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This past Saturday was an absolutely wonderful day to meet with my buyers as they chose their lot and selections for their new construction home. The weather was perfect, the birds were humming, and Spring was definitely in the air.
I'd been talking with the On-Site Agent and she'd been telling me about how they've had an influx of buyers in the community wanting to either purchase their existing inventory or build a new home and they were all complaining of the same phenomena.....very little re-sale inventory from which to choose. Most had become fed up with being in multiple offer situations with normal resale homes, that they'd decided on new construction.
I explained that we had record low inventory levels in the Coweta County market and many buyers were, in fact, becoming frustrated with the process.


WHAT DOES ALL OF THIS MEAN???? If you're looking to sell your Coweta County home and haven't contacted a local Realtor to discuss provide some market research and discuss your options, then you'd definitely better get on the ball!  Buyers are frantic and desperately looking for homes! Many Sellers are finding themselves in the driver's seat where they're picking through multiple offers and not even conceding closing costs!!! Buyers are no longer writing low-balled offers and have become more serious about what they're looking for. So, if you've been considering selling....NOW'S DEFINITELY THE TIME TO PULL THE TRIGGER.

 

Vanessa M Calhoun, Real Estate Consultant
Better Homes and Gardens Real Estate Metro Brokers
209 Newnan Crossing Bypass
Newnan, GA 30263
404-843-2500 (office)
678-406-8432 (direct)
770-254-4985 (fax)
vanessa.calhoun@metrobrokers.com
www.vanessacalhoun.com

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12433927463?profile=original

 

Good morning Superstars.

Here's a sampling of this week's Superstar discussions.

DiscussionsRepliesLatest Activity

IRS Lien release about to expire - any way for an extension?

To make a long story short, we are the buyers of a SS. It was approved by seller's lender in December and when we went to close, discovere…

Started by Steve Truman

014 hours ago

1st & 2nd want the other to issue approval 1st-standoff

This is CA HAFA 1St-SLS 2nd-Chase Recovery because loan was discharged by Chase Can't move on. Both are refusing to issue the approval lett…

Started by Bonnie Dyer

6yesterday
Reply by Ron Scribner

Morgan Stanley Mortgage Capital Holdings LLC

Has anyone ever dealt with this company? I have a second lien that needs a release and it was just transferred to this company. I tried cal…

Started by Weston Realtor

0on Thursday

PNC Second Mortgage Deficiency Agreement

I have a Wells first mortgage, PNC second mortgage short sale. The first is a Fannie Loan. PNC just sent us a form they want my seller to s…

Started by Nate Gerard

222 hours ago
Reply by Wendy Rulnick

BOFA Short Sale NEW HUD Guidelines

Good morning superstars! I received a call from my BOFA FHA short Sale negotiator. She wanted an updated HUD line 701 showing WHICH agen…

Started by Linda Solomon

613 hours ago
Reply by Wendy Rulnick

Sale in the Redemption Period

Property had 1st and 2nd, in judicial state with 90 day redemption period, went to sale, buyer still on board. If lender accepts the offer…

Started by Richard Steffen

2on Wednesday
Reply by Ron Scribner

3rd Party Negotiation Fees

I've seen some old threads on this...but I wanted to hear some updated answers. I was in real estate for years - have negotiated tons of sh…

Started by Sarah Cook

7on Thursday
Reply by Smitty

We HAD A FULL OFFER - Bank of America FORECLOSES on Family - Wife on Heart Transplat List

Hi All, I am usually the one who sends people here on SSS info on how to escalate files and give out contact info but today even though we…

Started by Trina

4on Wednesday
Reply by Ron Scribner

PNC approves California short sale in record time!

I had heard horror stories about PNC...thru tons of threads on the internet and this site and other short sale help sites and forums..so w…

Started by Sheyenne Schultz

0on Tuesday

Must borrowers be deliquent on mortgage for approval?

