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If you are selling your home as a short sale and it needs work you may get one or more offers from flippers. These can be contractors or investors who want to buy your home at a discount, fix it up, and then resell it for a profit. I do not believe there is anything unethical about this, and in fact I used to flip homes myself, but that was a different market.

However, there are many banks who disagree and often will put limits on the minimum time a home must be held before they will lend on it for the next buyer. That is an issue for the buyer of your short sale. As a seller there is a more important issue for you. Some banks will make a buyer sign a notarized document promising not to resell the home for a minimum of 90 and up to 180 days after the purchase.  If you accept an offer from a flipper it is a good idea to find out ahead of time if your lender has a policy about minimum holding times after close of escrow.  there is no point in taking your home off the market for 4-12 weeks and then get a notice from your lender that the buyer needs to hold the property for longer than they want. If this happens the buyer will walk, and you will need to start over again.

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

 

Marcy Moyer C.D.P.E.

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales

 

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HAFA approval with BOA

New here so I'm sure this has been asked before, I subbmitted a SS package for HAFA at BOA in mid March the investor is Fannie Mae it took forever to get the appraisal done but it has been done now and I was told we were approved, but I still do not have the approval letter and until I get the letter they will not listen to the offer I have (and it is a good cash offer). I have the negotiators direct line and there team leaders I have left about 10 messages on each voice mail and I sent 6 emails on Equator and I'm just not getting any responce. What do I do next??? Please help...Thanks, Mike

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Are You Ready To Buy A House Or Not?

Making a move from home renter to a home owner makes a huge difference in the life of a person. While owning a home comes with responsibility, how do you know if you are prepared to purchase a home? Are you prepared to shoulder the expenses in buying a home? Would you be able to stand with all of the complications involved in the process of owning a home?

There are many home buyers out there that are eager and ready to spend a lot just for a home. It’s no wonder the market presently offers ideal buying conditions. Home prices are affordable plus there are a wide range of available homes that comes in different shapes and sizes in the market to choose from. With the interest rates which are low, it’s home buyers’ opportunity to buy a home at low interest rates as well as to negotiate a deal which can benefit the home buyers.

Owing a home comes with great responsibility not only financially by emotionally. The responsibility of paying the monthly mortgage is one of your priorities. Always put in mind that before you opt to enter the world of home ownership, you should review these questions to help you reflect whether or not you are ready to buy a home. Below are questions to ask - "Am I ready to buy a home or not"?

First and foremost, the questions like, “Do you have a stable income as your source of fund for your purchased home?" and "Do you have available cash for a 20 percent down payment?” are really important questions in order to gauge your capability to buy and own a house. Financial experts recommend of having a down payment of at least 20 percent. If you don’t have that amount of cash, do you have a support from a family or are they contributing?

Do you have a stable job and do you think it will continue very well in the future? Upon signing in the mortgage loan, you agree to pay the monthly payment mortgage. It is also important to have a backup for making your payments.

Are you planning to stay in the house for the next five years? Home experts suggest that if you have plans to stay in your home for 5 years or more, its better to purchase a home where you can’t put a price on the privacy and space. Studies show that owning a home brings stability to both the family and the community.

Does home ownership matters to you? And do you have an 8 month emergency fund? You should have at least eight months worth of money saved just in case. Savings and down payment are not enough to ensure your family stability.

Answering these questions will help you get in to the right direction of homeownership. If your answers to the above questions were mostly yes you would probably ready to purchase your own home. Assuming that buying a home is right for you, how can you rest assure that you are getting the best price?

Be ready for a big financial responsibility in home ownership. However, the opportunity to make creative changes and the stability you get from your home is all worth the price. Consider the above questions whether or not you are ready to enter the world of home ownership.

 

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For more information regarding houses for sale in the state of Arizona, just take a look at the websites Real Estate Chandler AZ and Buckeye AZ Homes for Sale.

