May 2010 Blog Posts (24)

LAS VEGAS SHORT SALES -Market Report -How many for sale, pendings, etc

As of this writing, there are approx. 4,389 short sales for sale in the Las Vegas area, this includes, resale single family homes, condos, townhomes, of that approx 3,443 of them are single family homes.

There are approx. 11,756 short sales that are in escrow under contract/pending in the Las Vegas area.

Total short sale closings year to date in the Las Vegas Valley area are approx.…

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Added by Dawn Barrier Prominent Realty Gr on May 27, 2010 at 11:30am — No Comments

"arms length" convenants and their impact on a short sale

I need to have some of you experts weigh in;

I have a home...it must be short-sold.

My wife and I are going through a divorce

She was "quit claimed" off the property, but our state is a "community asset" state.

She wants to have someone she knows buy the house...have her stay in the home, and then rent it back to her. It would allow the kids to stay in the house and not be disrupted by a move.

If there is a…

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Added by DEAN MOILANEN on May 26, 2010 at 1:16pm — 7 Comments

Homecomings Financial Won't Talk to Me- Unless I Give Wrong Zip Code for Navarre Florida!



I've sold real estate in Navarre Florida a long time. About 20 years to be exact. So I should know what the Navarre zip code is- 32566. Or so I thought.



I was calling…

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Added by Wendy Rulnick on May 25, 2010 at 3:30pm — No Comments

New Report Flood Of Foreclosures Coming? Actually These Will Be Short Sales...

You may have heard or seen a report on a new flood of foreclosures coming. The data is showing owners have miss at lest one mortgage payment in the first quarter of 2010. There’re assuming these folks are going into foreclosure in the months to come, we beg to differ, we believe these “one missed payment” borrowers are actually being told by the bank to do so albeit indirectly. The home owner for whatever reason is working hard to make there payment and can’t they have tried for a loan…

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Added by Richard OBrian on May 20, 2010 at 9:56am — No Comments

Let US help YOU!

Let us help you thru this very stressful and complicated transaction! With our combined 18 years in the real estate business and knowledge of TODAY's market we can make this much easier on you! Don't let your home go into foreclosure, short sale looks much better on the credit report! Call us today, 314-565-3898!

Added by Homes 2 Go Team on May 20, 2010 at 9:35am — No Comments

Navy Federal Credit Union Short Sale BEWARE of tactics Taking money from Parents account!!!!!!!!! ALERT

Shame on these bottom feeders. Navy Federal Credit Union likes to brag about helping our "family". One of our borrowers completing a short sale finds the following actions were taken by NFCU without knowledge:


"My second loan was with Navy Federal Credit Union. We agreed to complete a short sale and settle the account in good faith instead of walking away. In return, Navy Federal Credit Union withdrew money from my mothers account on three separate transactions. These…
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Added by Lori Young on May 19, 2010 at 6:48pm — 7 Comments

Listing an Under Water Home with No Hardship

How do you list an under water home with no hardship. If the Seller is willing to bring the "difference" to the table does the Buyer have to be informed? Does this have to be "announced" in the MLS? I think there will be more of these transactions and I want to address them appropriately. Has anyone heard of the lender reducing the debt when there is no hardship?

Added by Margaret C. Taylor on May 18, 2010 at 12:21pm — 11 Comments

PROOF OF FUNDS LETTER

Does anyone have a Proof of funds letter they can give me a example of?

Added by JO ANN VEUTHEY on May 18, 2010 at 10:02am — 2 Comments

BAC - Let's Start A Movement!

I would like to start a movement with BAC. All their approval letters should include the following:

Buyer (insert buyer's name from contract). **Replacement buyer subject to BAC approval.

Now wouldn't that eliminate being in escrow 3 to 4 to 5 times - assuming net to BAC was the same and no change in close of escrow date?

I say that while having 6 short sale escrows with them, and 3 approved - but it's absolutely pulling teeth and insanity.

Added by Anna Boyd on May 17, 2010 at 6:03pm — No Comments

IF a homeowner has filed chapter 7

If a home owner has filed chapter 7 how do I get them off the fence for doing a short sale they are telling me since they have filed chapter 7 they can walk away free and clear so why would the want to do a short sale? What are you guys doing with chapter 7 homeowners?

Added by CEDRIC MCGREW on May 16, 2010 at 1:30pm — 2 Comments

Short Sales in the Inland Empire; Price Points are rising...