I have heard anecdotal stories that there does not have to be a delinquency however, I have no experience of this. I do have 3 listings com…

Started by Marty Macisso

9on Wednesday
Reply by Ron Scribner

12433916279?profile=original

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  • 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

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My name is Carl SanFilippo, Realtor®, Certified Distressed Property Expert: I’m sorry to hear that your house has expired from the Multiple Listing Service (MLS) without a successful sale. I realize that can be frustrating, but please do not give up hope...

Given my background, I strongly believe that I can help you!

 

First, there are typically 4 main reasons why a short sale property does not sell:

  1.  An inexperienced Realtor® - Short sales are a whole new ballgame and require an experienced specialist to effectively get the job done (always request proof).
  2. Inexperienced attorneys – Reason #1 applies here as well. Just like doctors, you need an attorney who specializes in this unique and often challenging field (be sure to ask).
  3. Rejection by the lender – This can be caused by a number of reasons including an unqualified buyer, inexperienced attorney, or an inexperienced Realtor® who lacks the necessary negotiating skills and appropriate lender and attorney contacts (use an expert who won’t drop the ball).
  4. Poor marketing efforts – There’s a lot more to marketing a property these days than simply tossing it into the MLS and praying. Although many Realtors® have been known to “promise the moon”, what is required is one who will put forth the time, funding and effort to see it through (communication is key: ask for a copy of their comprehensive, step-by-step marketing plan and insist on regular progress reports).


Now that you know (and have likely experienced) what doesn’t work, are you ready to move forward with a plan (and Realtor®) that does work? I am your short sale expert and have turned all four of these “excuses” upside down!

  •  I have the experience, having successfully closed numerous foreclosure properties, as well as have great relationships with specialized attorneys who know how to get the job done.
  •  I have great lender contacts, know how to negotiate the best terms your behalf, and know how to precisely navigate the short sale process in order to insure that everything get done correctly, and in timely fashion.
  •  I have the marketing savvy and buyer networks to expose your property in the best light to the highest number of qualified buyers and investors in today’s challenging real estate market.


Perhaps best of all, I have worked it out to where you pay nothing for all of these services: no commissions, attorney fees or closing costs! In fact, you may even qualify for up to $3,000 cash back!

 

Call me at (888) 445-8880 for a FREE, private phone consultation, and learn your options NOW!

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Well where do I begin today? There are many changes taking place with Short Sales that have me concerned about the direction real estate is heading. Especially as it relates to Short Sales.

 

Concern #1:

 

It seems like the bulk of Short Sales are now with entities other than banks. Such as Nationstar Mortgage, Ocwen and Greentree. These 3 companies are taking over the servicing of many toxic mortgages. Why does this matter? The fact that they are not banks means they do NOT fall under the control of the OCC and the Federal Reserve. Less oversight means these servicers can try and make their own rules.

 

Here are some of the “requirements” from Nationstar Mortgage.

 

  1. Buyers of Short Sales who need financing must pre-qualify through Nationstar. If they use Nationstar financing NS will allow the short seller to pay 3% in closing costs for the buyer. If they don’t use NS......no closing costs assistance.

  2. Agents have to send in a full blown BPO and a complete title search as part of the short sale initiation process. Title Searches cost money. They expect the agent or seller to pay for this even though there may not even be a contract on the property.

  3. Auction.com. Nationstar is requiring some of their Short Sellers to use Auction.com. If they don’t the short sale will not move forward. Here’s a great discussion on the issues Auction.com creates.

    1. Snippet: “Even though we have a legal, binding contract on the property, NS is requiring the seller to put the home on auctions.com for 2 weeks before they will consider a shortsale. If the seller does not comply, we are told his only option is foreclosure. We have been told that if there is an offer for less than the current contract amount, the current buyer is still in the winner's position. BUT if a new buyer offers MORE than the current contract amount, that offer will supersede.”

 

Concern #2:

 

Servicers and Investors handling Short Sales as they do their REOs. The obvious issue is that they are not the owner of the property as they are with an REO. Basically they are trying to control our listing agreements, list price, marketing and contracts.