 

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My short sale extension ran out with ocwen. I called to get an extension. I was told I would recieve one within 24-48 hrs. Guess What ? It did not happen. I called later they told me the hud was not legible. this is the same hud submitted for the 1st approval. I sent them a new one with the new coe date. Now I am being told 14 days later short sale letter was cancelled because sellers are qualified for HAFA . My clients declined hafa the first time. I have submitted another hafa denial letter. Wells Fargo Lender is ready to fund. I can't get past customer care agents. I tried calling Ron Ferris which was listed on this site. What else can I do

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Superstar News 10-16-2011

12433922693?profile=originalDiscussionsRepliesLatest Activity

Bryant Tutas

One Property. Two BPOs. One at $59,000. One at $149,900. WTF?

Hi folks. If you handle Short Sales then you know the importance of the BPO (Broker price opinion). Lenders heavily rely on the opinion of…

Started by you

09 seconds ago
Abraham Walker

Do you show your short sale listings to unrepresented buyers?

This point came up in my listing presentation this week. I don't show unrepresented buyers my short sale listing because of: Dual Agency…

Started by Abraham Walker

67 minutes ago
Reply by Bryant Tutas
Tiffany Cloud

How do I get a HUD lien for $7500 (2008 loan/grant) off the title on my FHA short sale.

I had clients that purchased a home with me in September of 2008. That was when the Government had a $7500 interest free loan with a 15 ye…

Started by Tiffany Cloud

711 minutes ago
Reply by Bryant Tutas
david milstead

Making too much money to short sale?

I have a client who is netting $450,000 on his taxes. His expenses are approximating $700,000. These expenses are not deductible to his…

Started by david milstead

712 minutes ago
Reply by Bryant Tutas
Verenice White

CHASE-ARMS LENGTH TRANSACTION

I received a HAFA approval and it has language for arms length transaction...I represent the seller. The buyer is the seller's daughters…

Started by Verenice White

513 minutes ago
Reply by Bryant Tutas
Team Thayer

Anyone had a judgement come up on the title seach & got bank to pay it off

I am just wondering if anyone has had experience getting the bank to pay off a judgement that has come up against a seller in a short sale?…

Started by Team Thayer

914 minutes ago
Reply by Bryant Tutas
Deb Orth

Buyers Agent Asking For Lender to Make Repairs

OK. This is a first for me. I have an offer on one of my listings where the buyer's agent has written into the contract that the lender i…

Started by Deb Orth

516 minutes ago
Reply by Bryant Tutas
Elaine Grace

Selling by SS - are we close?

We submitted paperwork through a negotiator in early August. We have a 1st and 2nd with Sovereign. The BPO was done mid August and we hea…

Started by Elaine Grace

013 hours ago
Becky Rainwater

FHA short Sale with BOA

I have an offer in on a listing since 5/5/11 on an FHA loan with BOA. Anyone have a contact that can help me? I have heard every excuse fro…

Started by Becky Rainwater

219 hours ago
Reply by Becky Martin
Jenn

Hafa short sale, can a seller contribute to the secon lien

I know as a FHA borrower we cannot contribute to the second but can the buyer contribute to the second? Thank you

Started by Jenn

319 hours ago
Reply by Jenn

 

"Short Sale Superstars

Advanced Short Sale Training"

Our goal is to provide you with best ADVANCED Short Sale Training available. We are not teaching you how to take a short sale listing and put a package together for the lender.

**The curriculum for the sessions may be revised slightly. Rest assured - the content will be awesome with your success in mind!

The instructors for Short Sale Superstars Advanced Training are Broker Bryant and Wendy Rulnick......CHECK IT OUT

12433924278?profile=original 12433924060?profile=original

This site is owned and operated by REGrow, LLC

Wendy Rulnick and

Bryant Tutas

Brokers of Record

A Licensed Florida Real Estate Brokerage

407-873-2747

628 Grand Canal Dr

Poinciana FL 34759

ShortSaleSuperStars@gmail.com

DISCLAIMER

REGrow, LLC does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community.

