It's the end of the year so time for the round-up of distressed property sales in Redwood City. So here's what happened:

Single family and condo townhomes 2011:

Total sales:  553

Short Sales: 91

REO:           49

Distressed sales as a percentage of total sales: 25.3

Compare to 2010

Total sales:   600

Short Sales:   93

REO:            78

Distressed sales as a percentage of total sales:  28.5

My conclusion:

The percentage of distressed properties in Redwood City is a little lower in 2011, 25.3% as compared to 2010, 28,5%. This is dues to a 40% decrease in REO sales in 2011. It will be interesting to see if the rumored release of REO inventory actually happens, and increases the percentage in 2012, or if the econmy picks up and helps people afford their homes.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

It's the end of the year so time for the round-up of distressed property sales in Menlo Park. So here's what happened:

Single family and condo townhomes 2011:

Total sales:  451

Short Sales: 39

REO:           22

Distressed sales as a percentage of total sales: 13.5%

Compare to 2010

Total sales:   431

Short Sales:   28

REO:            29

Distressed sales as a percentage of total sales:  13.2%

My conclusion:

The percentage of distressed properties in Menlo Park are  very similar to 2010 at 13.2%, however, there is one big difference. In 2010 there were 6 distressed property sales in homes in the Menlo Park or Las Lomitas School District, with the remainder in the Redwood City or Ravenswood District. In 2011 there were 18 distressed property sales in homes in the Menlo Park School District. This follows a national trend of the higher priced homes as a growing segment of distressed sales.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

I took a listing with Citi Financial last November 2011. Thinking Citi one loan no problem. I though Seterus was bad but Citi Financial is taking the cake on this one.

John Florez who is the Center Manager for Citi Financial in Phoenix has been harassing the homeowners to the point where they called me to see what options they had due to them having to relocate out of state for a job. I advised them about doing a Short Sale and after talking with their attorney and accountant they decided to do a short sale.

We put the house on the market and received an offer less than 10 days. I sent in all the paper work and called Citi to make sure they had everything they needed. Jennifer who works in the offer advised they had everything and that John Florez would call if anything additional was needed.

John called the next day and told me that he had a problem with the HUD. He said they will only approve 5%. I told John I would get the HUD revised. He also starting asking me about getting the homeowner to make 60% reduced payments for 5 months, and then after all 5 of these payments were made he would at that time approve the short sale."WHAT!" I had to repeat what he just said back to him to make sure I heard that right.

He said that after they make payments for 5 months at 60% reduction he would approve the file. I told him out of all the short sales I have done I have never heard of something like this.Why would you make the buyers wait 5 months before approving the short sale. John said this is how it's going to be if you want to make a commission.

Yes at this point was I ever so frustrated. I talked with my broker to see what he could do, but it seemed as if John does not answer to anyone, no boss.. I called John back and advised him I would see what I could do but could he order the BPO to make sure the offer is what they needed to net.

A couple days later John did order the BPO and then called me back saying the BPO is in line with what they need to net now he just needs to get payment from the homeowners, he asked if I could make them call him and give him payment. I told him I would give them the information.

I talked with the homeowner and advised them that I have never dealt with someone like this, someone so arrogant. The homeowners laughed and said now you know what we were dealing with and why we called you. I advised them to get the advise of an attorny and also advised them to make a complaint to the State Attorney General along with State Banking Commission.

The homeowner did make a complaint and were advised it would take up to six weeks to get an answer back. Because the homeowner refused to make payments with John Florez he called and left a VM for me saying the Short Sale is denied. I called John back and said that's fine can you issue a denial letter so I can cancel the contract with the buyers. He said he already sent it and did not have a copy in his file to send me and to ask the homeowners.

The homeowners never got the letter and John didn't have a copy in his file. John said the file has been turned over to their foreclosure department.

It's now January and I advised the buyers agent what was going on. The buyer decided to cancel their contract and I canceled the listing and advised the sellers to keep me updated when they get a response from the Arizona Attorney Generals Office.

They received a response in March 2012 and was asked to provide any additional information they had and also asked if they ever received the denial letter. They responded and the first week of April they received a call from from Citi Financial about the great new Short Sale program where now if they get an offer they don't have to make the 5 payments and at closing they would get 10% back from Citi.

