Well....after all of the hoopla from last month's report that Wells Fargo will no longer postpone foreclosures on short sales, NAR reports that they've been in meetings with Wells (and several other large lenders) to address concerns regarding their short sale processes and REO disposition processes. Now, Wells is reporting that they WILL allow one (1) foreclosure postponement on a short sale if the following conditions are met...

1) Wells Fargo has an APPROVED short sale…

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Being a Destin and 30A FL Short Sale Buyer's Agent is my Niche 

Destin and 30A Short Sales

 

 

Destin and Santa Rosa Beach…

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Selling Homes in Berkley, Birmingham, Bloomfield, Beverly Hills, Huntington Woods, Farmington West Bloomfield, Rochester and Troy Michigan

The Mike Realtor Team is proud to announce that our Berkely Short Sale home has recently closed. With our 90% Short Sale success rate, the Mike Sher Team is has saved another home from…

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Economist tells Silicon Valley Realtors the worst is over (edit/…

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Curious how to use Notes as a tactic to workout the short sale you are currently working on? Many lenders will prefer to sell them their note on the home that you as listing agent have inherited and are trying diligently to get approved so you can make a commission from closing your workout transaction. The Problem is you have heard about Notes but never really worked through the note settlement process. The process, the paperwork, the settlement, the agreements. How would you like to work with… Continue

Consider a SHORT SALE if:

• Unemployed or significant
• Reduction in income
• No longer want the home
• Loans greatly exceed the value of the home (most home owners owe 50% more than the current value of their…

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I just like to share with you this article about What the House bill is doing to force Banks to speed up the process of Short Sales. It's a great idea but are they able to pass this so that the process won't take so long for Homeowners and for Buyers. I sure do hope so. Someone has to do something..... http://House Bill Would Force Lenders to Decide on Short Sales in 45…

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I have been HAFA approved for over a month. We are working to get our Short Sale inventory Short Sale approved. Who here has had some success in getting properties HAFA approved? Please call me at 510.523.5673 to give our team an update on the HAFA process.

It has been several months since I signed up for Short Sale Superstars. It is the one site I have found that has information that I like to say "you can sink your teeth in", it is not fluff but real time information to aid all of us with our short sales. I have been referring agents to this site everytime someone asks me a question.

Yesterday an agent in our office, who is on the buying end, was frustrated with an OCWEN short sale. The bank was not responding for an extension.…

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Okay, I am feeling out of sorts. CHECK THIS OUT... Here's where I feel the bank has the upper hand because there is some equity in the property after the first is paid off and for this reason they are using it to their advantage. Chase being the 2nd and a hard money lender being the 3rd. Chase feels in position to reduce the commission since the loan is not a Fannie Mae or Freddie Mac; just on the basis of the investor said so. On top of that, they are willing to release the lien, but the… Continue

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This spaciously beautiful 4 bdrm/ 2 bth brick ranch with a finished partial basement was originally purchased with an FHA mortgage for $131,000 in 2006. We were able to get the sellers into the FHA Pre-Foreclosure Sales Program and successfully sold the home for $49,900. The sellers received $900.00 back at closing to assist in moving expenses AND A FULL…

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Last year I predicted that Palo Alto will see more short sales in the future. Well, the future is now so what is happening? There are currently 2 short sales on the market, 5 in escrow, and 6 closed in the last year. This isn't a huge number, but certainly more than we saw in the early part of the century. There's a lot of chatter in the media about how the government is giving banks and homeowners incentives for short sales, and how banks save money by allowing short sales, but does that… Continue

"Don and Wendi Sheets did a great job at selling our house. We had it on the market for a year and half when we hired them, they came in and gave us realistic advise and ideas. We nearly lost the house to foreclosure but they helped us through a short sale situation and saved us $30,000 in process. They are a no nonsense team with a ton on knowledge in short sales. We are very…

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For years, the term “short sale” has been the antithesis of the real estate market….from holding your breath for seemingly an eternity waiting for a loss negotiator to let you know whether or not you’ve reached their “golden figure” to wondering whether or not the listing agent is acting as an automatic offer vessel funneling as many offers to the lender as humanly possible. Let’s face it, for…

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Has anyone worked or closed a short sale with Primary Financial Services, LLC based in Phoenix AZ? They are the collection company Wells Fargo Home Equity sells off to. I'm working a file where Wells is the 1st and PFS is the 2nd. Wells has agreed to pay 10% or $8K to PFS, but PFS wants 20% or $16K. I'm looking for a good contact to escalate to or for any ideas you may have. This is a CA purchase money deal so there is no recourse against the seller. PFS stands to lose a lot of money if this…

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Again, we were shocked but excited by the Short Sale Approval letter language waiving Bank of America’s…

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Until 7/21/2010, our office had never…

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This is my first blog on short sale superstar, but it's not my first experience with short sales. I must say right off the bat that short sales have to be the most frustrating and time consuming part of the real estate business these days. The banks advertise that they will mediate with the sellers to help them avoid foreclosure. I hear story after story from people who have tried that route and hit a wall. There seems to be no end in sight at the moment.



I was working most recently… Continue