All Posts - Blog - Short Sale Superstars

Interest Rates To Remain low, But For How Long?

Posted by Ray Wright on February 20, 2010 at 6:10pm

The CEO or Freddie Mac, Ed Haldeman, recently gave a speech to the DetroitEconomic Club regarding a number of issues including the state of thecurrent Real Estate market. According to Mr. Haldeman we are in a “transition to a recovery”.He went on to state that the two main factors were the stimulus packageand the fact that the Fed was keeping interest rates at record lows.

One statement he made during his speech was particularly interesting to me. He said that he expected the 30-year mortgage fixed interestrate to remain between 5% and 6% throughout this year. Even if theydid rise to 6%, the interest rate would still be a record low. When Iwas a mortgage banker/broker prior to going into Real Estate back inthe early 90’s , 7.5% was a GREAT rate!

However, I was discussing the interest rate issue today with a buyer awaiting an answer on an offer. He clearly stated that if interestrates rise much above 5%, he’d be out of the market for the house hedesires.

We may be only 2 months into 2010, but in today’s market it may take several months to search, find, make an offer, and open escrow on abuyer’s “dream home”. If interest rates go up at the end of this yearor the beginning of next year, the amount of house a buyer can affordwill in turn go down.

NOW is the time to buy!

As we all keep hearing, interest rates are at “historic lows”. But pardon me for sounding a bit like a retail shop owner when I say, “these rates won’t last forever”. We need to get buyers off the fence and into the market before they regret not buying like so many buyers before them.

Are you a buyer looking for a home?

CLICK HERE TO SEARCH ALL AVAILABLE HOMES

By the way, if you or someone you know is at risk of losing a home to foreclosure, please know that there are new options available toavoid this devastating occurrence. And know that there is someone hereyou can trust to help. As a Certified Pre-Foreclosure Specialist, Iunderstand the ins and outs of Short Sales and Loan Modifications. I amalso a Wachovia and World Bank trained Pre-Foreclosure expert and welleducated in the Government’s new H.A.F.A. and H.A.M.P. programs forhelping homeowners facing foreclosure.

CLICK HERE TO AVOID FORECLOSURE

CLICK HERE TO READ WHAT OTHERS HAVE SAID ABOUT MY SERVICES!

Riverside Market Snapshot!

Posted by Ray Wright on February 18, 2010 at 7:57pm

Here is a brief market snapshot for the Riverside and surrounding communities. I’ve included the number of homes currently available onthe market in contrast with the number and percentage of homes thathave closed escrow in the past 30 day time period.

RIVERSIDE

2239 homes for sale

344 closed in 30 days

15.4%

MORENO VALLEY

1468 homes for sale

259 closed in 30 days

17.6%

CORONA

1688 homes for sale

247 closed in 30 days

14.6%

PERRIS

851 homes for sale

123 closed in 30 days

14.5%

Are you a buyer looking for a home?

CLICK HERE TO SEARCH ALL AVAILABLE HOMES

By the way, if you or someone you know is at risk of losing a home to foreclosure, please know that there are new options available toavoid this devastating occurrence. And know that there is someone hereyou can trust to help. As a Certified Pre-Foreclosure Specialist, Iunderstand the ins and outs of Short Sales and Loan Modifications. I amalso a Wachovia and World Bank trained Pre-Foreclosure expert and welleducated in the Government’s new H.A.F.A. and H.A.M.P. programs forhelping homeowners facing foreclosure.

CLICK HERE TO AVOID FORECLOSURE

CLICK HERE TO READ WHAT OTHERS HAVE SAID ABOUT MY SERVICES!

Free Short Sale Tip You Can Use ASAP

Posted by Ben Benita on February 17, 2010 at 9:30pm

One of the simplest negotiating tips:

When you leave a voice mail message for your negotiator (I know, they "usually" answer the phone, but play along with me here).

