short sales: Is Buying a Home Cheaper than Renting?
- 07/03/12 08:11 AM
Last month, the Joint Center for Housing Studies of Harvard University released their State of the Nation's Housing report for 2012, which revealed a growing trend in the housing market. From 1973 to 2008, it was cheaper on a monthly basis to rent instead own a home. However, since 2008 the affordability of owning a home has continued to decline and is actually cheaper now than renting. Watch Alex Charfen's latest video blog to learn more about this trend in the housing market. If you're interested in learning more about short sales, you can download this FREE report from CDPE by … (3 comments)
short sales: Bank of America Listens, Updates Form
- 05/31/12 06:58 AM
In April, Bank of America introduced some major changes to the way short sales are initiated. One of the most talked about changes is the new Third Party Authorization form. On the form, Bank of America stated that only a licensed real estate professional would be allowed to do any work on their client's behalf. This caused quite a bit of concern for high-volume agents who have assistants who help with processing a file, and Bank of America got a lot of feedback about the new policy. Last week, Bank of America amended the form. The updated version includes an area … (3 comments)
short sales: Be Prepared: Crucial Updates to Bank of America's Short Sale Process Coming April 13
- 04/06/12 07:04 AM
On April 2, Bank of America announced the latest round of changes to their short sale process. The changes, aimed at streamlining and expediting the process, include new requirements for initiating a short sale and changes to Equator. Beginning April 13, 2012, Bank of America will require the following five forms to be submitted to initiate a short sale: Bank of America Third-Party Authorization Form IRS Form 4506-T - Request for Transcript of Tax Return 60-day Estimated HUD-1 (or HUD-1 with closing date if shorter than 60 days) Signed Purchase Contract including Buyers Acknowledgement and Disclosure Bank of America Short Sale … (2 comments)
short sales: Rescue Script to Uncover Distressed Property Leads
- 02/03/12 09:31 AM
Current studies show that over 6 million homeowners in the country are potentially facing foreclosure. However, initiating the conversation to find out if a homeowner needs your services can sometimes be uncomfortable or even offensive. That’s why we have a refined a script that works well in any situation, whether you are on the phone or in person, and we call that script the “Distressed Property Rescue Script.” It’s simple, effective and most importantly it makes homeowners feel comfortable to open up about their situation. This is not a sales call, or a referral call; it’s a rescue call. Here’s the … (4 comments)
short sales: Bank of America Shrinks Window for Short Sale Backup Offers
- 01/11/12 10:01 AM
In an effort to shorten overall cycle times, Bank of America has reduced the window for submitting a backup offer on a short sale from 14 days to eight days after the initial offer becomes invalid. Once a backup offer becomes necessary: Contact your short sale specialist immediately to let him or her know you have a backup offer to submit. Within eight calendar days, resubmit the listing data, submit the short sale offer, and upload the offer documents and supporting documents. Note: All backup offers will require approval, regardless of similarities to the previous offer. If no backup offer … (4 comments)
short sales: Federal Reserve Recommends Short Sales Among Solutions to Housing Crisis
- 01/06/12 09:53 AM
On Jan. 4, Federal Reserve Chairman Ben Bernanke sent a letter and white paper to Congress outlining his insights and recommendations on restoring the health of the U.S. housing market. Among the key findings on current market conditions: Housing prices remain 33% below their early 2006 peak Currently, 1 in 5 mortgage holders are underwater (12 million homeowners) In states with the price declines (i.e. Nevada, Arizona and Florida) roughly half of all mortgage borrowers are underwater on their loans The number of properties currently in the foreclosure process is more than four times larger than the number of properties in … (0 comments)
short sales: Bank of America Announces HAFA Process Improvements
- 12/07/11 08:10 AM
In an effort to reduce cycle time and improve customer service, Bank of America (BOA) announced several changes to their Home Affordable Foreclosure Alternatives (HAFA) short sale process, which agents should be aware of. Highlights include: When a short sale is submitted with an offer and the homeowner is HAFA eligible, BOA will no longer halt work on the file while waiting to contact the homeowner. Short sales initiated on Equator.com that receive a HAFA eligibility message no longer require homeowners to call Customer Care to confirm their interest. If homeowners wish to participate in HAFA, agents must submit the requested … (3 comments)
short sales: Why are CDPE’s founders so passionate about saving families from foreclosure? Because they’ve been there.
- 11/28/11 09:43 AM
Sometimes the suffering of one can lead to the salvation of many. In a revealing profile, the Westlake Picayune’s Dale Anderson takes an in-depth look at Alex and Cadey Charfen’s humbling fall into bankruptcy and triumphant rise to success. After riding high on the South Florida housing boom, the Charfens came crashing down as the market turned, losing their Boca Raton home and 23 investment properties to foreclosure in 2007. Sadly, it’s a familiar story. But it takes an unfamiliar twist when the young couple—left bankrupt and desolate—decide to turn their misfortune into a vehicle to help others. Since launching the … (2 comments)
short sales: Report: Bank of America Plans 60-70% Increase in Short Sales Next Year
- 11/23/11 10:15 AM
Recently, CDPE author and Charfen Institute CEO Alex Charfen hosted an exclusive broadcast with Bob Hora, Senior Vice President of Mortgage Servicing at Bank of America Home Loans. Bob Hora provided insight into Bank of America’s evolving approach to managing their distressed mortgage portfolio, which includes plans to increase short sales by as much as 60 – 70% next year. To achieve this increase, Bank of America is improving their short sale process and implementing a number of new programs to help both homeowners and agents. In CDPE’s newest report, we detail the information covered in the broadcast, such as … (4 comments)
short sales: Presidential Candidates Blasted for Views on Housing
- 11/16/11 08:46 AM
In a recent blog post, CNBC’s Diana Olick slams the Republican presidential candidates’ plans for solving the nation’s housing crisis. Political beliefs aside, Olick makes some astute observations regarding the bank’s preferences for short sales over foreclosures and the important role that Fannie Mae and Freddie Mac play in keeping the market liquid. Given the major impact housing has on the overall U.S. economy, it’s vital that our political leaders have a thorough understanding of these issues. The biggest mistake we see politicians make, however, is to claim they have a new plan or program to fix the housing crisis. The … (2 comments)
short sales: HARP 2.0: What it is; What it isn't
- 10/26/11 04:53 AM
When the Obama Administration announced a series of changes to the Home Affordable Refinance Program (HARP) early this week, our phones started ringing with inquiries from the media for our input concerning the impact. And we had even more questions about HARP during our CDPEAdvanced Broadcast this afternoon. The new HARP is by no means a game changer, but the media’s attention will spark questions from your clients. Your ability to offer an informed perspective is critical to the value you bring to the relationship. Here’s essentially what we’ve had to say about the revamped government mortgage refinancing program: HARP … (0 comments)
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