How convenient that BOA has declined the short sale when we accepted there terms on the counter and now the home owner is not eligible for the FLIN incentive for $17,000. They stated that the reason it was declined is because BOA has determine they do not want to accept the offer. Ok?? So why not counter back at a higher sales price?? They are telling me to re-initiate SS and start all over when I have been working on file since October 2011 and now the home owner doesn't qualify for the FLIN incentive only the HAFA!! I wonder if this is because of all the changes they are making?? Has this happened to anyone?? Who can I contact?? Can I fix this?? This is just incredible!!
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From the Florida Association of Realtors News Letter
Big changes to BofA short sale process this weekend ORLANDO, Fla. – April 9, 2012 – Bank of America is set to roll out a new short sale process and documents designed to reduce the approval process to 20 days.
The changes are so extensive that the Equator platform will be down for 10-12 hours during the overnight hours starting Friday, April 13.
If you’ve submitted a short sale with Bank of America, be aware that before April 13 you must complete the following tasks or risk having your file declined: Submit Short Sale Offer, Upload Offer Documents and Upload Supporting Documents in Equator.
Links to these documents and other vital information is available at the Bank of America Short Sale Resource Center. Consider bookmarking this page and subscribing to email updates.
On April 14, Bank of America’s short sale process will change as follows:
Five documents will be required for short sales initiated with an offer:
• Purchase Contract including Buyer’s Acknowledgment and Disclosure
• HUD-1
• IRS Form 4506-T
• Bank of America Short Sale Addendum
• Bank of America Third-Party Authorization Form
All email communications between Bank of America and the sales associate will occur in Equator. Salespersons will be alerted via email that a message is waiting in their Equator mailbox. Florida Realtors attorneys recommend brokers obtain their sales associates’ logins/passwords to ensure the short sale transaction proceeds smoothly if a salesperson changes firms.
New timeframes. Currently, salespersons have 14 days to submit a counteroffer in Equator. On April 14, that will be reduced to five days. What’s more, Bank of America is limiting prospective buyers to two counteroffers. Responses will be given within three days.
Realtors are invited to view a Bank of America webinar about the new process on Thurs., April 19 from 4-5 p.m. EST. Click here to register for the webinar.
For its part, Florida Realtors has notified the Florida Real Estate Commission and Department of Business and Professional Regulation of the new Bank of America short sale process so the information can be shared with all licensees.
Be sure to check the floridarealtors.org Short Sales Center for updates. However, please visit the Bank of America short sale center regularly, as it will contain the most up-to-date information.
Give us some feedback about the new Bank of America short sale processes. Send your comments to shortsalecomments@floridarealtors.org. Please note that Bank of America will not reply to individual comments.
I have an American Hm Mtg issue they won't issue the HAFA approval until CITI (2nd mtg) gives them theirs and CITI wants AHM's first. No one will issue letter first. I tried to get a conditional letter, but neither will go first. Any suggestions or contact I can call?
Ocwen has recently opened a Short Sale call in line for authorized third parties (ATP). Once designated as an ATP, call 800-746-2936, and follow the prompts to the Short Sale Team. The lines are cuurently open Mon - Fri, 9:00 AM - 6:00 PM ET. In addition, we have added a dedicated email and fax for final HUD approvals. Send them to: finalHUDapproval@ocwen.com, or fax to: 561-682-8010. Be sure to include a cover sheet indicating the Ocwen loan number, and your return email or fax number. Responses can be expected within 24 - 48 hours of receipt.
Kathy Robinson
The available houses in Winchester, VA in April 2012 has risen to 582. That's a 7% increase in inventory over March listings. In contrast, the number of REOs and short sales have declined slightly.
Winchester City holds 112 of the available listings, down three from March. The number of REOs in April stand at 4 and short sales at 11. The March numbers are basically unchanged. March had 115 listings with 4 REOs and 11short sales. Winchester has seen less movement than Frederick County.
Frederick County, VA has 470 active listings. Of that number, 33 are REOs and 43 are short sales. The March listings were 448 with 36 REOsand 45 short sales. Both REOs and short sales are down in the county. The overall number of listings has increased by 22, but the distressed properties are dropping.