When you complete your message, hit "#" to send it with urgency. Doing this will often page your negotiator, send them a text directly to their computer, and, for some it will actually send them an e-mail.....good stuff.....

Happy Anniversary to the Stimulus?

Posted by Ray Wright on February 17, 2010 at 5:37pm

Today marks the 1 year anniversary of President Barack Obama signing the American Recovery and Reinvestment Act. For the past 365 days, thepurpose of this stimulus package was to take our hard earned taxdollars to stimulate the American economy. Part of the package wenttowards items such as a 2.6 million dollar solar panel system for theDenver Museum of Nature & Science, which by the way, has over 90million dollars in their bank account. Another $25,000 went to thelittle town of Sykesville, Maryland. This well to do community of over4,400 residents don't know where to use the money but they promised toput it to good use. 9.3 million went to Harvard to create a colony oftiny little robots called"robo-bees". Another $500,000 went to DukeUniversity so they can send 6 students each year to Costa Rica to studythe rain forest. Kinda reminds me of summer camp. Or there's the$400,000 that went to New York State university for their study of theaffects of drinking malt liquor and smoking pot. I wonder how manystudents volunteered for that study. That's just a small portion ofthe long, long list of outrageous expenditures from the 856 BILLIONdollars of the stimulus. However, I believe the MOST egregious of theamounts spent was the 700+ million dollars used just to "administer"the program.

President Obama stated today that, "This program has run cleanly, smoothly and transparently". However, a recent poll shows that 71% ofthe American people do not believe it is working despite Vice PresidentJoe Biden commenting that the "...taxpayers have gotten their money'sworth".

Now, don't get me wrong. I am currently taking advantage of all the consequences of the past and current administration's efforts tostimulate the economy. I am pushing the $8,000 first time homebuyercredit to help get buyers off the fence and into the market. I lovethat the decline in home prices has allowed many buyers to enter themarket when just a few years ago, they thought they'd never be able toafford a house. I love that we now have the lowest interest rates inmy lifetime. I am busy helping numerous homeowners escape the tragedyof foreclosure by helping them with loan modifications and shortsales. And I REALLY enjoy that much of my "competition" (Realtors that recently entered the business when things were easy and good) are now jumping ship to go back to their old jobs because they don't know how to handle this type of shift in the market.

Our national debt is out of control, our unemployment rates are skyrocketing with no real recovery in sight. So where are we today?Are we better off? Have things improved? What do you say? Are youcelebrating along with the current administration or are you feelingthe hurt? I'd really like to hear your comments and find out whereeveryone is in their thinking. So please let me know.

Thanks!

Are you a buyer looking for a home?

CLICK HERE TO SEARCH ALL AVAILABLE HOMES

By the way, if you or someone you know is at risk of losing a home to foreclosure, please know that there are new options available toavoid this devastating occurrence. And know that there is someone hereyou can trust to help. As a Certified Pre-Foreclosure Specialist, Iunderstand the ins and outs of Short Sales and Loan Modifications. I amalso a Wachovia and World Bank trained Pre-Foreclosure expert and welleducated in the Government’s new H.A.F.A. and H.A.M.P. programs forhelping homeowners facing foreclosure.

CLICK HERE TO AVOID FORECLOSURE

CLICK HERE TO READ WHAT OTHERS HAVE SAID ABOUT MY SERVICES!

Short Sale Agent Training 13+ Hours Of Training - $197

Posted by Bryant Tutas on February 15, 2010 at 11:00am

ADVANCED SHORT SALE AGENT TRAINING

Taught by Wendy Rulnick and Bryant Tutas

This sound familiar? You’ve never had to deal with a short sale in your life – until a few years ago, when foreclosures became so common it was rare that you had a seller without one. Now you can no longer avoid short sales.

So you sign up and get your CDPE and your SFR designations. Maybe you have even closed on dozens of short sales. But still...........

......you're missing something. You are struggling when it comes to dealing with the lenders. You're stressing out over your transactions. And no one seems to be able to tell you how to do it quickly, with no stress.

