It would be a great idea for the administrators of ShortSaleSuperstars to modify the site to allow the location of the agent (blogger) to be easily seen on the individual blog posts. This way, we can be aware of the other agents in our area. Reason: I like to keep away from competing real estate agents' blog posts as a courtesy so they don't think I have any intention of attracting their potential clients/visitors.
Cheers,
Corona Real Estate Agents
Corona, California
Hi,
I am a first time buyer. We submitted our offer in Mid June, 2011, and seller recently got BOA HAFA (just one loan) approval; however,we are still waiting for the HSBC (Investor Bank) authorization. Listing agent saying it will be any day.
Our agent said that listing agent constantly talking with BOA but no access to HSBC. But BOA assured him that HSBC agreed on the price we offered. HSBC will approve it any time and BOA will send the apprvoal letter.Our File moved to HSBC from BOA end of August. We are offering cash. Do you think is it possible to get assurance on price before approval? Can you tell how long it might take?
Thanks in advance.
If you own an FHA or HUD insured home and you are desiring to request a short sale of your home, there are specific requirements that must be met. I have worked with a number of homeowner's in selling their FHA insured home and before listing their home for sale, we discuss the guidelines that I know FHA is going to require be met by my homeowner Sellers.
I am going to provide some of the FHA and/or HUD insured guidelines for a short sale over the course of several posts and try to give examples of facts that might fit the requirements. The first that I want to discuss is the requirement that the home must be owner-occupied with exceptions in certain cases for job transfer, death and divorce for example.
I recently sold a home for a homeowner that had a FHA insured loan. He had previously vacated the home and had moved out of State. At the time we requested to be approved for a short sale, the Seller provided evidence that his reason for vacating the property and therefore, the home being vacant, was due to the need to have to move out of State in order to be able to obtain another job in his field of employment. We documented this through not only with his current income statements, but through a letter explaining the history and reason for his move. We were able to obtain an exception to the requirement of the home being owner occupied.
Each situation will be specific to the individual homeowner. But, overall, it is important to be aware that one of the requirements for a FHA and/or HUD insured short sale, is that your home be owner occupied.
If you don't know what to do if you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts and Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.
(There are potential tax consequences that should be discussed with a tax professional. Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)
(Image courtesy jscreationz/FreeDigitalPhotos.net)
About the Author:
Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Phone: 816-520-0917
Email: shinton@remax.net
shortsellingyourkansascityhome
©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales
Washington, DC - The FHFA is seeking financial recovery from recently filed lawsuits according to its press release today. It went on to say, "at this time, it would be premature and potentially misleading to estimate the size of any potential recoveries" and that "press reports that FHFA is seeking nearly $200 billion in damage are excessive."
There is a new law that mandates Carbon Monoxide monitors be installed in all residential properties in California. Lenders are taking this seriously! I had a buyer purchasing ashort sale in Sunnyvale that was scheduled to close last Friday, after several extensions. (The first lender kept asking for closings that were not physically possible to adhere to due to a second loan.) We managed to get to loan docs being drawn within 3 weeks of the approval on the second, a miracle in itself. This was on Wed., 2 days before drop dead close date. Loan docs were signed and sent by currier (for a cost of $180) back to the lender. Thurs morning, when they were supposed to fund, the lender said they wanted to see a picture of the required carbon monoxide detectors before they would fund. The picture was taken and sent back to the lender after a little hysteria on everyone's part and we closed on Fri.
Lesson learned. Plug in the little devise before the inspection before the appraisal, and save yourself a lot of last minute drama.
If you have any questions about short sales in Santa Clara or San Mateo Counties please feel free to contact me.
Marcy Moyer CDPE
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales
Washington, DC -- The Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae and Freddie Mac (the GSEs), today filed lawsuits against 17 financial institutions, certain of their officers and various unaffiliated lead underwriters. The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the Enterprises.
There are 17 separate suits all relating to mortgage origination and mortgage-backed securitization. Being separate actions the allegations vary from case to case. Here's a sampling of allegations:
Read more - including List of Lead Defendants.
Finding the perfect home in the Santa Clarita market area is something that many people dream about day in and day out. After all, who wouldn’t want to buy a home that meets all of their wants and needs?
And while it may sound easy enough to do this, the fact of the matter is that finding the home is not always the easiest thing to do. There are numerous details that could pop up, and quite a few problems that could occur.