I told the homeowners this sounds like a scam, they received a letter the next day telling them Citi would like them to short sale their home and to have the agent provide a copy of the listing contract, hardship letter, HUD1 and a 3rd party authorization form.

I took the listing and this time I took it at 5% knowing what had happened last time. I received an offer in less than 12hrs and submitted the purchase contract along with a new HUD to John Florez at Citi. He called me and said well since the buyers agent is with the same broker your going to have to reduce your commission to 4%. He laughed and then hung up the phone.

I'm very patient, and I understand that a short sale is an option and not a right, I just don't get how the John Florez keeps playing games with the homeowners and me as the agent. I'm so sick of these banks playing these crazy games. 

Citi you are now on my bad list of banks not to take short sales with along with Seterus.

For all of you agents thinking about taking a short sale with Citi I highly advise against it...

James Moyer

Arizona Real Estate Market

I have read several news and Blog pieces about 2012 being the bottom of the market and how the best time to purchase a home is now. In good conscious I cannot sit idly by without voicing my opinion.

The news and columnists have based their analysis on the low number of inventory currently on the market for sale and the fact that it is 22% less than this time last year. They further site a 30% increase in property searches on Realtor.com which is one of the top search websites where consumers make purchase decisions. The reporters further substantiate their point by stating that interest rates are the lowest they have been since the great depression. Well folks, I am here to let you in on a few things. I am a distressed property real estate broker and live in the numbers and happenings on the ground. Last year alone I personally closed $17 Million in real estate. More than three quarters of my sales were short sales and bank owned property sales. My job revolves around tracking properties that have defaulted on their mortgage payments and listing the property for sale before it ends up in foreclosure. When properties do end up going to foreclosure the banks also contacts me to sell the properties back into the marketplace as a bank owned property. This is also known as a REO (Real Estate Owned) property.

In dealing with the lenders on a daily basis I have the ability to see how many mortgages are current or behind in any part of California. The numbers are staggering! One in three properties in San Diego County is currently underwater (owe more than what the property is worth).
Many of you may have heard of the “Mortgage Debt Relief Act of 2007” which is set to expire at the end of 2012. This means that anyone wanting to do a short sale has until the end of this year to get it done to avoid the enormous tax and deficiency implications. As homeowners scramble to do short sales, the banks are absolutely inundated with files. Banks have increased their loss mitigation departments to handle the amount of short sale requests as the deadline draws near.

So to shed further light on the subject of a “recovery,” I would have to say that the reason there is a 22% decrease in inventory on the market for sale is due to the “Robo-signing” debacle which simply held up the foreclosure process for a few months. Furthermore, the lenders have started issuing three month extensions to foreclosure sale dates rather than the standard 30 day extensions. The numbers are artificially adjusted to modify the supply and demand ratio. Also, the news columnists have stated that the average nationwide sales price has started increasing and the market is recovering. This is not quite correct because the number of higher end distressed sales has dramatically increased. In other words, if 100 homes sell at $200K and 900 homes sell at $500K, the average home price may have increased.  However, what they are not saying is that the home that is currently selling at $500K was purchased in 2005 for $900K.  See how they are messing with the numbers. Just because the average nationwide sales price has increased, does not mean we are recovering.

So I would maybe agree that the lower end has reached the bottom whereas the middle and higher end have room to fall.  Far be it from me to state that 2012 is the “Big Housing Recovery.” New young families or recent college graduates will also add to the lower end recovery as they will need to purchase in this range.

The number of Baby Boomers now wanting to downsize will further hamper the prices of the middle and higher end as they add to the supply. There are currently 30 million Americans in this segment of the market.

The FED made an error in judgment a month ago when they stated interest rates would remain low through the end of 2014, which took away the immediate driving force to purchase now. If interest rates would remain low for an extended period of time, why would anyone be in a hurry to purchase when they know how much shadow inventory the lenders are sitting on?

As the world has become a global economy, few have shed light on the fact that China has begun their housing crisis with more than half the cities reporting huge decreases in home prices. This may have an influence on our economy further down the road as this may affect the cost of consumer goods locally.

Gas prices are at an all-time high and could further contribute to inflation and gyrations in the consumer price index.

Unemployment is still stubbornly above 8% and steam rises from the printing presses at the Fed.

