My wife and I put an offer in on a house on 9/24. Asking was 140,000, we offered 120,000. The home needs extensive updating and repairs inside as well as the owner disclosing a leaking roof. Comps in the area recently sold for 118 to 121. We then fou
Read more…Can anyone help with suggestions on what I can do if the seller refuses to move forward after receiving the approval letter from the lender?
I have been working on this file for over 1 year now. We finally received the written approval letter from th
Read more…Here are the details: A house that has a balance off 400k and the offer is 320k which is right at 100.00 per sq foot. The bpo was done 3 months ago and came back at 291k which was low. Their is also MI on the loan. Comps in the neighborhood at the t
Read more…Ive been working a short for over a year now.. The first is BofA and USAA has a HELOC 2nd....Originally USAA was going to cooperate with the short as my client was going to give them 25% of the debt cash at close, and take a personal note for another
Read more…I need some advice:
I am 1 month into waiting on a HAFA approval for some clients of mine. Last week we had the appraisal, and I am waiting on the status to change in equator, or wait another week before I call, then I can move on.
Here is my dilem
Read more…Hi all -
I closed one last March just like this new one I have. IndyMac 1st and BofA 2nd. Tenant want's to buy and I already got the info (at least from a couple of agents) here regarding that issue.
Wondering if there's anything new that is happen
Read more…Hi all,
I have sellers who have an incredible job opportunity in another city; unfortunately they are underwater on their current home.
So here's the question -- this isn't a forced relocation situation -- it's a voluntary relocation that's a much
Read more…So, I was goofing around and found out pop star Rhianna is selling her Beverly Hills pad which was completely remodeled in 2007/2008 http://www.zillow.com/homedetails/9152-Janice-Pl-Beverly-Hills-CA-90210/20534188_zpid/
From what I read, the remodele
Read more…Like all of you, I'm a big proponent of short sale over foreclosure, not merely for my livelihood (but that counts) but also because I think it's much more responsible than simply living rent-free until you're kicked out.
That aside, I have always us
Has anyone heard of an alternative federal program that would allow a lender to accept a property from an underwater/defaulted borrower and exchange it for a property from the lenders REO inventory as an alternative to a Deed in Lieu of foreclosure a
Read more…Does anyone have any insight about the 1 day certification class offered from 5 STAR? They lead you with the opportunity to get leads directly from Fannie with their certification. Would appreciate any feedback. Class is being offered locally for
Read more…Since my client and Regions Bank(2nd mtg.) could not come to agreement. We were not able to move forward with a short sale. Now Bank of America has offered them a Deed in Lieu. Should they look into this? This is a home that they are not living i
Read more…It seems to me it would go to the investor first.
Read more…My Seller needs to replace about $4,000 worth of furniture in order to close a transaction on an approved short sale. Has anyone done this successfully?
Read more…I have been asked to do a short sale. The owner of the home is also an officer of the corporation that owns our brokerage. I am also an officer. I have a feeling that this could be an issue with "arms length".
Any input from my knowledgeable coll
Read more…For over a month now, we have been told our HAFA Short Sale at B of A has been approved - but the approval letter has yet to come. Equator even shows the file in closing status and we recently got our "is the closing on schedule" task.
Our BofA clos
Read more…Hi All,
I'm completely new to short sales. About 1.5 months ago, I submitted an offer on a shortsale (saw the home on Saturday, selling agent said he was submitting bids to BofA on Monday and any offers after that would be "backup" offers). Of th
Read more…Full disclosure: I am the buyer in this situation.
I have been in contract for a BofA FHA SS since late August and I have yet to hear approval/anything substantial from the bank. I realize as the buyer I have zero power (is it possible to have a ne
Read more…
When Chase started sending incentive solicitation letters to their borrowers in hardship early this year, many in the real estate industry were excited about the potential positive impact it could have. Sending letters to home owners offering $5,000
Read more…I went through the Fannie Mae loan workout facts sheet from 11.16.2011
https://www.efanniemae.com/sf/servicing/pdf/loanworkoutfactsheet.pdf
Page - 20 HAFA Short Sale, under Costs: 6% or $6000 total to the 2nd.
Pages 21-22 NON-HAFA, under Eligibility:
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