Carol Pease - Keller Williams Realty - Real Estate Agent - Cedar Park, TX

Buyer Beware: Strategies That Get You Nowhere

Tue, 29 Jan 2013 19:31:59 -0800

Anyone who is buying a house in Cedar Park or Leander -- or even just checking up on the market -- is likely to find that some of the rules of the game seem to have shifted. Particularly anyone expecting to be deluged by the kind of amazing deals being offered in 2008 and 2009 should see what I mean.

As the latest housing statistics continue to paint an upbeat picture, at least when it comes to bargain-priced properties, the days of multiple bids and ‘offers over asking’ are back. If you are weighing the advantages of buying a house in Cedar Park / Leander before interest rates and prices rise in earnest, it should be useful to take a look at some strategies that work -- and some that virtually never work:

1) Blanket Low-balling – Running around writing up a bunch of low-ball offers is a surefire way to get yourself ignored, or worse, miss out on an otherwise great property. A better approach? Work with a knowledgeable agent whose expertise in Cedar Park or Leander neighborhoods will allow you to check on the most recent comps, then write a serious offer.

2) Dismissing Imperfect Properties – The degree of your success in buying a house in Cedar Park / Leander can depend on starting out with a reality check: only very rarely is a property totally perfect for you and priced absolutely right.

3) Highest and Best - Unfortunately, the tempting low prices listed for some Cedar Park / Leander bank-owned homes also means that it’s increasingly common to encounter the dreaded “multiple offer situation.” If you find yourself there, be prepared to submit your highest and best offer first -- you may not have another shot.

This changing market doesn’t mean we are headed into the kind of fever-induced ‘bubble’ we saw in the mid- 2000’s. But for those seeking a deal and waiting for the bottom of the market before buying a house in Cedar Park / Leander, the market does not seem to be waiting. 2013 is clearly the time to jump in!

NOW IS THE TIME FOR CENTRAL TEXAS INVESTORS

Sat, 26 Jan 2013 18:51:07 -0800

The Two Cedar Park, Texas Real Estate Investor Types Cedar

Park, TX, investors Buy Foreclosed Homes – Sometimes!

Fix-and-Flip or Buy-and-Hold: Which Are You?

With the Fed having announced its intention to hold interest rates near 0% until at least mid-2015, even very cautious investors are recognizing that this provides a rare opening. If ever there were a time to start a real estate portfolio, it’s hard to imagine a better one.

For many, the first question is whether there is still an opportunity to buy foreclosed homes in Cedar Park, Texas. That answer is yes, for sure – but that is not always the only strategy that will get you to your goal.

It all depends on you.

Before we can develop your strategy, you first need to decide which type of real estate investor you wish to be:

The Fix-and-Flip Investor - This type of investor is handy (or has a lot of contacts who are), and is familiar with remodels and improvement projects. Usually, at least part of the goal is to create an income stream from the investments. This investor buys a property at the lowest price possible, improves it, and sells at a profit as quickly as possible. This investor may have one or more projects going at a time -- with or without loans on the properties. This is the more hands-on type of investor.

The Buy-and-Hold Investor – This investor need not have a high degree of familiarity with real estate (as long as he or she has a source for accurate market advice), and plans to use the real estate portfolio for its long-term wealth-building potential. This investor may or may not buy foreclosed homes – the goal is to buy property at a price that, when rented, will generate cash flow that makes financial sense. This investor often takes loans on properties. This can be the least-involved kind of investor after purchase – especially if a property management company handles the day-to-day details.

Whether you are looking to buy foreclosed homes in Cedar Park, or to capitalize on one of the bargains now available in the traditional market, cool-headed, informed decision-making is at the core. If you are also looking for an agent to be by your side supplying up-to-the-minute market data, give me a call. We can talk about your goals, and come up with a buying plan that matches your investing style.

Top Central Texas Relocation Mistakes

Fri, 25 Jan 2013 21:04:32 -0800

As soon as you are offered a great new job or promotion – even if it’s in a new town -- your natural response is, “Absolutely, yes!” After all, you landed the opportunity because you are a go-getter -- someone who solves problems!

Experience teaches that seamless relocation to Central Texas takes some determined preparation. Even after you’ve identified your new house, there are a few significant hurdles to clear before happily settling into a new community.