I don’t know folks. Recovery 2012?  I am not so sure. And over the years I have learned that in the long run it pays to be honest rather than bending a situation for personal gain. There is a reason I am renting right now. Though the rents are higher, cash will soon be back on the thrown to be crowned King. Don’t be in any hurry to purchase unless you find a great deal.

This is my honest humble opinion.

Is Bank of America Still Terrible at Short Sales?

I would have to reluctantly say no.  Bank of America is no longer terrible at short sales.  This coming year will mark four years since my first Bank of America short sale, and as critical as I am of Bank of America, I must admit they they have improved.  That first short sale took 8.5 months and at least 3 buyers to complete, and most of the time we were lost in a wilderness of bureaucracy.  The market was still rapidly declining, so by the time they approved the short sale, the property did not appraise.  Thankfully, the property was unique enough to the last and final buyer that they didn’t just move on.  And, it didn’t hurt that the buyers were also using Bank of America for their loan.  The loan officer did help in escalating the file as there was at the time no clear cut and effective method for escalating a file.

I think Bank of America has improved their processing time and in general they are becoming more accountable.  Two improvements in particular stand out 1) They now use Equator. Equator is a secure online platform that allows you to upload documents and communicate directly with Bank of America about your files. 2) The Twitter Team.  BofA_Help on Twitter has proved to be a fantastic resource when ridiculous issues crop up on files.  After you’ve exhausted the traditional channels to no avail, the Twitter Team can help you push that short sale off the tracks before the oncoming train arrives.

In my experience, Bank of America currently takes about 5 – 10 weeks processing short sale files.  What is frustrating is that often they are capable of having approvals in 5 – 6 weeks, and there seems to be no rhyme or reason as to why one file takes 5 weeks and another 10 weeks.  Often they get into a really great rhythm, and then they decide to tweak something in their internal processes, and if you happen to initiate a short sale at that time you end up being a 10 week file instead of a 5 week file.  In my experience, currently most of the delays happen up front in their efforts to qualify every borrower repeatedly for HAFA or the Bank of America Cooperative Short Sale program, or because of a delay getting an appraisal ordered on the property.  In addition, they often outsource their HAFA files and BofA Cooperative Short Sale files to outside entities which include UTLS, AMS Servicing, and REDC and getting a file back to BofA in Equator once it has been sent out can be difficult and time consuming.

Bank of America still has a ways to go.  I don’t particularly care for the fact that they constantly tout their real estate agent website as a resource for short sales, but last time I looked I couldn’t even find any standard forms for a short sale on that site.   And of course their new “introductory calls” are also annoying — on a recent one I told the rep that I would call her back if I ran into a problem down the road and she informed me that it was only a one time call and I couldn’t call her again.  Kind of like when you go into a store and look for a salesperson to help you and can’t find one, but if you look like you don’t need any help, five different people offer you assistance.  So, although they have improved, a certain amount of it is just showmanship.  As a person that values substance over show — I find that part of it annoying, but the part that actually works — such as the Twitter Team, I like.

Before deciding whether to short sell your Santa Maria home, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent. If you are considering a short sale of your Santa Maria, Orcutt, or Nipomo home and would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.

Tni LeBlanc is an independent Real Estate Broker, Attorney, and Short Sale Agent.She is a Certified Distressed Property Expert (CDPE) and Certified HAFA Specialist (CHS) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.

* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.

Copyright© 2011 Tni LeBlanc *Is Bank of America Still Terrible at Short Sales?*

Bank of America is making a process change that will reduce the processing time and improve customer service for HAFA Short Sales (Home Affordable Foreclosure Alternative Program) that are submitted with an offer.

The proposed change goes into effect Dec. 1, 2011, and impacts all short sales submitted with an offer in which the homeowner is eligible for the Home Affordable Foreclosure Alternative (HAFA) program.

When a short sale is submitted with an offer and the homeowner is HAFA eligible, we will no longer halt work on the file while waiting to contact the homeowner. HAFA eligible homeowners are no longer required to call our Short Sale Customer Care to indicate whether they will participate in the program.

Instead, real estate agents specializing in short sales can indicate a homeowner's HAFA interest by submitting the necessary documents to Equator within 14 days. During that 14-day window, the short sale will continue moving forward. By the end of the 14 days, if we have not received the requested HAFA documents, we will continue to process the file as a traditional short sale.

