November 2012 Blog Posts (34)

US Bank Vs CHASE

Hello,

 

On one of my short sales...

 

Received Chase (2nd) approval first on 10-14 with target closing date od 11-16

Didn't get US Bank's approval (1st) by 11-16

US Bank now requests an updated 2nd lien approval before they issue it, all other docs are in.

 

Chase requests US Bank's approval before they will update theirs with new date, actually tell me that their approval while expired is still valid and they wouldn't…

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Added by FranKeys Agency on November 30, 2012 at 2:37pm — 1 Comment

Targeting the BPO Agent and/or Appraiser via MLS

I've often found with standard sale agents, they do all they can to sell the property for the highest price.  Unfortunately, the goal of the short sale is to bring the most offers at the most realistic market value and do it quickly.

 

Here is some food for thought.  Sell it like it is.  If the property is in poor condition, target the investors.  Put the bad photos in, make sure the comments indicate how much work is needed and whether there are any location issues or other…

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Added by Jessica Griffith on November 29, 2012 at 8:51am — 1 Comment

Will I Have To Make A Cash Contribution To Be Approved For A Short Sale?

Well that's a great question. Making a cash contribution and/or signing a promissory note is called "Participating in the loss". Whether or not you are asked to participate in the loss is based on several factors. Your.....

  1. Cash reserves
  2. Credit score
  3. How delinquent you are
  4. Income level

As of November 1, 2012 the Federal Housing Finance Authority intiated new…

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Added by Bryant Tutas on November 29, 2012 at 5:07am — No Comments

Are You Prepared To Ride The Housing Recovery & Opportunity?

According to the Obama Administration’s October (2012) housing scorecard and “[…]the FHFA housing price index posting its largest annual gain in five years and new home sales at its fastest pace since April 2010” (Erika Poethig, assistant secretary for policy development and research at the Department of Housing and Urban Development) as well as numerous other sources, we can confidently say we have a…

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Added by Peter J Kim on November 26, 2012 at 8:43pm — No Comments

Two more Short Sales to close by the end of the year...

Only TWO closes left to accomplish in 2012. 

 

One with GMAC who used to be so easy.  Single family home in a 55+ area of Desert Hot Springs, CA.  Then they hired a Negotiation company, who fouled up the deal and then the Investor, FNMAE pulled their usual, "If you can't get me this much…

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Added by Kimberley Kelly on November 25, 2012 at 5:43am — No Comments

Santa Maria – Orcutt CA Wells Fargo Short Sale Approved in 31 Days! HAFA Approval Received in 18 Days!

Santa Maria – Orcutt CA Wells Fargo Short Sale Approved in 31 Days!  HAFA Approval Received in 18 Days!

Yes, Santa Maria – Orcutt CA short sales can be short!  And yes, HAFA short sales can be short!  In fact, this one was approved very quickly.  HAFA short sales allow the seller to receive a $3000 relocation incentive at the completion of the short…

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Added by Tni LeBlanc (805) 878-9879 on November 23, 2012 at 8:11am — No Comments

Will My Bank Pay Me Cash to Do A Short Sale? Short Sale Seller Relocation Incentive Information

Will My Bank Pay Me Cash to Do A Short Sale?  Short Sale Seller Relocation Incentive Information

The short answer is maybe.  Most of the major lenders do offer seller relocation incentives on at least some of their short sale files.  What does this mean?  Upon successfully closing the short sale the seller will be given a cash…

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Added by Tni LeBlanc (805) 878-9879 on November 23, 2012 at 8:09am — 2 Comments

A Short Sale is not for Everyone

A Short Sale is not for Everyone



There are a lot of people jumping on theshort sale bandwagon.  Their friends and friends of a friend did a short sale, so they think “why not me?”  Like so many others, they are underwater and their payments are not comfortable, especially with the cost of gas, food and health care spiraling…

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Added by Tni LeBlanc (805) 878-9879 on November 23, 2012 at 8:07am — No Comments

Can I Rent My Home After A Short Sale?

