March 2013 Blog Posts (40)

Setting the right expectations with your client prior to short selling?

Short sales are notorious for their duration to close. It was only years ago when we saw short sales take sometimes up to 2 years to close, causing insurmountable stress to all parties, especially to the seller. So why do short sales take so long? One could easily blame the banks for the delay. However, that accusation does not apply to most banks in 2013. Systems have been upgraded, buyers are buying, and incentives to short sell for both banks and sellers have boosted. So why would a short…

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Added by Peter J Kim on March 25, 2013 at 11:17am — 1 Comment

Get a house for yourself – Find one within your budget

Ever dreamt to have your own home? If your budget has always been tight in the recent years, then your dream of purchasing home has already been shattered. However, it is still possible to buy a house for yourself even with poor financial condition. The mortgage loans have made it all possible for almost everyone to buy their own home where they can stay safely with your loved ones. Besides this, a home buyer can also look for homes for…
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Added by Rob wayne on March 25, 2013 at 10:30am — 1 Comment

NEWSLETTER: Nationstar And Auction.com. A Formula For Failure

 

Good morning Superstars.

 

Here are this week's Superstar discussions.

 

Discussions Replies Latest…
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Added by Bryant Tutas on March 24, 2013 at 4:56am — No Comments

List Now Or Wait Until Spring?

The mountain tops are white again. Temperatures are also predicted to drop making it seem like autumn is giving way to winter in the region. Is the myth that the real estate market goes dormant like our lawns until Spring true?

Just as the mountains can be more of a psychological than physical barrier to travel in adverse conditions of snow or heavy tourist traffic, so can the changes of the seasons be a psychological barrier to Seller's perception of Buyer activity. The old days of…

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Added by Kevin Bown on March 22, 2013 at 3:39pm — No Comments

Just when I thought MAYBE B of A had turned the corner.....NOPE....They Still Hire INCOMPETENCE!!!!

......and I quote:

"......no Mr. Benita, you are not yet authorized on the account so I can NOT GIVE YOU THE PHONE NUMBER FOR THAT DEPARTMENT!!!"

Uh....really?  I need to be authorized for you to give me a phone number?

NEEDLESS to say I called someone I know at the bank and "got my way"......BUT IT SEEMS B of A STILL has some MORONIC policies!!!

Best of luck to ANYONE dealing with these!!!

Added by Ben Benita on March 22, 2013 at 11:01am — No Comments

First...the marriage of peanut butter and chocolate....now this????

To know me is to know that I LOVE peanut butter...I love it on a spoon by itself, on bread, with jelly, without jelly, with bananas, etc...I think you get the picture.

When someone felt it prudent to mix peanut butter with chocolate.....OH MY!!!! I was in absolute peanut buttery heaven!!!!

 

Now that you know how I feel about the peanut butter and chocolate.......

 

Recently...Bank of America announced that it was…

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Added by Vanessa Calhoun on March 21, 2013 at 3:03pm — 3 Comments

wells escallation help

Hi have a FHA short sale and Wells keeps procrastinating on the APT

they keep ordering appraisals and now I get a "is there an offer ( foreclosure warning)  the customer service is not customer service.

I need to escalate can anyone help with a contact ?

thanks

Gina Smith

Seattle

Added by Gina Smith on March 20, 2013 at 2:34pm — 10 Comments

Wells Fargo and Fannie Mae not working with Sellers

Has anyone experienced a short sale being ignored? Wells Fargo states there is nothing they can do to stop foreclosure unless we upload to equator, Equator states we must first go through Fannie Mae.  Fannie Mae states we must first go through equator.  This has gone on for over two weeks, seller has tried to call.. Fannie Mae and Wells Fargo tell the sellers the agent needs to upload the Short Sale to Equator.. Its the run around !!  Time is running out..!! Cash buyer over asking and we…

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Added by Linda Kemppainen on March 20, 2013 at 11:11am — 3 Comments

PNC Bank

Well, I have read all the blogs on PNC Bank as 2nd lien holder and was hesitate to take this short sale listing, but myself and the borrower spoke with the PNC Bank Short Sale Dept before I ever listed the property and I was assured that they would settle for whatever the 1st lien holder offered and the deficiency judgment would be waived. Encouraged by this I listed the property last October and after several price reductions finally received an acceptable offer. BoA was onboard, they…

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Added by Cindy Billman, CDPE, SFR on March 20, 2013 at 10:11am — No Comments

Banks Are Prohibited From Entering Into Real Estate Brokerage And Management Businesses? Really?

