June 2010 Blog Posts (21)

FIRST TIME HOMEBUYERS TAX CREDIT DEADLINE EXTENDED TO SEPTEMBER 30th

Yeah! This is TRUE. I have been on the phone all morning with my Senator's office and Senator Reid's offices in Washington, and FINALLY, earlier this evening, the Senate voted on a stand alone measure to approve an extension for the June 30th deadline to September 30th! =) The Senate has passed a measure to extend the closing deadline for…

Continue

Added by Julie R. on June 30, 2010 at 11:30pm — No Comments

WAITING FOR AN ANSWER

I am a contract purchaser on a house that BofA has the mortgage. All information has been loaded into Equator, appraisal was requested by bank and submitted two weeks ago. Equator says it has been given to negotiator but the listing broker nor attorney have heard from anyone. Any ideas on who we can contact or when we could expect an answer on the approval?

Added by MJ Aldrich on June 30, 2010 at 10:01am — 1 Comment

Timely News: Re Homebuyer Tax Credit Extension Still Possible! =)

If you have followed my posts, you know that short of walking down the halls of Congress, I have been all over this potential legislation, garnering support via letters, op-ed pieces, etc. Just when it looked like the possibility for an extension had died in the Senate last week, largely due to being and amendment to an already water-logged bill. "WAHLAH" Members of Congress today introduced a stand alone bill H.R. 5623 called the "Homebuyer Assistance and…

Continue

Added by Julie R. on June 29, 2010 at 11:24pm — No Comments

HUD 1- CHANGED DATE(DRYCLOSING)

MY QUESTION IS IF YOU CLOSE ONE DAY LATER THAN YOU ORGINALLY SET THE DATE FOR AND YOU HAVE A APPROVED HUD ONLY CHANGING THE DATE BY ONE DAY BUT YOU ARE WITHIN THE NEGOITATED DEADLINE TIME FRAME DO THE CLOSING ATTY HAVE TO RESUBMIT THE HUD 1 FOR REAPPROVAL FOR DATE CHANGE.

Added by Rita Gaines on June 28, 2010 at 4:58am — 1 Comment

Success with a HAFA short sale approval through Equator via BofA's 3rd party vendor LRC?

I have a HAFA submission that has been in the Equator system for about 7 weeks (now in underwriting) and the buyers are getting nervous at this point as they have been in contract for just about 90 days. I have had great success in escalating stale short sales in the past to executive level employees at the bank but have not tried this with a HAFA submission going beyond the "30 Days" guideline…

Continue

Added by Roger D. Cummings on June 26, 2010 at 7:07pm — 2 Comments

Citi Mortgage Short Sale. Listed, Sold and Closed in 35 days!!



Property:

3 bedroom 2.5 bath townhouse in Kissimmee Florida.

Hardship:

Investor owned property. Loss of income. This is the 3rd Investor Short Sale we have completed for this Seller.

1st Mortgagewith Citi Mortgage for $92,000. Agreed to accept $54,442 or 60% of the balance owed.

No Seller contribution or promissory note. Citi Mortgage issues a…

Continue

Added by Bryant Tutas on June 24, 2010 at 5:11pm — 2 Comments

Bofa and 30 day transfer clause - Has anyone gotten them to remove it?

I have an investor who has an approved offer on a bofa short sale but won't close if line item#10 on the approval letter isn't removed ie. "There are to be no transfers of property within 30 days of the closing of this transaction". Has anyone been successful getting this removed and how did you do it? Tx, Pam

Added by Pam Patterson on June 23, 2010 at 7:22pm — 3 Comments

equator leads

Has anyone tried to use the equator to obtain short sale leads? Does it work (did yu get any leads)? Did you get certified? At what level were you certified, Platinum, Gold or Silver?

Thanks, Steve

Added by steve Letterman on June 21, 2010 at 7:43am — No Comments

Home Buyers Tax Credit most likely will get extended to September

Then Senate is poised to approve the ammendment and it will have to get thru the house.

I know all my short sale buyers and sellers are hoping it goes thru! I'm sure yours are too!

If passed buyers will have until Sept 30 to close escrow in order to meet the tax credit qualifications.

Added by Dawn Barrier eXp Realty Vegas on June 18, 2010 at 5:53pm — No Comments

Would You Let The Buyer Negotiate Your Short Sale?

I received what looked like a form letter today about one of my new Destin Florida short sale listings. The property address was inserted in ALL CAPITAL LETTERS. Here is the email:

"I noticed your listing at STREET # STREETNAME. DESTIN, FL, is it still…

Continue

Added by Wendy Rulnick on June 18, 2010 at 4:15pm — 9 Comments

Does a Short Sale always need a Realtor?

