April 2012 Blog Posts (34)

Short Sales & Credit Card Debt - Picture it!

No one ever saw it coming!

The Sellers were moot until Escrow/Title discovered a NEW LIEN!!!

"Picture it" Sophia Petrillo, a Golden Girl would say,

except instead of Sicily 1922 - it was San Francisco 2012

- There was pepperoni all over the place! -

http://www.youtube.com/watch?v=9lH9_rbDQF0

You wouldn't have believed…

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Added by Michael Ackerman, CRS, SFR, on April 30, 2012 at 10:00am — No Comments

NEWSLETTER: Tax Foreclosure In The Middle Of Short Sale?

 

This Week's Featured Discussions…

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Added by Bryant Tutas on April 29, 2012 at 5:34am — No Comments

Citi Financial

I took a listing with Citi Financial last November 2011. Thinking Citi one loan no problem. I though Seterus was bad but Citi Financial is taking the cake on this one.

John Florez who is the Center Manager for Citi Financial in Phoenix has been harassing the homeowners to the point where they called me to see what options they had due to them having to relocate out of state for a job. I advised them about doing a Short Sale and after talking with their attorney and accountant…

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Added by Moyer Group on April 27, 2012 at 7:24pm — No Comments

Farmington Hills Short Sale Realtor Presents; Fast Track to Short Sale Success, May 1st from 9 am - 12 pm By Mike Sher, Certified Distress Property Expert, Bloomfield Hills Michigan

Please come and Join me as I show how Short Sales are more about effort and less about certifications.

Mike Sher

Added by Mike Sher on April 27, 2012 at 7:00am — No Comments

Is your Bloomfield/Birmingham Michigan Agent, A Bank Of America Short Sale Realtor, by: Mike Sher (248) 496-1572

 The Mike Sher Team, Max Broock Realtors, (248) 496-1572 is proud to be a Bank of America Equator Approved Realtor.

 

Having a Real Estate Licenses is not enough to be a Short Sale professional. What elevates a Realtor to a Short Sale professional?:

  1. How man of short sales that have closed?
  2. Do they negotiate the short sale or pass the file to another company to do it?
  3. Are they educated in short sales?
  4. Do they…
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Added by Mike Sher on April 26, 2012 at 2:20pm — No Comments

Oakland County Short Sale Realtor "Strategic Default is not the best option for distressed homeowners in Oakland County " Mike Sher Max Broock Realtors (248) 496-1572

 FOR IMMEDIATE RELEASE                                                                         For more information, please contact:                                                                 Michael B. Sher 248-496-1572- [email protected]

 

Strategic Default is not the best option for distressed homeowners in Oakland County…

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Added by Mike Sher on April 25, 2012 at 2:05pm — No Comments

New Fannie Mae guidelineswill not allow the secondlien holder to require a promissory note or agreement to pay back the moneyoutstanding, the second lien holder must release the difference

 

Appreciate your help or advice on this: Below is basic scenario involving PHH as the 1st (the 2nd is the problem).

I have a call in to Fannie Mae to get clarification on this "guideline" in order to gain some ground with the 2nd.

 

 

First mortgage PHH today stated that Fannie Mae recently changed their guidelines and now will not allow the secondlien holder to require a promissory note or agreement to pay back the moneyoutstanding, the second lien holder…

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Added by Ellen Dittman on April 25, 2012 at 12:58pm — 3 Comments

Mike Sher's Oakland, Wayne and Macomb Counties Michigan 1st Quarter 2012 Real Estate Market Report, Max Broock (248) 496-1572

 

Oakland, Wayne and Macomb Counties 1st Quarter 2012 Real Estate Market Report

by: Mike Sher (248) 496-1572, Max Broock Realtors

The first quarter County…

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Added by Mike Sher on April 25, 2012 at 6:28am — No Comments

How to Find the MI Company

If I see there was less than 20% down at purchase (without a piggyback) or if I see the servicer changing since the loan was issued, I assume there is MI either paid for by the seller or added by the new lender when they bought the loan.

