February 2011 Blog Posts (50)

Negotiating HELOCs on a Short Sale.

Hi folks. If you negotiate Short Sales for a living then you know that a HELOC ( Home Equity Line of Credit) can be a real pain in the rear end. They usually want more money than what the 1st lien is willing to give them and they want the Borrower (Seller) to participate in their loss by making a cash…

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Added by Bryant Tutas on February 19, 2011 at 8:27am — 3 Comments

Why Is My Agent Trying To Talk Me Out Of Buying A Short Sale?

The Stop Foreclosure Institute recently received a question from Tamra. She is buying a home and her agent is trying to talk her out of short sales.







Here is Tamra’s question. “I am looking to buy a home. Some of the best priced properties are short sales. However, my agent won’t show me these homes.







She keeps on telling me the prices are lower than the lender will accept and that short sale never close. What should I do? I am really… Continue

Added by Bion Grady on February 19, 2011 at 4:42am — No Comments

What You Should Look For In A Buyer Of Your Short Sale Property









Short Sales can be tough. Many buyers don't understand the process and think that since it is a buyer's market, then they set the rules. That's not the case.







You, the seller set the rules. After all, you still own the property. But, more importantly, you must set the rules for offers. If you don't then you dramatically reduce your odds of… Continue

Added by Bion Grady on February 18, 2011 at 5:14am — No Comments

Beverly Hills Michigan Short Sale Expert: Solving Your Mortgage Crisis Just Got Easier, Mike Sher, Max Broock (248)644-4700, Certified Distress Property Expert

Beverly Hills Michigan Short Sale Expert: Solving Your Mortgage Crisis Just Got Easier,  Mike Sher, Max Broock (248)644-4700, Certified Distress Property Expert

5 Steps for a Successful Short Sale

Lenders and the…

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Added by Mike Sher on February 18, 2011 at 5:00am — No Comments

Is this a reasonable offer from a buyer of a short sale proeprty?









Some buyers think that since it is a buyer's market, then they can make any crazy demand of a seller. And they can't understand when the seller isn't excited by their lowball offer.







Here is an example of a recent story where this happened. A buyer makes an offer on a short sale.…







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Added by Bion Grady on February 17, 2011 at 12:58pm — No Comments

Freddie Mac Short Sale Dept Phone #

Does anyone have a direct phone number to the Freddie Mac Short Sale Department??

 

Thank you,

Cathy

Added by Cathy Rojas on February 17, 2011 at 11:05am — 1 Comment

What Is A BPO?









If you have been reading about short sales, then you have probably heard the term "BPO" and wondered what it meant.







BPO stands for Broker's Price Opinion. A Broker's Price Opinion is when a licensed real estate agent gives their opinion of the value of a property.







That value is what the lenders use to process the short… Continue

Added by Bion Grady on February 16, 2011 at 10:49am — No Comments

Short Sales - But Why Didn't Somebody Tell Us?

Short Sales - But Why Didn't Somebody Tell Us?

 

Why didn't somebody tell them ... WHAT?

Answer? Why didn't someone tell them they could short sale their home and not have to pay a realtor one red cent.

That's right, many homeowners in distress have no idea they can actually list their home for less than they owe and still be able to hire a realtor to do it for them. Instead, they worry and fret,…

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Added by Dee Nofziger on February 15, 2011 at 3:49pm — No Comments

Would Dave Ramsey Love A Short Sale?









You might have heard of Dave Ramsey. He has a popular radio program where he talks explains the benefits of getting out of debt.







Dave is a zealot for the debt free life. "You don't need to see the inside of a restaurant unless you are working there", he will tell people in financial trouble that call his… Continue

Added by Bion Grady on February 15, 2011 at 5:19am — No Comments

Could The Realtor You Hire Kill Your Short Sale?











The biggest reason people short sale their house is to avoid foreclosure. They cannot afford the house anymore and the bank has said they will foreclose soon.







If the short sale is not successful, then their lender will foreclose on the house. We at the Stop Foreclosure Institute have successfully closed short sales for several… Continue

Added by Bion Grady on February 14, 2011 at 8:57am — No Comments

Why Do Lenders Pretend To Care About Their Customers?

Have you ever attempted to get a loan modification? If you have, then you probably get bugged when you hear banks talk about how they suposedly care about their customers.







Somehow these banks think we will believe it. They must think that, or they wouldn't be running ads that say: "Come to ABC Bank. We answer you by your first name. You're not a number. We care about you."







What a bunch of garbage. Anyone who has attempted to negotiate a loan… Continue

Added by Bion Grady on February 11, 2011 at 10:46am — No Comments

How To Get A Short Sale Lender To Waive Deficiency Clause









The Stop Foreclosure Institute recently received a question from John. Here is John's Question.







"I just received a full price offer on my house. My main concern is that I don't get stuck having to pay off the deficiency. I have a first and 2nd with Chase and owe 270K on the home. The buyer's loan is also with Chase.







How… Continue

Added by Bion Grady on February 10, 2011 at 9:26am — 1 Comment

Duration of short sale deficiency amount negotation

Hi,

Glad to be part of the blog. I have been learning alot about short sales. We are currently on a contract to purchase one in Virginia as a first home. The first bank (Chase) approved the sale. The second bank (Navy Federal) has approved the sale conditioned on the seller signing a promissory note. The seller said that she will be sign the note but has hired an attorney to negotiate the amount. What are the chances of the sale falling through? How long can the negotiations…

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Added by Joel Niamien on February 10, 2011 at 7:53am — 2 Comments

BPO

Does any one have a good contact for myself  so I can start doing BPO's for the Banks?

 

Thanks so much

Added by David R Haws on February 9, 2011 at 8:53am — No Comments

Will I Still Have To Pay Property Taxes If I Do A Short Sale?









The Stop Foreclosure Institute recently received a question from Paul. Here is Paul's Question.







"I am thinking about a short sale, but I am behind on my property taxes. Will I still have to pay them if I short sale my home? Max."…







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Added by Bion Grady on February 9, 2011 at 6:21am — No Comments

Short Sale 1099C Received - When Can They Purchase?

Hello. My clients completed a short sale w/ BOA in June 2010. The home had PMI & was an FHA loan.  They received their 1099C last week. They want to know when they can legally purchase a new home w/o worry that someone would come back after them. They're doing a lease to own on a new house from their parents, but for all practical purposes are acting like they own the property. Is now ok to transfer the home into their name or should they wait until 2012 so there's more period between…

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Added by Maggie D on February 8, 2011 at 2:34pm — 3 Comments

Birmingham Michigan Short Sale Agent Offers Straightforward Solutions to Avoid Foreclosure

 

Birmingham Michigan Short Sale Agent Offers Straightforward Solutions to Avoid Foreclosure

Birmingham Short Sale Agent Offers Straightforward Solutions to Avoid Foreclosure

By Mike Sher, Max Broock Realtors

Dated: Feb 08, 2011

Bloomfield Short Sale Realtor Releases New Report Outlining Straightforward Solutions for…

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Added by Mike Sher on February 8, 2011 at 1:11pm — No Comments

Forclosure property in Panama City Beach(vacant for 2.5 years) lost in space

First,  I try to purchase the property via short sale. After 6 months of fooling around with the owners to get the paper work into the system the owner got fed up and let the property go into foreclosure. Now the property is been vacant  for over two years and deteriorating. Nobody to contact, no place to go. I have a few friends tracking it down to see if it shows up in the MLS and nothing. It is like lost in space. Anybody has a clue how to figure out what is going on or who to call? If so,… Continue

Added by John M. Acaron on February 8, 2011 at 8:44am — No Comments

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