 

Examples:

 

  1. Requiring the Seller to use and pay for a negotiator for the LENDER!!

  2. Requiring the Seller to auction their property.

  3. Requiring the agent to hold open houses.

  4. Dictating list price.

 

Concern #3

 

This is the big one. Fannie Mae and Freddie Mac manipulating the Real Estate market.

 

Examples:

 

    • The buyer is prohibited from selling the property for any sales price for a period of 30 days from the date of the deed.
    • After a 30 day period, and until 90 days from the date of the deed the buyer is further prohibited from selling the property for a sales price greater than 120% of the short sale price. Note: The above restrictions will run with the land and are not personal to the grantee.
  • Offering properties for sale with no appraisal requirement through Homepath and Homesteps.


2013 is going to be a very interesting year. Are you ready for it?

Related articles:


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need advise

I have tried to sell my one bedroom 600sq ft., basement condo for two years.  First year I tried to sell for the amount owed, second year I attempted a short sale.  Was unable to get rid of it either way.  During the sale process the buildings HOA began charging 5,000 dollars assessment fee in addition to the maintenance fee because the builders that renovated the building did a poor job on the roofing and hence there was leakage into the building and some apartments.  long story short, since I was in the process of selling and no longer living in the condo I didn't pay the assessment fee.  After a year the realtor dropped the short sale and suggested I do a deed in lieu, since she had no success with short sale.  I attempted to do deed in lieu but bank does not approve b/c the HOA put a lien on my condo for not paying the assessment fee.  The bank tells me my options are to either place it as a short sale again and pay off the lien and any other amount owed to HOA or to foreclose.  I am no longer living there as I have a family now, I also would not like to rent as it is not a good area (realized this after living there) and don't want to deal with anyone in this area.

Are these my only two options? what are the repercussions of letting it go through foreclosure?  I am honestly tired of dealing with this and want to move on with my life and stop paying for my mistake of buying a lemon when younger.

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UGH!!!!! Well, one thing's for certain.....we're never at a loss for drama in the world of short sales. I was just speaking with another agent on yesterday who was telling me about her short "sellers" who stopped the transaction a week prior to closing! The listing agent had fully ss approval with a waiver of liability, the buyer's loan had been fully approved through underwriting, and they were just waiting for the closing date to arrive. The Seller's determined that they were not yet ready to begin paying a monthly rental fee...YOU GUESSED IT!!!! They actually wanted to continue to live "rent/mortgage free". Heck, they'd done it for more than two years, so why start now??? The nerve of some people!!!
THEN..... I get to my office and receive an email from the Buyer's agent on one of my short sales. It appears the Buyer, a bulk-purchaser investor, decided to terminate a week prior to closing! Apparently, on the very last day of their due diligence period, they decided that they would not be able to get the originally anticipated rental rate and decided to grab my Seller by the cojones and threaten to terminate if the Seller refused to reduce the contractual price by $15,000! Of course, now we have to take this back to the first and second lienholders and beg for their approval!
Oh well.....at least it's Friday!
 
Vanessa M Calhoun, Real Estate Consultant
Better Homes and Gardens Real Estate Metro Brokers
209 Newnan Crossing Bypass
Newnan, GA 30263
404-843-2500 (office)
678-406-8432 (direct)
770-254-4985 (fax)
vanessa.calhoun@metrobrokers.com
www.vanessacalhoun.com
 

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As with most markets across the Country, Coweta County is experiencing a sort of unique market condition. What's that??? WE HAVE MANY, MANY MORE BUYERS THAN WE HAVE PROPERTIES TO SELL TO THEM!!!! Now, don't get me wrong..this has created a beautiful scenario for those who are looking to sell their homes. Demand is up and supply is down! The perfect economic dilemma!!!  

