Comment

Comment by Ellen Levy on August 13, 2012 at 10:20am

Dean, you said homeowner was told to move in 10 days or eviction would proceed.  I don't know your jurisdiction, but eviction is a process that normally takes awhile.  If that is the case, homeowner has 10 days PLUS the eviction processing period.  He might also be able to cut a deal with the foreclosure attorney.  Retaining a landlord/tenant attorney would probably be a very good idea.

Comment by Len McGuirk on August 13, 2012 at 10:06am

Jeanine, file a police report first. Then speak with the seller's homeowner's insurance company about filing a theft claim. I have had to get involved with filing several insurance claims on some of my listings in the past due to situations with theft and damages. You may even want to install a cheap alarm system in the home while he home is being repaired. I did this recently for one of my sellers because the home was broken into twice within a week apart and they stole all the copper piping.

Comment by Thom Colby CA Brkr 888-391-5245 on August 13, 2012 at 6:06am

Jeanine, If it were me, the owner needs to make a police report ASAP and get a copy of it with the report # and also file an insurance claim.  I (broker) would also notify the bank immediately of the theft / vandalism.  I would NOT recommend the seller replace / repair the items because they will be stolen / vandalized again.  I xpect you will be able to get a lower offer along with a lower approval.  Best of luck!

Comment by Stephanie Hart CA 310-930-2342 on August 13, 2012 at 5:11am

Jeanine... even if the homeonwers aren't paying the insurance BAC notifies them of the insurance policy put into place to cover it. So they will still have some sort of coverage. You only have 5 days from soft decline to submit the new offer of you start from scratch.

Comment by Christy Brock on August 13, 2012 at 5:08am

Jeanine - If the seller is still paying for their home owner's insurance, submit a claim and have the home repaired.  Re-market the home and let potential buyers know the repairs will be made.  With BofA, if you do not submit a back offer within a certain amount of time, they will close out your file (if you are doing a regular short sale).  Otherwise, you could market the property as-is and submit the offer along with repair bids to support the new lower value.

Comment by Jeanine Whitehead on August 13, 2012 at 4:16am

I have a short that we just put under contract. It was approved and the buyer walked.  So the lender soft declined the file so that we can submit the new offer. 2 days later the property was broken into and all of the mechanicals have been stolen from the property.  What is best way to approach a solution to this issue?

Comment by Wendy Rulnick on August 13, 2012 at 3:27am

Trying this again - from Bank of America

1. Updated Video Guides to Short Sales:
    Powerful Information for Busy Professionals

Bank of America Home Loans has a convenient solution for busy real estate professionals who would like to learn more about the short sale process. We've developed a series of online video guides that pack a lot of information into just a few minutes. And each one has been updated to reflect the most recent enhancements to the system. The series includes:

1. Initiating with an offer
2. Initiating before receiving an offer
3. Document uploads after receiving an offer
4. Document uploads before receiving an offer
5. Valuation
6. Analyzing the offer and investor decision
7. Closing

If you'd like help understanding your part in the short sale process, you can't afford to miss these videos. Check them out today by visiting our Short Sale Agent Resource Center. Select Short Sale Process from the drop-down menu, then choose the video you would like to watch.

Comment by Thom Colby CA Brkr 888-391-5245 on August 12, 2012 at 8:01am

I just watched the first one and it ran fine all the way through.

Comment by Wendy Rulnick on August 12, 2012 at 7:52am

Dean - I just got that result, too, so I deleted it. Odd. Thanks for letting me know.

Comment by Dean E Eshelman, CPA, CDPE, IRES on August 12, 2012 at 7:37am

Wendy, would be nice if the video's actually worked. Tried the first two and they stall part way through. Could not get either video to complete.

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