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Short Sale in Indian Wells, Calif......APPROVED!  Just received my approval letter yesterday on this one.  From List to 8/15 COE will be approx. 120 days.  It is intriguing to me how some Short Sales sail along and others..seemingly very similar to my eyes, get stuck.  This one is a vacation home for my Seller.  He has two loans with Bank of America.

Primary Loan:  $417,000 due

Second:  $206,000.

APPROVED Sales Price:  $465,000. 

 

I wrote…

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Does anyone have a solution or contact name/phone for someone in IT Tech Support than can provide a solution without being told to restart the whole process all over again???? Why is this happening all of a sudden? I have a total of six files which overnight relfect 'UNAVAILABLE".  CS, negotiator, supervisors and IT Tech have no real answers or solutions....

Certified Distress Property Expert Rochester Hills Michigan, "FTC validates that Realtors play a vital role in Short Sale Success" Mike Sher, Max Broock, 248 644-4700x242

On July 15^th the FTC (Federal Trade Commission) statement admitted that their December 1^st 2010 MARS (Mortgage…

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It really doesn't matter how experienced you are as a Short Sale List Agent. It doesn't matter how many CLOSED references you have..again as a Short Sale List Agent.  When it comes to approval, it is a complete crap shoot with the Negotiator holding all the dice.

I can tell from the first e-mail exchange, and often phone conversation if they won't e-mail, whether or not I am dealing with a sane Negotiator. 

The WORST negotiator I have ever had in the past 5 years was a Chase…

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No Deficiency Judgments after Short Sale due to Senate Bill 458?

 

There is good news for home owners who are considering short sales in California. Governor Brown signed Senate Bill 458 into law today. This new law prohibits servicers, lenders and investors from pursuing deficiency judgments against home owners of 1 to 4 unit residential property.

 

Deficiency judgments on similar properties were prevented by CCP 580e last year,… Continue

It's an answer to all of our prayers I'm sure. Begging them to consider your backup and not start over only to find out it gets reassigned to a new negotiator and the last has deleted your file. *small sigh of relief*

I'm sure you all received this email, but just in case this is what I got;

 

As an example of our commitment to improving the…

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Los Angeles, CA – Just in, Governor Brown, signed into law today, SB458. This law will be written in the California Civil Code Procedures under CA CCP Section 580(e).

 

Get my Free, Step By Step Loan Modification Guide by clicking here.

 

What this law states is that if a homeowner does a short sale, where…

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Bank of America Short Sales Made Easier?

Bank of America just announced a change in its short sale program that may make Bank of America short sales just a little easier.

Until today, if Bank of America short sales were entered in Equator and then a buyer walked, the whole short sale process would have to start all over again. Even if the new buyer made exactly the same offer, the process had to start all over…

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My client is doing a short sale on an investment property. Sales price is $175,000. The first mortgage, Citi, Is taking a short sale and allocating $4,500 towards the second mortgage which is 5th 3rd.

5th 3rd wants the entire remaining balance of $40,000 to be repaid by the seller. 5th 3rd wants the seller’s current 2^nd mortgage on the investment property to be transferred as a third mortgage on the seller’s personal residence. The seller may have maximum…

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Well this is kind of a big deal and very good news. Read the article from the FTC website here.

http://www.ftc.gov/opa/2011/07/mars.shtm

 

Good thing I didn't spend any money on bulk mailers!!

Personally I think I will keep right on using the disclosures. What about you?

Beverly Hills Short Sale Realtor, Mike Sher Reports: over 6.32 million homeowners missed their mortgage payments in April 2011. Max Broock Realtors

According to Lender Processing Services (LPS), over 6.32 million homeowners missed their mortgage…

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Birmingham MI Home Sellers listing Tip#1, "Check The Financing"  Mike Sher, (248) 496-1572, Max Broock

With such a difficult Real Estate environment, seller's and Real Estate agents get so excited when they get an offer they forget the fundamental of financing.   The Agent also needs to but does NOT call the lender to verify the buyer's employment, reserves and credit.  Plus, the agent needs to verify the credibility of the lender itself and if there are concerns, the seller should…

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I'm looking for rundown/shutdown gas station/convenient store in Atlanta, GA area. Drop a line if you have one to sell....

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Great news!!! Finally Bank of America has changed their Equator rules to allow Realtors to switch buyer's if the first buyer walks away. This will improve the short sale process for Bank of…

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Everything submitted, BPO ordered but not back yet.  Sale date July 20.  BofA is refusing to postpone the date because my seller is 12 months behind.  Any ideas on how to resolve this?  (Seller willing to contribute.)

 

I just recieved a response from the BOA (1st) negotiator that Wells Fargo is the investor and will not allow more than 5% commission. Anyone have experience in this? The clock is ticking...

Short Sale pricing is a key..  to a successful closing.  Setting a correct price is a skill that comes with experience.  There is more involved than simply running comps.  With a Short Sale, the Lender(s) involved and the months delinquent on the Seller's part have to be figured in.  The condition of the house, HOA delinquency, repairs required, examination of comps for Short Sale % pricing.  Do I need to establish a Property History?  Is…

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Article I posted on my site. This will help homeowners understand the urgency of selling their homes asap. 

I am skeptical by nature and I do not believe in anything unless there exists substantial supporting evidence. At the end of the year 2010, I read and watched Peter Schiff discuss the housing market. Peter is the president of Euro Pacific Capital and the author of “How an economy grows and why it crashes.” Despite his outstanding critics, he predicted the housing…

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