Well, except us.

Short sales are the new norm. They’re often treacherous, and they can be extremely painful for buyers, sellers, and agents alike.

But they don't have to be. We’ve spent years figuring out how to make short sales less painful all around. You need to know how to handle a short sale, and we’re more than happy to share everything we’ve learned the hard way – so that you can learn the easy way.

This training series walks you through an entire short sale, from the very moment you realize you need one to the final signature on the deal. We’ve included every single trick, technique, and time-saver in our book to make short sales easy on you and on your seller.

You’ll have all the time in the world to learn at your leisure, too, with audio files, Q&A sessions, worksheets, and sample documents. Learn how you want, when you want, the way you want.

Ready to get rid of Short Sale stress and get yourself into Short Sale Superstardom?

"This is by far the best step by step instruction that I have received in my over 10 years experience in real estate" Petra Norris, Lakeland FL

What Do You Get?

· Two Experienced Practicing Short Sale Brokers, renowned in the short sale industry, walk you through an entire short sale from start to finish

· 13+ hours of easy-to-follow teleseminars along with insider tips and secrets for an extra edge

· All the forms, approval letters, and sample documents you need for your next short sale

· mP3 audio files of all seminars so you can listen at your leisure or refresh your knowledge later

· Q&A for as long as you need to get all your questions answered - unlimited access

We’re here to help you. We’ve been dealing with short sales for several years, and we know it can be rough on homeowners and agents alike. We want to make sure this process is as easy for you as possible, and that starts with getting you the education and short sale training you need to make the right deal.

The best part? It’s only $197.You'll get to listen in as two short sale industry experts walk you through the process of making a short sale happen, and then get the extra support you need, when you need it, by having direct access to Wendy and Bryant via www.ShortSaleSuperStars.com

That's 13+ hours of training for one low price– and a real bargain at less than $15 an hour for the best consulting on short sales available in the market.

"Thanks for sharing your joint experience in the minefields of Short Sales, the web forum, and all you have done. The training has been fantastic. I look forward to sharing with you and the charter members as well. This will be an awesome resource site for all of us as we work through the Short Sale maze. Short sales will be around a long time and there is great opportunity for all. The seminars have been fantastic." Don Duft, Realtor, Virginia

What Do We Talk About?

If you’re wondering exactly what we cover in each of the short sale training sessions, here’s a quick layout of what we’ll talk about and the specific strategies you’ll learn:

ALL training seminars. (Audios are 45-90 min each)

Why a Short Sale?
Qualifying The Seller
Pricing and Marketing The Property
Negotiating Techniques 1
HUD1 Tips
Escalation and Communication Tips
Disputing Bad BPOs
Cash Contributions and Prom Notes
Negotiating Junior Liens
Lead Generation
10 Short Sale Mistakes
VA, HAP and FHA
Getting Short Sales Closed

Additional Benefits

Short Sale Listing Package
Expired Listing Letters
Lis Pendens Letter
FSBO Letter
Sample HUDs
Sample BPO Disputes
You will become a "Featured Member" under "Find Agent" for leads
Private Member Forum
Direct Access to Wendy and Bryant For Short Sale Help

****After the Training is delivered to you please be sure to join http://ShortSaleSuperstars.com so we can activate your membership into the Advanced Training Group. All course materials are available in that group as well for easier access. This is also where you will get your continued support from Wendy and Bryant.

Start to finish, the perfect short sale. You’ll receive audio files of the course so you can listen to them as many times as it takes for you to feel comfortable that you can pull off a short sale as perfect as ours.

We know you can – all it takes is a little training, and the help of a few seasoned experts.

Becoming a Short Sale Superstar is just that easy.

"Both Wendy and Bryant's presentation skills are fantastic and between them they have a wealth of experience with short sales. Thank you Wendy and Bryant I really appreciate all your hard work and help in mastering the intricate details of short sales.Best wishes" Sharon Senger, Sharon Senger & Associates

Who Are Your Short Sale Instructors?

