Richard OBrian's Blog (14)

There is a new Bill in town - Prompt Notification of Short Sales Act

Senators are introducing legislation to shorten the process of a short sale about time.  Sen. Scott Brown, R-Mass., along with Sen. Lisa Murkowski, R-Alaska, and Sen. Sherrod Brown, D-Ohio have joined forces and have a bill in the works.  The Bill S-2120 aim is to require lenders to shorten the time to get an approval.  This Act may be cited as the `Prompt Notification of Short Sales Act'.…

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Added by Richard OBrian on February 28, 2012 at 8:01am — 1 Comment

Selling Short and Get Paid up to $35,000.00 by the Bank, but do you qualify?





This seems to be all over the web these days as real estate sites get the

word out and, there’s a lot of paid advertising on the Google about getting bucks for selling short. The phrases are all about the same: “Get Paid to Short Sale My Home” is the most prevalent.  Also we see the bank’s name inserted in front like Chase paid me cash to sell short, Wachovia Paid me to Short Sale my home and…

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Added by Richard OBrian on February 23, 2012 at 8:14am — No Comments

Homeowners cash in Big on Short Sales.





JPMorgan Chase & Co. (JPM), Wells Fargo & Co., Citigroup Inc., Ally Financial Inc. and Bank of America Corp. are seeing the light now paying big bucks to Homeowners to Avoid Foreclosure, with a Short Sale…

Recently, BoA sent out letters to over 19,000 Florida homeowners as part of a pilot program. The program is offering…

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Added by Richard OBrian on February 8, 2012 at 12:00pm — No Comments

Denial Not an Option for Sellers

Janet and I have been doing shout sales for over 3 years now and have a 98% success rate to approval.

 

What we…

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Added by Richard OBrian on September 28, 2011 at 12:30pm — No Comments

New Report Flood Of Foreclosures Coming? Actually These Will Be Short Sales...

You may have heard or seen a report on a new flood of foreclosures coming. The data is showing owners have miss at lest one mortgage payment in the first quarter of 2010. There’re assuming these folks are going into foreclosure in the months to come, we beg to differ, we believe these “one missed payment” borrowers are actually being told by the bank to do so albeit indirectly. The home owner for whatever reason is working hard to make there payment and can’t they have tried for a loan…

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Added by Richard OBrian on May 20, 2010 at 9:56am — No Comments

Cover Sheet Works Wonders & Equator can Mess with your Commission...

We have found that when submitting your complete short sale package to a bank it make easer if you include a “cover sheet” for each section of documents you are sending. (i.e.: paystubs, bank statements, taxes, purchase agreement, etc.) Cover sheets simply state the document that will follow in large bold type in the center of a blank page. They help to organize the package…

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Added by Richard OBrian on May 5, 2010 at 8:57am — No Comments

Are You Using a Short Sale Third Party Negotiator? Better be licensed...

If you are considering selling your home Short make sure your listing agent uses a licensed Negotiator or better yet they do it themselves. Stay away from unlicensed or unscrupulous short sale third party negotiators. Someone who charges a fee to…

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Added by Richard OBrian on March 17, 2010 at 11:35am — No Comments

Promissory Note - Killing Your Deals? The Buyer Might Come to the Rescue

Working wonders with short sales, Janet and I have a short sale where the second lean holder wants a $25,000.00 promissory note; which the seller can’t come up with. The second has PMI which adds to the challenge. Normally a seller who elects to sell short doesn’t have the capital to make the payment and is trying to do the right thing by using the short sale option and not…

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Added by Richard OBrian on March 2, 2010 at 2:36pm — 12 Comments

Bank of America Goes Equator…

Bank of America have made the move to an internet based short sale system modeled after there foray into the REO world. We have and are currently using the system and it seems to be an improvement at lest with adding information… One issue is supplying the buyer social security number a requirement is the first 5 numbers not the standard last 4. Coming from a computer background I…

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Added by Richard OBrian on February 24, 2010 at 9:30am — No Comments

If You’ve Decided to Short Sale Your Home

If you’ve decided to Short Sale your home, you must find an agent who has the experience and credentials in today’s short sale market. Some questions to ask: How many short sales have you closed? An experienced short sale agent should have closed at least 20. Your short sale agent should know:…

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Added by Richard OBrian on February 24, 2010 at 9:29am — 1 Comment

Certified Short Sale Professional?

My wife and my Real Estate partner got a call from the legal department of some company requesting that she must remove the term “Certified Short Sale Expert” from her website. It seems they have rights to the phrase. I removed it from her site… Looks like it just got a bit more complicated.…

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Added by Richard OBrian on February 11, 2010 at 9:30am — 5 Comments

Strategic Default, Might not put Your Mind at Ease...

For the first time in two years active resale home in the greater Antelope Valley is above 1,300, with active core over 900. Banks seem to be releasing some of their stockpile of REOs. Short Sale are keeping pace with the REOs at present.…

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Added by Richard OBrian on February 5, 2010 at 9:58am — 5 Comments

Short Sale to Dominate Antelope Valley Real Estate Market

January numbers are in without any surprises. We did see a small holiday affecting the pace of closed transactions, however new escrows out paced December ’09. Buyer appetite is strong even with new FHA rules coming into play.



The big change in the Palmdale, Lancaster real estate market for 2010 is Short Sales are out pacing bank owned (REO). REO’s are running 26% of the core area, while Shore Sales are 30% and with “normal listing” at 44% of the total. We are projecting Short Sales… Continue

Added by Richard OBrian on February 3, 2010 at 11:19am — 1 Comment

Richard & Janet OBrian First Post

Short Sale are the new REO and we were positioning our business in 2007 for this market. We have hade our ups-n-downs with the banks as they were hit with the mortgage meltdown, it seemed they only foreclosed. Out business is mainly helping folks sell short.



In the past few months we have seen most of the banks working to streamline the process with some still getting up to speed.



Our office Keller Williams Realty AV is in the Antelope Valley near where the space shuttle… Continue

Added by Richard OBrian on January 20, 2010 at 2:48pm — No Comments

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