If you have been thinking of selling your home, then one of the aspects of selling a home is marketing. You obviously cannot expect to simply throw a For Sale sign in the yard and expect results. I doesn’t work that way. Gone are the days of drive arounds. Sure back in the day a for sale sign in the yard and perhaps a printed flier that you would throw up around the neighborhood may have worked. Heck, even a newspaper ad was worth the money. But now it is completely changed and is not as easy as it may seem. Today, more than ever the utilization of a real estate professional is crucial to a timely sale.
Think about this…Back in the day a real estate agent was able to sell a home by following a tested and true form of selling. Put a sign in the yard, an ad in the newspaper, a flier around the neighborhood and if lucky feature it in a home magazine. With that type of marketing insight back then the formula worked and was effective. An agent was able to focus their attention on closing a sale and less on getting interested buyers to contact them. An agent was perhaps not as necessary then than they are now.
HELLO INTERNET!
Now with today’s buyers a real estate agent has to wear a lot of hats and wear them well. An agent today not only has to be an expert salesman, but also an expert negotiator. They have to be a patient listener and be able to work on the fly. They also have to be marketing gurus and professionals.
When an agent gets a new listing today, the marketing of a home is pretty much the biggest aspect of the initial job. How to get this home in front of as many potential buyers as possible and how to get those potential buyers to call. With technology today an agent must be a internet and web expert as well.
An agent that is marketing a home needs to be on top of many of today’s marketing techniques. This includes facebook, twitter, linkedin, youtube, personal website, fliers, brochures, listing cards, QR codes, presentations, signs, listing syndication, online ad sites, blog posting, video tours, and the list can go on and on.
The truth is, as a seller looking to get their home sold you are way better off with a fantastic agent rather than having to become a marketing expert yourself. An agent lives that lifestyle and has the resources and experience to get it done quickly and efficiently.
In today’s market it is imperative to get your home out there and to as many buyers as possible and in the shortest amount of time.
Tim Brown
Owner/Broker, Realtor®, ABR,CRS,CDPE®
Auctioneer NCAL#8560
Hines & Associates Realty
TeamHeidi
Direct Line: 704-619-1008
Client Care Line: 704-815-3208
www.CarolinaHomes4Sale.com
So you have to sell. Here is what you should do.
1. You can not do this on your own. The banks will want the home to be extensively marketed and you can not do that as a FSBO. Since the lender will pay the real estate commissions that should not be a concern.
2. Gather your financial information. You will need 2 years tax returns, 2 months bank statements form all accounts, 2 months statements from all investment accounts, profit and loss for 2 years from any self employment.
3. Fill out a financial statement which shows all your income and expenses
4. Write a hardship letter which explains why you need to do a short sale
5. Make your home available for showings and open houses
6. Keep your financials updated every month and give the bank everything they ask for
7. Accept the best offer you can get on the property
8. Be PATIENT
If you have any questions about short sales in San Mateo or Santa Clara County please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales
That is good news>
Bryan Rockwell
Good news...the Short Sale Assistance Desk is available in CA and is offered through the following MLSs: MLSListings, Inc., Southland Regional MLS (CRISNet), Pasadena Foothills, and coming soon to SoCAL, Burbank, Ventura, Conejo Simi, and others to be announced soon. Stay tuned.
Valuation of the short sale is one of the most important parts of the transaction. Of course when I am the lisitng agent, I complete my own BPO, submitt my findings to the bank to justify my MLS price and then request a formal BPO.
I am also an REO broker and it amazes me how the banks fight over values preforecosure and spend thousands post foreclosure!
I am happy to receive the REO listings that I get, however in monay cases a Short Sale is more economical and better for home owners and communites they are in.
As I tell my buyer clients, the listing agent can stick any price on the property they desire, however the bank decides wether or not they will take it. A saving grace is the when the buyer gets their appraisal completed, this will tell it all, and I have had appraisals come in higher than our contract and I have had them come in lower. In the case of the lower appraisal, especially if the buyer is going FHA, I have had success with the bank accepting the appraised value.
Unfortunately I have had the bank foreclosue on my listing when they want a higher value, only to come back on the market as an REO and a list price thousands to the tens of thousands LESS than my origianl list... so who knows!! You just have to present your case and supporting documents and hope they take it!
Thanks for reading!
Hello All. I have read that some agents had good negotiators on their US Bank transactions. I believe that the SS packages are either sent to Kentucky or Ohio to be serviced. My current negotiator is out of Ohio. I need a referral for a good one that is out of Ohio. The one I have currently wanted me to counter the buyer at $100,000 over FMV, he won't give me any updates on the file, and won't order a BPO/Appraisal. His name is Steve B. (No NOD filed yet, NO Hafa, No fannie/freddie).