Wendy Rulnick

Wendy Rulnick is a licensed Real Estate Broker for over twenty years, and has sold hundreds of short sale and pre-foreclosure properties. She has been featured in Kiplinger Personal Finance Magazine and Florida Realtor Magazine as a short sale specialist Wendy also teaches Short Sale seminars and has developed a special agent training and resource site with her business partner, Bryant Tutas - www.shortsalesuperstars.com.

Bryant Tutas

Bryant has been in Real Estate for 18 years and is the Broker/Owner of Tutas Towne Realty, Inc located in Kissimmee FL. He is also the co-founder of Short Sale Superstars and co-broker of REGrow, LLC. Negotiating Short Sales is the cornerstone of his business. He does it often and he does it well.

We know firsthand just how rough the short sale process can be on sellers, and we’ve been working for years to fine-tune a process that’s easier on them – and on us.

Now we’re making it easier on you. We’re just that kind of people.

"Thanks so very much for all the wisdom, and Relaxed atmosphere. I love listening to yours and Wendy's conversations. I feel like a fly on the wall!! " Ginger Moore, Gastonia NY

What If I Don’t Like It?

Then you get your money back. It’s just that simple. We know we have the knowledge that helps you become a short sale superstar, but if you don’t feel the same for any reason, then we’re happy to refund your money. We want everyone who takes this course to feel they got their money’s worth.

After we refund your money, we’ll ask you how we can improve for others. We’re that devoted to making sure this is the best training course on short sales out there.

Ready to become a Short Sale Superstar?

ADVANCED SHORT SALE AGENT TRAINING

Taught by Wendy Rulnick and Bryant Tutas

"Your webinar was very impressive and informative. I feel that it didn't come across as a lecture, but good and clear conversation. The short sale is a very complex process, but you have made it much clearer and there was a lot of useful information." Richard Barton Real Estate Investor England

"I have signed up for your class and I have to say it is very helpful. My current focus is working with buyers and this really helps me understand things from your (listing agent) perspective and I am sure it will help me seek out the “good short sales” for my buyers. I wonder if you could create a designation like “Short Sale Expert”? You could even have it endorsed by ECAR or FAR. I will certainly write a letter of recommendation for you." Clayton Bonjean, Realtor, Destin FL

"I've enjoyed having my morning coffee with you every Saturday for the past 5 weeks as I listened in and tried to absorb all you had to offer. What an amazing gift you and Bryant are giving - the experience that you share is of such great value and I'm so grateful to be in your circle. I've learned to not be afraid of this process and begin embracing the possibilities. As you mentioned, I think short sales are here to stay for a while. Also, I've really appreciated the personalization of your setup and how you were able to answer our questions.I’ve completed lots of training but feel yours was most valuable in your method of approach and delivery. The dialogue made it feel like I was in an actual brick and mortar classroom with real live scenario" Wendy Weber, Realtor, Scottsdale, AZ

GMAC Interfering in Short Sale Contracts.

Posted by Bryant Tutas on February 13, 2010 at 9:00am

Hi Folks. Richard Zaretsky wrote a post earlier this week titled:

SHORT SALE MARKET EVOLUTION - GMAC SOLUTION TO FALSE BUYERS If you haven't read it pop over to ActiveRain and do so. Here is the language GMAC wants if you have a short sale with them as the lender:

"2-3% earnest money must be agreeable to buyer. Contingencies must be removed 14 days after we issue approval letter and earnest money becomes non-refundable. If buyer walks, buyer and seller must agree in writing that earnest money will be wired to GMAC."

It's my opinion that GMAC is interfering with our listing agreements and interfering with a purchase agreement. This is, in my opinion, Tortious interference. They are NOT a party to either of these contracts and have no right dictating the terms.