Yesterday I was doing an interior BPO for a lender. The owner was there for the photos and so was the buyer. During my converstation while taking interior photos I found out that the home was being sold as a FSBO and a short sale on top. I of course offered my services, but was politely told that a Realtor was not needed and the Bank did not require a Realtor in the transaction. I did not ask which bank but I thought all Short Sale transactions required a Realtor. Does anyone know anything… Continue

Added by Cynthia Robbins on June 17, 2010 at 9:32am — 3 Comments

Short Sales help reduce numbers of strategic defaults..



Short Sales reduce numbers of strategic defaults..

Since beginning my short sale career when this mess in the Coachella Valley, CA took hold years ago, it has been my mantra that the Lenders do NOT want to be truthful with their shareholders regarding true values of their housing assets. Now, I am seeing this very idea in various media outlets. I still believe…

Continue

Added by Kimberley Kelly on June 17, 2010 at 5:43am — No Comments

Investors Take On Things

Great Blog - Good Information.

I purchased three California homes in 2009. All REO's. My advice - What have I learned? Prequal with the bank taking the loss. Hire the listing agent on the property you wish to buy. If you use a buyers agent, only make offers on property listed within that agents brokerage. If not my advice, you are wasting your time. Most successful distressed sales in CA are inside jobs. Sort and sweet.

AS FOR PNC SHORT SALE;

On April 2 this…

Continue

Added by Gary J Hirdler on June 16, 2010 at 11:32am — No Comments

What Percentage of Short Sales Really Close?

Hi folks. This

question has been on my mind for months now. "What percentage of

Short Sales really close?" Most folks throw out numbers of 20% to

25%. But my opinion is that they are not only wrong but they are way

off.



I have been pulling data for several days now from my MLS trying to come up with some empirical proof. But it just ain't happening.

The problem is I

can't tell… Continue

Added by Bryant Tutas on June 15, 2010 at 2:16pm — 1 Comment

Short Sale Cinemeeting|First Mortgage/ Wells Fargo|NW Ohio community of Maumee OH ...

Brian Buffini Cinemeeting sponsored by First Mortgage/ Wells Fargo in NW Ohio community of Maumee OH ...…

Continue

Added by Dee Nofziger on June 13, 2010 at 8:30am — No Comments

Short Sale Volume Improving or NOT? What is happening in your Market? Some Trends

Here are some current comments and trends which one of an industry lead online articles inspired some thoughts and feedback which you as readers repositioning your business strategies may find insightful to current local, regional, and national market conditions that we are tracking for our clients around short sales acquisition both one off and bulk asset acquisition.…

Continue

Added by Craig Barry on June 11, 2010 at 2:19pm — No Comments

Am I Naive? Bank tells buyer to purchase at courthouse next week!

I have been negotiating a short sale on a Florida condo with Konduar Capital and they have been pretty wonderful through the whole process - UNTIL..... we got down to the second lien holder who won't play ball - even though the foreclosure sale is coming up next week. The negotiator who is handling everything at Kondaur has advised that the buyer should go down to the court and just purchase at our agreed price in the contract. We have been informed what has and has not been paid and what…

Continue

Added by Karen Donovan on June 11, 2010 at 10:04am — No Comments

Need Advice for Chase Short Sale

HI,

Has anyone been able to get Chase to waive going after a deficiency judgement if the seller agrees to pay on a promissory note?

Thanks!

KIM

Added by Kim Carlson on June 10, 2010 at 2:51pm — 1 Comment

PLEASE HELP!!!!B

Our offer was accepted by the seller on 1-27-10. The offer was submitted on equator in the end of March. We got a "verbal" counter offer on May 3rd, which we accepted. We have been waiting for a written approval since then. We are trying to meet the June 30th deadline to receive the tax credit. Our realtor continually emails the listing agent who emails the negotiator. Bank of America has requested updated financial documents from the seller two weeks ago. We haven't heard anything yet. We have… Continue

Added by Jill on June 7, 2010 at 11:48am — 3 Comments

New law regarding Chase Authorizations

After negotiating with Chase for 5 months on a short sale, they tell me I am no longer authorized. I must resubmit on the Chase Authorization Form or my company letterhead, not the CAR Authorization to communicate. So frustrating!

Added by Barbara Mills-DuBois on June 2, 2010 at 3:53pm — 1 Comment

Monthly Archives

2017

2016

2015

2014

2013

2012

2011

2010

2009

Members

© 2017   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************