I know that this scenario is pretty difficult for some buyers to believe, but it's the God honest truth! The fact is, we currently have only 728 properties available for sale in Coweta County, GA. That's half of what was available within our market a year ago and equates to a 4.8 months supply of inventory. THIS MEANS THAT WE'RE DEFINITELY IN A SELLER'S MARKET!!! Additionally, we've had a 10% increase in the median home price in Coweta County, GA.

This means that if you're looking to sell your Coweta County, GA home, then you're primed and ready to get the maximum amount of money for your home. In fact, you should expect a multiple offer scenario if your home is priced with the market!! Yes!!! RECEIVING MORE THAN ONE OFFER ON YOUR HOME IS POSSIBLE IN THIS CURRENT COWETA COUNTY, GA MARKET!!!!

If you're looking to purchase a new home in this market, here are a few simple steps that you must take in order to be able to compete for your dream home:

1) Get pre-approved immediately! This is optimal if you'd like for your offer to be seriously reviewed by the Seller. Everyone else will be submitting an offer with some sort of proof that they can actually purchase the home...either a loan pre-approval or a Proof of Funds letter. You not submitting a pre-approval or Proof of Funds would kinda be tantamount to bringing a knife to a gun fight.

2) Be prepared to make "on the spot" decisions! You should approach each and every property that you view with the notion that if you want it, you'd better make an offer. Going home to "sleep on it" could cause you to lose the property. I've seen it happen repeatedly within the past month.

3) Be serious about your offer amount! Don't approach every situation that a Seller may ask for highest and best in a multiple offer situation. Your first offer should be your highest and best when you're dealing with low inventory and high buyer demand. You may not have a second chance to increase your offer.

4) Listen to your agent!!! Geez Louise...I can't stress this point enough! Your agent has insight into your local market and loads of useful information that will help navigate you through this market and into your dream home. You've hired them for a reason.....use them to the fullest!

Now, don't misunderstand me. Buying a new home is a very fun and eventful experience! However, there's no need to create stress for yourself when it can easily be avoided by following a few steps.

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From a Buyer's Perspective

Hello everyone. Mine will probably be a quite different blog from what you are used to seeing. I am a first time short sale buyer - not an agent, not a seller, and not an investor (per se), although this will be an investment property. I have purchased a property (completed foreclosure) via auction.com previously. Same seller (BoA). Start to finish we closed in less than 45 days with that transaction. I have read many of the comments on the various blogs, and, as a buyer (or even if I was a seller), I find the general "attitude" of most Agents to be less than desireable. Here's "my story" (the short version):

Purchased a short sale property through auction.com. Auction ended Janaury 12, 2013. Was listed as "Bank Approved Short Sale" which tells the Buyer "hey, they already looked at this" and I can close this thing in about 60 days (or less). Estimated closing date was 2/26/13. All documents say transaction will close within 45-60 days. Today was day 54, and I don't even have a bid confirmation, much less Lender's approval. It should be noted that my agent is also the listing agent - but from what I have found, the listing agent does most of the document and information input anyway (via Equator), so I am "at that agent's mercy" either way. To me, the additional commission should be an added incentive to get the deal closed as quickly as possible. "Dual agent" also reduces some back and forth and the good old "he said - she said" "excuse(s)".

January 17th agent tells me "I have provided everything they have asked for, and we are waiting on the bank". That sounds pretty good, but the reality is contract was due on January 14th, and we were 3 days late from the start. Not to mention the agent had not yet even asked me for my information (first 5 of ssn etc.). Agent called and obtained this information from me on or about 02/17/13. Numerous e-mails from me to my agent, reminding agent of dates, holidays (non-business days) etc., and requesting to know the transaction status etc. goes on through the date bid confirmation was to be provided (02/04/13 - 15 business days from end of auction). Same old same old - we are waiting on Bank - no new tasks in Equator blah blah blah. "Be Patient" and "it can take months for a short sale" is what I hear all the time.