Does anyone have a good lead so I can request a different negotiator?
There is another conflict brewing between investors and first time home-buyers, and this time the home buyers may win. In the more affordable areas of the Silicon Valley distressed properties, ie short sales and reos have been popular with investors and first time buyers. Many would be owner occupiers lose out on great opportunities to investors who have all cash. Since condos are the least expensive properties, have the fewest maintenance issue, and tend to bring in more rent per dollar spent they are popular with investors. Coupled with the more restrictive lending practices on condos, many bay area developments are now in a position where the number of owner occupied units has fallen to a critical level. Owners of these properties are having trouble refinancing and buyers trying to get loans are being rejected by the lenders. As a result, many complexes are starting to pass new HOA regulations limiting the number of rentals allowed in the condo development.
These restrictions can be a double edged sword. If they occur in a building where the delinquency rate on the HOA dues is too high then a buyer will not be able to get a loan anyway and it will effectively cut off all sales. In the future when the market has settled down the rental restriction could put a damper on future sales. However, if they are not instituted it may become impossible for anyone but investors to purchase in some condo complexes, which in itself will lower values not to mention make things harder for the first time home buyer. It will also make it impossible for current homeowners to ever refinance in some of these buildings.
I do not have the answer here as to what is right or wrong here. I can only give some advise on what to do if you want to purchase or sell a condo and want to get the information about potential rental restrictions.
1. Ask your agent to find out if the HOA docs are available yet. If it is an reo they most likely will not be and a
short sale very likely not
2. If the docs are not available before you make an offer ask your agent to ask the listing agent for the number of the HOA management company
3. Call the management company and ask about any current or contemplated rental restrictions
It is not that hard to find out and can save a lot of time and possibly money.
If you have any questions about short sales in San Mateo or Santa Clara Counties please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Wouldn’t that be interesting if they were to do just that? The fact that Apple is one of the biggest companies in the world today with market dominance in almost everything they do and everything they put out. They have single handedly dominated the digital music industry, smart phone industry and tablet industry. With that kind of success rate and the quality of their products, I started thinking about them building custom homes.
What would an iProperty look like? Perhaps the home would look the same as every other home and it would be the inside of the house that has all the neat stuff. Perhaps some special built in apps for the home specifically. Perhaps an app that can be viewed via a wall display that tells everything going on with the house. From which lights are on to which doors are locked and not locked. Of course there would be a button to go ahead and lock the other doors if you like. What else? The display would have the temperature of every room and the monthly cost perhaps. That way you can better regulate each rooms electrical and cooling costs and cut down on usage in rooms where there is not much activity.
Then of course you would have total integration with all your other apple products as well. That display of your home would also be available on your ipad and iphone for mobile management. You would have access to all the built in standard cameras that will monitor your home with night vision and heat sensitive modes. Then with that idea you have that available on your mobile devices and can even send right to youtube if you like.
Then there would be cool things like turning on your fireplace from your phone or tablet, managing your home music speakers in the whole house from your device or wall display. You could turn the Jacuzzi on by using finger gestures on the app as well.
What apps would you like to see in an iProperty? What would be some of the cool things that you would like to be able to manage household wise with your mobile device? Do you think they could dominate that market as well?
Tim Brown
Owner/Broker, Realtor®, ABR,CRS,CDPE®
Auctioneer NCAL#8560
Hines & Associates Realty
TeamHeidi
Direct Line: 704-619-1008
Client Care Line: 704-815-3208
www.CarolinaHomes4Sale.com
In today’s unstable economic situation, many families are finding themselves in trouble. The home that was once a family’s cradle of love has now become a financial problem. Homeowners avoid the hassles of foreclosures and start to search for details on short sale homes.
What is the difference between a short sale home and a foreclosed home? Based on Wikipedia, a Short Sale occurs when the lender allows a property to be sold for less than the amount owed on a mortgage and takes a loss. This usually occurs when the market drops and the property is worth less than what the current mortgage is. While Foreclosures is a legal process by which a lender obtains a termination of a mortgagor’s equitable right of redemption, either by court or by operation of law.
There are reasons to avoid foreclosures. There are factors that come into play in neighbourhoods affected by foreclosures. These factors could be things such as lowered property values, increase incidence of financial scams, youth stress and instability, and increase crime rates. However, there are steps to take when thinking of engaging in short sales.
