I know with all the collective experience on this site, someone has to know something about this.

I have a Realtor friend who is interested in buying a home that has been foreclosed but is not yet listed. It is with JP Morgan. What office would she contact to find out whether the bank would deal directly with her to purchase OR do  they not do that and just prefer to wait until the asset is ready to list and then just list it?

ALSO

I work foreclosures for an arm of Springleaf Financial Services of NC but want to branch out to some of the bigger companies, like VA, Bank of America, etc..

No agent in my market will share with me how they got started because so many people are just scared that there won't be enough business if they share their "secrets".  I hate that mentality because I have always shared whatever little I may know about something when other agents ask but it is what it is.

Does anybody have any suggestions, advice on how to get on with those larger accounts?

Thanks

How To Dispute A Fannie Mae Value On A Short Sale

Hi folks. If you work Short Sales you know that one of the issues we have right now is Fannie Mae coming back with values that can not be supported by the market.

Inflated property values are the norm with FNNMA. They counter EVERY transaction with a very high price. You can count on it. If you are not prepared for this you can easily have your Fannie Mae HomePath Short Sale blown out of the water.

Since we know Fannie Mae is going to counter on price it is imperative that we can prove to FNNMA that the Short Sale Offer we have is "highest and best" and IS the market value for the short sale property.

So what do we do if we are listing a Fannie Mae HomePath Short Sale?

First, go to the Fannie Mae Loan Lookup Tool to verify that Fannie Mae is the investor for the loan you are getting ready to Short Sale. You will need a signed authorization to do this. Or the borrower can do it for you.

If the investor is Fannie Mae then go ahead and have your seller complete a Fannie Mae Borrower Authorization Form. You will need this later.

Now you have two choices.

1. Ask Fannie Mae to give you pricing before you list the property.
2. Wait and find a buyer and submit the short sale knowing FNNMA will counter the deal.

I prefer the 2nd choice. Why? Because I really need showing history and listing history to help support my value. I'm not concerned with Fannie Mae giving me a listing price as that is what I do for a living. I am concerned that I may need to justify my contract price.

To do that I need data. Lots if it!!

You can dispute a Fannie Mae Value at Fannie Mae's HomePath Short Sale Site.

I've done this about a dozen time and was able to close on all of them at our contract price.

I use data from:

1. MLS
2. RPR (Realtor property resource) use a full report with stats for the area.
3. Zillow. Why not? FNNMA does.
4. Tax records
5. Private sales
6. List history (FNNMA requires the property to be active on the market at least 7 days with 2 of them being over the weekend)
7. Showing history with agent feedback

Overwhelm them with data that supports your pricing. My experience is that as long as you can prove your case they will eventually agree. I've done this numerous times and all were successful. My average dispute is roughly 25 pages long including a cover letter explaining what we did to price, market and sell the property. 

You can also dispute value at time of listing through  Fannie Mae's HomePath Short Sale Site. And be sure enter you offer details in Homepath as soon as you send the Short Sale Submission to the servicer. That way FNNMA will monitor the transaction and keep it moving forward.

So don't let a high value from Fannie Mae derail your deal. Expect it and start preparing for the Fannie Mae Value Dispute at time of listing. I hope this helps.

Fannie Mae HomePath Short Sale Quick Links

1. Fannie Mae Loan Lookup Tool
2. Fannie Mae Borrower
   Authorization Form
3. Short Sale Affidavit
4. FAQs
5. Contacting Fannie Mae about
   an Active Short Sale Fact Sheet
6. Listing Agent Checklist
7. Report potential fraud on a
   Fannie Mae short sale

I just received an email from our Seterus negotiator asking for the seller to sign a promissory note for $27,000 and make payments of $450 for the next 60 months.  Is there any body who has received a fannie mae counter and been able to counter back at a lower amount and get approved?? 

Lately, there has been much made of the current “housing recovery,” with many thinking that the market turn around has begun and that the end is near for short sales.  I could not disagree more, and here’s why:

Has the market recovered?

According to Steve Berkowitz, CEO of Move, Inc., which operates realtor.com®, “Where we have seen significant volatility in many markets — including double-digit declines in inventories as well as increases in median price for both yearly and monthly views — we are now looking at a housing market that is less heated and moving closer to normalcy. Future home-price increases may be driven more by market demand than inventory shortages.”  As for pricing, Core Logic has released estimates of near 12% in price growth in 2013, but also shows a distinct cooling trend for 2014, with lower priced property leading the slowdown at just 2% price growth.  This can be attributed to rising interest rates, a slowdown on investor participation, changing short sale rules, and expanding inventory.  It is this last market segment –Inventory, which I believe holds the key to determining how 2014 will play out.

