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It’s time to take another look at short sales:

As recently as a six months ago, if you would have told a real estate agent who specialized in short sales that they’d be raving about a lender’s stellar service and rapid approval times—not to mention significant cash incentives for financially strapped homeowners for pursuing a short sale—you’d have gotten some strange looks.

That’s all changed.  And it’s changed faster and to a greater extent than most real estate professionals ever could have imagined.

With a glut of bank-owned properties dragging down the recovery of the real estate market, as well as the national economy, major lenders are more eager than ever before to avoid foreclosure. So they’ve sharpened their focus on short sales. Big time.

The biggest lenders in the country have staffed up to ensure rapid processing of short sale applications. They’ve ponied up with cash incentives at closing for homeowners who pursue a short sale. And they’re proactively reaching out to CDPE agents and putting them in touch with delinquent borrowers.

This is big news and the media has not really caught onto it yet. What’s important for you to know is that whatever you’ve read or heard in the past about long lag times and frustrations with short sales is probably no longer the case.

If you feel that you are headed toward Foreclosure, and need Foreclosure Solutions, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.  The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale.  The good news is that there are Foreclosure Solutions!

To find out if a Phoenix Short Sale is right for you...Clickhere for your...

As a member of the CDPEAdvanced community, I’m tapped into major lenders and on top of major developments affecting short sales and bank-owned properties.  I invite you to visit my website www.shortsalewitharthur.comto learn more and feel free to contact me any time and if you or anyone you know is struggling with an unmanageable mortgage.

Choose to face the challenge with a professional on your side. Choose a Phoeinx Short Sale Agent.

Arthur Wainio

www.shortsalewitharthur.com

I listed a Chase foreclosure in January 2012.  It was the worst REO I've ever taken.  I've blogged about this one before.  I actually turned the listing down initially, but the REO asset manager and I came to an understanding and I took it.

Ironically, that horrible place sold in 60 minutes after I loaded it in the MLS.  How crazy is that?  Then the second Chase nightmare began. Chase went back and forth asking for more and more signatures and initials on docs. It was reduncancy gone wild.  It got to the point that I was sure the buyer was going to walk.  I would have if I had been him.

The closing was supposed to happen today.  Everything was ready.  The title companies were ready.  The buyer took the day off and had all of his money cut into certified funds.  Everybody was ready to roll.  Everybody but Chase. 

At the eleventh hour, Chase decided they needed two weeks to sign the deed.  Is it any wonder that some of these banks are in trouble?   I'm really surprised the buyer didn't walk this time.  This is without comparison the worst bank I've ever worked with.  I can't imagine why any agent would recommend their clients to Chase.  

Today, on top of not closing, I get an email that they are mad that I haven't done my weekly inspection report.  Are you kidding me?  The property was supposed to be closed.  They're marking me and my asset manager down because I didn't do the inspection on time.  Of course it would have been closed before I did it if the morons at Chase had closed like they were supposed to.

It's not like we sprung the closing on them last Monday night.  It has been under contract for over a month and a half with the closing date agreed upon by all parties.  Friends, I hope you don't recommend that your clients pursue a Chase loan.  Unbelievable. 

I hope you don't recommend J. P. Morgan Chase to your clients!

Well, I must admit that I have never lost a deal due to "2nd lien holder not agreeing" to pay off.  I have hear Realtors complaining about it all the time.  I just never had any issues, I usually fight very hard on this ones and I always get them my way.

My problem comes that the actual negotiator is telling me he sees in NO WAY E*TRADE will accept less.  He states he has never seen ETRADE making discounts...  I've been told this many times before, but some reason I expect this one to be much harder...  Also, they take forever to reply.  My complete packet was sent on Feb 26, and I got response today.  But we will close before the end of the month!

BTW, on March 16, I just got the sale date postponed!  Which means I have rescued them from Foreclosure!

Any guidance? Any higher contacts?

I have talked to a nice lady at excutive resolution , but should I try something different?

Any feedback will be greatly appreciated!

Thanks!

If you want to see the full story it can be seen at www.shortsalenurse.wordpress.com  Take a look... This will give you some insight on what it takes to work with PNC BANK... Share this with all your REALTOR friends.. I clearly state I do not know how I could send any one to them for a Mortgage when they treat their client like they did mine.  Can they change my mind? 

ANYBODY FROM BOFA SHORT SALE PLEASE ..I NEED SOME CLARIFICATIONS.