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Texas Foreclosure

I am in the process of doing a short sale in tx here  is the problem in TX they have a rule where the property can be sold with out ajudgment,  there is a sale date and i need time to arrangethe short sale .the question who do i go to halt the sale date the bank or the trustee
who in charge of liquidating the property. if i do not stop the sale i will not
have time to do all the steps to get the SS approved Ideas i need ideas how can
i cloud the title, I am in the home  as a
renter and i want the house but not at the amount he owes.

do i get the deed, do i do a subject to, can i do a subject to /short

i need ideas

How should i do this one ?????

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We have approval from Wells Fargo the first with them providing 7500.00 of the 34K that is being paid to the second mortgage PNC. Upon submittingthe HUD for final approval Wells Fargo states know that the second mortgage cannot receive these funds even if they are voluntary. I called my Real Estate Attorney and he also said that YES they can contribute if it is voluntary. Does anyone have any infor on this or a resource to direct me to. We are suppose to close on Tuesday.

 

THANK YOU!

Kim

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Ocwen "Relationship Manager" -What is that?

After a few months of dealing with Ocwen after saxon sold the loan I was told one week ago that Ocwen has all the paperwork and a relationship manager can call my client on october 25th.  The person in india couldn't tell me what the call would be about or what the status of the short sale is.

 

Is this a good or bad thing and what should i be looking forward to?

 

any help offered would be greatly appreciated.

 

Thanks in advance

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12433924686?profile=originalI understand why a Short Sale Tenant would be mad about the Sale of the home they are leasing is going down.  But..these tenants were advised the entire way through-by phone and certified letters.  I've met them in person to advise as to COE..have even offered to help find them another Rental. 

They are two months behind in rent and this Short Sale is to record on 10/30..we'll have to see how that goes.

 

Now..onto an Equity Sale.  Tenants had a "lease option to buy".  Have already been to court for Unlawful Detainer.  Details hammered out.  They will get some $ upon move-out..and each day they stay costs them approx. $100 from their unpaid lease amount of $43,000/mo.  They too haven't paid since June 30.  Property in Escrow.  Served Tenants all docs to proceed.  Walkthrough inspection today because contract was written "contingent to interior inspection."  Tenant will be there with their attorney.  Tenant says she wants money, but if that were true..why not pack out and make $100/day MORE?

COE is 11/7.  This is going to be an interesting walkthrough!!

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Lovely Menlo Park Short Sale


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To view this property website, click a picture or visit: http://www.1115MaderaAve.com

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1115 Madera Ave
Menlo Park, CA
Menlo Park: Charming Belle Haven Short Sale!
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Offered at $375,000www.1115MaderaAve.com
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Welcome to one of the best homes in Belle Haven. This charming home features wood floors, large rooms, a show stopping attic, large, 5,700 square foot lot, 1,460 square feet of living space, a huge kitchen, separate dining room, a family room that is currently being used as a bedroom, and really nice architectural details. Belle Haven is a great neighborhood that is now home to Facebook, as well as several other high tech, health, and law companies.
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Marcy Moyer
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Office: 650-619-9285
Mobile: 650-619-9285
marcy@marcymoyer.com
www.marcymoyer.com
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Keller Williams Realty | 505 Hamilton Ave Ste 100 | Palo Alto, Ca 94301

 

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Runaround at BOA

Please...can someone help me out there?  I submitted a complete ss packet to BOA in mid August.  I have called many, many times since then and spoken to numerous supervisors.  I was told September 17th (by a supervisor) that they needed updated bank statements and pay stubs and then they could initiate the ss.  I complied.  All last week was told that everything they needed was uploaded on September 27th but it would take 5-7 business days to initiate.  I call again this morning and am now told that they need MORE updated bank statements and paystubs to initiate.  I don't know where to turn.... 

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DESPERATELY NEED HELP

Wells Fargo- has lien on property that was a secured loan...dismissed / charged off in January. (according to everyone at WF)

first mortgage is current.     sales price satisifes first mortgage....but not the WF   LIEN.....the lien....exceeds the sales price and fmv......the lien is from another SS  the sellers successuflly completed in Jan 2011......WF agreed....closed...

but.....since the property closed in January was CROSS collateralized by current property....they placed lien on it....

however...everyone we talk to says....."charged off in Jan 2011"        but no one will give it to us in writing to release current lein so we can close CASH deal.....HELP!!!!!