The inventory scam

Anyone active in real estate sales can tell you that inventory can be tight in some segments, and this has lead to increased prices.  Increased prices sets the tone that the market is rebounding and this “good will” feeling about the market can go a long way to changing people’s perceptions about the market, encouraging many who are waiting on the sidelines to jump back in.  While the price increases are encouraging, they have a long way to go to erase the equity losses of the last decade.  Clearly, any housing market restart is tied to inventory, and this is why I think that the current market rebirth is an illusion.  The “shadow inventory” that has been much speculated about is real, and when it is revealed, it will erase one of two segments of the market that is propping up growth, the other being artificially low rates.  My definition of “shadow inventory” is simply inventory not reflected on the market, most notably the MLS. There are many reasons for shadow inventory, including those in some sort of foreclosure work out program, such as a loan modification, those who are actively litigating foreclosure, and those who have simply given up trying to short sale due to agent short sale incompetence or lack of success with their lender (which many times gets the blame when short sales are mishandled by the agent).  The biggest reason for shadow inventory though, and one that is most troubling, is the property that has already been foreclosed and taken back by the lenders. In many cases, it could be months, or even years before these properties hit the market.  The reason for this is that the servicers who foreclose will end up conveying those properties back to the investor, and in the last year, many of those investors have been dumping property back to Government Servicing Entities, or GSE’s such as Fannie Mae and Freddie Mac, and HUD.  This process takes time, but there is another, more sinister undercurrent to the consolidation of the distressed property market to the GSE’s.

The GSE market monopoly

While our collective focus has been turned towards the economic recovery as a whole, the GSE’s, and Fannie Mae in particular, have been quietly and thoroughly attempting to monopolize and control every aspect of the US mortgage and real estate market.  They now control, or seek to control, all aspects of the purchase finance market.  Simply said, if you are attempting to get a mortgage, you will have to abide by Fannie Mae purchase guidelines and both HUD and Freddie Mac now seem to march lockstep with whatever Fannie is doing. Conversely, Fannie is now seeking to control all aspects of the real estate sales markets, setting standards and guidelines on how all property is valuated and sold.  The new GSE short sale guidelines, while certainly streamlining the process, are far more restrictive in how sellers are determined to qualify, how the property is listed, how the property is valued, and how the buyers purchase.  Moreover, control over what the seller and buyer can and cannot pay for mortgage and sales related services, as well as what the buyers can and cannot do with the property after it is purchased complete a very troubling picture of just how far GSE control is established.  In short, anyone buying or selling or valuing or financing real estate in the United States now is beholden to GSE, and particularly Fannie Mae rules.

Both ends playing against the middle

Back in November, new GSE guidelines took effect that promised a great streamlining of the short sale and deed in lieu process, and for the most part they have.  I have seen short sale times fall dramatically, and with the proper set up and preparation, it is no big deal to get an approval in less than 60 days.  There is a catch, however.  The GSE’s greatly tightened short sale qualification standards.  At one point, in 40% of the short sales I closed, the sellers were not delinquent.  Now, this has been virtually eliminated.  Guidelines are also cracking down on hardship, and they are actually reading and researching hardship letters and rejecting many hardship scenarios.  Conversely, new GSE purchase guidelines are now coming out that will make it exponentially harder to qualify for a mortgage. Some of the news rules coming out are the lowering of the maximum LTV to 95%, tripling FHA purchase costs and required insurance, and the coupe de grace, severely tightened underwriting and secondary marketing guidelines. As it stands now, when a mortgage originator underwrites a loan to GSE guidelines, they agree to purchase the loan back from the GSE if there is a default within the first 12 months.  In other words, a loan originated by Bank of America, then sold to Fannie Mae would have to be bought back by Bank of America if the loan went into default within the first year (this time can vary.) Under the new rules, if the GSE determines that the proper due diligence has not been completed, and the originator had any reason to believe that the borrower was a default risk; they could be liable to buy back the loan FOR THE ENTIRE LIFE OF THE LOAN. Think about that.  This means that if you ever missed a payment, ever were late on a credit card or car loan, ever did a short sale, ever bounced a check, your mortgage lender will now fear approving you because they would be liable to buy back the entire mortgage if you went into default 20 years down the line.  Add in rising mortgage rates and you have a nice shiny bullet right between any housing recovery’s eyes.