THANKS

Entering into foreclosure may feel like you're falling into a foreclosure pit. Foreclosures in Winchester, VA have fallen to 9% of the current active listing market, but that doesn't mean we're out of the woods yet.  Our previous 30 day marketing report included 51% distressed property sales.  Depending on the resource you use for your daily updates, the foreclosure market is either declining or increasing.  It's no wonder that homeowners don't know what to do.  

Don't fall into a foreclosure pit.  There are a few things a homeowner can do to avoid foreclosure.

• Have you lost one or more sources of income?
• Are you current on your mortgage payments?  If not, are you far enough behind that catching up would take a miracle?
• Are you receiving letters from your lender encouraging a short sale or threatening foreclosure?
  
• Have you become a prisoner to your mortgage?  You can't take a vacation, save for college, pay your living expenses on time or sleep at night.
• Has your home become a burden rather than a blessing?
• Has maintaining your home caused your credit to begin a downward spiral?
• Is keeping the home causing the family dynamics to become strained and combative?

This list could be longer, but you can easily see how an impending foreclosure could affect you and your family.  There are a couple ways to relieve yourself of a home that is heading for foreclosure.  You can contact your lender and offer adeed in lieu of foreclosure.  That basically means that you will voluntarily give the house back the lender and walk away.  The lender has to agree to the deed in lieu, and it is less expensive for them to accept the house under these conditions than it is to go through foreclosure.

Another option may be a short sale.  In a short sale, your lender allows you to sell your home at a discounted price.  Make sure you hire a short sale agent that has successfully navigated through the short sale process.  It is a tough decision to face, but if it comes to a short sale in Winchester, VA, call Cornerstone Business Group, Inc., and we will help you through the process.

 Don't fall into a foreclosure pit.  We can help you through this difficult time.  There are brighter days ahead, and we can help you get there.  

The foreclosure market in Winchester, VA has been changing this year.  The current market has 544 properties listed and available as of March 10, 2012.  Of that group of available listings,only 35 are foreclosures.  That brings the current foreclosure listings down to 6.65% of available listings.

If a buyer is looking for a great deal on a foreclosure, he better act fast.  The foreclosure market in Winchester, VA is contracting at a rapid rate.  How do the current available listings compare to pending sales? 

There are 253 sales pending the Winchester market.  Of that group, 41 properties are foreclosures.  That's 16% of the current pending sales.  That's a substantial drop from the February 4 - March 4 closings.  During that period 29% of closings were foreclosures. When you add short sales into that period, total distressed home sales made up 51% of total homes sales.

It's hard to say at this point if this is trend or a positive bump in the road, but no matter how you spin it, it's good news.  As foreclosures and short sales decline, property values have an opportunity to recover.  Will they see the values of the 2005-2008 market?  That is unlikely to happen for many years, but any improvement in home values is a plus.

Homeowners who still need to do a short sale may be able to redeem more of their equity for their lenders.  That puts them in a better position to execute a short sale. Short sales are another chapter in the local market.  The decline in available foreclosures in the Winchester, VA market is a good sign, and hopefully, a new trend. 

Available Foreclosures in Winchester, VA - March 2012

Is Your Mortgage out of Balance with your Budget?

 It can happen quickly....

An expensive car repair, an unexpected hospital visit, a missed week of work – just a few little things and the life you’ve worked so hard to build can feel like it’s tipping dangerously out of balance.

This is happening to many people here in Phoenix, Arizona.  Many hard working homeowners may even be having their hours at work cut back which has a huge impact on their financial stability.  One missed mortgage payment and it feels like you are always trying to play "catch-up".  It turns into a snow ball effect.

 Once the scales turn against you, it can feel like it is impossible to ever tip them back in your favor again. When your financial problems reach the point where they threaten your home, it is difficult to manage the stress. Sometimes it is even difficult to force yourself to seek help.

If you feel that you are headed toward Foreclosure, and need Foreclosure Solutions, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.  The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale.  The good news is that there are Foreclosure Solutions!

To find out if a Phoenix Short Sale is right for you...Click here for your...

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially-challenged homeowners with options to foreclosure, ensure that they steer clear of scams, and help navigate them through the solution that best meets their needs.

 Choose to face the challenge with a professional on your side.  Choose a Phoeinx Short Sale Agent.

 I can help you realign the balance in your financial life and tip the scales Backin your favor. Call or email me and schedule your free, confidential consultation. We can work together to make sure you end up ahead.