GMAC's new "deposit language" is interfering with my contractual right, as per my listing agreement, to a percentage of the deposit when a buyer walks. Why? I didn't do anything wrong. In fact, I spent time, effort and money during the pending status of the contract and have the right to be compensated if the deal kicks due to the buyer walking.

And what about the fully qualified buyer that doesn't have 2% to 3% to put up as a deposit? They could be purchasing the home using VA or USDA (100%) financing but may not be in a position to place 2% to 3% down as a deposit. Now due to this GMAC requirement they are blown out of the water. And of course these are exactly the buyers that are willing to pay a premium for a property.

Make no mistake about it this is just one more step towards banks dictating the real estate market.

Banks are now:

Limiting how much I can charge for my services.

Preventing me from being compensated for my time and effort.

Dragging property values down even further by limitting the buyer pool.

You can be sure I will work the system to my advantage. BUT...dictating how I can charge for my services is a violation of anti trust laws. GMAC can certainly choose to not accept a short sale. That is their decision. How I get paid is my business and they are interfering with my contract.

GMAC is not losing money. They are the servicer. They get paid whether payments are made or not. This new verbiage is not to lesson their losses it is to increase their profits.

I wonder if they pass the claimed deposit off to the investor? I doubt it.

***I am NOT an Attorney. This post is my opinion only. What's yours?

*****************************************

From their website:

GMAC Mortgage has experience creating customized solutions for banks, credit unions, brokerage houses and
other financial institutions. We service a full range of financial products and asset grades, including:

First Mortgages
ARM loans
Closed-End Second Mortgages
HELOC
Unsecured Consumer Credit
Alt-A
Subprime
“Scratch and Dent”
Non-performing

Remaining in control of your relationship with your customers means maintaining brand awareness. As a leading lender and servicer, we not only provide the basic services listed above, we also offer a suite of ancillary services, including:

REO Management
Charge-off Recovery
Master Servicing
Bond Administration
Special Operations

Certified Short Sale Professional?

Posted by Richard OBrian on February 11, 2010 at 6:30am

My wife and my Real Estate partner got a call from the legal department of some company requesting that she must remove the term “Certified Short Sale Expert” from her website. It seems they have rights to the phrase. I removed it from her site… Looks like it just got a bit more complicated.

Richard & Janet - Certified Short Sale Professional Realtors
661-733-0507 OR 733-0508
Keller Williams Realty AV Serving Palmdale, Lancaster in California
www.HomesByJR.com
www.ShortSaleByJR.com

Uploading additional Info on EQUATOR.

Posted by Elizabeth Monje on February 7, 2010 at 5:58pm

I just started to upload Pictures, CMA's, BPOs and whatever I can get my hands on in Equator, since BoA is the most unbelieveale, unreasonable of all!!!! has anyone done this? does it make a difference?

I took it as an advantage since they don't care what we say but what the "BPO" says FMV is, if I can show them the BPO was wrong in their decission for Market Value, by showing them actual damage or decline in market, maybe and maybe they they will see that this agents probably did not take the time to actually do a thorough research. I am really hoping this makes a difference in the Negotiator's eyes......

If we did this on all our packages, there would not be any need for BPO, except maybe to confirm our findings. I do BPO's and I actually resaerch well to determine what FMV is, this a pre-foreclosure market why are agents still doing things the old way? pricing properties as if the market was a stable one, to me that is a joke ( sorry sellers) but these agents should probably not be doing BPOs, they are helping no one but complicating things for the market to resurface. $30.00 to mess things up? I wonder what kind of people is this that do not know the current market.

Strategic Default, Might not put Your Mind at Ease...

Posted by Richard OBrian on February 5, 2010 at 6:58am

For the first time in two years active resale home in the greater Antelope Valley is above 1,300, with active core over 900. Banks seem to be releasing some of their stockpile of REOs. Short Sale are keeping pace with the REOs at present.

With the First time buyer ($8,000) and repeater ($6,500) tax credit being extended through the end of April now is the time to make the jump and buy.