Here are four common mistakes new buyers in Cedar Park, Texas have made in the past…and how you can avoid them:

1) Not Getting Loan Pre-Approval – Once you pack the cartons and load the truck, locating all those documents the bank requests can become next to impossible. Get it done before the relocation begins!

2) Not using the right moving company. Moving companies have a wide variety of costs and guarantees. Some give you a fixed price; others leave the final costs up in the air. Promised dates can also make or break a move (speaking of breaking, equally important is having insurance to cover damaged items).

3) Not using licensed local professionals. In relocation, it is terrifically important to hire experienced Cedar Park appraisers and Realtors®. Also, an absolute must is a thorough inspection by a licensed member of the American Society of Home Inspectors.

4) Canceling an existing lease too soon. Not every deal closes on time, and if you have given a current landlord notice to vacate the day your purchase transaction is scheduled to close, a week’s delay can create moving mayhem!

There are many avoidable pitfalls when planning relocation to Central Texas , but having the right pros by your side will help you avoid them. If you are relocating to Cedar Park, I’m here to help every step of the way.

New Website - LeanderWeather.com

Wed, 02 Jan 2013 11:54:42 -0800

Over the holidays I received my new Davis Instruments Vantage Vue weather station. We ordered it from Ambient Weather along with mounting hardware and Weather Link data logger and software. The station is mounted on our roof and does not face the street. It's on the back of the house so the HOA shouldn't complain. We put everything together and installed software called Virtual Weather Station on our new Dell computer. So about once a minute the new website is updated with the current data from this new wonder machine. I've listed the weather station on Weather Under Ground and Weather Bug. Now I've got to customize it and put upa facebook page. I'm already on twitter @LeanderWeather. This is going to be quite a journey as I move forward with SEO placement and linking it to my real estate pages and websites. Here is the linkLeander Weather

GOOD NEWS FOR SHORT SALES - MORTGAGE DEBT FORGIVENESS ACT EXTENDED ANOTHER YEAR.

Wed, 02 Jan 2013 11:19:50 -0800

Great news for homeowners facing a foreclosure, principle reduction, deed-in-lieu of foreclosure, or short sale. There has been a reprieve! As part of the Fiscal Cliff negotiations, the House and the senate passed an extension of the Mortgage Forgiveness Debt Relief Act to cover transactions completed before January 1, 2014. Congress passed the American Taxpayer Relief Act of 2012 yesterday. The President has to sign the law into existance, but I can't imagine that that won't happen.

The law actually expired December 31, 2012. Under the IRS tax code in existance before 2007, forgiven debt was treated as income subject to federal income tax. Homeowners who get their mortgage debt forgiven through either a short sale, deed-in-lieu or loan modification won't be taxed on the debt forgiven on the amount forgiven up to $2,000,000.

Carol Pease,CRB, CRS - Finalist Austin's Platinum Top Fifty Realtors

Sun, 28 Oct 2012 12:15:28 -0700

The market has been so busy lately, that I almost missed this very special email. This year I thought I would send in an application and much to my surprise and delight I made the first cut. This award is not just based on production, but includes how much you give back to the community and how involved you are with being a real estate professional. It recognizes the top well rounded agents in town and we are now down to 150 for the finals. There are 4 of us in our office who are now in the running, which says volumes about the caliber of agents in our Keller Williams office in Cedar Park. I can't wait until December 13, to see who won!!!

Five Aids for Cedar Park / Leander First time Homebuyers

Thu, 23 Aug 2012 18:47:33 -0700

First Time Homebuyers: Beyond the Big Picture

Shopping For a Cedar Park / Leander Home: It’s Not Like Buying a Car!

When working with new buyer clients in Cedar Park & Leander – especially the first time homebuyers – I usually find myself fielding more than one question about what they should expect as they progress through the process of buying a home. Everyone already knows the big picture, of course, but in many ways it’s dissimilar from other large purchases they are used to making.

What first time homebuyers experience does differ from other purchasing situations. How it does is something the National Association of REALTORS^® seems to have accidentally answered through their latest study of homebuyers and sellers. NAR was trying to determine what buyers want from their agents. To answer that, they compiled homebuyers’ “five biggest expectations.” To me, these five tell the tale of why we real estate practitioners are considered all but indispensible to this process…why home buying differs from other major purchases. After all, you don’t need an ‘automobile agent’ to help you shop for a new car!

