Considering the cost of purchasing a home it would make sense that buyers would take necessary precautions to see if the home has any problems. A home inspection can point out any problems, if they even exist. The following list represents some pointers to consider when ordering a home inspection.
Review Credentials of the Inspector
It is wise to choose an inspector with…
Added by Michael Collins, CDPE, SFR on May 15, 2012 at 5:17am — No Comments
Avoiding Problems with Your Escrow Account
If you are using a mortgage to purchase your first home it is highly likely that the lender will request that you use escrow in order to handle the annual homeowner's insurance and taxes on the property. This is reflected by an additional payment on top of the interest and principal payment that you make on…
Added by Michael Collins, CDPE, SFR on May 15, 2012 at 5:15am — No Comments
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…
ContinueAdded by Michael Collins, CDPE, SFR on May 14, 2012 at 8:07am — No Comments
Understanding your Home Owners Insurance Policy
There is no doubt that an insurance policy on a home can be tough to understand. However, going over the policy and making sure you are comfortable with the important parts can payoff down the road. Here is an overview to make sure you have the basics covered.
The Home
It is important to know that in the…
ContinueAdded by Michael Collins, CDPE, SFR on May 14, 2012 at 8:01am — No Comments
It is no secret Mountain View as well as most of the Silicon Valley is experiencing multiple offers on homes for sale. While this is great for sellers, it can be extremely frustrating for buyers, and their agents. After losing 5-10 homes a buyer will unquestionalbly start to doubt their agent. They may feel that their agent is doing something wrong and maybe it is time to find someone else.
Will this work? Maybe, but there are limits to what a…
ContinueAdded by Marcy Moyer on May 13, 2012 at 5:00pm — No Comments
Added by Bryant Tutas on May 13, 2012 at 12:55am — No Comments
The landscape for short sales is changing. As the inventory of homes for sale stays at historically low levels all over Silicon Valley, short sales are gaining in popularity for buyers. Added to that is the fact that short sales, while not a sure thing, are getting approved at increasingly higher…
ContinueAdded by Marcy Moyer on May 9, 2012 at 12:25pm — No Comments
When I first heard about the Bank of America Cooperative Short Sale Program, I thought it might be more blah blah and less ah ha!
I was initially skeptical, A) because banks are famous for coming out with “new programs” that don’t end up getting squat done! And B) because I was told that with this program, the bank does the appraisal BEFORE an offer is received for the…
ContinueAdded by Joshua Gayman on May 8, 2012 at 9:15pm — No Comments
Just got approval on another short sale in San Jose with Chase. They are getting to be one of my favorites!
This was not straight forward. Client lost his job and was not able to make payments. He tried a loan mod but did not qualify due to having too much in retirement account. Client is close to retiring.
Put condo on market and got 13 offers.…
ContinueAdded by Marcy Moyer on May 8, 2012 at 6:46pm — No Comments
There are often overlooked benefits to buying an owner occupied short sale home. It’s amazing just how much of a difference having someone living in a property can make. Here are some of the upsides that I have noticed in a Wisconsin owner occupied short sale home versus a vacant Foreclosure:
- It feels like a…
ContinueAdded by Michael Collins, CDPE, SFR on May 8, 2012 at 9:20am — No Comments
Why It is a Good Idea to Choose a Realtor®
While there are a lot of licensed real estate agents in most locations, the industry is quite tough. A large number of people who apply for their license end up leaving the industry in a short time. This means that there is a small number of Realtors® with licenses who have the experience and knowledge to truly help a person buy a home. …
ContinueAdded by Michael Collins, CDPE, SFR on May 8, 2012 at 9:00am — No Comments
Added by Bryant Tutas on May 8, 2012 at 7:32am — No Comments
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…
ContinueAdded by Laura Levenson on May 6, 2012 at 2:05am — No Comments
Added by Bryant Tutas on May 5, 2012 at 11:59pm — No Comments
One for the books! Boa holds the second lien- in the middle of my deal they changed the status in equator to deed in lieu ? Has this happened to anybody else?
Added by Walter Dowling on May 4, 2012 at 7:24am — 1 Comment
I'm working on a 2nd lien approval with NYCB (formerly Amtrust) in Ohio. I had an approval from Jan 2012 that was waiving the deficiency for the borrower. Buyer walked 2 days before closing and we had to put the property back on the market.
Have a new buyer, 1st lien approved and now the 2nd (NYCB) is approving the short sale with the right to pursue the deficiency. Saying they will not waive the deficiency this time as their policy has changed.
They also won't try to work…
ContinueAdded by Albert Clark on May 4, 2012 at 3:58am — 2 Comments
West Bloomfield MI Short Sale,…
ContinueAdded by Mike Sher on May 3, 2012 at 7:35am — No Comments
I have a case where the borrower's lender is Chase and she has been told she needs to work directly with Fannie Mae to do the short sale. This is a first for me..has anybody had this kind of situation and if so, how do you even start?
Please let me know..
Thank you,
Mily Arroyo
Added by Mily Arroyo on May 3, 2012 at 6:32am — 1 Comment
Cannot seem to get a direct answer on this. Anyone done one of these?
If a client bought a home through a 1031 exchange a few years ago and is now short selling the home.....Are they still eligible to use the Mortgage Debt Relief Act and get out of the Income Taxes on the deficiency?
Added by Krystal Lee Whaley on May 2, 2012 at 11:01am — No Comments
I have been working short sales in Maine exclusively for the past 3 years. You can look me up at http://martymyrealtor.com
Cheers, and keep up the great work!
Marty Macisso
Regency Realty Group
South Portland Maine
Added by Marty Macisso on May 2, 2012 at 9:23am — No Comments
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