All Blog Posts Tagged 'foreclosure' (128)

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What to say and do when seller refuses to sign deficiency note

Second lienholder in this short sale situation is Wachovia requiring seller to sign deficiency note as a condition to release the lien on the property.



Seller now states that she won't sign the deficiency and go to foreclosure and then file for bankruptcy.



I have asked seller several times to seek legal advice throughout the process and she states that she has "spoken to someone about the deficiency note and was definitely advised against it. He told me that if the… Continue

Added by Silvia Dukes on January 27, 2010 at 1:38pm — 6 Comments

Buyers & Buyer/Broker Agreements!

Well, I lost buyers today and I figured I'd vent here to all of you.



There's been times when I've stopped working with a buyer before. Sometimes I fire them and sometimes I refer them to someone else, depending upon certain factors. But today, I just lost em.



We've been working together for about 5 months and I've shown them quite a few homes in several areas. I've held their hand, helped them secure financing, explained the options and used my expertise to educate them in… Continue

Added by Ray Wright on January 27, 2010 at 1:00pm — 1 Comment

Loan Servicing Guidelines Tightening up could mean more opportunity for increase in Short sale Business!!!

Many Homeowners Facing Foreclosure as Loan Servicing Guidelines change and this could mean increase in business for those agent that specialize in Short Sales!



Take a Look as many homeowners under the Presidents foreclosure -prevention program may be at risk of foreclosure due to the tightening up of guidelines forcing loan Servicers to make sure all paperwork have been turned in the their files. For those that are missing paperwork they wil get a 30 day notice to complety and… Continue

Added by Robin Button on January 27, 2010 at 2:30am — No Comments

BPOs for loan Modifications and Short Sales need Agent Involvement!

When listing a Short Sale one of the most important things during the process is the BPO (Broker Price Opinion). For those of you not familiar with these it is somewhat of a mini appraisal done by a Realtor to help advise the bank of the market value during a loan modification or short sale. It is important for the listing agent to meet the BPO agent to assist in providing detailed info about the property and it's value. You never know what the experience level of the BPO agent is. They might… Continue

Added by Ray Wright on January 26, 2010 at 4:00am — No Comments

Why I help Kansas City homeowners negotiate Short Sales--and how they could go better...

I have heard it said that FEAR is the great motivator.



My experience has been that fear can cause homeowners to become professional AVOIDERS. Dodge the phone, leave the mail unopened, don't answer the door. And, I totally understand that fear and motivation to stick your head in the sand. I have been in financial trouble, and even faced foreclosure. When my daughter was born and needed a lengthy ICU stay, I thought it would bankrupt my family. We had massive medical… Continue

Added by Stephanie Jarman on January 6, 2010 at 4:30am — 4 Comments

Did you Check the MLS before Mailing your Christmas Cards?

I was preparing my (last minute, of course) Christmas cards to clients and past clients at midnight on 12/22/09. For some reason I checked the MLS for an address update on a buyer client I hadn't been in contact with for quite some time. I was surprised to see that his house had recently closed and at first I was pretty upset that he had sold his home without me. My fault though, since I already gave it away that I hadn't followed up with him recently...

Then I saw that it was Lender… Continue

Added by Kelly Meadows on December 22, 2009 at 9:39pm — 3 Comments

What to do in Michigan if Your Landlord Goes into Foreclosure?

What should you do if you live in Michigan and are in a lease with a landlord who goes into foreclosure?

The Scenario



In good faith you have signed a lease. One day you come home from work or classes and see a notice of foreclosure on the door.



First, don't panic. According to Michigan law the mortgage company must post this on your door at least 15 days before advertising in the papers a notice of foreclosure.



After the 6 weeks of being posted… Continue

Added by Missy Caulk on December 18, 2009 at 4:25am — 1 Comment

GET IT OVER WITH!

At a recent bi-weekly meeting one of our top agents was asked to speak on the short sale subject. Many of us were frustrated and he seemed to get a high number of his through the system. Well, the first thing he says is "lets just get this foreclosure stuff over with and foreclose on all the houses that are obviously going to get posted" A cheer went up from most of us. He went on to explain that if they were all forclosed on then we could just get on with the work of selling them instead of… Continue

Added by Sue Burg on October 30, 2009 at 10:49am — 2 Comments

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