June 2011 Blog Posts (31)

Buyers Lender Demanding Short Sale FULL approval letter now

So it seems to be a growing trend now that a buyers lender is demanding to see the lenders full blown short sale approval letter, not just the cover page with all the terms. In the past i have always taken the approval letter and removed the SS# and Loan# for obvious reasons. I got a call yesterday from a buyers lender demanding to see all the pages of the approval letter, that clearly have no information that they would need.…

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Added by Travis Davies on June 30, 2011 at 12:46pm — No Comments

Help! HAFA just said they have decliend my file due to MI?

after I have work to get approved from HAFA for 8month and got an full price offer now they said that MI company does not participate the HAFA program they dicliend my file. what do I do now?

Added by Oak Enomoto on June 30, 2011 at 12:09pm — 1 Comment

Home Prices Plummet to 2003 Levels

Using data that tracks home prices through April of 2011, Case-Shiller, reported a slight bump in home values. However, hold off on popping the cork on the champagne. It’s far too early to tell if this reflects a sea change in the housing market or is simply a reflection of the spring/summer buying season.

According to Robert Shiller, an economics professor at Yale University and co-creator of Case-Shiller home price index, he has a “tinge of optimism” but doesn’t believe the crisis is… Continue

Added by NextGEN Real Estate Corp. on June 30, 2011 at 11:27am — No Comments

Why would a buyer want to use an agent?

There are many obvious reasons as to why an agent or broker would be necessary when you are selling your property.  From market knowledge to pricing to marketing, an agent is a good friend to have when selling your home.

But what about the buyers side?

Does a buyer really need an agent to represent them?  Well, being a broker I would have to say yes. But I will…

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Added by Tim Brown on June 28, 2011 at 11:09am — No Comments

Lesson learned regarding HAFA and B of A

Although we have done and successfully closed MANY short sales we will admit its ALWAYS a learning experience as the processes continue to change and new programs role out.....

Recently my partner and I were working a short sale with B of A thru equator.  Long story short we had it approved and the first buyer walked away.  We quickly got it back under contract.  The 2nd time around, after inputing all documentation in equator (initiating the short sale and uploading all documents…

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Added by Brett Hultberg on June 26, 2011 at 5:43pm — 5 Comments

What Does Waiting On MI Approval Mean?

Hi Broker Bryant. What does MI stand for? And why am I waiting on MI approval?

MI stands for Mortgage Insurance. The Mortgage Insurance Company is a major decision maker with a Short Sale. They are the ones insuring the loss. There are usually 3 entities involved in the…

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Added by Bryant Tutas on June 25, 2011 at 7:02am — No Comments

Chase/Fannie Mae

Has anyone been successful in getting Chase/Freddie Mac to order an appraisal or BPO before a purchase offer is received?  Thanks!

Added by Glenn Batten on June 24, 2011 at 9:56am — No Comments

Behind the Scenes…

Many people that are not close to the real estate industry ask us what the difference between agents, REALTORS and brokers are. It can be confusing because a lot of times individuals in the real estate professional can sometimes be lumped into a group together.

A lot of people use the blanket term “agent” to describe someone who is licensed in their state to buy,…

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Added by Tim Brown on June 21, 2011 at 5:21pm — No Comments

Ocwen Contact

Hi

An offer was submitted to Ocwen a month ago and we cannot get a live person on the phone just automation!  Does anyone have a good number that actually will not send you into the loop abyss?


Thanks

Added by Pam Bohling on June 21, 2011 at 3:40pm — 4 Comments

Los Angeles Short Sale: Are The Banks Lying to Uncle Sam?

Los Angeles CA – I recently received an e-mail from another real estate agent. They were asking for our advice on a short sale.

They accused a large, national lender (one of the 4 largest in America) of lying to Fannie Mae. Fannie Mae is almost a subsidiary of the Federal Government

 …

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Added by Jennifer Escobar on June 20, 2011 at 12:37pm — 2 Comments

Little Known Problems with Loan Mods

 

A local lender sent out the email below.  Alhough hardly anyone gets a loan mod, Sellers who are considering modifications -vs- short sale really need to know the info below:

 

In these difficult economic times home owners are often forced to make difficult decisions about how to handle mortgage payment they can no longer afford. One…

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Added by Karyl Moore on June 18, 2011 at 10:29am — 4 Comments

Increase Home Value on the Cheap

This topsy turvy economy has everyone looking for ways to be a little more conscious of what they are spending and on what. So when it comes to selling your home and wanting to increase the value or overall appeal of the home, then many sellers are looking to do this fast and cheaply.