Arthur Wainio

www.shortsalewitharthur.com

Inventory is down in all segments of the market in the Silicon Valley and multiple offers are driving prices up. However, there are still short sales, and in some areas they make up a good percentage of the homes for sale. Here are the numbers:

Palo Alto: Single Family Homes and Condos for Sale: 48 Short Sales: 0 Percentage: 0

Mountain View Single Family Homes and Condos For Sale: 39 Short Sales: 2 Percentage Short Sales: 5.1 %

Sunnyvale: Single Family Homes and Condos: 62 Short Sales: 10  Percentage Short Sales: 16%

Cupertino: Single Family Homes and Condos:  39  Short Sales: 1  Percentage Short Sales  2.5%

Santa Clara Single Family Homes and Condos: 58  Short Sales: 19 Percentage Short Sales: 32.8%

Milpitas Single Family Homes and Condos : 56 Short Sales: 23 Percentage Short Sales: 41%

San Jose Single Family Homes and Condos: 981 Short Sales: 237 Percetnage Short Sales: 24%

Morgan Hill: Single Family Homes and Condos:  119  Short Sales: 17 Percengtage of Short Sales: 14.2%

Gilroy Single Family Homes and Condos: 123  Short Sales: 38 Percentage Short Sales: 30.9%

So the ciites with the highest percentage of short sales are Milpitas with 41%, Santa Clara with 32.8%, and Gilroy with 30.9%.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

The real estate market in the Silicon Valley is very heated up this days, but there are still plenty of short sales being offered. Many of these short sales are in higher price ranges that have previously not seen a lot of short sale activity. What that means is that agents who do not have a lot of experience with short sales are making offers. Because the inventory is so low, most of these short sales are getting multiple offers. So if you are an experienced agent but not with short sales, or a buyer here are some things you need to know:

1. Don't low ball. The bank won't accept it and you will have plenty of competition from buyers wanting to pay market value.

2. Follow all of the instructions the agent gives on the MLS. If they say email instead of call, SEND AN EMAIL. Do not pester the agent with multiple calls a day. Your pre offer behavior is a sign of how you will act during the long short sale process.

3. Fill out the short sale addendum carefully. The addendum allows for the deposit and contingency period to start after bank acceptance unless you change it. CHANGE IT!!!!  At a minimum you should put the deposit in escrow immediately. If you really want the home I would also recommend offering to do the inspections right away instead of waiting for bank approval. It is a risk to the buyer in case the bank does not approve, but it is better than waiting 1-3 months for an approval and then finding out the home has more repairs needed than the buyer is willing to make.

4. The home is being sold "As-Is" Don't ask for repairs.

5. Don't ask for buyer credits unless it is an FHA loan. Banks are most likely going to reject the request for credit and if your buyer needs to have it or they walk it does not put you in a good position.

6. Don't change the title and escrtow company. The seller's company has already done a lot of work and has a relationship with the listing agent.

7. Give at least 90 days for approval on the short sale addendum.

8. Present a great case on why your client is able to wait for short sale approval.

If you have any questions about short sales in San Mateo or Santa Clara 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

Auroa Bank offered the 2nd. lien holder Realt Time Resolutions 10% of what is owed to them and RTR won't accept the amount they want about 900.00 more.  The agents wanted to contribute to close the deal and Aurora won't allow it.  I am in a catch twenty two, any suggestions!!  Please Help

I just got approval on a Wells Fargo Short sale in San Jose. It was both a long and short road.

The long road first:

Town home put on the market in October of 2011 at $575,000. After one week we received an offer for which the seller accepted and it was sent to the bank.

Sellers were not behind on payments but are getting divorced and neither one can afford the home alone or afford to buy out the spouse.

Bank orders BPO which comes in a little under accepted price. I do not under price my short sales because I want them to get accepted by the bank. Also I knew this would be a popular property.

Negotiator immediately rejects the short sale saying the investor will not approve short sales where the seller is not behind in payments. Keep in mind this is not a Wells Fargo policy, it is the investor who bought the loan's policy.

Seller stops making payments and we plan on going back on the market in Jan of 2012.

Before we go back on the market a buyer makes an offer which is accepted by the sellers on Jan 16th.

Offer goes to Wells Fargo and this time is accepted on Feb 29th, 6 weeks after submission. 

On March 2, 2 days later the approval from the second which is a Wells Fargo HELOC arrives.

We are all happy with the results!

If you have any questions about short sales in Santa Clara or San Mateo County 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 am negotiating a short sale with ETrade as the investor for a HELOC with a balance of $47,000, serviced by CLC.  The negotiator says ETrade is demanding $18,880, roughly 40% and the first has offered $4600, up from their original $3000.  I can't get ETrade to budge after months, and we have already lost one buyer and are about to lose a second.  Any advice on dealing with ETrade?  Please do not advise paying down the second 'off the HUD' or any other illegal practices.  Thank you!