First is the help we provide in finding the right home to purchase. The Cedar Park / Leander market is an ever-changing target. Properties arrive and disappear almost daily, and each is uniquely appropriate or not depending on a given purchaser’s (especially first time home buyer’s) needs and expectations. Knowing the details of every qualified home that is currently up for sale in Willliamson county is pretty nearly a full-time job all by itself. Especially for a first time homebuyer, having a knowledgeable pro to provide the legwork is a reassuring place to start.

Once an appealing new home has been found, it’s invaluable to have help in negotiating the price. It’s usually much more comfortable (and likely to succeed) when professionals do the negotiating. They minimize the emotional factors that tend to surface whenever large amounts of money are in discussion. By determining what comparable homes are selling for, your agent gives first time homebuyers (and all homebuyers, for that matter) the most important starting reference point and a reasonable basis from which to proceed.

The same is true when it comes to providing help negotiating the terms of the sale. An experienced professional has been through many sales -- experience that alerts them to many details that are easy to overlook but become major issues in the months and years following the sale.

Assisting with the paperwork is listed last on the NAR’s punch list, but many of my clients tell me that to them, it’s just as important as any of the others. There are many forms, and making sure they are properly understood and executed in the legally required timeframe is always important.

All of these, and more, are reasons why you are well served to select a knowledgeable Cedar Park / Leander real estate professional to help you secure the home you are hoping to find. I hope you will give me a call -- whether you are a first time homebuyer or experienced real estate homeowner!

FHA Short Sale with Bank of America - Problems & Changes

Thu, 02 Aug 2012 20:46:06 -0700

I'm a short sale agent, and a damn good one at that. I have handled over 700 distressed properties in my 17 year career. Right now I have a problem file that I would like to share with the Active Rain community. It may be a harbinger of things to come with Bank of America.

I have been trying to get an FHA file open since June 21, 2012 when it was imaged into the Bank of America system. For whatever reason I have not been able to get the file open even though they have all the documents necessary to make it happen. The foreclosure date was July 3, 2012 and one of the BOA twitter angels (Lorraina) helped me get it stopped at the very last moment. I thought I was home free, but not so!!! Even though I have escalated the file and called every day, I've been hitting a brick wall. I have escalated within the system, filed complaints and opened a case with HUD, but after 45 days still nothing. The financials have been updated for June and July. The short sale can't be opened because it is too close to the foreclosure date which is now August 7, 2012.

Last Thursday I was told by Bank of America that all FHA short sales will now be initiated in the Home Retention Department and no longer in the Short Sale Department. In order for one to be initiated the homeowner must complete the "waterfall" " which we have done. We've done whatever they have asked, but whoever pushes that magic FHA button isn't doing it. I'm in a Catch-22 situation. I can't get the foreclosure stopped because the short sale isn't active. The short sale isn't active because it it too close to the foreclosure date.

On Monday a kind customer service person took pity on me, read all the notes and told me that this should not be happening and she initiated a complaint in the system. It was responded t to by a senior analyst named Stephen Sass. He would not provide a phone number and responded via email even though I provided my contact information. The number listed at the end of his message for his supervisor was a bogus number in the IT department.

Hello, I am sorry but I am not able to call you at this time. This is currently the best way for me to speak with you. This property has not been initiated for a short sale at this time due to the foreclosure sale date of 8/07/2012. FHA does not allow us to initiate a short sale if the sale date is within a certain timeframe as I am told. I am sorry for the inconvenience. If you have any other questions I would be happy to help you.

I have attempted to file a ticket with the HUD service center on 2 occasions. The first time HUD connected me directly with the escalation department at Bank of America but it was the wrong escalation department. I made a second attempt and I now have someone assigned, but after 3 days she has not returned my phone calls.

HUD has certain guidelines and timelines the servicers are supposed to follow. They have 7 days to assign a negotiator, and then 10 days to do the appraisal. Their time doesn't start until they open the file. If they don't open the file then they don't have to perform. Is there a method to their madness here?

Bank of America is not allowing the homeowner to use the loss mitigation options that should be available to them. I'm now wondering if this is going to be the new Bank of America tactics. I wonder if they are going to deny FHA short sales because they are too close to the foreclosure date. I was told that they were following FHA servicer guidelines.

Isn't this what the settlement with the Attorneys General was all about? The servicers have a duty and obligation to offer alternatives to foreclosure. The homeowner has tried everything to get something done. Come on Bank of America, where is your heart?

