August 2011 Blog Posts (41)

How would you market your home?

If you have been thinking of selling your home, then one of the aspects of selling a home is marketing.  You obviously cannot expect to simply throw a For Sale sign in the yard and expect results.  I doesn’t work that way.  Gone are the days of drive arounds.  Sure back in the day a for sale sign in the yard and perhaps a printed flier that you would…

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Added by Tim Brown on August 31, 2011 at 4:44pm — No Comments

I Want to Short Sale My Sunnyvale Home, Now What?

If you find yourself in the position of having to sell your home and it is not worth as much as you owe, you may be wondering what you should do. I am assuming here that you have either been turned down for a loan modification or have to move because of divorce, job transfer, or other circumstance.

So you have to sell. Here is what you should…

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Added by Marcy Moyer on August 31, 2011 at 3:13pm — No Comments

That is good news>   Bryan Rockwell

That is good news>

 

Bryan Rockwell

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Added by Bryan Rockwell on August 31, 2011 at 11:40am — No Comments

Workmen's Compensation lien

I have a short sale that is ready to close if we can just get a large workmen's compensation lien removed from the house. Has anyone dealt with this? The seller has been through a bankruptcy that is finally completed and now we want to close this sale.

Any advice is appreciated!

Added by Dawn Maloney on August 31, 2011 at 8:18am — 2 Comments

Fannie Mae Short Sale Desk Available in CA

Good news...the Short Sale Assistance Desk is available in CA and is offered through the following MLSs:  MLSListings, Inc., Southland Regional MLS (CRISNet), Pasadena Foothills, and coming soon to SoCAL, Burbank, Ventura, Conejo Simi, and others to be announced soon.  Stay tuned.

Added by Gail Mitkoff on August 29, 2011 at 7:53pm — 4 Comments

Who determines the value of a Short Sale?

Valuation of the short sale is one of the most important parts of the transaction.  Of course when I am the lisitng agent, I complete my own BPO, submitt my findings to the bank to justify my MLS price and then request a formal BPO. 

I am also an REO broker and it amazes me how the banks fight over values preforecosure and spend thousands post foreclosure!

I am happy to receive the REO listings that I get, however in monay cases a Short Sale is more economical and better for…

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Added by Latika on August 28, 2011 at 7:51pm — No Comments

In Need of A Good US Bank Short Sale Negotiator Contact

Hello All. I have read that some agents had good negotiators on their US Bank transactions. I believe that the SS packages are either sent to Kentucky or Ohio to be serviced. My current negotiator is out of Ohio. I need a referral for a good one that is out of Ohio. The one I have currently wanted me to counter the buyer at $100,000 over FMV, he  won't give me any updates on the file, and won't order a BPO/Appraisal. His name is Steve B. (No NOD filed yet, NO Hafa, No…

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Added by Mellyora Hargo on August 28, 2011 at 11:30am — No Comments

East Palo Alto Short Sales: Watch Out For Rental Restricitions

 

East Palo Alto short sale

 

There is another conflict brewing between investors and first time home-buyers, and this time the home buyers may win. In the more affordable areas of the Silicon Valley distressed properties, ie short sales and reos have been popular with investors and first time buyers. Many would be owner occupiers lose out on great opportunities to investors who have all cash.  Since condos are the least…

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Added by Marcy Moyer on August 27, 2011 at 2:25pm — No Comments

iProperty – Apple to build custom homes! – JUST KIDDING

Wouldn’t that be interesting if they were to do just that?  The fact that Apple is one of the biggest companies in the world today with market dominance in almost everything they do and everything they put out.  They have single handedly dominated the digital music industry, smart phone industry and tablet industry.  With that kind of success rate and…

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Added by Tim Brown on August 26, 2011 at 12:28pm — No Comments

Short Sale Homes-Thinking About

In today’s unstable economic situation, many families are finding themselves in trouble.  The home that was once a family’s cradle of love has now become a financial problem.  Homeowners avoid the hassles of foreclosures and start to search for details on short sale homes.

 

What is the difference between a short sale home and a foreclosed home? Based on Wikipedia, a Short Sale occurs when the lender allows a property to be sold for less than the amount owed on a mortgage and…

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Added by Ann Johnson on August 26, 2011 at 1:18am — No Comments

Is Foreclosure Still a Dirty Word?