Heard on NPR “In the days before the housing crisis, the idea of a bank foreclosure filled a homeowner's mind with dread and shame. Now, with so many Americans owing more on their homes than they're worth, some people are taking a whole new approach: essentially saying, "Foreclose on me, please." It's more technically known as a "strategic default.”

You don’t need to let the bank foreclose you can sell for less than the balance of your loan and in many cases have a less significant hit to you credit score. A strategic default might make sense at first blush, however it will stick with you for years. Need to buy a car, can’t do bad credit, getting back into a home could take 10 years, Rent? With a short sale you will have a better shot at getting back your good credit sooner.

Richard & Janet - Certified Short Sale Professional Realtors
661-733-0507 OR 733-0508
Keller Williams Realty AV Serving Palmdale, Lancaster in California
www.HomesByJR.com
www.ShortSaleByJR.com

WELLS FARGO " URGENT HELP"

Posted by Edna Bejarano on February 5, 2010 at 6:26am

I have a short sale with WF as the 3rd TD, we are offering 10K as pay off for approval, and they will not give it because nothing is coming from the 1st. TD Bank of America!!!! Bank of America is ready to close the file, DO YOU HAVE ANY SUGGESTIONS????? HELP

Need Contact For Fannie Mae To Schedule Appraisal

Posted by Diane and Doug Briggs on February 3, 2010 at 8:46am

Our BofA negotiator has told us the file won't move forward until we get a Fannie Mae appraisal. We've already had a BPO done but they now need another appraisal done by a Fannie Mae appraiser. When asked when that will be scheduled they told us they don't know when but they will get to it when they can. In the meantime, the file sits. Anyone have a contact for us to help get these Fannie Mae appraisals scheduled?

Short Sale to Dominate Antelope Valley Real Estate Market

Posted by Richard OBrian on February 3, 2010 at 8:19am

January numbers are in without any surprises. We did see a small holiday affecting the pace of closed transactions, however new escrows out paced December ’09. Buyer appetite is strong even with new FHA rules coming into play.The big change in the Palmdale, Lancaster real estate market for 2010 is Short Sales are out pacing bank owned (REO). REO’s are running 26% of the core area, while Shore Sales are 30% and with “normal listing” at 44% of the total. We are projecting Short Sales will be 35% and REO’s holding at 28% by spring.Keller Williams Realty AV Ranked #1 in the Antelope ValleyRichard & Janet - Certified Short Sale Professional Realtors661-733-0507 OR 733-0508Keller Williams Realty AV Serving Palmdale, Lancaster in Californiawww.HomesByJR.com www.ShortSaleByJR.com

The Government's New HAFA Initiative

Posted by Stephanie Hofman on February 3, 2010 at 4:00am

With 25% of Americans currently underwater on their mortgages, the new HAFA guidelines put forth by the Obama administration seem like a good way to stop the bleeding. Does anyone think this initiative can really work? I'd love to hear everyone's opinoins!

Wilshire Short Sale

Posted by Greg Pavlov on February 2, 2010 at 11:57am

My realtor just informed me Wilshire approved my short sale request in Nevada, but would not provide me with a deficiency wavier. Should I keep allowing my realtor to negotiate with Wilshire or bring in an attorney?Does anyone know if Wilshire actively pursues individuals for a deficiency judgment?

"My friend Got a Nod...Can you Help Him Re-Finance Please ...." Asked the______________

Posted by Sally K. & David L. Hanson on January 31, 2010 at 3:10am

"Can You Help My Friend ?....He got a Notice of Foreclosure...."full moon I know, it was a full moon this week...just didn't think it was ALL week...we got a call asking if we could help a friend of the caller. The friend had come upon some hard times, gotten behind in his mortgage, his credit score was nil.....and couldn't we find a lender...that for a point or two.... a higher rate...an extra something....could just re-finance both the friend's property and his mother's. The caller knew that both homes have equity...(I am thinking HAD equity...) Surely, he continued, we would know a lender that could help his friend.Mental checklist- Foreclosure Notice- Low Credit Rating- Full MoonNotice of DefaultOf course, we called the friend...given the details, there is no bank on earth that would touch any sort of financing...maybe the Bank of Mom & Dad but Mom is also in financial difficulty. Stay tuned for short sale new listing blogs. We are sorry, there is no lender able to help the friend.' The Rest of the Story ? The caller was a former mortgage banker.