SHAME ON OCWEN FINANCIAL - "STEALING" FROM HOMEOWNERS

Sat, 21 Jul 2012 13:58:54 -0700

Ocwen Financial Services is the worst of the worst when it comes to loan servicing! They have this little ditty on their website:"Helping Homeowner's is what we do!" I'm not buying it. They seem to do everything possible "not" to help the homeowner. In fact it is almost impossible to even get a phone number out of their customer service department for anyone in the United States who could possibly help.

Here is the story!! The homeowner was recently divorced and is self-employed. He runs a local residential construction company and has seen better days, even here in Austin. Last year, his business took a nose-dive and he is just now starting to recover. His priorities have changed. This is now a one income family and he has to pay child support. Right after the first of the year, he tried to do a loan modification. Seven months later he is still trying with no success. He has a relationship manager who has been less than helpful during this process. His most recent request for a loan modification was turned down July 17, 2012. She wasn't even aware that it had been turned down. Of course, what they want is new documents filled out and they will not stop the foreclosure. Their average turn-around time on a modification is 2-3 months, so there is no time left to start over. The only options offered were foreclosure or reinstatement of the loan by paying back $32,000.

Let's get something straight here. This homeowner is not my client. His property is listed with another agent. It isn't even a listing in my office. I have nothing to gain financially by helping. The agent is a friend, and we've worked together before. She just knows that I have helped her clients in the past and she asked if I could please look at this case to see what I could do. So far I've invested about 5 hours and haven't gotten anywhere. Yesterday I faxed in my third party authorization and started doing my due diligence on this property. The homeowner owes approximately $250,000 and has $200,000 in equity. The home was reduced in price today down to $450,000.

I have spoken to the Ombudsman for Ocwen but they suggested that I do a "short sale." I've explained that this is not a "short sale" and that the homeowner has almost as much equity in the property as Ocwen does. By foreclosing on the homeowner, they are stealing his equity. Isn't there something we can do to help this homeowner? They are telling me that they never stop a foreclosure. I've asked about a forebearance agreement and they told me that they never do a forebearance agreement beyond 3 months. I told the relationship manager and the Ombudsman "You've told me what you can't do for the homeowner, what can you do to help him? Their only suggestions were to bring the loan current or to apply for a HAMP modification. This loan is not a Fannie Mae or a Freddie Mac loan. I've asked for the name of the investor and I've been told to put in a fax request to the "research department."

So far, I've emailed every email I have found for Ocwen managers and executives. This company goes to great lengths to protect their internal phone system and email system from prying agents. I'm about ready to write an expose on their business practices, their despicable overcharges and their whole scam of GoHoming.com and RHSS.com which is run out of India on Ocwen servers. They input listings at night and don't pay for access on our MLS. The Better Business Bureau rates this company as "F." Does anyone in the Active Rain community have any suggestions or have an email address or phone number of someone who may be willing to help?

Bluebonnets in Central Texas & Stryker the Search Dog

Tue, 03 Apr 2012 14:12:23 -0700

It was a beautiful day yesterday here in Central Texas. The bluebonnets are in bloom everywhere. I couldn't resist taking this picture of our Search and Rescue Dog, Stryker. She was a good girl and sat while I snapped away trying to capture the beauty around her. This picture was taken on Old Route 2243 across from HEB.

Real Estate Recovery Or Not? 2012 Predictions by the Pro's Infographic

Tue, 28 Feb 2012 17:46:21 -0800

Execellent news for 2012 and the real estate market. Pay particular attention to the fact that no other state has 4 cities experiencing significant growth. The news from Austin is that 45,000 jobs will be created in our area and that will bring homebuyers and a boom.

Via ActiveRain Corp.:

Real Estate Recovery or Not?
2012 Predictions By the Pro’s Infographic

Data, data everywhere, but what should you believe? Are we on, in the middle, or at the tail of a deflating real estate bubble? Is there a Florida real estate bubble?

There is A LOT of conflicting data emerging about the 2012 real estate market and 2012 real estate transactions. Case-Shiller has emerged as the leading index of real estate values. The Q4 2011 S&P/Case-Shiller index (1) shows continuing declines in real estate values with quarter over quarter declines of 1.1-1.2% and annual declines of 3.0-3.4%.   RealtyTrac is the leading source of foreclosure data.   On January 12, 2012, RealtyTrac published (2) surprisingly good news showing a 33% decline in the number of homes in foreclosure from 2010 to 2011.   The National Association of Realtors (NAR) Chief Economist Lawrence is projecting a modest 4.7% increase in real estate transactions with a 2.0% increase in real estate values in 2012 vs. 2011. But, on December 19, 2011, NAR was forced to re-state historical homes sold data (3) due to “upward drift” of their core homes sold benchmarks, which historically have been based on feeds from the multiple listing service (MLS).

