July 2010 Blog Posts (40)

Will Palo Alto Have a Rash of Closed Short Sales?

Last year I predicted that Palo Alto will see more short sales in the future. Well, the future is now so what is happening? There are currently 2 short sales on the market, 5 in escrow, and 6 closed in the last year. This isn't a huge number, but certainly more than we saw in the early part of the century. There's a lot of chatter in the media about how the government is giving banks and homeowners incentives for short sales, and how banks save money by allowing short sales, but does that… Continue

Added by Marcy Moyer on July 30, 2010 at 6:30pm — No Comments

Successful Short Sale Closed! Milford, Ohio



"Don and Wendi Sheets did a great job at selling our house. We had it on the market for a year and half when we hired them, they came in and gave us realistic advise and ideas. We nearly lost the house to foreclosure but they helped us through a short sale situation and saved us $30,000 in process. They are a no nonsense team with a ton on knowledge in short sales. We are very…

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Added by Wendi Sheets CDPE, FIS, SFR, CRS on July 30, 2010 at 2:44pm — No Comments

Short Sale Approved!

Hi,



We are buyers and would like share our story and thank short sale superstars for all the great information! Without this website, we would not be close to sealing this deal with the banks!



We started our short-sale process on January 29, 2010 and finally closed escrow yesterday. Here is our timeline.



2/5- Sellers signed contract

3/6- BPO ordered

4/21-BOA approves- gave us til 6/1 to close

5/6- CitiMortgage approves-gave us til 6/7 to… Continue

Added by Nikki on July 30, 2010 at 12:03pm — No Comments

Kissimmee Florida Short Sale with Sun Trust Bank. Approved and Closed!

Well this one was not easy. Sun Trust took 11 months to approve this Short Sale! Nine of those were

waiting on the file to be assigned to a negotiator. During this time we

lost 2 buyers and finally found one to stick.....I thought. About 3

weeks ago I received the approval to close. Even though I had

communicated with the Buyer's agent every week for the last 9 months I

found…

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Added by Bryant Tutas on July 29, 2010 at 2:37pm — No Comments

Another Short Sale Success Story!

Beautiful 3 bdrm/ 2 bth family home with rocking chair from porch originally sold on July 19, 2010 for $109,829.00. Our short sale approval timeline is as follows:



June 9, 2010 - Submitted short sale paperwork to lender along with offer and preliminary HUD-1



July 15, 2010 - BPO assigned to area agent.



July 22, 2010 - BPO received by lender.



July 23, 2010 - File assigned to…

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Added by Vanessa Calhoun on July 29, 2010 at 12:30pm — No Comments

Contemplating Purchasing A Short Sale?? Here's what's in it for you!

For years, the term “short sale” has been the antithesis of the real estate market….from holding your breath for seemingly an eternity waiting for a loss negotiator to let you know whether or not you’ve reached their “golden figure” to wondering whether or not the listing agent is acting as an automatic offer vessel funneling as many offers to the lender as humanly possible. Let’s face it, for…

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Added by Vanessa Calhoun on July 28, 2010 at 7:27pm — No Comments

how long it will take after second BPO? need expert help

here is my horrer story...

2 banks were involved, placed an offer on october 2009 on this short sale property. this property was orginially in the market as a short sale from june 2009,

at one point 1st bank ordered a BPO ( internal), and 3 weeks letter they ask us if we close in 4 days ( that was end of april 2010). we were not ready, however at the same time first bank reealize that there is 2nd bank involved.. i am not sure why sellers agent did not work with…

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Added by y on July 28, 2010 at 11:10am — No Comments

Has anyone worked or closed a deal with Primary Financial Services, LLC....looking for a contact

Has anyone worked or closed a short sale with Primary Financial Services, LLC based in Phoenix AZ? They are the collection company Wells Fargo Home Equity sells off to. I'm working a file where Wells is the 1st and PFS is the 2nd. Wells has agreed to pay 10% or $8K to PFS, but PFS wants 20% or $16K. I'm looking for a good contact to escalate to or for any ideas you may have. This is a CA purchase money deal so there is no recourse against the seller. PFS stands to lose a lot of money if this…

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Added by Ryan Smith on July 27, 2010 at 4:38am — 1 Comment

3rd party negotiator fees with BofA

Its my understanding BofA does not pay for 3rd party negotiator fees. Does anyone have any experience on how to include this on the HUD to get it approved?