Value Roulette

Another landmine to the housing recovery is the perception of property value.  As we all know, an appraisal is an opinion of value, and this can vary widely.  In most areas, I can find very low comps and very high comps for the same property.  This is problematic because on the short sale side, buyers use the lowest comps to justify buying a distressed property.  The director of short sales for Fannie Mae, Tim McCallum, recently revealed that Fannie no longer considers short sales and REOs as distressed property, and therefore will value them no differently that normal retail property. This includes the ludicrous practice of not considering short sale or REO comps when valuing these properties, as if these other sales didn’t exist.  This is a very big statement, because the market definitely distinguishes between the two and buyers will simply not pay full market rates for the hassle of dealing with a short sale or buying a run down REO.  On the flipside, mortgage lenders, underwriting to GSE guidelines, absolutely consider distressed comps, and routinely undervalue their appraisals.  So, we have on the sales side, controlled by the GSE’s, inflated values, and we have on the purchase side, also controlled by the GSE’s, the refusal to lend at these inflated prices.  This is not the recipe for a comeback.  But wait, there is some purchase gold at this tunnel end, and that is the reckless and risky Fannie Mae “Homepath” and Freddie Mac “Homesteps” purchase loans that disregard appraised values and allow 100% financing.  Sounds suspiciously like the same risky speculating that got us in trouble in the first place, yeah?

How does this affect the market for 2014?

Real estate professionals have long buried their heads in the sand as to what the GSE’s are really doing.  This is a mistake.  When this much control is exerted by these entities, how long will it be before they start deciding that 6% commission is too much?  Think it is fantasy?  Ask the attorneys, who have repeatedly seen allowable attorney fees cut, now down to $1,500 or less.  If you are the only game in town, you get to make the rules to your advantage, and this is the very definition of a monopoly.

Add to this increasing mortgage rates

Add to this tightened short sale qualifications

Add to this GSE control over what buyers and sellers can and can’t do in all aspects of the transaction

Add to this short sale property overvaluation by the GSE’s

Add to this Purchase undervaluation by the GSE’s

Add to this hyper restrictive purchase guidelines

Add to this the inevitable implosion of risky Homepath and Homesteps loans

And finally, add to this the “Shadow Inventory” being quietly held off market by these GSE’s.  What will happen when the prices propped up by artificially lowering inventory expires after the GSE’s start to list these shadow properties?  They cannot hold them forever.  Still think that 2014 will be the year we go back to the good old days?  Still think that short sales will go away?  Think again.

 www.josephalfe.com

www.ssprocessors.com

The Wisconsin housing statistics are in for August of 2013. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:

Home sales and median prices both grew at a healthy pace in August, continuing the hot real estate market in Wisconsin. Existing home sales were up 13.7 percent in August compared to last August, closing out a very strong summer for home sales and 26 straight months of sales growth. Home prices showed similar strength with the median price rising 6.3 percent to $152,000 in August. Median prices have been up 17 of the last 18 months.

“This has been a very strong summer for home sales, which is important for a state like Wisconsin where there are strong seasonal sales patterns,” said Steve Lane, broker with First Weber Group REALTORS® in Stevens Point and the new Chairman of the WRA board of directors. "We started the year strong, and we’ve carried that momentum through the summer, which bodes well for the remainder of the year,” Lane said.

Existing home sales were up in every region of the state, with five of the six regions growing by 9.9 percent in August compared to August 2012. The area with the fastest growth over August 2012 was the Central region, which was up 23.2 percent. Also up by substantial margins were the South Central, increasing 18.4 percent, and the Southeast, growing 14.5 percent compared to August last year. The West was up 11.1 percent, and the Northeast grew 9.9 percent over the period. Finally, home sales in the North were up 5.6 percent compared to last year.

Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. As you probably have heard, home sales & prices have been increasing over the past few years. Both Dane and Rock counties are showing marked improvements in the number of homes sold and the price at which they are being sold at. This summer and fall has been really hot for the properties that are priced right!

I'd be happy to show you any homes currently listed for sale. Feel free to visit Janesville, WI Homes for Sale to search for current properties listed in the Janesville area or visit Madison, WI Homes for Sale for MLS Listings in the Madison area.