This change is being made because we are transitioning the processing of all HAFA short sales with an offer from our outsourced vendor partners to Bank of America associates. A Bank of America specialist will be able to seamlessly transition a file from our traditional process to the HAFA process, thus improving customer service and the borrower and agent experiences. Homeowner's and agents should be aware that Bank of America's outsourced vendor partners will, however, continue to process all short sales submitted without an offer.

Action required:  

Short sales initiated on Equator.com that receive a HAFA eligibility message no longer require homeowners to call Customer Care to confirm their interest.

-  If homeowners wish to participate in HAFA, agents must submit the requested documents within 14 days.  (Note: the 14-day period begins the day the HAFA solicitation letter is mailed to the homeowner. Agents can obtain the date of the letter from homeowner.) 

-  If you are unclear about which documents to submit, contact your short sale specialist via Equator messaging. 

Additional Recommendations:

Homeowners interested in understanding the benefits a HAFA short sale, including the $3,000 relocation incentive at closing are encouraged to review HAFA Program or the HAFA education guide to learn more.

Bank of America also has put together a HAFA Eligibility FAQ for interested homeowners

San Jose Single Family homes

Active Short Sale Listings:  371

Active Bank Owned Homes: 77

Pending Short Sale Homes: over 578 (mls stops counting at 500 and there are more than 500 San Jose Short Sales waiting for bank approval, 41 bank approved waiting for buyer to remove contingencies, and 338 just waiting to close)

Pending Bank Owned Homes: 127

Sold Short Sale Homes, Last 6 months 378

Sold Bank Owned Condos/Townhomes: 378

That is an amazing coincidence!

San Jose Condo Townhomes

Active Short Sale Listings: 166

Active Bank Owned Condos:  78

Pending Short Sale Condos/Townhomes: 578

Pending Bank Owned Condos/Townhomes: 104

Sold Short Sale Condos/Townhomes:  210

Sold Bank Owned Condos/Townhomes 314

So, if you add up all the short sale activity there are/were 2281+ for short sales and 1078 bank owned transactions.

My conclusion: even there has been a lot of press recently about how foreclosure filings are up in California right now short sales are dominating the distressed property market in the city of San Jose.

If you have any questions about short sales or foreclosures anywhere in Santa Clara or San Mateo Counties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Bank of America Short Sale in Los Angeles

Are you thinking of a Bank of America Short Sale in Los Angeles? Many homeowners in the Los Angeles area have their 1st mortgage, 2nd mortgage or both 1st & 2nd mortgages with Bank of America. You might not be able to pay your monthly mortgage payments anymore or are in danger of falling behind on your loan. If so, a Bank of America Short Sale may be an option. Many of my clients have also tried to get a loan modification with B of A and have been unable to. Bank of America may suggest the short sale of their home. Bank of America uses a special online platform known as Equator to process their short sales.

The number of Bank of America Short Sales in the Los Angeles area has increased. Some homeowners bought their homes when the values were high and are not able to refinance due to the decrease in home values. Others took advantage of the previous market and refinanced. If you live in your home or have lived in the house in the last 12 months, you may qualify for the Bank of America HAFA Short Sale. Otherwise, you can attempt the traditional short sale.

Feel free to contact me directly at 818-903-2040 with any questions regarding a Bank of America Short Sale in Los Angeles and the surrounding areas. I also provide a FREE estimate of value of your property.

Areas Serviced:

Agoura Hills, Arleta, Beverly Hills, Box Canyon, Burbank, Calabasas, , Canoga park, Canyon Country, Castaic, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lakeview Terrace, Los Angeles, Mission Hills, Newhall, North Hills, North Hollywood, Northridge, Pacoima, Panorama City, Pasadena, Porter Ranch, Reseda, San Fernando, Santa Clarita, Saugus, Sepulveda, Sherman Oaks, South Pasadena, Stevenson Ranch, Studio City, Sun Valley, Sylmar, Tarzana, Toluca Lake, Topanga, Universal City, Valencia, Valley Glen, Valley Village, Van Nuys, West Hills, West Hollywood, West Los Angeles, Westlake Village, Woodland Hills, Winnetka

Bell Canyon, Camarillo, Moorpark, Newbury Park, Oak Park, Oxnard, Simi Valley, Thousand Oaks, Ventura, Westlake Village

IF YOU DO NOT SEE YOUR AREA HERE, PLEASE CONTACT ME. THANK YOU

US Bank Short Sale Approved ~ Los Angeles Short Sale Agent

US Bank is approving Short Sales. US Bank has listed a Short Sale as an option on their website under Mortgage Help. Many homeowners in the Los Angeles & surrounding areas are finding themselves in a situation where they can no longer afford to pay the monthly mortgage payment, insurance, property taxes & property maintenance. If the mortgage balance is more than the home is currently worth, then a Short Sale would be an option. With any Short Sale, if you would like to attempt a US Bank Short Sale, it is best that you work with a Short Sale Agent that is trained and experienced.