In engaging in short sales, you need to learn about loan modifications. The process of foreclosures and short sales can be costly to lenders. Explain your situations to lenders. See what your options may be that could allow you to remain in your home.
When thinking about short sales, always consult with the experts. Your real estate attorney can ensure that you aren’t taken advantage during the short sale process. The experts could provide you with the comparative market analysis, help you set appropriate listing price for your home, and help you get it sold.
Help your self and your prospective buyers for a selling process. Lender’s approval can take weeks or months. Still in trouble on how you can make use of your home? The short sale is not the only solution to your problems. If you have issues about payments, make sure to speak to a licensed real estate professional.
Looking for short sales in Phoenix? You may visit the website Phoenix Arizona Short Sales for a variety of short sale homes options. Happy Hunting!
If you or someone you know is facing foreclosure there are some things that you should be aware of. Firstly foreclosure should not be considered an easy way out because by no means it is not. These days a lot of people honestly cannot afford the homes they are in for one reason or another. What strikes me as odd is that years ago the word Foreclosure was a bad word. Something to be shunned and not really discussed, much like bankruptcy used to be. Now though it almost seems that more and more people are becoming comfortable with the idea and almost accept it as a part of the process.
The truth is that foreclosure is not a requirement for individuals that are struggling with payments. Those that recognize the issues and act upon them early on can stop foreclosure and perhaps even save their home. The main option in this idea is to explore a Shortsale. A shortsale mainly consists of the bank in which the loan is from allows the owner to sell the property for less than what is owed on the loan. The difference between the sale amount and what is owed is called deficiency. Sometimes this deficiency can be forgiven and sometimes it cannot. It really depends on the situation and the bank. However, a Shortsale is a better option than a foreclosure.
If you are facing foreclosure here are some things to keep in mind. A foreclosure dramatically affects your credit…period. This is definitely a scar on your credit report and often with be stuck there with you for at least 7 years. Your credit cards may be cancelled as well at anytime and without warning. Your job may be affected as well if you are employed in a field that requires security clearance and a good credit score. If you are not employed then a foreclosure can also be a factor in preventing you from getting a job. More and more employers are using background and credit checks to screen possible employees. Securing new or additional credit will be exceedingly difficult and interest rates will be extremely high for a while.
This is not to scare people, but to rather ask those in this situation to act early and appropriately. If you know you are at risk, start asking questions. Believe it or not, your Realtor is often familiar with this type of situation and some Realtors are experts. They can point you in the right direction and advise you on which route you should take. It is important to be educated on your options and not sit idly by while the train gets closer and closer. You may be able to stop the train or at least change tracks.
Tim Brown
Owner/Broker, Realtor®, ABR,CRS,CDPE®
Auctioneer NCAL#8560
Hines & Associates Realty
TeamHeidi
Direct Line: 704-619-1008
Client Care Line: 704-815-3208
www.CarolinaHomes4Sale.com
If you are an owner of a home with a second loan that is a Home Equity Line and you are having trouble paying your mortgage you should do something about it right away. I know you have probably heard that banks are taking up to 2 years to foreclose so you have plenty of time, but there is a dirty little secret in the mortgage world. HELOCs are not entirely like traditional mortgages, they are more like credit cards. If you do not pay your first mortgage your lender needs to find a way to collect the money or take your home back. However, with a HELOC the lender can turn the account over to a collection agency, get some money for it right away, and you are left to deal with the debt collector.
This can become a potential problem if you decide that your best option is a short sale. If you decide to sell your home as a short sale it is often easier to negotiate the payoff to the second if it is still owned by the bank, rather than the collection agency. The bank sold to a collection agency for pennies on the dollar, and would be more likely to let you go for the amount that the first lender offers. By the time it goes to collection that entity had invested money and will expect to make a profit by getting a settlement larger than what they paid. If you cut out the middleman (in this case the collection agency) it should be cheaper.
So, if you can not pay your mortgage, don't just stand there, DO SOMETHING. Whether is is going for a loan modification, refinance, or short sale, get started earlier rather than later. It will be less stressful in the long run, and generally much less complicated.
If you have any questions about short sales in the Silicon Valley please feel free to contact me.
Marcy Moyer
Keller Williams Realty
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
When doing a short sale, you will need to obtain many documents to be submitted to the lender. The paperwork that you will need includes:
Your short sale specialist should guide you through this process of completing and obtaining this paperwork.
**********************************
like buttons
************************