March 2010 Blog Posts (31)

Wilshire loan taken over by BAC: getting approval letter extension

We have a Wilshire short sale approval letter which expired last Friday, and Wilshire is now out of business and the servicing was taken over by BAC. Although the buyer and seller signed all closing documents and the buyer wired closing funds to title last week, we were unable to close because we did not receive the approval letter on the Franklin Credit 2nd mortgage. Now, Franklin says that we will get their letter today. We contacted BAC Friday and they asked us to email the Wilshire approval… Continue

Added by Jorge Newbery on March 31, 2010 at 6:47am — 2 Comments

What do you think my friends, I can not believe Bank of America

After 8 months working on a short sale with a very reasonable offer. The Equator (Bank of America) closed the short sale on me, because a none sense Appraisal, apprised the house for 295K. The house has lots of problem and it does worth only 220k. After sending CMA and talking over and over with the negotiator finally he said maybe $5000 reduction not 45k. What do you do if you were me? Feed back…

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Added by Sima Saboury on March 30, 2010 at 5:42pm — 3 Comments

Need BofA presidental HOT LINE -

Working with BofA on what should be an “easy” short sale. The second is requesting they get $14,500.00 on a balance of $85,000.00. The first (Citi) is only giving them 8K, which I think is fairly standard. Our 2nd buyer is ready to pack up & move on. This deal should have already been funded and I’m getting tired of all the lip service these 24-yr old asset manager kids are…

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Added by Bill Schallmo on March 30, 2010 at 12:48pm — 4 Comments

A tale of a short sale

Unlike most of my short sale experiences this is a good one.



The keys to this success were as follows:

  1. The buyer client was mellow.
  2. The property was unique, (why would I show an ss when I could work 5 others just like it?)
  3. The property was in EXCELLENT condition.
  4. The listing said "Lender approved SS and price"
  5. The listing agent DID HER JOB!!!!
  6. Sellers were cooperative to the best of their ability.
I cannot stress how… Continue

Added by Jim Little on March 29, 2010 at 4:18pm — No Comments

My impression of the differences between CDPE, SFR and Short Sale Superstars.

This post might step on some toes but it is not meant to. Most REALTORS are on tight budgets now and need candid answers to questions about short

sales, short sale classes and which class or course is better.



I am not professing to be an expert on which class or course of

instruction is better but I will give my unbiased opinion as to which

is better in my opinion.



I currently hold the…

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Added by Damon Gettier on March 26, 2010 at 8:30pm — 1 Comment

Bank of America to Reduce Mortgage Principal on Certain Loans

Reducing Principal will help Reduce Foreclosures

People who face losing their home in foreclosure often ask, "If the bank is going to lose all this money by selling my home at fair market value, why can't they re-work my loan at that same price? I could make

the payment if they would simply reduce my loan balance to fair market

value." In effect, that is exactly what Bank of America is proposing

to do.

Not all of the details are out, but…

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Added by Brian Garff on March 26, 2010 at 11:58am — No Comments

We're NOT signing a promissory note!

I've got news for ya. You already did. When you purchased the property. You signed two documents. The mortgage. That created the lien and gave the lender the right to foreclose on your property (their collateral). And, you signed a promissory note. That was/is your personal promise to pay back the money you borrowed.



The Short Sale releases the lien (mortgage). It may or may not…

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Added by Bryant Tutas on March 26, 2010 at 3:00am — 1 Comment

Chase - We're trying to get a payoff and not having any luck - Help!

We've been trying to get a payoff from Chase Bank for the first mortgage. This mortgage is not even a short sale - the sellers are only short on the second (we do have the pay off for the second mortgage). We have been requesting the payoff for three weeks now and are getting nowhere fast. Despite repeated phone calls, they just tell us that they have put it on priority status and there is nothing else they can do. Buyers have signed loan docs and everything is ready to go once we get the pay… Continue

Added by Vicki Pedersen on March 24, 2010 at 11:30am — 5 Comments

Lightning at the End of the Tunnel

Short Story: BOA approved my short sale after a lengthy process - CUT my & other agent's commission too. Buyer walked because he didn't like home inspection. Found ANOTHER buyer in two weeks for $10,000 less. Resubmitted to same negotiator last Friday with all kinds of estimates for repairs (per advice from Bryant Tutas - THANKS!!) GOT AN ACCEPTANCE OF DEAL LAST NIGHT!! Close in 2 weeks, MY OWN BUYER AND THEY PUT MY COMMISSION BACK UP WHERE IT BELONGS!! WOW! I almost feel like I'm…

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Added by Karen Donovan on March 24, 2010 at 4:57am — 6 Comments

BOA to Foreclose on Approved Short Sale!!!!!!!!!!!!!!!!