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Superstars News 10-9-2011

12433922693?profile=original

DiscussionsRepliesLatest Activity
Jeff Payne

Do we as agents put ourselves at risk by marketing ourselves as something we may not be?

I had an interesting conversation with a broker and an attorney recently that has sparked my curiosity. We see marketing everyday where we…

Started by Jeff Payne

85 seconds ago
Reply by Bryant Tutas
Kimberly Azzam

Buyer' Agent is related to the buyer~Is this still an Arm's Length?

I just received an offer one of my listings and the buyer's agent is the father to one of the buyers. ASC is the lien holder. Just wonderin…

Started by Kimberly Azzam

845 seconds ago
Reply by Bryant Tutas
Richard Zaretsky

DO WE HAFA HAFA? BOA AND OTHERS RE-INTERPRET HAFA ELIGIBILITY

Pretty much all the agents we work with have done HAFA short sales where the lender first saw the deal when the contract was submitted by t…

Started by Richard Zaretsky

94 hours ago
Reply by Kevin M. Lancaster - Willson
Jenn

Gmac second lien, any experience with dealing with them?

To update you all, we got our letter of approval on our first!! This was a huge hurdle...now we just need approval on second lien with gmac…

Started by Jenn

411 hours ago
Reply by Jenn
Lisa Brown

Client wanting out of the contract to file bankruptcy

I represent a seller on a short sale with a first and second with a possible short window of getting an approval. I called to get another…

Started by Lisa Brown

716 hours ago
Reply by Wendy Rulnick
Judith Sailors

Bank of America no longer working with LRC

I have a HAFA approved short sale that has probably been sitting on someone's desk for over a month. I finally found out that after not get…

Started by Judith Sailors

1120 hours ago
Reply by Wilma Hebrank
peter

Bottom line price set by Fed? Or BoA Rules?

I have an offer in on a SS. Short story is: * Originally listed for $300k (Oct 2010) * Put in an offer at $250k. Offer accepted by seller *…

Started by peter

3yesterday
Reply by Jeff Payne
Luis Cardozo

Credit Card Lien Still There After Seller BK Discharged

My client filed BK 7 because of credit card liens. Now it is discharged. And we got a short sale approval from Chase. The creditors will no…

Started by Luis Cardozo

4yesterday
Reply by Joe McDermott
LaDona Lanphere

Wells Fargo CRAZY Counter Offer

My husband and I put in an offer on a short sale that was accepted on July 28th. The couple is in a nasty divorce and have both moved ou…

Started by LaDona Lanphere

3yesterday
Reply by LaDona Lanphere
Liane Jamason

HAFA question for the experts

When HAFA first came out, I could have sworn that I read some where that the lender is supposed to give the borrower the HAFA forms, apply,…

Started by Liane Jamason

6yesterday
Reply by William F Griffin Jr

"Short Sale Superstars

Advanced Short Sale Training"

Our goal is to provide you with best ADVANCED Short Sale Training available. We are not teaching you how to take a short sale listing and put a package together for the lender.

**The curriculum for the sessions may be revised slightly. Rest assured - the content will be awesome with your success in mind!

The instructors for Short Sale Superstars Advanced Training are Broker Bryant and Wendy Rulnick......CHECK IT OUT

12433924278?profile=original 12433924060?profile=original

This site is owned and operated by REGrow, LLC

Wendy Rulnick and

Bryant Tutas

Brokers of Record

A Licensed Florida Real Estate Brokerage

407-873-2747

628 Grand Canal Dr

Poinciana FL 34759

ShortSaleSuperStars@gmail.com

DISCLAIMER

REGrow, LLC does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community.

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Hi folks. There's a new Short Sale incentive just rolled out from Bank of America. Florida homeowners facing a Short Sale may qualify for up to $20,000 short sale incentive from Bank of America.