If you would like some insight into how much your home is currently worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Click below:

What's My Wisconsin Home Worth?

Has your home value fallen below what you currently owe? A short sale may be right for your situation. Visit the following page on Wisconsin Short Sales.

These home renovations tend to not pay back your investment.

Home investors have to walk a very thin line in their prospecting and repairing.  They want to find a home that others have ignored due to necessary repairs and updating.  However, they don’t want to waste money on improvements that simply look nice but fail to increase the home’s overall price.  Here are the top renovations that do not add much value to the home.

Grandiose Landscaping

Potential buyers will appreciate a well-kept lawn and may be somewhat attracted to a nice flower bed by the front door, but elaborate landscaping will not add to the home’s price.  Even worse, if the prospective buyer has no inclination to spend hours in the yard weeding, fertilizing and replanting then you may actually scare off a few buyers.  A simple lawn with low maintenance bushes are the best bet for most homes.

Pool

A new pool is extremely expensive and you may not recover even half of your investment when the property sells.  The average home buyer looks at the pool as a major expense and a potential problem in the form of injury or a lawsuit.  Some contracts in recent years have actually been structured to include filling in the pool with dirt and sod just to avoid potential problems.

Carpet throughout the Whole Home

It can be rather expensive to replace the carpet in an entire home.  Additionally, styles and preferences change over the course of time and homeowners may wish to have a more updated look in the home.  The need to replace a large amount of carpet sometime in the next 3-5 years would likely be daunting for most homeowners.  A better bet is to have hardwood and tile in the home.  They are easier to clean and most people appreciate the simple upkeep. Although the initial investment in hardwood or tile is more expensive, you are more likely to get a greater amount back when you sell the home.

More Home than the Rest of the Neighborhood

One of the fundamental basics of flipping homes is to search for a property that conforms to the neighborhood.  Never buy the absolute biggest home or the smallest home in the neighborhood.  They will be harder to sell.  Along the same thought process, never add more to a home that will make it vastly different from the neighborhood.  If all the properties on the street are single story homes then it makes no sense to tack on a double story addition.  Stick with the norm for the neighborhood in order to be able to move the property quickly.

Expensive Cosmetic Features

Some people like to brag about the Italian tile in the kitchen or the gold chandelier in the dining room when they are working on a remodel.  However, these expensive items add little to the value of the home.  It is better to make sure the home has plenty of lighting, has ample space and that the closets and cabinets are well organized.  Those expensive add-ons can be purchased by the next owner.

Basically, the best improvements you can make to an investment home are the ones that add function and space.  Anything else will simply be for show and potentially cost you too much in the long run.

Effective October 1, 2013 U.S. Department of Housing and Urban Development (HUD) has announced the following changes to their Federal Housing Administration (FHA) Short Sale requirements:

• Eligibility Requirements: To successfully complete a short sale under the FHA short sale program, the borrowers must meet the following requirements:
  • They cannot list the property with or sell it to anyone with whom they are related or have a close personal or business relationship.  In legal terms, it must be an "arm's-length" transaction.  Any knowing violation of the arm's-length requirement may be a violation of federal law.
  • Your mortgage must be in default, on the date the short sale transaction closes.
  • Before closing, any additional liens against the property must be released. A lien holder who demands a payment to release its lien must submit a written statement, and an agreement to release the lien if that amount is paid.
• Financial Hardship Validation Requirement: For a standard preforeclosure short sale sale, servicers must use a Deficit Income Test (DIT) to determine a homeowner's financial hardship.  The IRS Collection Financial Standards will be used to verify homeowners expenses not reflected in their credit report.  Only owner-occupied properties are eligible for the standard preforeclosure sale.
• New Streamlined Short Sale Option: Homeowners eligible for a streamlined short sale may not be required to submit financial information or have a financial hardship.  Principal residences, second homes, investment properties and service members who have received Permanent Change of Station (PCS) Orders are potentially eligible.
• Property Appraisal: The appraisal of your property should be completed within approximately ten business days.  After the appraisal, the short sale file will be updated and prepared for review.  In some cases, approval may be required by the investor and/or FHA, which may take more time.
• Cash Contribution: As a new condition, you might be required to make a final payment (sometimes called a cash contribution) before or at closing.  This payment will reduce the deficiency balance.
• Borrower's Incentive Compensation: If you are an owner occupant, acting in good faith, and successfully selling your property, you may be eligible for an incentive of up to $3,000.  If you are required to make cash contribution, you are not eligible for this incentive.
• Short Sale Contract Addendum:
  • The revised FHA short sale addendum must be signed and dated by all parties.  Under this addendum, all parties agree that the subject property must be sold through an arm's-length transaction.  An arm's-length transaction is defined as a short sale between two unrelated parties that is characterized by a selling price and other conditions that would prevail in an open market environment.  Also, no hidden terms or special understandings can exist between any of the parties (e.g., buyer, seller, appraiser, sales agent, closing agent, and mortgagee) involved in the transaction.
• Action Required: Review the Short Sale FHA Program guides located on the Agent Resource Center:
  • FHA Preforeclosure Sale FAQs
  • Tips to Efficient FHA Preforeclosure Sales

