Over the last few months, it has become apparent that Fannie Mae is more interested in foreclosing than approving short sales. The scenario is the same over and over again. The BPO comes in at one price and Fannie Mae adds 20 or 30% and says that is what they will accept. Some have suggested that they are trying to get next year's prices if the current price trends continue. In the meantime, buyers are unwilling to overpay by that much and are backing out of the contracts when they hear…Continue
Added by Mike Rizzo on October 31, 2012 at 9:32am — No Comments
Do you charge your seller an additional fee? Do you list for 2.5% and offer 2.5% BA commission? Or are BA's getting it from the servicer on the HUD? I would appreciate any feedback on this.
Added by Kathie Erickson on October 31, 2012 at 8:34am — No Comments
Added by Deana on October 30, 2012 at 12:05pm — No Comments
The seller lives in NY and was being represented by a NY attorney but the property was in LA, not listed and not on the MLS which is suspect.
My client's cash offer was submitted to the attorney with instructions that they would pay $50k over any other offer. We agreed to pay the attorney fee if it was disclosed on the HUD. The buyer disclosed to nieghbors that he purchased the property with a loan and paid the $50k to the attorney for $425k.
The attorney had a duty to present…Continue
I have an FHA short sale listed. Bank of America came back and told me to put it on the market for $16,000.00 and that they must walk away with $14,080.00. We are currently in phase 2...
The problem is that the numbers do not work...
Sale price 16,000.00
Seller incentive is 1,000.00
Title Company fees are 495.00
Commission is 6%= 960.00
Totaling this is less than the bank requirement...
This cute little house was listed, negotiated, and CLOSED in less than 90 days by your Palm Springs Short Sale Specialist!
Primary home and the Sellers were relocated. One note with Chase, and the negotiator was good; meaning she responded relatively quickly. The closer dropped the ball a couple times,…Continue
Added by Kimberley Kelly on October 28, 2012 at 7:05am — No Comments
This year under the new BOA short sale process, we have really taken a step back. I have recently been waiting on an approval to come in and finally I get one the explicitly calculates the balance and claims they will not waive the deficiency. Typically, the negotiator will offer a compromise prior to and ask for a contribution in exchange for a deficiency waiver, but I got sandbagged on this approval.
Last year, BOA was great to work with...this year they have been the Gestapo that…Continue
The Mortgage Forgiveness Debt Relief Act is a government bill that offers relief to most homeowners who would normally owe taxes on the forgiven debt after performing a short sale. The purpose of this act is to help homeowners avoid additional financial hardship by performing a short sale. This Act became a law in 2007. Prior to this act the borrower would have to pay taxes on their forgiven debt. With this act in place, a borrower does not have to pay income tax on forgiven debt in MOST…Continue
Added by Brett Goldsmith on October 22, 2012 at 9:41pm — No Comments
If you are at risk of foreclosure, you might want to know what the consequences are in the event that it happens to you. The evident and inevitable effect a foreclosure has is the ding on your FICO score as well as the foreclosure stamp on your credit report. This will make it very difficult for you to obtain any credit or even find alternative housing or employment. However, is that all to the negative effects of a foreclosure? Let’s explore deficiency judgments after…Continue
Added by Peter J Kim on October 22, 2012 at 1:50pm — No Comments
This Week's Superstar Discussions.
Added by Bryant Tutas on October 21, 2012 at 5:30am — No Comments
I was researching the latest bulletins from both Fannie Mae and Freddie Mac and the keys to both are 90 days delinquent and less than 620 credit score. What happens when a borrower is more than 90 days delinquent and has a credit score of less than 620?
Added by Steven Angelil on October 17, 2012 at 2:31pm — No Comments
Just reaching out to see if there is anyone that has any contacts at Nationstar that can help push a file along? It's been sitting in Equator with no updates since 9/20. I have tried numerous times to email everyone on the list in Equator but I have not received a response yet.
Please pass on any contacts you may have for Nationstar!
Citi has asked to reduce REALTORS commission to 5%. I thought that was NOT allowed.
This Bank of America Short Sale was difficult not due to the Lender..but rather the Buyer! A real lesson in why a Short Sale Buyer should always use a local Lender for their loan. The Lender MUST know the local market and inventory. But..I got it CLOSED…Continue
I am so excited about this news! I know, it doesn't take much for me to get excited, but this is really big news in my opinion.
Up until now if you were involved in a Silicon Valley Bank of America Short Sale they did not take electronic signatures. This would have been ok if the bank could sit with you in your conference room and look at the offers. We all know this…Continue
Added by Marcy Moyer on October 16, 2012 at 9:10pm — No Comments
We've been hearing it a long time, but today a Chase representative actually initiated one of our files into equator today. Chase files will be initiated into equator similar to how GMAC does it. One cannot initiate it into equator themselves and will need the assistance of the short sale department. Let's hope their equator system moves smoothly!
Working on a short sale for a divorced young lady in Pembroke Pines, FL.. Soon after listing the property I placed a regular combo lock box on the property since it was vacant. Soon after I get a call from an agent stating there is no lock box on the property! I then found out that Chase had called my client and told her "we need the lockbox code so we can do a property condition report". Well of course my client gave them the code. Chase then proceeded to throw away my lockbox and…Continue
Here in the Palm Springs Valley of California, the past 4 years have seen a pile of Short Sales listed and closed. Unfortunately, there have also been some questionable methods to this short sale madness. This article sums up some of the Short Sale fraudulent practices that are showing up more and more frequently. If you are considering a Short Sale, be sure to use a list Agent that is experienced in your area and bone up on the Short Sale Law in your state.…Continue
Added by Kimberley Kelly on October 13, 2012 at 2:17pm — No Comments
Added by Steven Angelil on October 13, 2012 at 10:00am — No Comments