Luckily there are a few key areas of a home that buyers usually get an initial opinion…

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Added by Tim Brown on June 17, 2011 at 4:17pm — No Comments

Urban Legend: HAFA automatically causes delays in short sales

 

The internet is great for getting information quickly.  I love the fact that I can go to one of the search engines and type up a questions and get a list of responses which I can quickly look over.  However, there is so much unfiltered information out there; sometimes you become more confused…

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Added by Steve Mun Group on June 16, 2011 at 6:30pm — 2 Comments

"Banned" From Working with this lender- Suggestions please

I have never run into anything like this before!  If anyone else has, please let me know.

 

An agent of mine listed a Short Sale with two lenders.  We received the short sale approval from the second lender and had dilligently worked with the first lender, ING Direct.  We supplied a complete package on day 1, everything was included.  By day 60 and after numerous emails, the only results we had were "offer X amount (which was almost 15% above market" and there is no option we…

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Added by James L. Bilotta on June 16, 2011 at 12:51pm — 9 Comments

Springleaf Financial Services Short Sale

Has anyone had an experience with Springleaf Financial Services that used to be American General? Have second mortgage trying to negotiate. They gave me a settlement letter acceptingthe $3000 that BOA was willing to give but they demanded that it close by a certain date, I have no control of BOA and the amount of time they take to give approval. Now that they say too bad! It should have closed by the date they wanted and that they are putting it with a litigation attorney which is…

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Added by Tracy Hatchell on June 15, 2011 at 11:44am — No Comments

help

 I am hopefully in the final stages of a short sale on my home. Flagstar says they have request a variance from FHA, I can not get a straight answer from them as to how long it will take to hear back from FHA. Futher more, no one at Flagstar seems to know what I mean when I asked what percent I'm at. They also do not use negociators, so I talked to someone different every time I call there. Any advice??

Added by Theresa Apley on June 15, 2011 at 9:17am — 1 Comment

Should You Sell On Your Own or Use an Agent?

If you are considering selling your home and are thinking about taking the plunge and selling it yourself, then you may want to spend a few minutes time and read through this post.

Most individuals that are jumping into the market as FSBO’s or For Sale By Owner individuals usually have little to no experience in the real estate field. Their main goal is to sell their home…

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Added by Tim Brown on June 14, 2011 at 2:09pm — No Comments

Obama Administration Cuts Financial Incentives to 3 Major Banks

Bank of America, J.P. Morgan Chase and Wells Fargo have failed to live up to performance guidelines under HAMP and will be barred from receiving federal financial incentives until they improve.

Closing the coffers to the nation’s largest mortgage servicers is the government’s remedy for big bank’s failure to help struggling homeowners modify their loans. HAMP (Home Affordable Modification Plan) has long been criticized as inept and ineffective but the real problem may be that the program… Continue

Added by NextGEN Real Estate Corp. on June 14, 2011 at 12:31pm — 1 Comment

HELOC Short Sale in NC

I would like to post the following question but I am new to this site so I am not sure which blog is the correct one to use. Please help! Thanks!

I am currently very near closing on a 3-loan short sale on my home in North Carolina. I have a buyer at 500k. The 1st (HSBC) is at 495k. The 2nd (RBC) is at 130k HELOC and the 1st is willing to release 13k to the 2nd.  The 3rd is at 60k HELOC and the 1st is willing to release 1k to the 3rd. I have all 3 approval letters but the 2nd approval…

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Added by Nathan Baker on June 11, 2011 at 9:58am — 2 Comments

Why Would You Move To Huntersville, NC?

North Carolina is quickly becoming one the nations leading places to live and Huntersville, NC is up at the top!  Huntersville is located about 10 miles from Charlotte, so driving into the city is a simple, short drive.  Getting to the Speedway is also a snap for all the NASCAR fans out there and is conveniently located where taking a weekend getaway to the…

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Added by Tim Brown on June 10, 2011 at 1:28pm — No Comments

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