BOA/Fannie Mae Help please!!!!!!!!!!

Posted by William Booth on January 30, 2010 at 9:17am

Been dealing with BOA since 10/14/09..just got the following sent to me with regards to the progress of the short sale..."REO task for soft credit pull to view Beacon score only is due on Friday 1/29. Once received file will be submitted to Investor - Fannie Mae for approval" can anyone interpret?? Further can anyone tell me where we are in the process... PLEASE HELP!!!!!!!!!!!!

STILL WAITING!!!

Posted by elizabeth williams on January 30, 2010 at 4:12am

I've been waiting on short sale approval with OneWest/IndyMac since mid Oct. 2009. I was told that we are waiting on answer from investors.I'm a frist time buyer and really don't know the process what does this mean are we close to the end of this process. I've also been in escrow since mid Oct.

Loan Modification Scams

Posted by Ray Wright on January 29, 2010 at 3:18pm

Just a quick note to make aware some who may not be in the know. There is a television marketing campaign for loan modifications that is currently being shown nationwide. It touts interest rates as low as 1% and offers homeowners help with loan modifications. The extremely fine print at the end of the commercial states the truth but it is only on the screen for a brief moment before disappearing. The truth is that the commercial is for a 3rd party referral service that takes an upfront fee and then provides you information on loan modification companies and attorneys in your area. It's just a big costly scam.While there are many reputable attorneys and services that offer help with loan modifications, as a homeowner, you need not pay extra money just to get a referral to one of them. if you are in need of a preforeclosure specialist or help with a loan modification, be very careful and make sure the person you are dealing with is one of those reputable service providers.Just more food for thought.By the way, if you or someone you know is at risk of losing a home to foreclosure, please know that there are new options available to avoid this devastating occurrence. And know that there is someone here you can trust to help. As a Certified Pre-Foreclosure Specialist, I understand the ins and outs of Short Sales and Loan Modifications. I am also a Wachovia and World Bank trained Pre-Foreclosure expert and well educated in the Government’s new H.A.F.A. and H.A.M.P. programs for helping homeowners facing foreclosure.Click on the link below to find out more about Preforeclosure alternatives:"http://www.partnerfirst.org/raywright/"Click on the link below to search all homes available in the MLS:http://raywrightsellshomes.com/f-properties.htmlClick on the link below to read what other clients have said about my service:http://raywrightsellshomes.com/f-testimonials.html

Wells Fargo, ARRGH

Posted by Jim Little on January 29, 2010 at 2:16pm

In spite of the PR, WF still drags feet. A negotiator on the first was assigned 12/16, was still "reviewing the file" 1/27. A negotiator for the 2nd, also held by WF was still not assigned yet.As of yesterday, the buyer walked. Now a family goes to foreclosure, Wells Fargo loses money, a buyer is now discouraged.I can't wait until the new Treasury rules take effect in April, I hope they will lead to an improvement.

Short Selling with Bank of America, 90 day on market prior to short selling.

Posted by Sara Vella on January 29, 2010 at 10:44am

Hi, I have just heard that if we have to short sell our home that B of A requires that you have your house on the market for 90 days prior to listing your home as a 'Short Sale'. Can anyone help explain this to me, it does not make any sense. I called B of A and a rep confirmed this tid bit but I still do not understand it.I am not an agent, I am a home owner who has been researching short sales. I have been having a difficult time finding someone (broker/agent) in my area who deals with short sales with B of A in our area.

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