To review additional information about FHA requirements, please log on to www.hud.gov. Questions can be directed to Short Sale Customer/Agent care at 1.866.880.1232.

I am frustrated with the lack of consistency and organization at the loan modification dept that you have to go through before you can go to the short sale dept. Can anyone out there get that dept straightened out?

My average time in that dept is about 5 months, with one still stuck in there after over 6 months and they already had gone through the loan mod process before we listed it. One assigned representative says that if they are approved for a loan mod even if it isn't an amount that they can afford then they can't go to short sale dept, despite what the loan mod letter says (which it does say that they can decide to not accept the loan mod and go to short sale). I call the manager and she agrees. And then on another deal, the seller just said that the loan mod amount that was approved is too much and that assigned person just sends it on through to short sale. 5 out of 6 will not return any phone calls and don't keep you informed at all. If I call their manager, the manager does not call me but has the assigned person call me and they don't know what is going on. 

In addition, they aren't keeping the paperwork straight and we have to resubmit often.

They are driving me crazy. Why can't they get organized like the short sale dept which I think does a decent job?

Any success in this area or suggestions? Do the managers at B of A know how bad it is?

I was just told on a Wells Fargo, Freddie Mac loan that they won't accept doing a short sale on the property and basically said that their minimum acceptable net is exactly what is owed. The price that we would need to sell it for is about $50K higher than Fair Market Value on a $200K - $220K valued property. Wells Fargo did say that they are not privy to the BPO value that it goes directly to Freddie. We did get a BPO agent that many agents in our office have been having value problems with, so there is a chance that it is simply this BPO that has caused the denial.

Where do I go to file a value dispute with Freddie Mac? I've done Fannie Mae's several times on www.homepath.com. Does Freddie have a similar process?

Thank you for your help,

Holly Jessop

RE/MAX Metro

Layton, Utah

Good morning Superstars.

Here's a sampling of this week's Superstar discussions.

Reason for Default Need some assistance. Can anyone confirm when initiating a Nationstar short sale in Equator, when selecting your “Reason for Default” is … Started by Maurice Stover	7	14 hours ago Reply by Maurice Stover
Loan Mod Has anyone heard of an heir to a property being able to work out a loan mod on a property when not on the mortgage??? The heir is disabled… Started by Sharon L. Ellsworth	7	17 hours ago Reply by Reuben Dunn
Auction.com issue at foreclosure sale I got asked recently why I, as a lender, would be on this forum. Granted, it's mostly agents communicating with their peers, sharing best p… Started by Ron Scribner	1	yesterday Reply by Wayne Brooks
New HUD PFS mortgagee letter prohibits dual agency???? New HUD PFS new mortgagee letter effective 10/1/13. HUD 2103-23. This Inman News article http://www.inman.com/2013/09/20/nar-hud-shooting-… Started by Tony and Robin Pickett	15	yesterday Reply by Lori & G-II Klindera/Varrato I
Limited Agency Changes for FHA HUD Short Sales Hi! Just received and email this morning from BofA that states as of Oct 1, 2013 an agent (nor broker) can represent BOTH seller and buyer… Started by Elizabeth Nance	8	yesterday Reply by Lori & G-II Klindera/Varrato I
Short Sale Approved, Now BOA stating Final HUD has to change, SBA not allowing it to change Hello, I have a client with a first mortgage through BOA and the 2nd through SBA. The preliminary HUD was finally approved by both banks. … Started by Peggy Kormylo	12	yesterday Reply by Peggy Kormylo
Property is not Investor insured so denying short sale? I have a short sale with WF and I was told this morning that the Investor (Deutsche bank) is denying the short sale due to it not being Inv… Started by Karyn Mariscal	0	yesterday
Auction.com fiasco! I have listing which was with B of A. I procured an all cash offer for 500k. The loan was transferred to nationstar they revalued the prope… Started by carol pefley	2	yesterday Reply by Shannon Noble

I have this one company/ BPO agent that consistently has extremely high BPOs and is messing up all my deals. Do you have this problem? What do you do about it?