The drop in distressed properties in the Winchester / Frederick County, VA area is a good sign that the local real estate recession may have turned the corner. The overall market is up, but distressed properties are down 5%. For homeowners who have been waiting on the sidelines to sell, this is good news.
For home-buyers who have been waiting for the market to hit bottom, this may be it. If you're thinking about buying a distressed property, now is the time. The inventory is starting to shift toward fair market listings, and when that happens, highly discounted properties will slowly disappear.
Available Houses in Winchester, VA - April 2012
All Listings in Winchester, VA - April 2012
REOs in Winchester, VA - April 2012
Short Sales in Winchester, VA - April 2012
1. Buying your first home in Winchester VA
2. What to look for when buying a foreclosure in Winchester VA
3. Short Sale inventory in Winchester VA
4. Winchester, VA - The best bedroom community for the Washington, D.C. area
5. Passion is contagious - Infect somebody!
6. Winchester, Virginia is a great place to buy a house at great discount!
7. This simple electrical test could save your life.
8. Turn setbacks into springboards
9. Reduce your mortgage by pre-paying principle and eliminating interest
10. What can I do to sell my home more quickly?
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Give me a call for all your real estate needs, and let's make something amazing happen.
Mike Cooper @ Cornerstone Business Group, Inc., 888-722-6029
Real Estate Sales and Property Management
(Disclaimer: All grammatical mistakes, punctuation breakdowns and misspellings are purely for your amusement and entertainment. Feel free to cackle.)
I am in the process of negotiating an offer for a buyer attempting to purchase a home involved in the HAP program for military servicemen. The buyers requested the seller to provide closing cost assistance. The seller rejected the offer stating that the HAP negotiator assigned to him told him that HAP does not pay any buyer closing expenses. I did some research and found 32 CFR 239.4 part 239 which states " HAP will reimburse the seller for limited contributions made to the buyer’s portion of closing costs, including appraisal cost and realtor fees". This seems to contradict what we have been told. Has anyone had any HAP transactions close where the seller was reimbursed by HAP for conrtibutions made to buyers closing expenses?
Hi guys, We just added a bunch of articles to the Advanced Short Sale Training Group to help you in your business. Be sure to pop over and check them out.
- Negotiating Home Equity Lines During a Short Sale.
- Mortgage Insurance and Short Sales. Is It Cheaper to Foreclose?
- When The Short Sale Involves A Foreign Seller......
- How To Keep The Buyer On Board During The Short Sale Process.
- Is Your Short Sale Lender Delegated?
- Submitting A Short Sale Package That Will Get Noticed.
- What Do You Do When The Short Sale Lender Says "It can't be on the HUD".
- Setting The Right Expectations Is Imperative For Short Sale Success
- Not All Short Sales Are Distressed Sales!
- How To Deal With A Cash Contribution For A Short Sale
- Are You Serious About Short Sales?
- 10 Tips To Get The Sort Sale Lenders To Notice YOU!
- When Should You Ask The Lender to "Waive the Deficiency"?
- How To Handle A Short Sale On A Property That Is Owned By A Trust
- A Few Thoughts That May Help You Get Paid On Your Short Sale Transaction
The Short Sale Superstars Advanced Short Sale Training group also includes 12 Audio webinars. And much more!!!