Below is a sample of the approval letter obtained on a US Bank Short Sale. This was actually on my client's investment property. The US Bank Short Sale approval letter also states that they will not pursue the remaining balance (deficiency). So, if you are considering a Short Sale with US Bank, feel free to contact me. I am a Short Sale Agent in Los Angeles & surrounding areas. If you are located in another area, I can still help because I am part of a network of Short Sale Agents nationwide.

Los Angeles Short Sale Agent

US Bank Short Sale

Well Bank of America did it again.  They foreclosed on a home owned by a single mother of five children, one a newborn last Monday after we were told numerous times that her short sale was approved.

This hard working mother of five commutes to work every day from Victorville to Manhattan Beach, a 103 mile one-way trip in order to keep a roof over her family’s head.  With the job market in such a slump she cannot afford to risk her current employment and has been making this commute for nearly 4 years now.  Until now.

She attempted a loan modification with Bank of America two years ago but was declined.  She attempted the process again only to be turned down for allegedly not returning her documents to the bank by their deadline.  When we met her earlier this year, her loan was not in default yet.  With the news of her recent pregnancy, she began falling behind in her mortgage payments. 

In April 2011, we listed her home in attempt to short sell it so that she could retain some hope of home ownership again by making every effort to avoid foreclosure.  I am a HAFA certified real estate broker trained to work out short sales.  She was a prime candidate for the program.

In May 2011, we received a full price offer on her home at $99,000 all cash.  She was also served with a notice of default that same month from Bank of America.  We tried to assure her the best we could that the short sale would be approved and not to worry about the bank foreclosing on her.  We had plenty of short sale negotiations on homes with Bank of America that have been postponed for months if not years before the threat of foreclosure. 

After submitting her complete short sale package, the new offer and estimated HUD-1 through the Equator system, we received a counter offer from the negotiator basically accepting the terms of the purchase agreement with some minor tweaks.  The closing date was to be completed by September 23, 2011.  Not a problem.  We accepted all the terms.  This was in July 2011.

This process was moving along quite quickly in comparison to other files we have worked.  But no indication of any red flags or reasons to question the system.  After submitting her most recent updated pay stub and bank statement, Bank of America stated that they were waiting on final investor approval before we would open escrow. 

On August 10, 2011 she received a notice of trustee sale notice posted on her front door.  The sale date is scheduled for September 6^th at 9:00 a.m., the day after Labor Day (no pun intended but ironic since she just gave birth to her new baby boy). 

We began to call the negotiator immediately in an effort to postpone this looming sale date in light of the short sale approval we were waiting on.  Bank of America assured us that the foreclosure date would be postponed but that it may not show up in the system until three days before the sale date.  We called the trustee directly to verify that the sale date had not been postponed yet.  On the first of the three days before the sale date we began to make repeated calls, email requests, Equator notifications regarding the pending sale date.  Each time we are told that it should be postponed at any time.  The trustee notifies us that an opening bid has been published for $64,000.  What?  How could that be possible when Bank of America is working on the $99,000 all cash offer we submitted two months ago?  It must be a mistake.  We kept calling. 

Bank of America did not postpone the foreclosure sale as it promised to do.  The home went to sale for $64,500.  Oddly enough, it was not purchased by a third party.  It reverted to the beneficiary to be sold as an REO.  Fannie Mae failed this hard working woman, Bank of America failed her.  And ultimately, we failed her miserably too. 

How could this happen?  What could we have done differently?  We are attempting to contact the asset manager for Fannie Mae to inform them that we have an offer for $99,000.  Bank of America told us that it would take a few weeks for the property to be assigned.  I didn’t believe that and was correct when I was told that Fannie Mae introduced himself to my client by knocking on her door with the news. 

