WHAT MAKES A SUCCESSFUL SHORT SALE?
I asked this question on a couple of other group sites. I was surprised at some of the comments and so I am interested in the responses on this site. Maybe the same people are here.
As a new Realtor with some specific training in Short Sales I am curious why the word 'offer' is used interchangeably with the word contract. Please help my understanding. Once an offer is accepted it is a contract and there can only be one contract on a… Continue
Added by Margaret C. Taylor on December 31, 2009 at 8:43pm —
The HAFA program is the government's new short sale/ deed-in- lieu program. The government created the program in an effort to assist homeowners who can no longer afford their home and who want to avoid the damage a foreclosure does to a borrower's credit. The following is my understanding of the program guidelines as presented in the MAKING AFFORDABLE Supplemental directive 09-09.
The federal government has asked lenders to voluntarily implement a new program called Housing Affordable… Continue
Added by Tracey Martin on December 31, 2009 at 6:00pm —
Banks should hire seasoned agents as consultants to train bank personnel from the ground up. Cross train to ensure everyone is on board, especially when people go on vacation or change departments or move on to other banks. Out-of-state banks need to stop thinking properties are worth much more than they are by holding out for that ‘perfect offer’ that will never come. A universal short sale form packet should be designed for all banks to use – no more than 5 pages. Give a deadline of no more… Continue
Added by Wanda Kubat-Nerdin on December 31, 2009 at 4:55pm —
Hi folks. Continue
What better way to bring in the New Year than to have a contest. Wendy
and I have been thinking of some ways to give back next year. As you know, both of us have a passion for Short Sales. We LOVE helping folks avoid foreclosure. So we've decided to have a contest and give away some goodies!!…
Added by Bryant Tutas on December 31, 2009 at 2:50pm —
NEWS FLASH: A Florida Supreme Court Justice issued an order requiring all foreclosure actions involving Florida homesteaded property to be mediated between the lenders and the Borrowers.
Read more about it: Fort Lauderdale Sun-Sentinel
I would suggest making certain the SS negotiators are aware of this new requirement while in SS process.
Added by Stephen B. McWilliam on December 30, 2009 at 5:30am —
I continue to experience people, real estate practitioners included, that are under the impression that income tax must be paid on forgiven debt if the debt was not used to acquire their primary residence and as further defined pursuant to The Mortgage Forgiveness Debt Relief Act and Debt Cancellation of 2007
Long before this was enacted there was, and still is, an insolvency exclusion.… Continue
Added by Stephen B. McWilliam on December 27, 2009 at 9:30am —
A homeowner recently emailed me quite concerned about a letter she received from Aurora Loan Services. She had a second mortgage with them for $29,700 at 12% interest. She had never been late with her payments and was not selling as a short sale. The Aurora letter stated she could pay her loan off now at about one-third what was owed, and would have no further obligation on the note!
Aurora Loan Services, as a servicer of your loan, has been authorized by… Continue
Added by Wendy Rulnick on December 27, 2009 at 9:00am —
The knee jerk reaction by many is to refuse to sign a note upon a junior lien holder’s demand. One may successfully argue that position. However, in the end if the junior lien holder will not let up the Borrower is not in any worse position if they sign the note.
First, they already have a note with that lender on which the lender will sue. This new unsecured note replaces the original note that is secured by a mortgage. The Borrower can always attempt to settle that new note at some… Continue
Added by Stephen B. McWilliam on December 26, 2009 at 3:11pm —
I was preparing my (last minute, of course) Christmas cards to clients and past clients at midnight on 12/22/09. For some reason I checked the MLS for an address update on a buyer client I hadn't been in contact with for quite some time. I was surprised to see that his house had recently closed and at first I was pretty upset that he had sold his home without me. My fault though, since I already gave it away that I hadn't followed up with him recently...
Then I saw that it was Lender… Continue
Added by Kelly Meadows on December 23, 2009 at 12:39am —
BOA is on Equator-Anyone used it yet? Will it help?