This email was sent out to agents late yesterday. This morning I called one of my potential sellers who was sitting on the fence about whether or not to do a short sale. She called Bank of America and they qualified her over the phone for $11,875!!

So.....if you are in Florida, need to do a Short Sale and have a mortgage with Bank of America give me a call today. This offer is for a limited time so don't hesitate. Bank of America is offering to help so take them up on their offer. Any questions?

BofA Enhanced Short Sale

Are you facing foreclosure in Florida?

 

Contact Bryant Tutas

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.

The BIO for Bryant Tutas

Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved


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Aurora denied the extention of a short sale.

It would seem that by now the banks would have this system figured out, but alas not yet.

Had a cash offer on my listing, waited 3 months for a HAFA approval from Aurora. Telling them our All Cash buyer for $350K was going to walk if they didn’t move...to approve, wanted one thing after another. Finally we get our approval and the second, credit union, did not want to settle due to the new deficiency law that took affect July 15th. So we lost our cash buyer and Aurora is foreclosing on the house, will not allow us to bring another offer, because they will not postpone the sale date.

Is this how they do it?  They drag it on , make us jump through all the hoops then say no anyway?

I have succefully closed over a dozen Short Sales so far. This one was a hard one to lose...

NEXT?

 

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12433923861?profile=originalInteresting that they were last minute listings here in the Palm Springs, CA area.  One in North La Quinta and the other in West Indio..both had Sale Dates set of approx. 21 days out.  Both Sellers had been denied Loan Mods and were at wits end and OVER the banks!

Chase has always been tough for me, but this Short Sale was approved and sale date postponed within 3 weeks!  We are now about 3 weeks from closing which is amazing considering it's a VA loan.  Had to get around the Seller non-allowables, but so far, we're moving to close.

Wells Fargo, on the other hand, has always seemed relatively sane in my Short Sale dealings, so it was no surprise that they pushed their Sale Date back and gave me some time to maneuver my HAFA docs into position.  Just received the approval and we're set to close 11/7. 

Now..as we all know, getting approval letters, HUD-1's corrected, net sheets in order, inspections done, tenants moved, and whatever else can happen during the closing stages, does NOT guarantee a close and a pay check in the Short Sale Ether World.  But..it appears today that things are moving along as well as can be expected.

Focusing on Equity Sales today.  I've got an offer to write!!  Equity Sales are still happening in my area as long as the Seller can list their home for a number that WORKS with the current market. 

I'm listing and closing about 50% equity Sales and 50% Short Sales so we're running neck and neck for 2011. 

 

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Have you been sitting on the fence about selling your Destin or Santa Rosa Beach Florida property as a short sale?  Now may be the time to act.  Bank of America has just announced that Florida sellers may be able to receive $5000 to $20,000 cash incentive at closing for completing a short sale.  There are existing Bank of America programs that pay sellers $1500 to $3000, but this move is unprecedented.  To qualify, you'll need to initiate your short sale prior to getting a contract on your Destin or Santa Rosa Beach home.

Apparently, Bank of America is enhancing its offerings to exceed federal HAFA guidelines, which currently suggest a $3000 relocation incentive to the short sale seller, and its own Co-op Program, which pays less.  They are only offering the incentive to eligible Florida sellers before they get a contract at this time, but hint at future program changes
 
Some loans don't qualify for the program - VA Compromise Sales, Ginnie Mae, FHA and USDA, lot loans and others. If you own a property in Destin, Sandestin, Santa Rosa Beach or surrounding towns, have a Bank of America mortgage and need to short sale, the time may be now. So get a Destin short sale agent on your side, and maybe get some cash. The deadline is November 30. 

Florida Enhanced Short Sale Relo Assistance

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

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

Email Wendy: itswendy@rulnickrealty.com

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Closed my BoA deal today

Finally closed my BoA ss today, ok we signed doc`s on Friday but checks finally cut today. Couple of minor issues came up like a expired internal appraisal date and they reduced the attorney fees $500 to $1k that my hard working attorney was not to happy about, but its closed and I am happy with that!

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