 

Good morning Superstars.

Banks prohibited from entering into real estate brokerage and management businesses? Right. And pigs fly.

In 2001, the Federal Reserve Board and the U.S. Treasury Department proposed rules allowing national bank conglomerates to engage in real estate brokerage and management. The rule would have reclassified these activities as financial in…

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Added by Bryant Tutas on March 20, 2013 at 5:38am — 2 Comments

Local Agent Provides Alternatives for Homeowners Facing Foreclosure

FOR IMMEDIATE RELEASE                          For more information, please contact:

Michael Collins, CDPE, SFR, BPOR

608-921-8536

Mike@RockRealtyWI.com

Local Agent Provides Alternatives for Homeowners Facing Foreclosure

Online report outlines alternatives to foreclosure for distressed homeowners in Dane & Rock County Wisconsin, including Janesville, Madison, Milton, Stoughton, Oregon, Monona, Edgerton, McFarland, Evansville, Verona, Fitchburg,…

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Added by Michael Collins, CDPE, SFR on March 19, 2013 at 2:16pm — No Comments

WTF is "litigation status" on a short sale?!?!?!?!

New one -

Anyone know WTF "litigation status" means?  

Pardon the "WTF" if you are offended but I hit a roadblock this afternoon with a SCHMUCK of a negotiator who said she could not even tell me what that means!!!!    

We can do NOTHING on the file while it is in this status and I am trying to see exactly what it is (I do have calls in to higher ups but figured I would check here as well).....

Any input is welcome, I am at…

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Added by Ben Benita on March 18, 2013 at 4:45pm — 4 Comments

Short Sale vs Loan Mod vs Refinance

The three big options for homeowners are short sales, loan modifications and refinance. What have you seen that actually worked?

Options: Refinance, Loan Modification, Short sale.

Refinance

Basics: Refinancing is when you are paying off your old loan with a new loan with lower interest rates.

  • The goods: This option is suitable for those who plan on staying in their home for awhile and/or those who are in an…
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Added by Peter J Kim on March 18, 2013 at 11:31am — 1 Comment

I'm so glad that you have time to waste....U​nfortunate​ly, I don't!

First off, I'd like to say that I'm completely thrilled that our Real Estate markets are rebounding (quite well in some areas)! Secondly, I'd like to say that I am, in no way, against Investor Purchasers. In fact, I love them.....well, at least I like 'em a lot. However, no matter how well our markets are doing or how long we've been in the industry, we still must deal with the lunacy and absolute hilarity of some Purchasers.

Here's the short version......

Beautiful traditional home…

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Added by Vanessa Calhoun on March 18, 2013 at 8:49am — No Comments

NEWSLETTER: Is Fannie Mae Price Fixing?

 

Good morning Superstars.

Here's a sampling of this week's superstar discussions.

 

Discussions Replies Latest…
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Added by Bryant Tutas on March 17, 2013 at 3:43am — No Comments

AUCTION.COM

HELP!!!  NationStar as of yesterday on a short sale that is in place in Equator has stated that the borrower, seller, is handing the short sale file over to Auction.com to have the property sold at Auction.  Has anyone experienced this???

Added by Stacey L. White on March 15, 2013 at 12:03pm — 1 Comment

What happened here???!!!%%%

What the???!!!%%%

Wells Fargo Typo Victim Dies in Court

http://ning.it/13VWqKK

My question: Why is the unemployment rate so high when there are so many people get paid for a job they can not do? Surely they are many unemployed qualified detail minded people looking for a job. And when there is a problem it gets fixed ASAP! Without facilitating someone's death.…

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Added by Ghana Bigsby on March 14, 2013 at 3:59pm — No Comments

Financially Strapped Homeowners have Options to Foreclosure

It’s a sign of the times!

Most of us grew up thinking that if we planned well and played by the rules, we’d never have to stand by as our financial lives unraveled.

But upheaval on Wall Street, unacceptable rates of unemployment and plummeting real estate values have taken their toll.  Since 2007, 7.9 million homeowners have lost their homes to foreclosure. Current estimates are that one in four homeowners owe more on their mortgages than they could get from the sale of…

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Added by Michael Collins, CDPE, SFR on March 13, 2013 at 6:58am — No Comments

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

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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Added by Mike Rizzo on March 12, 2013 at 4:12pm — 1 Comment

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