Can I Rent My Home After A Short Sale?

Generally speaking the answer is no.  Once you miss enough payments for your lender to file aNotice of Default, you will be contacted by a bunch of different people and entities that promise “foreclosure help.”  One of the offers you might receive goes something like this:  An investor will buy your…

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Added by Tni LeBlanc (805) 878-9879 on November 23, 2012 at 8:05am — No Comments

Short Sale Process in NJ

Step 1: Call Carl SanFilippo toll free (888) 445-8880 we will discuss your current situation and all your options. If it appears you have all the qualifications needed for a short sale in New Jersey  there will be forms you need to fill out and documents you must provide before we begin marketing your home.

Step 2: Marketing, I…

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Added by Carl SanFilippo on November 19, 2012 at 5:40pm — No Comments

Nationstar Mortgage ABS Account?

How can you tell if the file you are working on with Nationstar is an ABS file?

Added by Sean Palmer on November 19, 2012 at 3:27pm — 1 Comment

NEWSLETTER: Oops!I They Did It Again.

Good morning Superstars.

Here are this week's Superstar discussions.…

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Added by Bryant Tutas on November 18, 2012 at 4:00am — No Comments

Fannie And Freddie's New Short Sale Evaluations Are Way Off Base

There has been a lot of talk lately in the short sale world about …

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Added by Bryant Tutas on November 17, 2012 at 4:52am — 1 Comment

5681 Joshua Palmer, Banning, CA 92220

BANNING CA COMMERCIAL REAL ESTATE

Available for Sale…

5681 Joshua Palmer, Banning, California

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Added by Garrigus Real Estate Group on November 15, 2012 at 5:30pm — No Comments

Is The HAMP Program Considered a Failure?| Carson| Leesa Hammond

According to records HAMP has failed at generating the initial guaranteed 3 to 4 million permanent loan modifications. Actually HAMP has surpassed its one millionth trial or permanent mortgage modification between June 2010 and July 2012. The Treasury reports that 770,834 borrowers either did not qualify for the program during that period, or failed to finish a 90 day trial. Additionally, 229,185 permanent modifications redefaulted after making the first three consecutive monthly payments…

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Added by Leesa Hammond on November 15, 2012 at 2:40pm — No Comments

Taxes have not been paid by bank

Hi,

I completed a short sale about 30 days already and the taxes still show as not paid what can I do?

Bank usually pays for the taxes owed.

Please, Help me out here.

Added by Odalis Hernandez on November 15, 2012 at 9:06am — 7 Comments

Seasoned Broker-Associate in FL getting involved

OK, so I have obtained the listing agreement and it "appears" the seller, who never resided in the property, will cooperate with other docs needed by the two lenders.

When do I need all those docs from the seller.  I have an offer coming in I'm told.  Do I wait until offer is in hand? Or do I begin now getting the list of things ready?  I keep getting different replies from different "experienced" folks in area...

In short, what is your best experience in the last 6 months…

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Added by Debra N. Derman, Brkr-Assc on November 14, 2012 at 2:41pm — 1 Comment

New Haven County Short Sale Market Update

This is a quick Short Sale market update for New Haven County and Branford, CT. I am a Short Sale Specialist in New Haven County. Short Sales are the new normal and are very relevant in New Haven County and Branford, CT. 



In the last 6 months there has been a total of 9,365 total transactions in New Haven County. (Total transactions for…

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Added by Robert McAdams on November 14, 2012 at 7:18am — No Comments

Question on New Law.......................

How does the new law that went into effect on November 1st,2012 that if you can no longer afford your home due to illness in the home.  It is my understanding that you can turn the keys and title over to bank of America due to illness. Since the person that lived in the home can long live there by themselve and have to live in assitant living.  I know the loan is a Freddie Mac backed loan with Bank of America.  Can you tell me who we would call and how the new law works?

Added by Stacy Webb on November 12, 2012 at 5:56pm — No Comments

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