So what should you believe? Nearly all data on real estate transactions and real estate values is historical; it does not forecast the future and may not reflect the situation in your local market.   Real estate is inherently local, so if the national real estate market is in decline or on the mend, what does that say about your local market? Does a national real estate bubble portend a Florida real estate bubble? Or a bubble in Fort Myers, or Sanibel Island specifically.

The largest real estate social network ActiveRain Corp surveyed 1,835 real estate agents and real estate brokers in the US and Canada to understand if the real estate market and economy are poised for recovery in 2012, both nationwide and in local markets.

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A Bottom of the American Real Estate Market

American real estate agents expect the US real estate market to be largely flat from 2011 to 2012. Real estate agents predict that real estate values will be flat from 2011 to 2012, signaling a bottom to the real estate market or the end of the real estate bubble. Given historically low interest rates as well as a bottoming of real estate values, real estate agents expect that the number of real estate transactions and new construction starts will increase slightly in 2012.   Additionally, real estate agents believe local economies are on the mend and we will see improvements in the economy.

Rental Nation?

With low real estate values, low interest rates and a recovering economy, American real estate agents believe that 2012 is a great time to purchase both single family and multi-family rental properties. Real estate agents feel that single family homes and luxury homes represent great investment opportunities.   What did real estate agents think are the worst opportunities in the 2012 real estate market? Due to the glut of inventory in the real estate market due to short-sales and foreclosures, new construction condominiums, new construction single family homes, and land for construction were rated as the worst investment opportunities.

What’s the Problem? The Banks, Stupid!

When polled about the biggest challenges facing the real estate market and economy, real estate agents rated bank related issues the highest. The biggest challenges were: 1) short sales, 2) ability to finance a new home purchase / loan qualifications, and 3) foreclosures. The significant shadow inventory caused by short sales and foreclosures continues to drag on real estate values. Though interest rates are at historical lows, increased loan qualifications are preventing first time home buyers from purchasing homes and current home owners from trading up into new homes.

We would have expected unemployment to be a greater concern to real estate agent.s Persistently high unemployment was ONLY the fourth concern to real estate agents, which was surprising given how the poor economy and lack of jobs has dominated the news headlines for the past 24 months.

Local Opportunities, Local Problems

From a local market perspective, the 2012 ActiveRain real estate survey shows markets where real estate agents are significantly more optimistic and others in which real estate agents are concerned about 2012. Based on our survey data, the ActiveRain real estate network has created a real estate confidence index and ranked the top real estate markets.

Below is a list of the TOP 10 and BOTTOM 10 real estate markets ranked by real estate agent confidence.

See real estate confidence in your local real estate market.

Key Trends in Top Markets

Low Cost of Living Markets Rule: Low interest rates and low cost of living have attracted buyers and relocations back into these markets. Even though the general economy is not as robust as anyone would like, home buyers are adjusting lifestyles to find markets with low cost of living and reasonable housing prices.   Applicable markets: Ft. Myers, Austin, Boise, San Antonio, Denver, Dallas, Nashville, Houston, Salt Lake City

Invasion of the Snowbirds: Senior Housing & Second Homes: Seniors and those planning for retirement have returned to the South. Seniors are taking advantage of low priced housing inventory in the Sun Belt and low interest rates to buy a retirement home or a second home in a warmer climate. Many of these buyers have saved for lifetime and 2012 represents a great opportunity to buy while prices and interest rates are low.   Seniors are targeting markets with low cost of living for retirement. Applicable Markets: Ft Myers, Austin, San Antonio, Nashville, Miami, Salt Lake City

International Buyers: International home buyers are taking advantage of a weak dollar and low real estate values. Florida is the biggest beneficiary of international buyer interest. Miami is reporting strong home purchase market based on International cash transactions.

