Tips for Buying Your First Short Sale

A short sale is a fairly simple procedure, at least in theory. A homeowner sells their home for a price below the current mortgage balance. The bank agrees to take this lesser amount as payment in full of the mortgage in order to avoid the heavy cost of a foreclosure. Here are some…

This is the first time I have worked with Metlife, and they are just simply AWFUL!!  This is an FHA short sale, so it is PFS with an ATP (Approval to Participate).  Circumstances are the wife still lives in home (Illinois) and husband moved to Texas.  Shouldn't be such an issue.  We have had a complete package in with them since mid-March (3/6/12), and can't get them to get a BPO ordered.  Always some excuse!  The latest excuse is they said they sent out a package on 3/2/12 including the…

I have read several news and Blog pieces about 2012 being the bottom of the market and how the best time to purchase a home is now. In good conscious I cannot sit idly by without voicing my opinion.

The news and columnists have based their analysis on the low number of inventory currently on the market for sale and the fact that it is 22% less than this time last year. They further site a 30% increase in property…

Inventory is down in all segments of the market in the Silicon Valley and multiple offers are driving prices up. However, there are still short sales, and in some areas they make up a good percentage of the homes for sale. Here are the numbers:

Palo Alto: Single Family Homes and Condos for Sale: 48 Short Sales: 0 Percentage: 0

Mountain View Single Family Homes and Condos For Sale: 39 Short Sales: 2 Percentage Short Sales: 5.1 %

Sunnyvale: Single Family Homes and…

The National Association of Realtors and the U.S. Department of the Treasury are collaborating to help Realtors better assist distressed homeowners who are struggling to Selling Your Home Through a Short Sale - Avoid Foreclosure.

Realtors who attend upcoming Making Home Affordable "Help for Homeowners" outreach events, sponsored by the Treasury Department, will learn insights to help them…

It's the beginning of the year so time for the round-up of last year's distressed property sales in Milpitas. So here's what happened:

Single family and condo townhomes :

Total sales:  513

Short Sales: 150

REO:            112

Distressed sales as a percentage of total sales: 51.1%

Compare to 2010

Total sales:   535

Short Sales:   131

REO:            140

Distressed sales as a percentage of…

Short Sale Road Rules: Getting Buyer and Seller on Same Page

One of the most neglected, and yet, most important part of a successful short sale is getting both buyer and seller on the same page.  This may stem from the traditional way of thinking on a traditional “retail” sale:  It’s “Us against them.”  This does not apply to short sales, and if you can over come this mentality, your closing success will…

It's the beginning of the year so time for the round-up of last year's distressed property sales in Santa Clara. So here's what happened:

Single family and condo townhomes :

Total sales:  816

Short Sales: 184

REO:            116

Distressed sales as a percentage of total sales: 37%

Compare to 2010

Total sales:   818

Short Sales:   162

REO:            133

Distressed sales as a percentage of…

Hi Superstars!  I received a call today from the Bloomberg News asking about a comment I left on one of the lender sites and he is writing an article about lender contributions on short sales.  I was excited to hear that he found my comment/post on this site.  I know lenders google us and probably hit this site alot also.

Good work and thank you Wendy and Bryant for the site!…

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:…

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:…

It happens every year. Agents tell their sellers that they should wait until after the holidays to put their homes on the market. They say no one is looking during December so don't bother. Translation: Agent wants much needed and deserved time off during the holidays, or seller has a lot of family coming and does not want people traipsing through their home with all of the activity going on.

Other side of the equation: Very busy…

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…

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…

Another HAFA Short Sale approved!  Indian Creek Villas, South Palm Desert.  This was a Bank of America, only one loan.  Hardship was death in the family and the emotional toll it took on the homeowner.  Listed and approved in approximately 60 days..we have 45 days..until 12/1 to close it.  Cute Condo that sold at the peak for over $200,000...approved at $58,500.  Hard to believe!  The owners will be primary residents so lucky for…

Interesting that they were last minute listings here in the Palm Springs, CA area.  One in North La Quinta and the other in West Indio..both had Sale Dates set of approx. 21 days out.  Both Sellers had been denied Loan Mods and were at wits end and OVER the banks!

Chase has always been tough for me,…

Los Angeles, CA - Chase to buy Bank of America!!!!

After some digging in I've been told by an Attorney who's one of several attorney's working on the buy out/merger of Bank of America with Chase! What I've been told is that out Federal Government has been strategically planning on having Chase buy Bank of America for years now! It's finally coming to life..! I've been waiting off on putting this out…

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…

I am new to ShortSaleSuperstars. I have used it as a reference a few times and known about the site for over 6 months, but just decided last week that I need to get involved more with internet blogging for my real estate business. Since I specialize in negotiatiing short sales, I thought it important that I join networks online that pertain to short sales. It looks like this is the best there is, so I am diving in :) - I will do my best to comment on as many questions and forum posts as I…

If you are an owner of a home with a second loan that is a Home Equity Line and you are having trouble paying your mortgage you should do something about it right away. I know you have probably heard that banks are taking up to 2 years to foreclose so you have plenty of time, but there is a dirty little secret in the mortgage world.  HELOCs are not entirely like traditional mortgages, they are more like credit cards. If you do not pay your first mortgage your lender needs to find a way to…