Blog

Shawnee KS Suntrust Short Sale Listed and Sold

We are proud to say that another of our short sales listings has sold. This Shawnee KS short sale had an existing loan with Suntrust.

The Seller was not required to sign a promissory note and no funds were required from Seller at the time of closing on this Suntrust short sale.

This Shawnee KS short sale was an existing FHA loan.

Just shows that short sales are a possible option available to foreclosure.

If you are considering a short sale instead of foreclosure, you should consider hiring an experienced Kansas City short sale agent. Request a FREE Confidential, no-obligation, short sale or pre-foreclosure analysis of your home. Serving both home sellers and buyers in Kansas and Missouri.

Contact Me for more information about this home or any other
Homes in Kansas City for sale.

_____________________________________________________________

Suzanne Hinton-Hinton Homes-short sale and pre foreclosure real estate specialists.

Contact Suzanne Hinton at
Phone or Text: (816) 520-0917
Email: shinton@remax.net


Specialist in assisting North Johnson County Kansas home buyers and sellers in Fairway, Merriam, Mission, North Overland Park, Prairie Village, Roeland Park, Westwood and Westwood Hills Kansas.

©2010 Suzanne Hinton-Kansas City Short Sale agent
Kansas City Short Sales

The games we short sale agents must play! Here is a perfect illustration about why short sale lenders should not rely on one value, called a Broker Price Opinion (BPO), to decide if an offer is the right price.

1. I list a Fort Walton Beach Florida short sale at what I believe is close to market value- $89,900. I've been doing this for awhile, so my philosophy is to price where other comparable properties will support this value, using recent sales, competition, pendings and expireds.

2. I receive an offer in the $80,000s. The seller and I discuss that this is likely in range of what the BPO agent will come up. Seller accepts offer and I forward short sale package to Bank of America.

3. Bank of America orders their BPO. I receive a counter offer, stating BPO value is $124,000. Gee, I must have really missed pricing right here! How could I have been so stupid? Off by 30%! Buyer walks.

4. I raise the price to $124,000. Aahhhhh, only for a short time. I know the BPO is only good in this case for 90 days (not a VA compromise sale). Of course, no one looks at the house. I slowly lower the price.

5. 90 days are up! I reduce the price back down to what it originally was, actually a bit less, since our market has now dropped.

6. PRESTO! New offer in the $80,000s.

7. I send the short sale package to Bank of America. I pray they don't get a dumb BPO value again.

8. We are in luck, the mighty BPO agrees with the contract price this time! I am blessed! Short Sale approved in the $80,000s.

Meanwhile, Bank of America spent more on legal fees. I spent more on marketing. And the seller hurtled four months closer to foreclosure. Let the short sale games continue.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach Florida Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Wendy's Fort Walton Beach Real Estate Blog

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

Short Sale Team added to HK Lane Real Estate. Envisioned by owner, Harvey Katofsky, Broker Ron Gerlich and Real Estate Attorney, Paul Bojic, the idea is a "One stop team for Short Sale advice." Two Listing Agents, Kimberley Kelly and Ally Valesquez will be working with them, as well as a Short Sale negotiation team that will deal strictly with the Lenders.

Our belief is that Short Sales will become HUGE in the next couple of years here in our Coachella Valley. They are already a rising part of the local market in Palm Desert, Rancho Mirage, Indian Wells and La Quinta, which are the cities we are focusing on. Palm Springs is to be added later, but the real focus will be to capture some of those homeowners who are 30 days plus behind on their mortgages, and do not understand their options. They can speak with our Attorney at no charge, get qualified to see if they CAN short sale their residence, and if so, begin the Short Sale process.

Working with my current Short Sale clients and also the Buyers' Agents and Lenders, it seemed a natural move. Short Sales are frustrating, can be time consuming and hard on the Sellers..why not try to make it easier and smoother for them?

Here's our websitre: Http://www.desertshortsales.us

e-mail: team@desertshortsales.us

phone: 760-202-1010

Wish us luck and I'll keep you posted!

Kimberley Kelly,

Yeah! This is TRUE. I have been on the phone all morning with my Senator's office and Senator Reid's offices in Washington, and FINALLY, earlier this evening, the Senate voted on a stand alone measure to approve an extension for the June 30th deadline to September 30th! =) The Senate has passed a measure to extend the closing deadline for the home buyer tax credit to Sept. 30, which means it's now headed for a presidential signature. Prior to this occuring, I was 30 minutes away from closing my escrow today and have been crying ever since. Now, I am sipping Pino Grigio and thanking many Senators who unanimously voted to support this extension. I am really going to be a homeowner in time to put my flag up for the 4th of July! Thank you to everyone on this site who fueled my perserverence to not give up! Special thanks to Ben, Jeff, Wendy, Bryant, and Brigite.

If you have followed my posts, you know that short of walking down the halls of Congress, I have been all over this potential legislation, garnering support via letters, op-ed pieces, etc. Just when it looked like the possibility for an extension had died in the Senate last week, largely due to being and amendment to an already water-logged bill. "WAHLAH" Members of Congress today introduced a stand alone bill H.R. 5623 called the "Homebuyer Assistance and Improvement Act". With a vote of 409-5 House lawmakers passed a standalone bill that would extend for three months Wednesday's deadline for closing on a home purchase in order to claim the federal homebuyer tax credit . The bill is now headed to the Senate, where if all goes well, can then become ready for Prez. signature.