Can anyone tell me WHY in the world is BOA trying to foreclose on an Approved Short Sale? They approved my short sale and even took the deficiency judgement off the approval letter, but the attorney handling the foreclosure said they STILL have not heard from BOA in order to postpone the foreclosure. I called them daily and they said they are "working" on it. I got the approval last Tuesday and this Tuesday I will be foreclosed on. The buyer is closing on the home on March 30th. Go figure???? I… Continue

Added by Claudine Ellis on March 21, 2010 at 8:00pm — 6 Comments

Bank of America and Equator Make it Personal. So prepare your buyers.

Hi Folks. Recently I have had two Buyers balk at providing me personal info I need if they want to purchase a Bank of America Short

Sale. I really do understand where they coming from but....most of the

big lenders including Bank of America and GMAC are now running most of

their short sales through http://www.Equator.com.…

Continue

Added by Bryant Tutas on March 20, 2010 at 6:07am — 8 Comments

Deficiency Judgement REMOVED! by BOA

Can you believe that BOA removed the language that says "BAC... and its investors may pursue a deficiency judgement...????"

It took some yelling! But finally, it got done!

Added by Claudine Ellis on March 19, 2010 at 12:00pm — 13 Comments

Featured Guest Speaker on Blogtalkradio- Short sales is the subject!

I just wanted my friends here to know that I am going to be the featured guest speaker on Real Estate Round Table on Blogtalkradio on Friday March 19th at 1:30 p.m. EST. I am going to be speaking about short sale basics for consumers, buyers and sellers. If you have any buyers and sellers who want to understand… Continue

Added by Katerina Gasset on March 18, 2010 at 10:01pm — 1 Comment

12 Approvals in 10 days!!! The banks are finally moving on these!!!

Is it just in my little world, or are the banks FINALLY moving on some of these loans?

I recently had 12 approvals come through in a 10 day period. 4 of these were loans that have been "in the system" for over a year or close to it.

The lenders were Bank of America, Chase and Citi - 3 of my favorites! HA!

I hope this is a sign of improvements being implemented in the short sale process!

Keep up the hard work…

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Added by Melanie Hollis on March 18, 2010 at 8:29am — No Comments

Are You Using a Short Sale Third Party Negotiator? Better be licensed...

If you are considering selling your home Short make sure your listing agent uses a licensed Negotiator or better yet they do it themselves. Stay away from unlicensed or unscrupulous short sale third party negotiators. Someone who charges a fee to…

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Added by Richard OBrian on March 17, 2010 at 11:35am — No Comments

Will the Banks Ever Get It? Probably Not!

I ran into a previous client today. I had tried to conduct a Short Sale for her back in 2007 to 2008. I had priced the home at $199,000 and received 8 offers. After the bank conducted it's appraisal and

against my strong objections, they determined they would take nothing

less than $259,000. I tried to get the negotiator to come to her senses

and warned her and later her supervisor that they would be taking this

home back if they didn't accept the sale now. All 8 of my…

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Added by Ray Wright on March 17, 2010 at 12:40am — 1 Comment

APPROVED! Bank of America Short Sale got approved tonight! 7 pm.

First I would like to thank ALL of you for your comments. It worked! Let me try to sum it up for you.

- Put the house on the market October 2009.

- Got an offer 1 day later, VA buyer fully approved

- Submitted ALL paperwork to BOA

- Waited all of October, November and December

- Get a notification that we must use REO Trans/Equator - WTF???

- We upload everything in Equatore

- We get a denial end of December because they cant get the log in…

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Added by Claudine Ellis on March 16, 2010 at 5:20pm — 13 Comments

Short Sale Buyer Info

I am recently involved in a short sale and have been looking at this site. I made a purchase agreement with the Seller and got bank approval. I had my inspection done, everything was fine. Two days later the Seller's agent sent me an addendum that the sale was contingent with the banks approval and no promissory note. I will not sign that, seeking advice of a real estate lawyer. I have put down over 2000 dollars with Inspection, loan application, etc, and now seller wants me to sign. I would… Continue

Added by K on March 15, 2010 at 9:13pm — 5 Comments

Bank approval on Negotiator Fees

Hello all. I was wondering what success you were having with the bank/lender approving the negotiation fees for a third party company? How many of you have started another company/corporation to handle your short sale negotiations? Your feedback is appreciated.

Thanks!

Ryan Smith

714-612-3963j

ryan@yourrealtorryan.com

Added by Ryan Smith on March 15, 2010 at 5:25pm — 1 Comment

Help: Wilshire Files to B of A

Has anyone else had his/her short sale file transferred from Wilshire Credit Corp. to B of A? I was told by Wilshire that B of A would honor all of their short-sale approvals, but B of A advised me that they do not have the file uploaded into their system yet and therefore cannot confirm such. If anyone else has dealt with this, please help. File is going to trustee sale on the 18th.

Added by Joel Fajardo on March 15, 2010 at 4:07pm — 10 Comments

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