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…

The National Association of Realtors has reported that pending home sales have increased 5.2%, which was mostly unexpected by some due to the dramatic drop of home sales in July....

Was it that unexpected????

Not really, in my honest opinion. In our local market, we saw a gigantic increase in pending home sales during the month of March. No big surprise since buyers in most markets took advantage of the tax credit - especially at the last minute. Simply stated,…

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…

For many distressed home sellers, the term "BPO' is totally greek. Sadly enough, it doesn't ring a bell with many Realtors either. What's more disturbing is that very few Realtors consider the significance or the power of someone else (who's probably traveled for more than 30 miles away) taking a look at your property and giving their opinion of what it would sell for in today's market....sounds simple, right??? It's much more complicated than that.

The reality is that the…

Beautiful 3 bdrm/ 2 bth family home with rocking chair from porch originally sold on July 19, 2010 for $109,829.00. Our short sale approval timeline is as follows:



June 9, 2010 - Submitted short sale paperwork to lender along with offer and preliminary HUD-1



July 15, 2010 - BPO assigned to area agent.



July 22, 2010 - BPO received by lender.



July 23, 2010 - File assigned to…

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…