My head is still spinning with ideas and attempts to understand why this home went to sale without a single postponement when so many others we have with Bank of America are declared “cancelled” for other unknown reasons.  I’m furious and saddened by this foreclosure system we are forced to bargain with.  Any thoughts?

DISCLAIMER:
****DIANE WHEATLEY IS NOT A LICENSED ATTORNEY. THIS INFORMATION IS COMPRISED OF HER OPINIONS, OBSERVATIONS AND INTERPRETATIONS AND IS NOT INTENDED TO BE CONSTRUED AS LEGAL ADVICE.  PLEASE CONSULT WITH AN ATTORNEY BEFORE RELYING ON OR TAKING ANY ACTION BASED ON THE INFORMATION PROVIDED HERE.****

Bank of America Short Sales Made Easier?

Bank of America just announced a change in its short sale program that may make Bank of America short sales just a little easier.

Until today, if Bank of America short sales were entered in Equator and then a buyer walked, the whole short sale process would have to start all over again. Even if the new buyer made exactly the same offer, the process had to start all over again.

This week, finally Bank of America, decided this was unnecessary. Now the original transaction will continue with just the buyer substitution. This may not work in all cases depending on the actual investor on the loan. Still it's a definite step in the right direction and should help to alleviate the pressure and the wait when a buyer walks as they sometimes do during the Bank of America short sales process.

Originally published at Bank of America Short Sales Made Easier.

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

About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Federal Government Disclaimer (MARS) 

1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.  
2. Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Click Orange County homes for sale to view all OC homes for sale.

We are proud to say that another of our short sales listings has received an approval on the submitted short sale contract. This Overland Park KS short sale has an existing loan with Bank of America and a 2nd mortgage lien with People's Bank.

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

This Overland Park KS short sale is an existing Conventional 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

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

Thanks to Tim & Julie Harris for getting the information on this this program Bank of America is hopefully going to implement soon. It is in the "testing" phase now.

This is what we all have been hounding the banks to do for a few years now. This will be AWESOME!!

This program is being quietly introduced, using only a hand-selected group of top short sale agents across the country.

* Every short sale seller and agent will be assigned a personal advocate who will shepherd the short sale through, using the new, simple process. Think of this as your own ‘short sale personal representative'.

* No pre-qualifying, no hardship required. Being upside down in the house IS the hardship.

* No documentation.

* No bank statements.

* No tax returns.

* No financial worksheets.

* No deficiency judgement.

* No financial contribution from the seller of any kind will be requested.

* Only requirements? -A listing contract -A purchase contract -An appraisal, though we've been told the appraisal will not have an adverse bearing on the final acceptance.

* 2 WEEK approvals.

Lets hope this becomes mainstream soon!!

Go to Bank of America 'Secret' Short Sale Program BoA HPO Short Sale Program to read more.

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice. This is general information and is not intended to provide advice on any specific question or transaction. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home. Copyright © 2010, Dawn Barrier. All Rights Reserved. Any Stats are per the GLVAR MLS as of this writing.

I would like to start a movement with BAC. All their approval letters should include the following:

Buyer (insert buyer's name from contract). **Replacement buyer subject to BAC approval.

Now wouldn't that eliminate being in escrow 3 to 4 to 5 times - assuming net to BAC was the same and no change in close of escrow date?

I say that while having 6 short sale escrows with them, and 3 approved - but it's absolutely pulling teeth and insanity.

I saw the title of the Equator group....."muddling through the process" is certainly accurate. I have an offer long overdue to get approval or a response from B of A and as always seems to be the case with B of A, they seem to want to do everything to sabotage the deal. I thought Equator was supposed to solve their internal confusion and all it seems to do is make it worse. B of A is the 2nd on this one and we have now had approval from the 1st for over a month and it's due to expire soon. I have now uploaded the payoff demand into Equator 4 times and was told by the negotiator just this week that the reason for the delay was that she still needed the payoff demand. After explaining that I've now sent it 4 times (1 directly to her email address) that "another department" uploads that file so she doesn't have access to it. How is it that I have access to it through Equator but she doesn't? Seriously?

Is there someplace on Short Sale Superstars that might give me someone to get in touch with at B of A that can actually make a decision.

This is the second go around on this same deal and it fell apart last November as my negotiator was on vacation and nobody could offer a 7 day extension in his absence. Unbelievable.....no I take that back....when dealing with Bank of America it's perfectly believable.