The current available short sales in Winchester, VA as of March 1, 2012, stand at 51.  The combined foreclosures and short sales make up 18% of current available properties on the Winchester / Frederick County market.  There are 548 total properties listed as available.  Of that number, 96 are distressed properties. 

That number may seem high, but just two weeks ago short sales and foreclosures made up 20% of the current available listings.  The bargains are still out there, but if this a new trend the Winchester / Frederick County market may be showing signs of a slow, but steady recovery.

The number of available short sales have replaced foreclosures as the primary distressed properties on the market.  Since the market collapse in September of 2008 the number of active foreclosures have declined significantly.  Ironically, those distressed homeowners who were trying to hang on to their homes until the market recovered have finally realize they are in an unwinnable battle.

The slow recovery has taken it's toll on many homeowners who currently own a property that is on average 33% less valuable than when they bought it. Many have been able to maintain their mortgage payments, but they find themselves strapped to their homes.  The costs of maintaining an upside-down mortgage has robbed the family of vacations, college funds for the kids, new cars, home repairs and peace of mind.

Therefore, distressed homeowners who had hunkered down and planned to ride the market roller coaster to the end find that the course is a lot longer than they thought it would be.  With no clear end in sight, they have decided to sell their homes at short sale prices.  That gives buyers a great opportunity to purchase a wonderful home at discount, and it allows many stressed out homeowners an opportunity to get on with their lives.  

Available Short Sales in Winchester, VA - March 1, 2012

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These Webinars are being presented to you at no cost. Click the events below to register. We'll see you then!!

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A condo has a renter with a 1 yr lease with 4 months left that gave the owner a deposit of $1095. The seller has no credit in the escrow for the $1095 to come from. The bank's approval letter does not mention the renter's deposit therefore it won't come from the banks proceeds. I've requested an estople. The seller is out of state, so I know I must get the deposit into escrow before closing or I won't see it. Does anyone have experience with this situation? Any suggestions?

Thanks!

Whether you are an agent that mainly focuses on supporting buyers, sellers or both you have to do the best job that you can for whoever your clients may be.  Are you working with a “good” agent or are you working with a “great” agent?

What makes a “Good” agent?
I think there are tons of “good” agents out there.  A good agent is someone that is knowledgeable about the laws and processes of real estate sales.  They are able to assist their clients in either finding a home or selling a home.  They are able to go to the closing table with their client’s best interests at heart.  They are then able to walk away from the transaction with happy clients.

You may be saying ok…then what is a “GREAT” agent?

Well a great agent is one that is able to of course do all the things a good agent does.  Fully represent their client to the best of their abilities and generate a smooth transaction at closing.  But a great agent is one that is able to and WANTS to go above and beyond the standard of representation.  A great agent is someone that wants to and enjoys helping people realize their dreams.  Someone who wants to communicate with their clients on a regular and consistent schedule.  They are able to give raw facts to their clients and give them the truth no matter how brutal or encouraging it may be.  A great agent is able to not only get to the closing table but able to truly negotiate the best possible deal for their clients.  A great agent is one that takes a personal interest in their work on an everyday basis and truly is in the business to help people.

You can always tell a great agent from a good agent by how they move on after a transaction.  Sure every agent keeps past clients in their rolodex…but do all agents heartfully contact their past clients to make sure things are going well for them? Does every agent truly want their clients to be happy?

The truth is that being in real estate you are working for commissions and that is not going to change.  But if you also work for the love of the business then being a great agent is something that will be natural.

Tim Brown
Owner/Broker, Realtor®, ABR,CRS,CDPE®
Auctioneer NCAL#8560
Hines & Associates Realty
TeamHeidi
Direct Line: 704-619-1008
Client Care Line: 704-815-3208
www.CarolinaHomes4Sale.com

Representing buyers and sellers in and around the Charlotte, NC real estate market.  Visit my website for Charlotte homes for sale search and to see my current listings in the area.

I'm negotiating a settlement with a 2nd lender (PNC Bank) and their offer entails the seller giving up $10K at closing, PNC will charge off the balance on the loan, they will issue a 1009 A on the balance, and they have made it clear they intend to pursue the seller for a payment plan after the closing. 

My Question is how can they charge off the remaining balance, sent us a 1099 and then come after us for more money? Can that even be legal?