 

1st, I call the servicer and ask, REPEATEDLY, because you have to find the rep that hasn't got them memo not to give out this critical information. Get the MI company and the mortgage certificate number (it's like the account number for…

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Added by Jim Schneider on April 24, 2012 at 8:42am — No Comments

Chase Says Keep Trying For a Redwood City Short Sale

I am helping out on a short sale in Redwood City where Chase is servicing the first and second loan. What this means is that the owner has first and second mortgages that were originally gotten from Chase. These loans were then sold to investors and Chase maintained the servicing. This means that ultimately Chase no longer makes the decision about whether or not to…

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Added by Marcy Moyer on April 22, 2012 at 12:34pm — No Comments

The Myth Regarding "The Market"

For the past few years, any time someone asks me what I "do" and I respond that I'm a Real Estate Broker...I get that same look and tone of voice preceeding the question "Is the market getting any better" with sympathy written all across their face.  While I certainly appreciate compassion, the truth is, as I respond..."It's been steady all along".  "The only thing constant is change"    …

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Added by Heather L. Brooks on April 22, 2012 at 5:58am — No Comments

NEWSLETTER: Seller Wants $3000 To Close .. Is This Illegal?

 

This Week's Popular Discussions

Seller wants $3000 cash…

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Added by Bryant Tutas on April 22, 2012 at 4:41am — No Comments

USDA Cash for Keys

Hey does anyone know if USDA does Cash for Keys?  We are trying to get them to allow the seller $$ for relocating and Chase is telling me no because USDA doesn't have any programs. I am unsure if he truly knows or is just saying that. I can not find info either way.

Thanks,

Cassandra

Added by Cassandra Cramer on April 20, 2012 at 11:11am — No Comments

Because I Said So or How to Survive Silicon Valley Real Estate

It is no secret that the market in Silicon Valley is crazy. The inventory has never been lower so the competition for homes is  fierce. For example, Taylor Morrison is opening up a new town home development in Sunnyvale in May and they already have 300 people on the waiting list. Homes in Palo Alto are sometimes getting…

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Added by Marcy Moyer on April 20, 2012 at 12:30am — No Comments

Freddie Mac sets new short sale timelines.,

From the Florida Association of Realtors newsletter:

Freddie Mac sets new short sale timelines, Fannie to follow McLEAN, Va. – April 18, 2012 – Freddie Mac, the federally owned company that buys mortgages from local lenders, says it wants to make the short sale process easier on home sellers by updating its timelines for short sales and requiring better communication from lenders. Last year, Freddie Mac completed 45,623…

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Added by Bryant Tutas on April 18, 2012 at 12:13pm — No Comments

NEWSLETTER: Should The Buyer Pay the Negotiator Fee?

 

This Week's Popular Discussions…

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Added by Bryant Tutas on April 15, 2012 at 5:00am — No Comments

Anyone have success getting Aurora to approve repair concessions?

I have an approved short sale with Aurora but after inspections the buyers are wanting to ask for concessions for the roof and siding. Has anyone successfully asked and received these type of concessions with Aurora?

Added by Kelly Townsend on April 14, 2012 at 9:37am — No Comments

5 Reasons to Consider a HAFA Short Sale

5 Reasons to Consider a HAFA Short Sale

The Home Affordable Foreclosure Alternatives (HAFA) program is a subset of the federal Home…

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Added by Tni LeBlanc (805) 878-9879 on April 14, 2012 at 9:00am — No Comments

An Unusual Silicon Valley Wells Fargo Short Sale Just Closed

I just closed a Wells Fargo Short Sale that is not typical. It was a nice 3 bedroom townhome in North San Jose, close to Santa Clara. The owners were divorcing and neither could afford to buy the other one out or afford the property alone. This constitutes a hardship in most lender's minds. I have closed other Wells Fargo short sales with similar circumstances. The current owners had been able to…

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Added by Marcy Moyer on April 13, 2012 at 10:42am — No Comments

Purchase Sale Agreements

As a consultant offering Business Development for the distressed home market I have found lately one of the biggest issues is with the first page of the PSA. PLEASE remind all Agents that ALL information needs to be complete and names of sellers must match what is on Title- EXACTLY. 

Added by Bill Black on April 12, 2012 at 1:17pm — No Comments

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