Original closing date nears, and I, the Buyer, prepare an extension. That's right, I "had" to do it myself, or risk the closing date just passing by, and everything going down the drain. On 02/25/13 my agent re-does the extension, and we extend closing date to 04/11/13. As of today, the agents fee is not even right on the estimated HUD1. Now, if "you" cannot get any other number right on the HUD1, "you" should be able to get "your" fee amount right, right? Agent either cannot or will not provide the Equator status to me (one of the six), which tells me we have oodles of problems still. Agents response on phone tonight was "I will wait for someone to tell me it is wrong, and if not, it must be right" (or pretty close to that - regarding their commission/ fee) So for those of you who do not know, so you will know - the allowable commission is 6% of the BID PRICE - not the Total Purchase Price. We also "thought" last night it might be a flat fee - at more than double that 6%. It seems that "discrepancy" got fixed this afternoon. Like the Bank and/or Lenders are going to have more than 30% of the purchase price "ate up" in commissions/fees!

I found and have read the BoA Equator agent reference guide. It says all over the place - deadlines and accuracy are critical. My guess is that the Equator system serves as a check and balances for all the numbers (offer amount, commissions, fees and closing costs). Some or all of those are input via other agreement(s) (listing agreement etc.). If/when they do not match, the system kicks it out, and corrections need to be made. As a buyer, I do not have access to the Equator system, although I did register an account with them. I can look at properties for sale, like I want to do this again! I would also think it tracks the documents and dates. I had to resubmit my proof of funds, since it was more than 30 days.

So, my question to "you" superstars is: Why is this? Why does it seem that deadlines are treated as "purely mythical", and accuracy seems to be the least of an agent's concern? I have seen comments that pretty much flat out say these things. I have also had agent(s) tell me this is how they view short sale(s). Why do agents continue to tell buyers (and wholeheartedly believe and expect) a short sale will take months, when the bank says it will take 45-60 days? (Keep in mind in this case, I beleive the BPO was done prior to the auction, so a valuation dispute is not (currently anyway) in any way an issue). As far as I know, the Lender has not even seen this stuff yet. Perhaps BoA has not seen it either.

Thanks in advance for your insights and responses.

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Hi Everyone.  I am negotiating a short sale where the first is a Freddie Mac serviced by Nationstar and the second lien holder is Cenlar.  Cenlar wanted a $43K payoff and I negotiated down to a bottom line of $12K.  The Freddie Mac guideline is to pay no more than $6,000 to the second lien holder.  The buyer had agreed to reduce the closing cost credit by $3,000 and both agents will be pitching in $1500.00 to come up with the other $6,000.  I had a new HUD done and sent it to Nationstar.  They are refusing to allow this to take place.  Nationstar said that these are Freddie Mac's guidelines and that we will not be allowed to pay Cenlar any more than $6000 --period.  No contributions will be allowed.

Has anyone been able to get around this situation?  If so, how did you do it?  Anyone have any creative ideas?

I have escalated this with Freddie Mac and should be talking with a case manager within the next few days, but the supervisor I talked with today for over an hour said that Freddie Mac will not bend these rules.

Thank you for any ideas!

Suzanne Martin

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Loan Modification with Suntrust Bank

I'm in the process of doing a loan modification with suntrust bank since July 2012. I received a call from the bank saying that there was a lien on the property from a credit card company. They cannot move forward with the loan modification because of this lien. The home is presently in the foreclosure process. The family was served with the foreclosure in October/2012.
Q-Should the seller take care of this lien so the bank can continue with the loan modification or should the lien stay and thus prevent the bank from foreclosing on the property sooner? Should the seller file for bankruptcy and get rid of the credit cards debt?

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The extended recession in the US has left many homeowners remain in a position where they cannot  patch up their mortgage. As these homeowners look for a good way to keep their  properties many come across the term hard money loan. The natural idea is to think that a hard money loan could possibly allow you to refinance your home and keep it.