If you or someone you know is facing foreclosure there are some things that you should be aware of.  Firstly foreclosure should not be considered an easy way out because by no means it is not.  These days a lot of people honestly cannot afford the homes they are in for one reason or another.  What strikes me as odd is that years ago the word Foreclosure was…

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Added by Tim Brown on August 23, 2011 at 4:18pm — No Comments

Past Due Silicon Valley HELOCs Can Be Sent To Collection Agencies

If you are an owner of a home with a second loan that is a Home Equity Line and you are having trouble paying your mortgage you should do something about it right away. I know you have probably heard that banks are taking up to 2 years to foreclose so you have plenty of time, but there is a dirty little secret in the mortgage world.  HELOCs are not entirely like traditional mortgages, they are more like credit cards. If you do not pay your first mortgage your lender needs to find a way to…

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Added by Marcy Moyer on August 23, 2011 at 9:02am — No Comments

What documents and paperwork do I need to do a short sale?

When doing a short sale, you will need to obtain many documents to be submitted to the lender.  The paperwork that you will need includes:

  • Most recent mortgage statements
  • Two months of checking account statements
  • Two months of savings account statements
  • Two months of other bank accounts statements
  • Last two pay statements
  • Last two years tax return statements
  • Hardship letter
  • Financial statement

Your …

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Added by Dan Rochon on August 22, 2011 at 7:18pm — No Comments

FHA insured Wells Fargo short sale; Wells not following HUD rules!

 
The seller had an offer which was submitted to Wells Fargo in April. The property appraised at $70,000 in May. Wells Fargo sent the seller an Approval to Participate form dated May 26 which stated that he must list the property for $70,000 (HUD guidelines state he should list at 88% of that). The offer he had in hand was for $54,000, and Wells already had that offer, too, but the next step was waiting for 1 1/2 months until finally receiving Wells Fargo's response to the offer…
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Added by Susan Meehan on August 22, 2011 at 1:18pm — 4 Comments

Ginnie Mae USDA Short Sale Approved - Fort Walton Beach Florida

 

 

Bank America has approved this Fort Walton Beach Florida home for a …

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Added by Wendy Rulnick on August 19, 2011 at 3:30pm — No Comments

Finally had a good negotiator from Bank of America

This guy is one outstanding negotiator. I submitted the short sale file in May and got an approval from Bank of America Heloc in July, and an approval from Bank of America also as first lienholder this August. Mr. Rodney Phillips, the first lien holder negotiator,  is very professional and prompt in his responses. I wish they were all like him.

Added by Elvira Quiray on August 19, 2011 at 2:54pm — No Comments

Is Luxury just another word for expensive?

If you are an active buyer or even a new buyer just getting started with the home shopping experience then you have sure run into the term Luxury Homes.  But what really is a Luxury Home?  What does it consist of?  Is the flooring better? Is the paint job better?  What about the lawn and landscaping?

Well, sometimes yes and sometimes…

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Added by Tim Brown on August 19, 2011 at 2:07pm — No Comments

Lawyers Accused of Scam....

From The Florida Association of Realtor(R)s newsletter today:

AP: Lawyers accused of scam in bank suits COSTA MESA, Calif. – Aug. 19, 2011 – California prosecutors sued several lawyers and call center operators for allegedly duping desperate homeowners across the country into paying thousands of dollars to join dubious lawsuits against big banks.



The complaint unsealed Thursday in Los Angeles County Superior Court…

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Added by Bryant Tutas on August 19, 2011 at 12:35pm — 1 Comment

Lender Won't Sell to an LLC

I represent the Buyer. The lender PNC/Chase just responded to our offer with the fact that they will not sell to my buyer's LLC. They will only sell to an individual.

My buyer is a Canadian and the U.S. LLC has his wife and 2 children as Members. The purpose of the LLC in addition to the liability protection is to avoid tax consequences.

If they buy as an individual, and 3 months down the road Quit Claim to the LLC, the IRS may view it as a sale and the title company could be…

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Added by Bill Travis on August 18, 2011 at 3:15pm — No Comments

Why Are They Foreclosing When You Have a Short Sale Contract?

 

One of my short sale sellers called me confused the other day.  We had his Santa Rosa Beach Florida home under contract as a short sale.  The mortgage holder, Bank of America, had approved the sale…

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Added by Wendy Rulnick on August 18, 2011 at 12:00pm — 2 Comments

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