If not, what have you done to avoid this? What advice do you have for me to combat them doing my BPOs?

Thanks

The Protecting Tenants at Foreclosure Act of 2009 clearly stated that any lease entered into AFTER the notice of foreclosure did not have the protection of the Act to allow the full lease term to run.  But the Dodd-Frank Wall Street Reform and Consumer Act opened up the Grand Canyon of income generation loopholes for Landlords and some greater safety for Tenants involved in a foreclosure!

I talked about the Protecting Tenants at Foreclosure Act of 2009  in my article Tenant Eviction Law and Foreclosure Problems back in 2009.  The most important portion of understanding that law for tenants and landlords was whether a tenant was covered under the timing provision of when the lease was entered into with the owner who was in foreclosure.  It was that the lease had to be entered into before the “notice of foreclosure” – an event commonly interpreted as when the foreclosure complaint was filed in the court (the lis pendens as some call it).

Dodd Frank Act -

The Dodd-Frank Act at Section 1484 changed that definition dramatically – effectively allowing any owner (landlord or potential landlord) to rent out their home to a bona fide renter at a market rent AT ANY TIME PRIOR TO THE ISSUANCE OF THE FORECLOSURE TITLE TO THE LENDER OR THIRD PARTY PURCHASER AT THE FORECLOSURE SALE OR TRANSFER, and that tenant’s lease will be honored for its full (but reasonable) term. The proviso that the buyer at the foreclosure sale can evict the longer term tenant in 90 days still exists, provided that buyer who will occupy the property as a primary residence or when there is no lease or the lease is terminable at will under state law.  Anyone else, including the lender, must wait until the lease term expires.

How The Law Was Amended -

Section 1484 states:  The Protecting Tenants at Foreclosure Act is amended—

(1) in section 702 (12 U.S.C. 5220 note)—

(A) in subsection (a)(2), by striking ‘‘, as of the date of such notice of foreclosure’’; and

(B) in subsection (c), by inserting after the period the following: ‘‘For purposes of this section, the date of a notice of foreclosure shall be deemed to be the date on which complete title to a property is transferred to a successor

entity or person as a result of an order of a court or pursuant to provisions in a mortgage, deed of trust, or security deed.’’; and

(2) in section 704 (12 U.S.C. 5201 note), by striking ‘‘2012’’ and inserting ‘‘2014’’.

Impact on Tenants and Landlords in Foreclosure -

So what does this mean?  Before, if you were in foreclosure and you wanted to rent, you had to advise the prospective tenant of the pending foreclosure and that they would definitely have to be out on 90 days’ notice once the foreclosure sale was complete.  That has not changed as a matter of disclosure, as the same rule pertains to buyers at a foreclosure sale that were buying for use as their primary.  But before, if the lease were written after the foreclosure suit was filed, only the 90 day rule was in effect.  Now, REGARDLESS OF WHEN THE LEASE IS WRITTEN, if the buyer is not buying for primary home purposes, the full term of the lease must be honored.  Since most foreclosure sales end up with the lender or investors that are not buying for their own primary residence, this encompasses the majority of foreclosure sales.

New Pool of Rentals – Rental Income and Commission Source?

I love being an attorney – every day is an opportunity to learn, and this Grand Canyon of loopholes is one of those examples.

This therefore opens up a huge inventory of homes that were thought to be unable to be rented because of already filed foreclosure suits.  Very few investors and brokers are aware of this potential income and commission source. Realtors should be aware of these additional options available to their clients and it applies nationwide.

© 2013 Richard P Zaretsky, Esq.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com.

See our easy to find articles at TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

SunTrust Mortgage countered with 450,000 to my offer of 310,000 which was 5,000 above list price. I informed them that I had one other offer when the listing was 360,000 for 275,000 when the home was in good condition! I dropped the price to 305,000 after really no inquires. They have not received payment for over 4 1/2 years. Owners moved 5 months ago. Property has not been maintained. Buyer submitted offer in early January! It has been over 9 months!! Has anyone been successful in getting ST to come down? Or at least be more realistic?!!? I also sent update property pictures. Not pretty! Any guidance is greatly appreciated.