Just the same, we should all press on as if there was no such possibility, just in case this does not happen. The chances for this happening are greatly increased if we all take one little moment when we are on hold with someone and shoot an email over to our 2 State Senators urging them to pass this bill. If you need the link for emailing your Congress person, click here: http://www.senate.gov/general/contact_information/senators_cfm.cfm

I ask you, not only for assisting yourselves, but to help the 180,000 people like me who do not want to lose the tax credit on our home purchases. Thank you so much! =)

I have a HAFA submission that has been in the Equator system for about 7 weeks (now in underwriting) and the buyers are getting nervous at this point as they have been in contract for just about 90 days. I have had great success in escalating stale short sales in the past to executive level employees at the bank but have not tried this with a HAFA submission going beyond the "30 Days" guideline for a response. LRC (Loan Resolution Company) is handling BofA's HAFA casefiles and are apparently backlogged at this point.

Property:

Hardship:

1st Mortgagewith Citi Mortgage for $92,000. Agreed to accept $54,442 or 60% of the balance owed.

No Seller contribution or promissory note. Citi Mortgage issues a waiver of deficiency. It doesn't get any better than this.

This Kissimmee Short Sale transaction took 35 days from listing to closing!!!

closed June 23th.

Sometimes things just fall into place.

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Has anyone tried to use the equator to obtain short sale leads? Does it work (did yu get any leads)? Did you get certified? At what level were you certified, Platinum, Gold or Silver?

Thanks, Steve

Then Senate is poised to approve the ammendment and it will have to get thru the house.

I know all my short sale buyers and sellers are hoping it goes thru! I'm sure yours are too!

If passed buyers will have until Sept 30 to close escrow in order to meet the tax credit qualifications.

I received what looked like a form letter today about one of my new Destin Florida short sale listings. The property address was inserted in ALL CAPITAL LETTERS. Here is the email:

"I noticed your listing at STREET # STREETNAME. DESTIN, FL, is it still available? If so, I am very interested in buying the property. I realize it is a short sale and may take many months to get bank approval but I am willing to wait. I am local and I buy 10 properties a month.

I can guarantee you a full listing side commission, regardless of what commission the bank approves; my only stipulation is that I am able to negotiate with the lender. Please email me the specifics of the property and some times that we may be able to meet so I can discuss an offer with you."

Hmmmm.... Maybe I should jump because it is not a cheap property. It has only been listed one day. Plus, he will pay me my "full listing side commission" and I don't have to do anything!

I know how I responded. How would you?

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy's Destin Real Estate Blog

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

Short Sales reduce numbers of strategic defaults..

Since beginning my short sale career when this mess in the Coachella Valley, CA took hold years ago, it has been my mantra that the Lenders do NOT want to be truthful with their shareholders regarding true values of their housing assets. Now, I am seeing this very idea in various media outlets. I still believe it! If they were okay with telling the truth, and not "cooking" the books, they would work with their Short Sale Agents in a timely manner and let us help them clear out the inventory, set the price/sf back where it should be to actually SELL, and get us back on track. They will HAVE to declare these losses anyway..they just want to control the timing as long as they can..infuriating! The following is from First Tuesday and gives some interesting timelines.

Presently, the average time period in California between a homeowner’s first default and the trustee’s sale is around 12 months: five months in default before the notice of default (NOD), and another 7 months to complete the foreclosure. Prior to 2008, foreclosure periods stretched across three months of delinquency followed promptly by the recording of an NOD, with the trustee’s sale occurring four to five months later. (So true..used to be 6 to 7 months across the board here in Coachella Valley.)

However, the foreclosure routine has been altered and extended as the result of California legislative changes in the periods for enforcement of lender foreclosure remedies. (And, I believe, the Lenders inability to be truthful regarding their asset's true values..)

Entirely aside from the lender’s inefficiency in handling their files, what lenders are not doing currently is putting all of the real estate owned (REO) properties on the market in order to avoid declaring a loss. Lenders do not declare the loss at the time of the actual foreclosure sale. At the trustee’s sale, they bid on the property for the amount of the outstanding loan balance, declaring their bid as the cost of acquiring the property.

After, when the sale of the REO takes place, it inflicts damage on the lender’s reported solvency since they accept the price for the property the new buyer pays, a price generally well below the original outstanding loan balance paid by the lender at the trustee’s sale. On closing, they must declare for the first time the loss they have long held on that loan. On a resale of the REO they must “book” the loss as the asset (mortgage, turned home, turned cash) has been liquidated.

Ah-ha!

Great Blog - Good Information.

I purchased three California homes in 2009. All REO's. My advice - What have I learned? Prequal with the bank taking the loss. Hire the listing agent on the property you wish to buy. If you use a buyers agent, only make offers on property listed within that agents brokerage. If not my advice, you are wasting your time. Most successful distressed sales in CA are inside jobs. Sort and sweet.

AS FOR PNC SHORT SALE;

On April 2 this year, I made an offer on a short sale. PNC 1st TD - Citi 2nd. Over one million in loans. BOP 50% under loans - Whew! A huge loss! Bets are presently 50/50 to get a short approved. As of now, property vacant for 6 months. Foreclosure on hold.
What I have done: I paid for a full appraisal with comps. I submitted the appraisal with my offer. My offer is well over the BOP, and $15K over appraised value. I also sought, and received loan approval from PNC. Not prequal - This time I sought and received full loan approval for the appraised value, conventional, 20% down. In short, I think have done all I can think to do as a buyer to make my offer stand out.
Ouestion; Have I done enough? Is there more I can do? What would you do now?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.