weird situation here that I basically don't understand.  I've been doing short sales for clients for a few years and have never run into this situation. 



Client preapproved for HAFA with a list price of $146,000.  I thought it was inflated but put it on the market anyway.  Got an offer for $128,000.  Counteroffer came back at $146,000.  Buyer walked.  Got a new offer from a new buyer at $138,000.  I submitted this offer with an appraisal of $137,500.  The borrower owes approx.…

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