 

Hard Money have a misconception of being regarded loans for people with poor credit, or personal loans when you just need cash. Those kinds of loans do exist; there are not appropriate hard money loans.

 

A hard money loan is typically a short-term loan, secured by real estate having MASSIVE equity. Primarily investors that are  acquiring   the property  to rehab it and resell it use them. Where as  it is  not possible to use them to stop foreclosure it is highly unlikely that a hard money lender could have a loan for that goal.

 

To obtain the hard money loan you will have to have a solid exit approach. You must be able to assure the hard money lender unquestionably that you will be able to pay back the loan upon the maturity date. Exactly what is your exit technique? Additionally, you will need a great deal of equity in your home, 35% or maybe more is usually, what they want to  look at.  To think about  a  refinance  to stop foreclosure then they may want even more equity.

 

Therefore, is it ever an efficient choice?

 

If you are behind on payments and dealing with foreclosure, and also have the equity a hard money lender would  demand  then sell your home. The resource of cash from the sell will have a tremendous affect on your personal finances and peace of mind. If it is your main goal, and you have a possible client set up then a hard money loan can be a suitable option for you to stop  foreclosure and  acquire   to settlement with your buyer. As regards to using a hard money loan  to prevent foreclosure and decide to keep your home it isn’t impossible although not regarded by most to be a suitable option.

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First of all, please allow me to preface this blog post with the following statement...."I am NOT against the use of third party negotiators handling short sale transactions. There are many effective third party negotiators and some that I would even use....after a lengthy interview, of course. The actions of some third party negotiators DO NOT reflect the actions of ALL third party negotiators".

....No that I've gotten that out of the way, it's time for me to speak my mind.

We all know that the FHA PFS program (the best thing since sliced bread in my book) is first and foremost, a pre-approved short sale program. In fact, being proactive in ensuring that your FHA Short Seller is allowed into the program is paramount for a successful FHA short sale. One of the main reasons is that the Seller is protected from foreclosure throughout the duration of the program. This is a CRUCIAL point to this story...

True story....I was talking to a local listing agent about a short sale that she was listing. She came to me for advice on whether or not I used a third party negotiator since she was contemplating doing the same. I told her that my control issues forced me to handle each and every short sale personally since I honestly had not met a negotiator who would work a short sale as hard as I do and who had a close rate as successful as mine. Now, don't get me wrong...I wasn't being arrogant, only honest. If I found one who did, I'd definitely punt a few of mine over to them. She began to tell me about the scenario that her client's were facing. They were three months delinquent in their mortgage payments and had an FHA loan. She mentioned the third party negotiator that she was working with and I quickly informed her that I'd interviewed this firm and they were adamant about the fact that they would not send any paperwork or begin the short sale process until after they've received an offer. I told her that it would be pretty risky for her clients if she waited on an offer instead of proceeding to send in the requested paperwork and get them into the FHA PFS Program. She then began asking me about the program....I WAS STUNNED!!!! I then realized the enormous amount of faith that she was entrusting to a third party when her clients were clearly depending upon her expertise and knowledge (or lack thereof). I explained the program to her, gave her a couple of websites to research different programs for different loan types, and encouraged her spend a weekend researching these different programs. Her response to me was "I don't have time to do that".

What do you mean, "you don't have time to do that"? You're totally comfortable with remaining ignorant with the entire process, ignorant to the options that your client has, ignorant to the danger of waiting on an offer before starting the process and protecting your client from foreclosure? She was completely comfortable with passing the buck to a third party negotiator who had a policy of throwing a multitude of files up against the wall to see which ones would stick!

I pondered her response for the remainder of the day and realized that there are some agents who will list a short sale with absolutely no intention of closing the transaction! If it closes, it closes...if it doesn't, then "oh well". These people are literally playing Russian Roulette with someone else's financial future and advertise themselves as "Specialists". We're not talking about Monopoly money!!! These people are desperate and it's unfortunate that so many take advantage of this desperation by NOT providing their clients with useful and knowledgeable information regarding their decision to sell short.