Bryant and Wendy
This Week's Popular Discussions
If you could ask Bank of America one question, what would it be?Good morning superstars, hope you are having a great week! I want to pose a question to you. Let's keep this high level and focus on a sol... Started by Jeff Payne | 22 | 10 seconds ago Reply by Bryant Tutas |
Bofa is declining my short sale because they dont want the seller recieveing hafa from first lien holder Wells fargoI was asking for an extension from the 2nd lien holder Bank of america and they asked me if the 1st lien holder wells fargo is doing hafa f... Started by Daniel Sandoval | 7 | 1 minute ago Reply by Bryant Tutas |
Chase + HAFA incentive = $33,000 for my seller! Now RTR wants the $30,000.00I have seen a like thread here and need to see if any other agents can offer some solutions. Chase has approved my clients short sale with... Started by Sidney Kutchuk | 6 | 2 minutes ago Reply by Bryant Tutas |
Bank of America Important InformationI have been communicating with a person at Bank of America who asked me to pass this along. Several changes in our Short Sale (SS) process... Started by Jeff Payne | 5 | 3 minutes ago Reply by Bryant Tutas |
Investor ApprovalI am the buyer on a short sale in Flordia, we have been moving through this process for a while now and have made it to the investor approv... Started by Rick Maron | 6 | yesterday Reply by Kevin - Greenville, SC |
BOA 1st, US Bank 2nd - Got US Bank Approval in 1 weekUS Bank $96K, BOA $286K deficiencies. I submitted a HUD-1 to US Bank allowing them $5.7K and they accepted with no counter within 1 week.... Started by Matt | 0 | yesterday |
Spouse not on title in a Short Sale situationSuperstars, If only the husband is on title for a short sale property and he got married after he purchased the property, would his spouse'... Started by Martin Dragnev | 7 | on Friday Reply by Kevin - Greenville, SC |
Bids Submitted on BofA shortsale and after long silence selling agent says house is still on the marketHi All, I'm completely new to short sales. About 1.5 months ago, I submitted an offer on a shortsale (saw the home on Saturday, selling... Started by Richard Martinez | 12 | on Friday Reply by Tara Semtner |
Understanding the process....I have posted before about my short sale but I would like some insight from someone who does these all the time. We started the process wit... Started by Kristen tateosian | 4 | on Friday Reply by Kristen tateosian |
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Good morning Superstars, My friend Jennifer Allan Hagedorn, over at Sell With Soul, has invited me to participate in a Teleseminar for her members. Of course I said "YES" but only if our Superstars could also attend. At no cost to you. So.....come join us, we would love to have you. "Short Sales - The Basics with Broker Bryant Tutas" (a free SWS teleseminar) It's been a loooong time we've had Broker Bryant Tutas in the SWS Virtual Studio to talk about one of his favorite(?) subjects - the short sale! We're definitely past due to have him back! Broker Bryant is the co-founder of the Short Sale Superstars network(www.shortsalesuperstars.com) which has a membership of nearly 10,000 real estate agents who want to master the art of the short sale to serve their clients who desperately need their help. It's free to join, so check it out. During our show, we'll speak specifically to agents who are new to the exciting world of the short sale, so we'll be starting at the beginning with a discussion of what a short sale IS and how it differs from a retail sale. We'll describe the process of the short sale from start to finish and do our best to help you understand the timelines and paperwork involved (although it will vary significantly by state and individual transaction, of course!). We'll talk about what happens when there are multiple loans, how to handle multiple and back-up offers, how involved you need to be in the process, how to determine if a seller qualifies for a short sale... and much more. And of course, YOUR questions are welcome! Again, this is intended to be a beginner-level show, so if you've been doing short sales a while, it might be a bit basic for you. But you might consider joining us anyway - you never know what brilliance may be shared that will help you in your short sale business! THE DETAILS |
Visit Short Sale Superstars at: http://shortsalesuperstars.com/?xg_source=msg_mes_network
Real Time Resolutions states Chase offering a short sale incentive is bad business.
Greed at Real Time Resolutions, Inc. is bad business.
I have a HAFA short sale approval from CHASE for my sellers through a special program from the VP at CHASE. This program offers the homeowner a $30,000 incentive to make a fresh start. Sounds to good to be true, but it is true. Here is the letter.
Real Time Resolutions the Jr lien holder has also been offered an incentive of $6,000.00 to release their lien on this home. You would think that this is a sweat deal for all parties and they would look forward to closing this transaction and move on.
Well the Short Sale Analyst at Real Time Resolutions wants the sellers to give up their CHASE incentive and pass it on to them. They will not approve this short sale with the Chase incentive going to the seller. I have pointed out to Real Time Resolutions that this is a HAFA approved short sale and they are being offered the maximum allowed to a Jr lien holder. Also in California the seller is not allowed to contribute any funds to the lender in a short sale ( SB458 ).
