October 2013 Blog Posts (20)

Impact Investing and American Homeowner Preservation, What’s the connection?

The Global Impact Investing Network defines Impact Investing as

 ”Investments that aim to solve social or environmental challenges while generating financial profit. Impact investing includes investments that range from producing a return of principal capital (capital preservation) to offering market-rate or even market-beating financial returns. Although impact investing…

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Added by Jorge Newbery on October 31, 2013 at 12:00pm — No Comments

Properly Evaluating a Potential Investment Home

How to properly evaluate a potential investment property

photo credit: Håkan Dahlström via photopin cc
photo credit: Håkan Dahlström via photopin …
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Added by Michael Collins, CDPE, SFR on October 31, 2013 at 7:17am — No Comments

1st DOT approved a HAFA shortsale and wanting to get Umpqua(2nd with a line of credit) to agree to the same terms

Unfortunately there's no website for Umpqua shortsales. After the First agreed to a HAFA shortsale; they said to ask the 2nd lienholder if they participate in HAFA shortsales.  They said they "HAD TO."  Now 2 months later after accepting paperwork, then NOT accepting the same paperwork, they agree to the shortsale AND with the payoff but will NOT release my seller of the liability. I asked them to rereview the file with his new updated financial statement and hardship letters, HAFA…

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Added by DESCHUTES REALTY on October 28, 2013 at 11:46am — No Comments

I am having an issue with Chase on a short sale(they are the 2nd)

Hello- I need some info from anyone able to help- I am at my end of the rope with Chase , Chase is requiring the first who is SPS loan servicing to give them a HAFA letter of approval before they will give there letter of approval- well the 1st per HAFA guidelines can not do this-they need the 2nd approval before submitting it for approval from there investors- I have been going round and round with these 2 banks for 6 weeks and getting absolutely no where- Has anyone gotten one approved…

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Added by Laura C Mitchell on October 25, 2013 at 7:32pm — No Comments

American Homeowner Preservation Debuts Crowdfunding Solution to the Foreclosure Crisis

American Homeowner Preservation (“AHP”) today launches a crowdfunding solution to the foreclosure crisis, offering accredited investors annual returns of up to 12%. AHP purchases pools of distressed mortgages at significant discounts from banks and other lenders. The strong returns are a result of the discounts negotiated with lenders which sell their loans coupled with AHP’s formula to achieve prompt, consensual solutions with borrowers.

The first offering on …

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Added by Jorge Newbery on October 25, 2013 at 12:00pm — No Comments

Happy Buyers and Sellers on this Stoughton, WI Home Closing

Stoughton Wisconsin Home Listings

Just Sold! 409 East Street, Stoughton WI 53589

We are happy to announce a recent home closing in Stoughton, Wisconsin. This was a home closing where Rock Realty represented both the buyers and the sellers. The sellers had moved out of state and left it to Michael Collins at Rock Realty to guide the transaction to a successful…

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Added by Michael Collins, CDPE, SFR on October 24, 2013 at 2:47pm — No Comments

looking for an attorney that is in class action lawsuit with NationStar and Auction.com

Hi

 

I am a buyer on a shortsale property in los Angeles.

The file was transfered to NationStar and property going to be Auctioned by Auction.com

My offer is already signed by seller and I was waiting for shortsale approval from BOA that BOA informed the listing agent that they transfered the file to NationStar and shortsale process must start all over with them.

 

I need to know since I have a signed contract do I have a any right.

I feel…

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Added by Asefeh Shirafkan on October 23, 2013 at 5:57pm — 5 Comments

Nationstar forcing the use of Auction.com

I have read a lot of posts regarding this over the last few days since I found out that they are going to "require" my client go through the auction.com process.  First of all Auction.com is a licensed Real Estate firm out of California licensed to do business in the Commonwealth of Virginia where I am located.  Which means that they are in violation of no less than Article 16, Standard of Practice 16-3 and 16-4.  We have a valid Ratified contract in place along with a signed listing…

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Added by Mary Tibbatts on October 23, 2013 at 10:30am — 2 Comments

Janesville Wisconsin Home Auction This Week!

$60,000 opening bid!    Previously valued at $210,600!

Foreclosure-REO-Listings-Janesville-WI

Property Highlights

  • Large Wooded Lot
  • 2 Car Garage
  • Walk Out Basement
  • Five Bedrooms
  • Three & 1/2 Baths
  • 2 Fireplaces
  • Basement Bar
  • Deck
  • House Vacuum

Features

  • Bedrooms:…
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Added by Michael Collins, CDPE, SFR on October 23, 2013 at 6:16am — No Comments

Short Sale Home Sold in Madison Wisconsin

Just Sold! 1817 Anhalt Dr, Madison Wisconsin 53704

We are happy to announce a sale for another Madison Wisconsin Rock Realty home seller!