Are homes values still on the rise ? Volatile Housing Market Ahead ?

A recent report by REDFIN RESEARCH showed that “In August, 26.4 percent of active listings had their prices lowered, the highest in four years” is this a sign of the housing market slowing if not reversing? Daily I see Buyer interest as still strong and investors are still confident that the Single family homes are still a great investment  (see my recent blog The future of Single-Family Rental Market is it gone or here to stay ?) So what would account for the 26.4% downward shift in list pricing. We have always known setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. 

Read more at http://blog.georgiaonlinehomes.com/blog/homes-values/#!

#Dacula, #HomeSellers, #LawrencevilleGA #GwinnettRealestate #GARealtor, #N.E Gwinnett Co, #RealEstate, Duluth, Gwinnett homes values, Home Buyers, homes values,Lawrenceville, Realtor

We would like to introduce you to our home buyer specialist, Eric Engels, Realtor® | Real Estate Agent serving the Janesville, Wisconsin area!

"Hello Rock County! I am very happy to have joined the Rock Realty team. I have been a resident of Janesville for over 13 years. I lived in the Quad Cites before that living in both Illinois and Iowa. In 2006 I had the chance to move back to the Quad Cites, I thought about it for about 2 seconds, but Wisconsin is the best place to live I couldn't leave. I am a big fan of the Midwest way of living! I am very excited to meet some of the great people in Rock County, and to help them in there home buying and selling needs."

"At Rock Realty we use the newest and most innovative technology to help us in our advertising and researching needs. Please feel free to call or e-mail me with any questions you may have. Again I look forward to meeting the great people of Rock County."

Thanks

Eric Engels

Visit my site to search for Janesville, WI Real Estate Listings:

www.JanesvilleListings.com
(Homes for sale in 53545, 53546 and 53548 and the rest of Dane & Rock County)

Short Sale Real Estate Agents in Dunkirk, WI 53589  Are you looking for a Dunkirk Wisconsin Short Sale Realtor® or real estate agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Dunkirk WI area.   My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many home owners with their distressed property needs.

REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.

A Certified Distressed Property Expert® (CDPE) is a real estate professional with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today's market.

What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Dunkirk property instead of letting it proceed to foreclosure.

If you are considering the possibility of a short sale for your Dunkirk Wisconsin home and have further questions, feel free to visit the information page below.

Wisconsin Short Sale Information

Additional Short Sale Information

• What is a short sale?
• Is a Short Sale right for my home?
• Half of Homeowners Underwater on their Mortgage
• Buying a Wisconsin home after a Short Sale or Foreclosure
• Benefits of Buying an Owner-Occupied Wisconsin Short Sale
• Tips for Buying a Wisconsin Short Sale

Rock Realty SOLD Short Sale Listings

514 S Jackson St, Janesville WI | 900 King Street, Stoughton WI

105 W Main St, Brooklyn WI | 408 S Academy Street, Janesville WI

449 Farnham St #2, Marshall WI | 1117 Ontario Dr, Janesville WI

4602 N Katherine Dr, Janesville WI   

Call to Action! Mustering the Troops!  Read this article http://www.airforcehomebuyer.info/articles/HUD_ML_2013-23_LetterToTheOIG.htm then send an eMail, THIS WEEKEND, to HUD OIG General David A Montoya at hotline@hudoig.gov   

You can down load “An Open Letter To HUD Inspector (WORD FORMAT) at this link http://www.sendspace.com/pro/11er6a.

You can also download a PDF copy of ML 2013-23) at this link http://www.sendspace.com/pro/kc0j2q.   Pay particular attention to the last line of Page 7 and the first two lines of Page 8.  It is extremely important that ALL short sale specialists send an eMail to the Inspector General at HUD and urge him to remove the provision that bans 'Limited Disclosed Dual Agency' in Mortgagee Letter 2013-23.  Servicers, across the nation are preparing to implement ML 2013-23 on 1 October 2013.

AND NOW SOME INTERESTING TRIVIA:

There are still thousands of underwater mortgage all around the country and yes… even here in the Phoenix Valley. 