Real Time Resolutions countered with and email that they would be forced to close this file or they would now settle for half of the buyers incentive. I again had to point out that the seller can not offer them any funds, it the law. They responded that it is bad business to offer the seller an incentive yet I think it’s bad business to force a foreclosure. Their investor would net a minus $0 instead of the $6,000.00 incentive offered to Real Time Resolutions.
I was also told by the short sales analyst at Real Time Resolution that it did not matter to who I escalated this file to I would receive the same answer.
I think the greed at Real Time Resolutions is bad business, why would they want a home to go to foreclosure and not agree to the terms offered by the U.S. Treasury HAFA program.
It’s my plan to put the power of Google and social media to work for my clients and avoid a foreclosure. If you have a contact at RTR or any helpful info please comment to this post.
by Sidney Kutchuk AKA…Cyber Sid
SHORT SALE AGENT www.aShortSale.com
CALL ME, 951.217-6745 cell
listened in on the BofA webinar yesterday. I thought it was very informative and not at all cryptic. BofA is giving all of us plenty of notice to get it right. If you can't take the time to get 5 documents signed, then quit doing short sales.
All of BofA changes make sense and so does all of their new documents. I totally understand why BofA is now requiring only licensed professionals or attorneys to be the authorized third party reps for the homeowner.
I know I am going to catch a lot of flack on this..but I am totally opposed to anyone else being involved in a short sale except for the homeowner, the broker-agent and the bank. I fully understand it is a "debt settlement" but this is not about a credit card, a car loan or a personal loan. It's about a debt secured by real estate. In every state in this country, one must be licensed in order do represent buyers or sellers and BofA is making sure their customers will be getting proper, professional representation. Anything less is wrong and does not serve the homeowner or our profession.
Think about the amount of information we have on a homeowner, from their financials to tax returns to credit cards accounts the to birth date of their first born(not really but you get my point). They are putting their entire life history on the table for us. They are trusting us to keep that information between us and the bank. It's sacred. It's emotional and it should remain as private as possible.
How many of you have received a letter from your bank, credit card company or previous mortgage company informing you that one of their employees got fired for selling off P&C information? I have. A few years back I received a letter and two years of free credit monitoring because an employee at Countrywide had sold P&C information on thousands of customer to a bunch of crooks.
Everyday we hear about another company who has a bad employee who sold customer information or someone hacked into their accounts. Everyone freaks and hope it's not their credit card, bank account, etc that is affected. Identity theft is the number one cyber crime in this country.
So what's the first thing a lot of agents are doing? They third party out the third party to someone completely unknown to the homeowner. It really should be,FOURTH PARTY. My question to all the agents who are doing this is, was that 4th party rep sitting at the kitchen table while your homeowner(s) were practically in tears as they gave you the down and dirty details of what has happened to put them in the position they are now faced with? If they weren't, did you inform the homeowner you are going to farm out ALL of their P&C information to some company or person they probably have never heard of?
At the Fourth Party's office... DO you know every single person who will have access to the file? How secure is that office, the files, their computer systems? Have you ever thought about these issues and most importantly, do you even care? If you haven't, then you had better; because the liability is all yours. You farmed it out.
Are you working for your commission or for your clients? The answer should always be you are working for your clients. It's not the quantity of short sales you do..it should be the quality.
This is what I tell my clients and I will never shift my position on this. Except for sending their information to their lien-holder(s), their information never leaves my office. It's not in my Ipad, my Blackberry or any other place where a crook can hack into my files. Once files are scanned, they are shredded and the files are sent to the banks via a secure drop box. If you haven't noticed...take notice...more and more emails from the banks are coming in via encrypted emails and secure websites such as Equator.
I have not and never will farm my client's file to a fourth party. What goes on at DHR stays at DHR. It is not about the number of short sales I close. It's about doing the best job possible for my clients. I have always said, it's bad enough that their file is part of a huge pile of files at BofA. I will not allow their file to become part of another pile of files in someone else's office.