Okay....I'm stepping down from my soapbox for the day! Thanks for listening.

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12433927463?profile=original



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(they have closed nearly 2,000 short sales)

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As the short sale market has hit full-steam, and the banks have finally turned the corner in their processes, more BIG changes have occurred. Fannie Mae and Freddie Mac have aligned, the U.S. Treasury's HAFA program gets a much-needed facelift, Pre-approved hardship/no-doc short sale programs launch, the five largest servicers have to pay tens of billions of dollars in principal reductions, CoreLogic says there are still over 3 million delinquent homeowners and Daren Blomquist from RealtyTrac estimates there will be a record number of 1,000,000 short sales in 2013!

* Are you ready to finish the last 2-3 years of high-volume short sales strong?

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Top 10 Title Insurance Closer Mistakes (1)

#1 Taking Title Out of the Trust 

Be careful when demanding that the title held by a trust is conveyed to the trustee solely for the purpose of refinancing the home loan. However, it can be done - it's just that a lawyer for the lender and borrower should be made aware of the objective.

found on youtube

CLICK ON PHOTO12433930496?profile=original

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In my previous blog post, I estimated that in 2014, home prices were expected to rebound. 2012 however surprised all of us with sharp price increases. What is causing this price increase? A number of factors may play into it but one of the main variables is the lack of supply thus increasing demand and prices. It is a seller's market and will probably remain until the latter half of this year. However, I don't believe this will last.

Based off our research, there is a artificial lack of inventory meaning, home prices may very well halt its increase and decline for some time. Let's explore why short selling now would be in your best interest.

What will the status of the housing market be in the next couple of years? Only time can tell. What we can investigate are the factors that led to the volatile home prices.

We are seeing large hedgefund investors like blackstone and other cash investors, buy out most of the inventory. Concurrently, new legislation as seen in California, Oregon, Nevada, and Washington, are slowing down the foreclosure flow in those areas which according to Daren Blomquist, VP of RealtyTrac, will result in a backlash of foreclosure activity at the end of this year and into 2014. RealtyTrac is still expecting to see about 600,000 REO's enter the market in 2013. This indicates a hit on home prices to come.

At the same time, homeowners are vulnerable to a large tax liability at the end of this year. The mortgage forgiveness debt relief act is set to expire Dec. 31, 2013. For more information, please read our previous blog post.

A short sale is when you sell your home for less than what is owed. The remaining balance owed is negotiated so if home prices decrease, the difference between the sale price and the amount owed will only grow meaning you have a higher risk of owing more to your lender after you short sell your home.

Moral of the story, no one can fully time the housing market but the uncertainty should create urgency this 2013 year.

Hope this helps

Peter

 www.seattleshortsaleblog.com

 

 

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Homeward short sale just moved to 0CWEN

12433931053?profile=originalThe transferring of servicers continues! Offer and all supporting docs and BPO done with homeward, and boom… Off to OCWEN we go! Resubmitting all docs and starting over. The short sale world continues to be full of obstacles even as I enter my fifth year of listing negotiating and closing my short sales. I'm so glad that the standard equity sales here in the Palm Springs Valley are Rockton and rolling. Whew!

Now my short sales just supplement my equity deals. A reversal from the past few years. S

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NEWSLETTER: Done With Short Sales!!

12433927463?profile=original

Good morning Superstars.

Here's a sampling of this week's Superstar discussions.

Home loan was never recorded?!?!

I have a Chase primary and secondary loan.  The primary is going to be paid in FULL but we have to short the secondary.  The problem is the...

Started by Smitty

3on Thursday
Reply by Wayne Brooks

Finally found out why my short sale was denied

 I posted a few times about the shady agent handling my SS and recently about the mysterious denial of my approved short sale just before c...

Started by Jim Celer

0on Thursday

Done with short sales

I wish everyone would stop doing short sales for at least a while. I received an approval letter from Chase and proceeded to get inspection...