Equator, the default-servicing industry technology leader is pleased to announce the launch of its new Agent-Initiated Short Sale feature. Starting December 8th, Agents have the ability to request a Short Sale through the Agent Portal on www.equator.com
. Only certain industry leading Lenders are currently allowing Agents to initiate Short Sales through Equator. Since it is such a great way… Continue
Added by Rita Legan CDPE (440) 227-4461 on December 22, 2009 at 7:10am —
I just watched a video
announcing some new HUD guidelines
with respect to borrowers looking to obtain FHA loans after having completed a short sale. It makes a distinction between borrowers who were delinquent at the time of the short sale those that… Continue
Added by DanaVoelzke on December 21, 2009 at 8:49am —
Just when I think I have this Short Sale stuff figured out I run across another issue that has the potential to really place my sellers, the buyers and the agents in a difficult quandary.
Yesterday I received a phone message from Chase in relation to a Short Sale we closed on almost two weeks ago. It went something like this "Hi this is Sarah from Chase calling on LN# 11324567. I am preparing the post closing package to send off to the Investor and noticed that I… Continue
Added by Bryant Tutas on December 19, 2009 at 11:43am —
Ann Arbor Foreclosures Lower than the National Rate, but Delinquency Rates Increase.
Many sellers ask me should we sell now or wait until the market comes back? I answer by telling them two things.
* Why are they selling?
* How do any of us know when the market is coming back?
According to recent data from First… Continue
Added by Missy Caulk on December 18, 2009 at 7:32am —
What should you do if you live in Michigan
and are in a lease with a landlord who goes into foreclosure?
In good faith you have signed a lease. One day you come home from work or classes and see a notice of foreclosure on the door.
First, don't panic. According to Michigan law the mortgage company must post this on your door at least 15 days before advertising in the papers a notice of foreclosure.
After the 6 weeks of being posted… Continue
Added by Missy Caulk on December 18, 2009 at 7:25am —
Ok, I have to give credit to Robin Rowland
for tipping us off to this originally. I made a few calls and here is what I've found out.....
Bank of America has contracted withREDCto process their Fannie Mae Short Sales using the REOtrans/Equator portal.
They also will be working some of Wells Fargo short sales, Metlife short sales and GMAC short sales as well.
The idea is to help… Continue
Added by Dawn Barrier eXp Realty Vegas on December 17, 2009 at 2:56pm —
The suit was filed on behalf of homeowners facing foreclosure in NEVADA who say there has been no progress made with regard to negotiations with their lender.
"And that's why what we're calling for in this lawsuit," explains attorney Matthew Q. Callister. "(It) is an automatic stay of any further Bank of America foreclosures until such time as every Southern Nevadan avails himself of his right under federal law to have that fundamental 'good faith' negotiation."
Added by Dawn Barrier eXp Realty Vegas on December 17, 2009 at 2:02pm —
is currently processing Bank Of America Short Sales that are Freddie Mac loans.
Bank of America has contracted with Titanium and Bank of America assigns the short sale to Titanium Solutions.
So you could be months into a deal and get a call from Titanium as I did. It is supposed to help speed up the process, but no guarantee of course.
You will have to sumbit the whole package again to… Continue
Added by Dawn Barrier eXp Realty Vegas on December 17, 2009 at 1:30pm —
If you are in the process of buying a house, keep checking on the progress, monitor your credit scores because the lenders have once again tightened their standards. Improve your credit profile by doing the following:
• Review your credit reports for errors. Visit AnnualCreditReport.com and order your credit reports from the three main credit-reporting bureaus: Experian, TransUnion and Equifax. You’re entitled to a free credit report once a year if you go through this website. Review your… Continue
Added by John Susan Karen on December 16, 2009 at 1:11pm —
Doing Wachovia short sales in the Central Valley.. The local field manager has extended the Wachovia Short Sale Program - Fast Track, with a streamline process.
Here is what he sent to me today!
Wachovia Short Sale made easier!
1. Obtain listing agreement
2. Contact local short sale manager - Chris A Hall as soon as you get the listing
3. ** New** An appraisal will be ordered, based on the condition of the home AT LISTING
4. When you receive an… Continue
Added by Rosemary Brooks on December 14, 2009 at 6:33pm —
As you may have heard on the news, the U.S. Treasury is trying to make short sales, well, shorter! Many homeowners and buyers have been plagued for waiting months for short sale approvals. Realtors are at their wits end. Lenders are overloaded with requests. Waiting five months for a short sale approval is becoming… Continue
Added by Wendy Rulnick on December 10, 2009 at 4:00pm —