October 2011 Blog Posts (46)

BOA SS. APPROVED, buyer's cancelled, got new offer,what to do?

10/20/11 received BPA Approval letter w/ COE 12/1/11. BOA removed 10/31/11 trustee sale date.10/21/11 buyer's had cancelled. 10/29/11 new contract, cash buyer, at above LP. how will BOA/Equator handle this situation? How can i MAINTAIN timelines by remove old offer and submit new, better offer? Should i call Closing negotiator today?Thx - Bob

Added by Bob Helmig on October 31, 2011 at 8:54am — 1 Comment

Another Short Sale CLOSED; Indio, California

ANOTHER SHORT SALE CLOSED; Indio, California   This one took some fancy footwork, but got it listed and closed in less than 90 days..whew!

Sellers came to me two weeks before Sale Date end of August.  There was a tenant in the house, and they would…

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Added by Kimberley Kelly on October 30, 2011 at 6:39am — 2 Comments

Deficiency Judgements

I am a broker in California and Florida.  It upsets me that nothing has been done by the President or any other entities to put a  ban on Deficiency Judgements that banks can get from their clients.  In Florida and many other states that use Foreclosure Procedures a bank is able to file a Deficiency Judgement against the seller for monies owed but not received.  Not all banks are using them but its important to put in the Short Sale Contract verbage that the bank can not seek a Deficiency…

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Added by Trudi Geniale on October 28, 2011 at 5:30pm — 1 Comment

HARP 2.0: What it is; What it isn’t

The Obama Administration announced a series of changes to the Home Affordable Refinance Program (HARP) early this week!

The new HARP is by no means a game changer, here’s essentially what we’ve had to say about the revamped government mortgage refinancing program:

HARP 2.0, as the media has started to refer to it, has some merit, but it’s scope is…

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Added by Tim Brown on October 27, 2011 at 2:41pm — No Comments

HAFA Short Sale First Bank Second

I have a short sale in which Chase has a $585,000 1st TD and First Bank has a $60,000 2nd TD.  Chase has approved it on the HAFA program.  Chase will only pay $3,600 or 6%, whichever is less to the 2nd TD.  They said that the rule changed with HAFA of 10% or $6,000 to 2nd TD's.  First Bank will not take less than 70%.  Is it true that if First Bank has participated in the HAFA program with other loans then they have to participate in all their loans if they are HAFA eligible? Any ideas?

Added by Bill Urbany on October 27, 2011 at 12:40pm — 1 Comment

Short Sale - SunTrust Mortgage

My husband & I put in an offer on a short sale home.  Seller accepted our offer.  Seller's lender is SunTrust Mortgage.  I understand that it's all in the bank's hands now and it could take quite some time.  Does anyone know if there is anything we can do to speed up the process?

Added by Dina Booth on October 27, 2011 at 10:59am — 4 Comments

Palm Springs Valley Home Sales just keep on keepin on!

Today's Desert Sun newspaper reports again that our resort valley is continuing to see home Sales numbers increase over last year.  We have amazing winter weather, tons of things to do, and the most gorgeous views.  Plus..only 2 hours from Big Bear to ski, about the same to the beaches, and about another 1/2 hours to Los Angeles!  What could be better???Palm Springs Valley home sales rise again!

Added by Kimberley Kelly on October 27, 2011 at 6:29am — No Comments

BofA Twitter Help Team Rocks!!

Hello All,

I've been having a BOA Short Sale since early August and have submitted everything through AMS.  Appraisal has been done, list price has been determined, but PMI company has not approved it yet.  I've left about 10 messages for my negotiator M. Phillips with no response whatsoever. My equator emails keep bouncing back, so my hands were pretty much tied.

That's when  I took my issue to Twitter, specifically to the BofA Twitter Help Team.  I tweeted my issue and the…

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Added by MeLisa Minter on October 26, 2011 at 9:18am — 4 Comments

No It's Not Okay for One Agent to Represent More Than One Buyer in a Menlo Park Short Sale

This is so inherently unethical I can not believe I am actually writing a blog about this, but a buyer asked me this question today and apparently it is happening. 