Deep in the Heart of Texas: No other state has FOUR major cities listed as growth markets. So what is going on in Texas? Texas represents exactly what every home buyer should be looking for: low cost of living, low cost housing, and job growth.   Throw in no state income tax and Texas is looking a lot more appealing than California. Texas is attracting many large corporations to set up headquarters and operations in the state.   This is especially true in Austin. Finally Texas has a great mix of technology companies AND energy companies (oil & gas and renewable energy). See below. Applicable Markets: Austin, Dallas, San Antonio, Houston

Technology and Energy Industries: Even in the current down market, technology and energy are growth industries driving job creation. Though most think of San Francisco, Boston, New York and Seattle when we think of technology. Secondary markets participating in technology and energy job growth are likely good real estate markets in 2012, due to low cost of living and high demand for skilled jobs.   Markets: Austin, San Antonio, Denver, Dallas, Houston, Salt Lake City

Investment Property: Low interest rates, low real estate values, and rising rents due to job growth is a great investment proposition. A number of the lower cost of living and lower real estate value markets are reporting growth driven by investors coming into the market looking for deals.   Applicable Markets: Boise, Nashville, Salt Lake City, Austin, San Antonio

Key Trends in Poor Markets

High Cost of Living, High Real Estate Values: Though interest rates are historicly low, cities with expensive housing and high costs of living are suffering. Tightened loan standards are preventing home buyers from entering the market. Families are relocating to lower cost of living markets. The high cities with high real estate values are also suffering the most from the shadow inventory of foreclosures and short sales. Applicable markets: New York, Los Angeles, Chicago, San Diego 

California: Californian cities benefited from the greatest price increases during the real estate bubble. Simultaneously California has suffered the greatest in the downturn with the highest numbers of foreclosures and short sales in the country. California is also facing a major budget deficit of $XBn leading to reductions in government services, increased class sizes and increased taxes. Applicable markets: Los Angeles, San Diego, Sacramento

High Shadow Inventory: Large numbers of foreclosures and short sales continue to depress real estate prices in many markets. It will take several more years for many markets to stabilize. Buyers continue to wait on the sideline for conditions to improve. Applicable markets: Reno, Sacramento, Chicago, Springfield, Los Angeles, Philadelphia

High Unemployment: Persistently high unemployment without an economic catalyst is preventing home buyers from entering the market and locking sellers into their current homes. Applicable markets: Philadelphia, Los Angeles, New York, Chicago, Sacramento, Reno

Reliance on the Finance Industry: Downsizing in the banking industry combined with reduction in Wall Street bonuses has caused challenges in markets reliant on banking,   Wall Street layoffs and a lack luster stock market have affected the highest cost markets like NYC most directly. Applicable markets: New York , Chicago, Los Angeles, Philadelphia

O Canada!

Unlike the United States, Canadian real estate agents are fairly optimistic about 2012. Canadian real estate agents believe that all core metrics of the Canadian real estate market and economy will be increasing in 2012. Real estate values, real estate transactions, new construction starts, and the local economy are project to increase slightly in 2012. Canada continues to have a strong banking system, a strong dollar, and low unemployment. Interest rates are low, spurring international investment in Canada.. Canadian confidence continues to be high. Job growth is being driven by the energy industry in Canada.

Few problems are facing the Canadian real estate market or the Canadian economy. Inflation and gas prices are the only problems that the Canadian economy seems to be facing. Unlike the US real estate market, Canada any issues with short sales or foreclosures.

Canadian real estate agents feel like single family homes, investment properties for rental and condominiums all represent good investment opportunities, due to historically low interest rates. Interestingly, Canadian real estate agents are slightly LESS optimistic about real estate as investment opportunity when compared to American real estate agents

ActiveRain Corp is the world's largest network of real estate professionals. ActiveRain is a social network, blogging and training platform built for real estate professionals, including real estate agents, real estate brokers, lenders, mortgage brokers, title companies, home inspectors, architects, home stages, and contractors. ActiveRain receives more than 2 million real estate visitors per month. For more information, sign up for a FREE account on ActiveRain here.