Quit making these changes at BofA about you. Quit whining about a few extra forms. We are the professionals. Do your job and do it for the right reasons. Be proud that, by doing what we are doing as short sale brokers/agents, we are saving one more person/family from financial disaster by keeping them out of foreclosure. We are preserving what is left of their credit and one day having them call you back to help them purchase another home.
A successful short sale today is tomorrow's business. Your clients can be back in the market in 2-3 years. In between will they refer other business to you? Do you want to be remembered as the broker/agent who walked along side of them through the entire ordeal (yes.. to the homeowner it is an ordeal and a very traumatic one), held their hand and did a fantastic job representing them? Or, will the forget they ever heard of you because, as their broker/agent, they could never find you, talk to you, ask you questions and the one who farmed out all their personal and confidential information to someone they didn't know so you could tout that you closed 100 short sales in 2011? I know which category I am in...do you?
I wrote a book, it's called.. "What Goes Around...". It's not about real estate or anywhere near..but I do believe..what goes around...comes around. Take care of your clients and they will be back. Treat them as a number and you will never hear from them again.
Respectfully
Johanna Devon, Principal Broker
DHR/Commercial, Land & Residential Brokerage
Folks, as we all know, there are many things that are wrong in the Short Sale world. And in my opinion there is one thing that is very right. The Bank of America Cooperative Short Sale. The Bank of America Co-op is what Short Sales should be.
Low to no documentation from the Seller.
Pre-approved pricing with aggressive price reductions.
$2,500 cash to the Seller at closing.
Full Waiver of Deficiency.
6% Commission..
Can be an investment property.
It’s basically HAFA without all of the paperwork and time delays. I’ve done quite a few of these and have about a dozen on the works right now. One key point is that you want to be sure to go through the Co-op approval process prior to placing the property on the market.
It may take a couple of months on the front end to get approved for the Co-op and get a listing price but once you have these things the process is very straight forward.
List the property at the approved price.
Sell it.
Upload the contract and HUD into the Equator system.
Received the final approval. Usually within 15-30 days
Close the transaction.
Easy peasy.
From Bank of America
Important information on a Bank of America Cooperative Short Sale
■ If you successfully complete a cooperative short sale, you will sell your home and will be required to vacate the property.
■ You are responsible for all maintenance and expenses on the property until it is sold.
■ Financial hardship and inability to afford the payments on the property are needed to qualify for a cooperative short sale.
■ The short sale must be an “arm’s length” transaction. An arm’s length transaction means that you cannot list the property with or sell it to anyone that you are related to or with whom you have a close personal or business relationship.
■ Bank of America, N.A. will use proceeds from the sale to pay off the balance of your loan, and will work together with your listing agent on your behalf to facilitate the sale process.
■ We may begin or continue the foreclosure process while we review your request. We will suspend any foreclosure sale date until the expiration date of the signed Acknowledgement of Interest or the date of closing of an approved short sale, whichever is later, as long as you continue to abide by the terms and conditions of the agreement.
■ If the cooperative short sale is unsuccessful, Bank of America may offer you the opportunity to participate in a deed-in-lieu of foreclosure program.
■ Once your short sale is completed, Bank of America will report to the major credit reporting bureaus that your loan was completed as a short sale.
Benefits of a successful Bank of America cooperative short sale
■ If the cooperative short sale is successful, Bank of America will pay you $2500 for moving, relocation, or rental expenses.
■ If the cooperative short sale is successful, Bank of America will not pursue the deficiency balance on your loan.
■ If the cooperative short sale is successful, Bank of America will not foreclose on your home.
So folks, if you have a mortgage with Bank of America and need to do a Florida Short Sale, I can help. I’ll be waiting to hear from you. Any questions?
HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA)
UPDATES AND EXTENSION: EFFECTIVE JUNE 1, 2012
The Home Affordable Foreclosure Alternatives (HAFA) Program is a government-sponsored initiative overseen by the US Treasury Department and administered by Fannie Mae assisting all Home Affordable Modification Program (HAMP)-eligible homeowners in avoiding foreclosure, specifically through short sales or deeds-in-lieu of foreclosure. In my last blog, I gave a brief explanation of what (HAFA) is and this blog is to let you know of the recent changes to this wonderfull government program.