This home was the perfect little tri-level on Madison's East Side. The buyers got a great price on this bank accepted short sale. Congratulations to the buyers and our sellers on this successful Madison short sale transaction!

If you are…

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Added by Michael Collins, CDPE, SFR on October 21, 2013 at 10:36am — No Comments

Pursuing Foreclosure Purchase

I know with all the collective experience on this site, someone has to know something about this.

I have a Realtor friend who is interested in buying a home that has been foreclosed but is not yet listed. It is with JP Morgan. What office would she contact to find out whether the bank would deal directly with her to purchase OR do  they not do that and just prefer to wait until the asset is ready to list and then just list it?

ALSO

I work foreclosures for…

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Added by Julissa Jumper on October 17, 2013 at 10:34am — No Comments

Steps For Disputing An Inflated Fannie Mae Value On A Short Sale

How To Dispute A Fannie Mae Value On A Short Sale

Hi folks. If you work Short Sales you know that one of the issues we have right now is Fannie Mae coming back with values that can not be supported by the market.…

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Added by Bryant Tutas on October 17, 2013 at 5:30am — 2 Comments

Fannie Mae counter with promissory note?? Need some professional advice beyond my brokerage

I just received an email from our Seterus negotiator asking for the seller to sign a promissory note for $27,000 and make payments of $450 for the next 60 months.  Is there any body who has received a fannie mae counter and been able to counter back at a lower amount and get approved?? 

 

 

Added by Sean Spangler on October 15, 2013 at 6:35pm — 1 Comment

Fannie overpricing +/-125% of market value.

I began noticing about nine months ago; confirmed with several other short  sale Realtors and a law firm that does a lot of foreclosure defense and  short sale negotiations.  Have you also noticed Fannie has been countering  offers at +/-125% of fair market value?  I recently had one Fannie short  sale were they countered at $215K and three weeks later changed their mind,  reneged and recountered at $230K.  The buyer met both counter offers and  the FHA appraisal was ordered which came in…
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Added by Edward Goldfarb on October 13, 2013 at 9:13am — 1 Comment

2014 Housing Recovery and the End of Short Sales? Nah, Fellas

Lately, there has been much made of the current “housing recovery,” with many thinking that the market turn around has begun and that the end is near for short sales.  I could not disagree more, and here’s why:

 

Has the market recovered?

According to Steve Berkowitz, CEO of Move, Inc., which operates realtor.com®, “Where we have seen significant volatility in many markets — including double-digit declines in inventories as well as increases in median price for…

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Added by Joseph Alfe on October 6, 2013 at 9:29pm — 2 Comments

Wisconsin August 2013 Housing Statistics

Counties of WI The Wisconsin housing statistics are in for August of 2013. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:

Home sales and median prices both grew at a healthy pace in August, continuing the hot real estate market in Wisconsin. Existing home sales were up 13.7 percent in August compared to last August, closing out a very strong summer for home sales and 26 straight months of sales growth.…

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Added by Michael Collins, CDPE, SFR on October 3, 2013 at 1:45pm — No Comments

Home Renovations That Don’t Add Much Value to a Home

These home renovations tend to not pay back your investment.

photo credit: Jeremy Levine Design via photopin cc
photo credit: Jeremy Levine Design via photopin …
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Added by Michael Collins, CDPE, SFR on October 3, 2013 at 9:09am — No Comments

NEW FHA Short Sale Requirements

Effective October 1, 2013 U.S. Department of Housing and Urban Development (HUD) has announced the following changes to their Federal Housing Administration (FHA) Short Sale requirements:

  • Eligibility Requirements: To successfully complete a short sale under the FHA short sale program, the borrowers must meet the following requirements:
    • They cannot list the…
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Added by Jason Opland on October 2, 2013 at 11:29am — No Comments

BANK OF AMERICA FHA PROCESS

I am frustrated with the lack of consistency and organization at the loan modification dept that you have to go through before you can go to the short sale dept. Can anyone out there get that dept straightened out?

My average time in that dept is about 5 months, with one still stuck in there after over 6 months and they already had gone through the loan mod process before we listed it. One assigned representative says that if they are approved for a loan mod even if it isn't an amount…

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Added by Holly Jessop on October 1, 2013 at 2:33pm — 2 Comments

WHERE DO I GO TO FILE A VALUE DISPUTE WITH FREDDIE MAC?

I was just told on a Wells Fargo, Freddie Mac loan that they won't accept doing a short sale on the property and basically said that their minimum acceptable net is exactly what is owed. The price that we would need to sell it for is about $50K higher than Fair Market Value on a $200K - $220K valued property. Wells Fargo did say that they are not privy to the BPO value that it goes directly to Freddie. We did get a BPO agent that many agents in our office have been having value problems…

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Added by Holly Jessop on October 1, 2013 at 1:20pm — 5 Comments

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