Lori & I have ‘mortgage delinquency’ lists pulled every 90 days.  When we compile ONLY FHA loans, In just five cities, among only five banks who service FHA loans in the west valley, there are over 5,000 homeowners who are delinquent on their mortgages (30, 60 or 90 days).  There are thousands more that are already into the foreclosure process.

In the west valley, there are over 20,000 homeowners who are delinquent on their mortgages among FHA, VA, USDA, IDA Bonds, GSE and Non-GSE Conventional loans.  However FHA loans are quickly becoming the lion’s share of these delinquencies.

If we consider that Arizona has begun to heal from the ‘housing meltdown’ faster than any other state in the country, then it is logical to conjecture that these numbers are only exasperated in other parts of the country.

We cannot let this provision of ML 2013-23 take root. We must get it reversed.

One last point… and I know that I’m singing to the musicians…

Short Sale Listing Agents have the best chance of keeping a buyer in play when the buyer also working with the listing agent of the FHA PFS.  Short Sale Listing Agents, who have successfully closed, a respectable number of short sales, and particularly FHA PFS transactions know the ‘lay of the land’, thus can do a better job of calming the squirrels that whirl around in the stomach of the short sale buyer.

And… while the ‘root confidence’ of what a buyer is willing to pay and what a seller is willing to accept will always be ‘sacrosanct’, concerns over inadvertently slipping up with other ‘confidential’ information is a bit less likely because in this type of a transaction… sellers, as well as buyers, are dissected, examined, vetted and nearly stripped naked by the servicing bank. There are virtually no ‘secrets’ that are not disclosed by one side or the other.  If one or the other side does not want to ‘fess up’ to the servicing bank, then they are kicked to the side, by the servicing bank, and the servicing bank moves on to the next project.

In any event… I know we’ll all keep the pressure on HUD. I am pretty confident that we’ll pull this off.

Very Respectfully

G-II Varrato II

RET USAF 820^th CES RED Horse, REALTOR®

Director Community Outreach (Veterans Association of Real Estate Professionals) VAREP

Good morning Superstars,

Here's a sampling of this week's Superstar discussions.

Discussions	Replies	Latest Activity
Fannie Mae Hires an Officer It Alleges Defrauded It -- and Finance Cheers Oh Boy! Fannie making more stupid decisions... Fannie Mae Hires an Officer It Alleges Defrauded It -- and Finance Cheers Started by Jeff Payne	1	yesterday Reply by Bryant Tutas
Citi Charged off Heloc: Can't do short sale becuase they can't upload the loan Citi Recovery dept told me they cannot continue with the short sale because they cannot push the loan or upload it to do a short sale. My… Started by Omar Senghor	1	yesterday Reply by Brett Goldsmith
Central Mortgage Loan Servicing Has anyone had experience dealing with Central Mortgage Loan Servicing on a short sale? Started by T Arnold	2	yesterday Reply by Andrew Utter
SSI Income Question I have a client who receives a disability check that comes in for her grandson, on which she is the payee. Does she need to declare this in… Started by Scott Fain	6	yesterday Reply by Scott Fain
Nationstar / Auction.com A short success story. I fought Nationstar on Auction.com and won. Lots of research on this forum helped and I even got a call from an ag… Started by SGJ	5	yesterday Reply by Shannon Noble
47 days and no approval from BOA. What the heck is going on? Our offer was accepted and submitted to BOA on 07/26. It's now over a month later and NO approval or counter in sight. On 08/05 a BPO was d… Started by Frustrated	5	yesterday Reply by Wayne Brooks
ME vs Auction.com & Nationstar I have been a BAD AGENT. I am getting a call from Nationstar and Auction.com tomorrow for not wanting to cooperate with there short sale CO… Started by Sidney Kutchuk	28	on Thursday Reply by Kevin - Greenville, SC
MGC Mortgage Would 4 years trying to close a short sale be a record ? I have a listing in new Jersey that received its first offer back in 2009 W… Started by P Nicolas Velecico	3	on Thursday Reply by P Nicolas Velecico
Confused buyer on SS serviced by Nationstar Hello; thank you for making a site such as this open to the public. What a wealth of information! We are the buyers on a SS serviced by Na… Started by kelly busch	3	on Thursday Reply by Ron Scribner

The South Carolina Real Estate Commission will decide next week if an Agent and/Owner Homeowner can market a property (aka their own home) as a Short Sale prior to the Bank providing a blessing. I and my Listing are the test case.