As of February 1, 2011 | Changes as of June 1, 2012 | ||
Deadline Extension | Deadline was Dec. 31, 2012. | Deadline is Dec. 31, 2013. | |
Occupancy Requirements | Homeowners must have lived in the property within the previous 12 months. | There are now no occupancy requirements and borrower cannot have purchased a residential property in previous 12 months. | |
Relocation Assistance | $3,000 granted to homeowners after completion of short sale or deed-in-lieu. | $3,000 relocation incentives are limited to owner or tenant occupied properties at the time of short sale. | |
Mortgage Payments and Debt/Income Ratio | Mortgage payments on loans may not exceed 31% of the homeowner’s gross monthly income. | Mortgage payments may now be allowed to exceed 31% of gross monthly income if it keeps the homeowner current on their mortgage (at borrowers request). | |
Secondary Lienholders | Secondary Lienholders may receive a maximum of $6,000. | Secondary Lienholders may now receive a maximum of $8,500. | |
Credit Bureau Reporting | No offiial credit bureau coding. | Credit Bureau Reporting will now be"Account Status Code = 13 (Paid or closed account/zero balance) or 65 (Account paid in full/a foreclosure was started) asapplicable. |
This program was made to give homeowners just like you options to Avoid Foreclosure.
- Is your mortgage currently unaffordable, or will it be in the near future?
- Even with adjusted payment plans? Take this quick survey to see if you qualify!
To learn more about if you are eligible for this program or if a Phoenix Short Sale is right for you...Clickhere for your...
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!
Arthur Wainio
This Week's Popular Discussions
BOA declines Short Sale because of lack of marketing????BOA is declining short sale file due to the fact that they could NOT find the address on active status on ZILLOW ?????? I have send the MLS… Started by Wanda martinez | 23 | 1 minute ago Reply by Bryant Tutas |
Short Sales and FIRPTAHere's a hairball - I have a foreign seller doing a short sale, and while the seller won't realize any net at closing, is he still obligate… Started by Alex Krumm | 2 | 3 minutes ago Reply by Bryant Tutas |
FHA Short Sale with BofA denied due to the severity of the Chinese Drywall in the home.Just wanted to give my current story on what's going on and if anyone had any suggestions. Currently trying to short sale our house which… Started by Nelly Flaque | 12 | 4 minutes ago Reply by Bryant Tutas |
BoA wont give commission to me (listing agent) because I have the same name as seller?Help! I have listed my ex-husbands property as a short sale. We have an amicable relationship and a daughter and so he asked me to list i… Started by Keli Piffaretti | 9 | 4 minutes ago Reply by Bryant Tutas |
Minimum commission on HUD PFS ??I'm hearing that HUD will not allow the BUYER to pay part of the commission on a HUD Pre Foreclosure Sale?? Can anyone who knows for sure… Started by Joe Montenigro | 17 | 5 hours ago Reply by Kevin - Greenville, SC |
Has anyone dealt with DCU as a second on a short sale????I have been negotiating short sales for more than 4 years and this is the first time I have gotten a flat out denial from a 2nd. The lawyer… Started by Irene Medina, PA CRS GRI CDPE | 8 | 8 hours ago Reply by R Trip |
Home inspection contingencies etc...I am pretty sure I already know the proper way to handle this but just curious as to how some of you other agents handle contingencies when… Started by Mike Rosania | 4 | 12 hours ago Reply by Richard Oreck |
Value Dispute with Wells and listing was vandalized!I have informed Wells and they are re-keying the property to secure it, they have not asked for a copy of the police report or pictures of d… Started by Sandra Delight Miller | 1 | 13 hours ago Reply by Smitty |
Bank Requesting a NON-REFUNDABLE Deposit to close..I am a buyer on a Seterus short sale.. Seterus countered my original offer, and I accepted. I've waited a week for the approval letter onl… Started by dgebelhardt | 9 | 16 hours ago Reply by Justin |
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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