It's the end of the year so time for the round-up of distressed property sales in Redwood City. So here's what happened:

 

Single family and condo townhomes 2011:

Total sales:  553

Short Sales: 91

REO:           49

Distressed sales as a percentage of total sales: 25.3

Compare to 2010

Total sales:   600

Short Sales:   93

REO:            78

Distressed sales as a percentage of total sales:…

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It's the end of the year so time for the round-up of distressed property sales in Menlo Park. So here's what happened:

 

Single family and condo townhomes 2011:

Total sales:  451

Short Sales: 39

REO:           22

Distressed sales as a percentage of total sales: 13.5%

Compare to 2010

Total sales:   431

Short Sales:   28

REO:            29

Distressed sales as a percentage of total sales:…

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I was starting to feel like the last player picked in dodge ball. The rejections were really hurting, especially since there was never any reason given. Just messages saying your supporting documents were rejected. Oh the pain!

I finally got a really nice B of A negotiator on the phone today who gave me a simple explanation, the buyer's proof of funds were downloaded as a web page instead of being a PDF of the originals, and the current policy is only original statements are accepted,…

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One of the best things that has happened to short sales in the last couple of years is the on line platform for processing a short sale. There are several platforms in use, but Equator is one of the more popular ones, and is the one used for Bank of America and Wells Fargo Short Sales. So, instead of your agent having to fax all the documents, usually several times, the…

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Is Bank of America Still Terrible at Short Sales?

I would have to reluctantly say no.  Bank of America is no longer terrible at short sales.  This coming year will mark four years since my first Bank of America short sale, and as critical as I am of Bank of America, I must admit they they…

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Bank of America is making a process change that will reduce the processing time and improve customer service for HAFA Short Sales (Home Affordable Foreclosure Alternative Program) that are submitted with an…

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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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San Jose Single Family homes

Active Short Sale Listings:  371

Active Bank Owned Homes: 77

Pending Short Sale Homes: over 578 (mls stops counting at 500 and there are more than 500 San Jose Short Sales waiting for bank approval, 41 bank approved waiting for buyer to remove contingencies, and 338 just waiting to close)

Pending Bank…

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Well Bank of America did it again.  They foreclosed on a home owned by a single mother of five children, one a newborn last Monday after we were told numerous times that her short sale was approved.

 

This hard working mother of five commutes to work every day from Victorville to Manhattan Beach, a 103 mile one-way trip in order to keep a roof over her family’s…

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US Bank Short Sale Approved ~ Los Angeles Short Sale Agent

 

US Bank is approving Short Sales. US Bank has listed a Short Sale as an option on their website under Mortgage Help.…

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Bank of America Short Sales Made Easier?

Bank of America just announced a change in its short sale program that may make Bank of America short sales just a little easier.

Until today, if Bank of America short sales were entered in Equator and then a buyer walked, the whole short sale process would have to start all over again. Even if the new buyer made exactly the same offer, the process had to start all over…

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I just recently got a counter on an Avon Indiana short sale I'm handling on the buy side .  Believe it or not the bank countered our full price offer for just $100. more.   My buyer and I had a good Laugh at the ridiculousness of it all, the time wasted and the money spent to collect the one hundred $ bill.

We are proud to say that another of our short sales listings has received an approval on the submitted short sale contract. This …

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1. Tricks



I don’t know if kids do this anymore, but I remember part of the fun, the anticipation, of Halloween was coming up with a “Trick” to offer in exchange for candy – a joke, rhyme, hand stand, armpit noise or, if you were desperate, a song. Foreclosure prevention is like… Continue

I have tried and so has the homeowner to get a copy of the BPO so that we know where BofA is coming up with their numbers. Every time, we are denied. BofA says we can't have a copy or know what it is! I talked to Fannie Mae and they said we should be able to get it, but no luck w/BofA. Any suggestions?

Thanks to Tim & Julie Harris for getting the information on this this program Bank of America is hopefully going to implement soon. It is in the "testing" phase now.

This is what we all have been hounding the banks to do for a few years now. This…

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I would like to start a movement with BAC. All their approval letters should include the following:

Buyer (insert buyer's name from contract). **Replacement buyer subject to BAC approval.

Now wouldn't that eliminate being in escrow 3 to 4 to 5 times - assuming net to BAC was the same and no change in close of escrow date?

I say that while having 6 short sale escrows with them, and 3 approved - but it's absolutely pulling teeth and insanity.

I saw the title of the Equator group....."muddling through the process" is certainly accurate. I have an offer long overdue to get approval or a response from B of A and as always seems to be the case with B of A, they seem to want to do everything to sabotage the deal. I thought Equator was supposed to solve their internal confusion and all it seems to do is make it worse. B of A is the 2nd on this one and we have now had approval from the 1st for over a month and it's due to expire soon. I…

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Our BofA negotiator has told us the file won't move forward until we get a Fannie Mae appraisal. We've already had a BPO done but they now need another appraisal done by a Fannie Mae appraiser. When asked when that will be scheduled they told us they don't know when but they will get to it when they can. In the meantime, the file sits. Anyone have a contact for us to help get these Fannie Mae appraisals scheduled?