Short Sales in the Inland Empire; Price Points are rising.. I have been watching the numbers, walking the homes, studying the comps and exactly what I felt would happen this year is indeed happening. The high end golf course communities and custom homes are seeing Short Sales and REO's. This is a new phenomenoa for my area of the Inland Empire..Palm Springs, Palm Desert, La…

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Added by Kimberley Kelly on May 16, 2010 at 7:33am — No Comments

When You Are Representing the Seller in A Short...Do "you" submit an offer on the property?

Pardon my "newness". I have been trying to avoid short sales and now have given in to the reality that they aren't going away. So, I have been researching short sale agents in my area and have run across this statement on a couple of websites:

4. WHY WOULD I USE YOU TO HELP ME RATHER THAN MY RELATIVE THAT ALSO HAS A REAL ESTATE LICENSE?

Most banks will not stop the foreclosure process and start the short sale process until you have an offer on your home.…

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Added by Jenna Dixon on May 13, 2010 at 3:05pm — 13 Comments

NEED TO BE TRAINING

I have recently been approached to negotiatate short sales from a networking friend of mine. There is no formal training ava. . This seems like a great business to invoule myself in as I do have excellant negotiatation skills, and have also been a mortgage originator. I need to find a training program that will give me all the meat and potatoes and help me get started. I got to tell you that right now I'm afraid! Any sugguestions would be great!

Added by JO ANN VEUTHEY on May 10, 2010 at 6:48am — 2 Comments

How to Calculate Past Due Property Taxes for the HUD-1

"Why would we want to find the tax assessor records for a property?" you may ask. ANSWER: To prepare the HUD-1 before sending it to the short-sale lender. For example, a homeowner may be 2 years past due on their property taxes, but you fail to list the past-due taxes on the HUD-1. Then the short-sale lender approves the HUD-1 as WRITTEN. So you go to escrow, the title company runs a preliminary title report (AKA "prelim") and you find out that…

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Added by Regina P. Brown on May 8, 2010 at 2:30pm — No Comments

Feed Back

Hello to all,

I am looking for feed back on Huntington Short Sales. If you have completed a short sale or if you are presently enaged in a Huntington short sale, please send me some feed back.

Thanks

Added by Jasmine Curry on May 6, 2010 at 5:55am — 1 Comment

Bank of America

Hi,
I had just submit a counter offer to bank of america im in the last phase to get the approval.
The problem is that the buyer. Wants to back up. We almost there to get approval.
I been told need to re-submit whole package again. If is a new Buyer. I have new offer ready with the same terms if buyers decides to walk away.

Please advised.

Added by Juan Flores on May 5, 2010 at 10:09pm — 2 Comments

SS Superstars CT NJ NY Area June Meet UP and Round Up

With the SS Superstars nwtwrk growing so quickly I am taking a concept for some colleagues in CA and FL and am taking lead to have coordinate a fun and effective networking night in Northern NJ the end of June. Wanted to get the viral marketing word out on this in hope of buidling a higher level group of true industry professionals that have done and want to do more deals. If this sounds like you and you have contacts doing business in the NJ-NY-CT markets we would love to hear from you. As I… Continue

Added by Craig Barry on May 5, 2010 at 7:14pm — No Comments

Cover Sheet Works Wonders & Equator can Mess with your Commission...

We have found that when submitting your complete short sale package to a bank it make easer if you include a “cover sheet” for each section of documents you are sending. (i.e.: paystubs, bank statements, taxes, purchase agreement, etc.) Cover sheets simply state the document that will follow in large bold type in the center of a blank page. They help to organize the package…

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Added by Richard OBrian on May 5, 2010 at 8:57am — No Comments

Anyone heard of Select Portfolio Services??

Has anyone ever heard of or negoiated with Select Portfolio Services?

This company owns the first mortgage on a house in Charlotte NC

Thanks

Edna Wellons

[email protected]

Added by Edna Wellons on May 4, 2010 at 10:38am — 2 Comments

Short Sale Sellers are asking for some pocket money since they are in financial distress

I know that commissions are considered PROCEEDS from a SHORT SALE - and it is very wrong to do so that one can lose their license and be fined or go to jail and same with sellers -

though I have had Several sellers asking if I will help them give some of my commissions

back to them cause they are in such financial distress.

Other than what is stated on MOST short sale approvals can anyone help me find something so that

it is CLEAR to them to NOT EVEN ask…

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Added by Marilyn Hargleroad on May 3, 2010 at 11:58pm — 3 Comments

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