I have a short sale listing in Menlo Park and offers are due by the end of the day on Tues.  At thus point I have 2. It is in Belle Haven,  a popular area for investors and is close to the the new Facebook Headquarters so the appreciation prospects are…

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Added by Marcy Moyer on October 26, 2011 at 8:30am — No Comments

Working with Acqura from Texas

Any agent who has experienced working with this lender on a short sale which began as a preforeclosure and now I am told it has reached the foreclosure department, please feel free to give me some guidance.  thanks

Added by MARY E. HOOD on October 25, 2011 at 8:12pm — 1 Comment

Revestor

I wanted to make everyone aware of a new real estate search engine called Revestor.

Revestor's patent pending algorithm generates and searches homes for sale by the highest potential returns.

1.) Homebuyers can gain confidence in their purchase by knowing that the home will rent for the payment.

2.) Investors can instantly find properties with the highest cash flow and cap rate in their neighborhood.

3.) Revestor's integrated services program connects Real Estate…

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Added by Bill Lyons San Diego on October 25, 2011 at 10:17am — No Comments

Short Sale with Morgan Stanley-Value Problem

I have a short sale in California with Morgan Stanley holding the frist loan, there are no other loans.  I am one of 3 other condos in the complex for sale at this time. After 2 months of marketing we finally got an offer and settled at a price. An interior BPO was done and the agent doing the BPO hinted that the value came in at the sales price.  Morgan Stanely refused to accept the negotiated sale price which was about $35,000 below the list price.  Consequently the buyer walked from the…

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Added by Bill Urbany on October 25, 2011 at 10:04am — No Comments

HAMP changes are coming..but will they help????

HAMP CHANGES ARE COMING...but will they help???  It's hard to say, but probably not much!  If you have a Fannie or Freddie backed loan, are current on your payments for the past 6 months, you might apply again.  The % your property may be underwater is being relaxed, the time line extended to 2013..so if you're one of these borrowers, why not give it a…

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Added by Kimberley Kelly on October 25, 2011 at 6:16am — No Comments

Bank of America Short Sale in Los Angeles

Bank of America Short Sale in Los Angeles

Are you thinking of a Bank of America Short Sale in Los Angeles? Many homeowners in the Los Angeles area have their 1st mortgage, 2nd mortgage or both 1st & 2nd mortgages with Bank of America. You might not be able to pay your monthly mortgage payments anymore or are in danger of falling behind on your loan. If so, a Bank of America Short Sale may be an option. Many of…

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Added by Sara Mehrpouyan Los Angeles CDPE on October 24, 2011 at 9:41pm — No Comments

second deed of trust

What is the standard percentage to offer a second deed of trust? Working with B of A on the first, PNC on the second

Lisa Swaim

Remax Alliance'

 

Added by Lisa Swaim on October 24, 2011 at 4:48pm — 1 Comment

October Newsletter

Housing trends, housing market updates, local real estate market, buying or selling real estate, housing data, neighborhood information, real estate statistics, real estate information is available each month.…
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Added by Sean Seckar on October 24, 2011 at 2:30pm — No Comments

LOVE IT or LEAVE IT…GUARANTEED!



In today’s real estate ups and downs and the pressures of either being a first time homebuyer or even a buyer that has had several transactions, there is a bit of hesitance in the final decisions being made. With…

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Added by Tim Brown on October 20, 2011 at 3:26pm — 1 Comment

PHH Escalation Help

I have a short sale with PHH.  The offer and packet were submitted in April, a bpo was done right away, but we've had no other progress since.  PHH keeps advising us that the account is in the loan modification depatment, but the seller has called 3 times and told them he no longer wants the modification and has requested the short sale move forward.  We have escalated almost every week for the last three months, but still nothing.  I need a escalation phone number that works.  Or better yet…

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Added by Rowena Hardin on October 20, 2011 at 2:05pm — 2 Comments

Another HAFA short sale approved; Indian Creek Villas, South Palm Desert

Another HAFA Short Sale approved!  Indian Creek Villas, South Palm Desert.  This was a Bank of America, only one loan.  Hardship was death in the family and the emotional toll it took on the homeowner.  Listed and approved in approximately 60 days..we have 45 days..until 12/1 to close it.  Cute Condo that sold at the peak for over $200,000...approved at $58,500.  Hard to believe!  The owners will be primary residents so lucky for…

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Added by Kimberley Kelly on October 20, 2011 at 6:24am — No Comments

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