Started by Mark Lee

4on Thursday
Reply by TOP END Properties

RPR and Fannie Mae

Comments on this announcement from RPR (Realtor Property Resource) and Fannie Mae. ? RPR Teams With Fannie to Speed Short Sales DAILY REAL...

Started by Wendy Rulnick

6yesterday
Reply by Kevin - Greenville, SC

Homeward won't let us pay second due to fannie mae guidelines

Hello, We have a huge problem Homeward is our 1st and Us Century is our 2nd. Homeward approval for the Short sale was given. Homeward wou...

Started by Odalis Hernandez

7on Thursday
Reply by Justin Berry

Second Lien Holder Won't Budge

Hi, I'm new to this site and apologize in advance if this question has been asked before. I'm currently in a traditional short sale situati...

Started by AC

4on Thursday
Reply by Bryant Tutas

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As short sale agents, we have to endure the craziest scenarios. If it's not the most asinine requests from some banks/servicers, then surely it's the unusual repair requests from buyers (yeah right....my Seller's selling his home via short sale, hasn't paid squat towards a mortgage in over three months...HOWEVER, he/she certainly has $10,000 to pay for new carpet and paint). My all time favorite has always involved selling a tenant occupied home.

It always starts out the same.....Seller contacts me about selling a tenant occupied home and my first question is ALWAYS whether or not there's a current lease. In my latest escapade, the tenant was on a month to month lease. I advised my client early in the process that he may want to go ahead and serve notice to the tenant so that we wouldn't run into any problems with the tenant blocking showings (yeah....had that happen, too. Tenant showed up at the door with a gun and threatened to shoot the potential buyers if they stepped across the threshold). He assured me that these were really good people and that he didn't anticipate any problems at all. Well....lo and behold, we instantly receive an offer on the property and have full short sale approval with both lienholders within 30 days! The cash closing is scheduled for twenty days after receipt of the approval letter. I contacted the Property Manager who assured me that he gave tenant proper notice and that tenant is scheduled to move within an appropriate time frame. I was on cloud nine......until I found out that the tenant still hadn't moved and we were closing in four days!

When you are selling your tenant occupied property, you must be extra diligent or your entire sale could fall through. A few things to remember

1. You must give your tenant ample notice of showings, and if possible it is best to do it in writing. It is stated that the landlord must give a reasonable amount of time. Usually 24 hours is considered reasonable. (You also may want to check whether or not they have a tendency to show up at the front door with a weapon). 

2. Georgia law requires that the landlord give 60 days notice to the tenant to vacate the property. Even if the lease states differently, Georgia Law prevails. This must be done in writing, preferably by certified mail. (Calling the tenant and verbally telling them that you're selling the property just won't cut it. You'll DEFINITELY need a paper chase).

3. If the transfer of possession takes place with the tenant remaining in the property, all terms of the lease must remain, but the new owner has the right to terminate the lease or change the terms with 60 days notice. (Very appealing scenario for an investor Purchaser....not so much with an owner occupant).

4. Once you notify the tenants of a possible sale and they do not pay rent, start the eviction process immediately. It can get tangled up if the new owner takes possession of a property that has rent in arrears. (Get them out, get them out, get them out....and just in case you didn't hear me....GET THEM OUT)!

5. If you have a property management company, make sure that they are diligent in notifying the tenant(s) and ask for copies of correspondence.  (I give each and every reader of this post full permission to bug the hell out of the Property Management Company to make sure that they're doing all that they're supposed to do. Remember, they're about to lose a commission once the home sells).

6. Make sure all deposits are transferred within 30 days of the sale of the property if the tenant remains. (Be sure to provide the Seller written notice of their responsibility with the Security Deposits....unless you want to pay it).

As always, a tenant occupied property can be a very attractive purchase to an investor and the sale can be a smooth transaction. However, leaving things to "chance" can wreak havoc on your entire existence.....UGH!!!

Happy Selling!

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