Added by Susan Williams on July 26, 2010 at 11:28am — 1 Comment

Realtors Life Support comes in the shape of a Superstar

Finding the Short Sale Superstars have been like taking a deep breath of air. I have read till I'm seeing double and still want more. The knowledge that is shared on this site is priceless. I get the reassurance that I really do know what I'm doing. I just needed to bounce it off of someone that has had the same experience. As you all well know, there's not ever one deal the same, but close. So when you question yourself, just ask one of the Superstars and you'll get the accalades that you…

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Added by Wanda Borman on July 24, 2010 at 11:00pm — 3 Comments

Short Sale Management Software

Hi ..We are looking for a really good SS management software program?

Ideally we would like it to have the capability to track the sale and a calendar timeline with reminders, have a running communication log, forms to access. file information and documents storage, analysis spreadsheet, contact database and maybe fax capability ...etc. Dreaming about that program that has all the buzzers and bells...maybe could cook dinner too!! ;-)

Added by Pamela Walsh on July 23, 2010 at 8:00pm — 1 Comment

This looks like a great group

This looks like a great group for networking about Short Sales.

How can I tell how many members are here total as part of Short Sale Superstars?

Chad.

Added by Chad Stewart on July 23, 2010 at 7:34pm — 1 Comment

Nashville Area Short Sale closed with Ocwen Mortgage

Nashville/ Mt. Juliet Area Short Sale home, closed with Ocwen Mortgage-

We recently brought this Short Sale home in the Mount Juliet, TN are to closing. The mortgage was held by Ocwen who was servicing the loan for Freddie Mac.

We helped the homeowner write his hardship letters and start the short sale process, then provided the ongoing paperwork, price information (BPO) and established a relationship with the negotiator at Ocwen.



The homeowner owed over $264,000.… Continue

Added by Jim Wood on July 22, 2010 at 9:23am — No Comments

SHORT SALE Negotiations MUST be done by a LICENSED AGENT per the REAL ESTATE DIVISION in Nevada

The person who negotiates with a lender on behalf of a homeowner needs a license, either under NRS 645 or NRS 645F. In the case of a real estate licensee who maintains a license under NRS 645, that licensee must be part of a real estate transaction with the homeowner. Any other person - even an unlicensed assistant in the brokerage office - who negotiates with the lender would fall under NRS 645F, and needs a license from the Mortgage Lending…

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Added by Dawn Barrier Prominent Realty Gr on July 22, 2010 at 7:51am — No Comments

Equator System Failuremonet of

I have been using Equator for several months now. I am finding so many errors with their site and the ability to have it function properly. They really need some professional help with the site for the company to get to next level. The site is always down and many many times does not accept the submit operation. Many times I watch for 20 minutes or more and make several attempts to get the information requested to Equator. The on line chat people are so over whelmed with trying to help 2-3-4… Continue

Added by Frank P. Edwards on July 21, 2010 at 4:08am — 1 Comment

B of A short sale

what is the deal with hafa short sale versus regular. I am submitting mine through equator and when does it give me the option of going hafa or regular?

Please advise. Thank you

Added by Maxwell Parsons on July 20, 2010 at 4:35pm — No Comments

Hardship Qualification

Sellers divorced beginning of the year. Former husband lives in home and verbally agreed to keep B of A mortgage payments up to date. He's 4 months behind and can prove financial hardship but former wife could not prove hardship. Question: is a divorce enough and how will wife's income affect an approval? Any suggestion appreciated. G............

Added by Geayne Verhees on July 19, 2010 at 3:44pm — 1 Comment

How To Negotiate a 2nd Lien HELOC Short Sale once outsourced or collection agencies?

I have a 2nd HELOC, not a purchase money which is now with Focus Management Group, originally with Wells Fargo. Having a tough time getting a buyer that will come out with substanstial amount. My seller will not come out with no monies (unemployed) nor settle with a promissory note. BofA as the 1st position will only give $3,000.00. Am I on a deadlock here?…

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Added by Amy on July 19, 2010 at 2:37pm — 1 Comment

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