Dear SS Superstars,

Early last March I put an offer on a short sale and three months later the bank sent it's counter offer. We excepted the offer and were told that we should have our approval letter from the bank within two weeks.  It has been nearly 6 weeks now.  Two weeks ago a letter was posted on the front door with an auction date.  Our realtor told us not to worry.  Should we?  It…

This Week's Superstar Discussions…

In Redwood City from Jan 1, 2012 until June 30, 2012 there were:

46 closed short sales

22 closed bank owned homes

Total sales during this time period were 363

Total % Short Sales: 12.6%

Total % REO Sales: 6%

Total Percentage  Redwood City Distressed Properties: 18.6%

18.6%…

I have been working on a Redwood City short sale with Chase since last September. Now if this were 2009 this would be more like dog bites man rather than man bites dog. But it is 2012 and most short sales do not take so long. However, this one has a 3rd loan for a lot of money and it slowed the process down.

Selling the property at market value was not that hard, despite being on a fairly busy street. We got an offer for $510,000 and a BPO for $510,000 so it started…

Anyone with experience in short sales and REO's know the bank requires proof in writing that the buyer has the necessary funds for the purchase of the property. If the buyer is paying cash I have always advised them to obtain a letter from their bank stating they have…

Please visit Seattleshortsaleblog for the full article

Many homeowners whose homes are underwater are choosing a strategic default as an exit strategy for their situation.  A strategic default is when the borrower voluntarily stops making mortgage payments although able to continue payments. The purpose of this is so you will have options such as the popular exit strategy – a short sale. Is this a good…

“BPO” stands for “Broker Price Opinion.” It is a report for the given value of a property, that a real estate agent will give to a lender to determine what to do with a property where they have a loan. And it is just what it sounds like, an opinion! All they do is quickly glance at the recent solds in the neighborhood, and go to the house to take pictures(they are at the property no longer than 10 minutes – a time frame that no buyer would feel comfortable making a solid offer in, given that…

Rock Realty Client Testimonials

"Mike Collins helped us sell our home, he was a very nice guy and always there when we had any questions or concerns! Mike went above and beyond and even helped paint the house when there was a time crunch for the inspection. We appreciated all that Mike did!"

Katy K.(Janesville, WI)

Rock Realty Client…

This is certainly a new twist to an old problem.  Bank United is the first lender on a California short sale.  The negotiator is stating that Bank United "charges 1% for their short sale processing" (of their own non-performing asset).  This 1% charge isn't disclosed anywhere in their short sale package, nor does the buyer have the additional 1% (over and above the repair costs they will be paying due to buying the home As-Is).  Just another way to pick the pockets of…

Does anyone know the answer to this question. I have a short sale with B of A. And they are paying as less as possible to close the deal. They wont pay HOA transfer fee as asked for in buyers offer. Now my buyer is saying he's not paying becasue he does need a copy of the CC & R's becasue he can get one from his friend who lives in the same association. Per my knowledge new cc & r's are needed for each new buyers name. He wants me to tell BofA and HOA he's not paying the HOA transfer…

In Menlo Park from Jan 1, 2012 until June 30, 2012 there were:

9 closed short sales

9 closed bank owned homes

Total sales during this time period were 227

Total % Short Sales: 4%

Total % REO Sales: 4%

Total Percentage  Menlo Park Distressed Properties: 8%

8% of all Menlo…

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So I got a call to go meet some potential clients to list their home short.  Set the time, got my Short Sale info together along with the development info and off I went.

Lovely, older couple that were so scared and confused and very sad about losing their home.  He's 80, she's not much younger and they did NOT want to give it up yet.

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You may be asking yourself, just why should I hire a Short Sale Negotiator?

Let’s start by stating that a dedicated short sale negotiator can be invaluable to the success of a short sale!  An experienced and successful short sale negotiator has established many relationships with many banks.  They know the ins and outs of how to best handle each…

Hi Everyone,

I have a situation where the father of the property owner is a licensed real estate agent. The owner is in default and would like to proceed with a short sale. Is there any conflict with the "Arms Length Transaction" if I pay him a referral fee? Has anyone else encountered this? Thanks.

Hello all,

I have made an offer on a property since August, 2011 and I finally got an approval with a closing date of 8/10/2012.

Here are some of the details:

*There is one loan and 2 lines of credit with two different banks.

*The lendor is Bank of America  - They have approved the 1st loan

* I hired a negotiator and she told me that she is in the middle of the negotiation stage with the two companies that carries the lines of credit and she should have any…

My home has been in forclosure for over a year and I have had a short sale offer since August of 2011. I can't seem to get an answer as to why this is taking so long. My loan is with Wells Fargo. Does any one know of way to get this to move faster. Very frustrating! Lorisa

Rock Realty Client Testimonials

"My first listing contract (with another agency) expired without a single showing. I contacted Mike Collins hoping to get some straight advice about whether he thought the property would ever sell versus letting the lender foreclose on the property and save my mortgage payments for legal counsel. He was upfront from day one. He told me that it would take a while and that I'd probably have to hold it through the winter…

I've been working a short sale since Jan with a first (GMAC) and a second (Chase) which was set to close last Weds.  But Tues the home burned down in the Colorado Springs firestorm. The purchase price we had was $265,000 with the first getting $233k and the second getting $5k - all approved and ready to go. FC sale date is 9/26. My question is has anyone ever had a successful short sale using insurance proceeds to short the lenders? The proceeds at $277k are more than the purchase price we…

Beautifully maintained 3bd/2ba Condo in Indian Palms Country Club; Just Listed.  $138,000.  This home is on an end parcel so common areas surround it, making it very private and quiet.  Plus..the Eastern porch is right on the Fairway!  3bd/2ba, built in 1981, with vaulted ceilings and a remodeled kitchen..even includes a single enclosed garage + a covered carport..what a…