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(1) Q4 2011 S&P/Case-Shiller index

(2) RealtyTrac 2011 Year End Foreclosure Report

(3) NAR Re-Benchmarking of Home Sales

CITI SCREWS UP PFS SHORT SALE APPROVAL - REFUSES TO CORRECT ERRORS

Sat, 25 Feb 2012 15:42:36 -0800

I have a client who is participating in the Pre-Foreclosure Sale Program through Citi Mortgage. This program stops the foreclosure process and allows the buyer 120 days to sell their home in a short sale. We received an Approval to Participate in October of 2011. On December 20 my client signed an acceptable offer and we sent the offer with the HUD 1, and buyer's pre-approval to Citi Mortgage on December 23, 2011. According to HUD guidelines once the mortagee receives a contract with the acceptable net proceeds they have 5 days to approve that contract. Apparently nobody knows this at CitiMortgage because they are oblivious to the facts as listed in Mortgage Letter 2008-43. I was orginally told that final approval would take 6-8 weeks. After 3 weeks I contacted HUD and was assigned a case number. We were assigned a negotiator on January 20, 2012 and all seemed well. I thought things would go quickly at this point, but they did not!!! I updated my HUD1 every 2 weeks to keep the tax prorations and HOA dues up to date and forwarded them to my negotiator with polite emails. Finally on February 15th I received a contract approval, but it was wrong. Within minutes of receiving the approval I notified the negotiator that the prorations were wrong and did not take into consideration he 7 weeks that he took to approve the contract. For the last 10 days I have attempted to get this approval corrected. It is off by almost $500. So, no more MRS Nice Guy!!!

Hey Mr Negotiator, the buyer can't come to closing with funds for the seller's property taxes. He's getting a government loan so the underwriter won't allow that. The seller can't come to closing with funds or they wouldn't be doing a short sale. That only leaves the agents!!! How dare you expect me to take this out of my pocket!!!

Below are some of the comments from the emails sent from this negotiator. I've attempted to get his supervisor's name and contact information but my negotiator refuses to answer that question.

Will you please get this worked out on your end? We can’t keep re-working this deal with different HUDs.

I used the HUD that I had at the time the official review started. How could taxes go up by $500 for 20 days? Please get this worked out within the transaction.

Please explain further. If you are paying out of your pocket, I don’t see anything that needs to be revised on the approval. The amount from proceeds going to taxes will be the same. Your funds toward taxes are not from sale proceeds.

Active Rain Helped Me Stop 2 Foreclosures - Success

Wed, 03 Aug 2011 17:25:59 -0700

On Sunday evening I put up a post about two of my short sale listings that were about to be foreclosed on Tuesday morning. I didn't have anything to lose at this point. Wells Fargo had given me no hope at all!!! No chance, nada, nothing more to do to stop the foreclosure bulldozer. You can read my original post here

http://activerain.com/blogsview/2430028/wells-fargo-and-equator-are-we-really-valued-not

I'm not a quitter and I don't give up easily. No is not usually part of my vocabulary. I didn't stop with just writing a post about the situation, I threw everything I had at the wall to see what would stick? I posted links on facebook and tweeted about my problem with links. I linked the post in several short sale groups. I even found a website that listed the twitter accounts of all the major banks and their online help teams. I tweeted to @Ask_WellsFargo with links to the post. You can read about that here:

http://activerain.com/blogsview/2430101/banktwits-com-follow-your-bank-

Yesterday 87 homes were foreclosed in Williamson County, Texas. I'm happy to report that my two problem accounts were not included in those 87 sales. I don't know how or why this happened. I checked the list that comes out at the end of the day and was astonished. Somehow we were granted a reprieve. Woo-Hoo!!!!

Several people gave me contact emails for executives at Wells Fargo, and I did send messages but never heard back from anyone. But late yesterday afternoon, something strange happened on the Equator Platform. The system was emailing me that I had messages and tasks to do. One-by-one the tasks I had previously completed were assigned to me again on one of the properties, and one-by-one I completed those tasks and re-entered all the data and uploaded all the documents.

Today, someone named "Cindy" who is not a member on Active Rain posted a comment. This is what she said:

"What is happening with your Wells Short Sale now? Did it foreclosure or was it postponed? Is the Equator workflow moving forward?"

Spooky, really spooky! Or should I just attribute my success to the Active Rain Gods!!! Thank you, Bob Stewart and Active Rain Camp for teaching me how to put a link in my posts (Although I still can't get the titles to show right) Thank you Active Rain for all that great Google Juice you generate. Somehow the right person found my blog and did something positive.

BANKTWITS.COM - FOLLOW YOUR BANK!

Mon, 01 Aug 2011 11:07:24 -0700

I found this great twitter site banktwits.com. I have tweeted @bofa_help on a problem and it led me to a list of banks that have a twitter presence. Tweeting Bank of America solved a problem on one of my short sales in less than 24 hours. They got the job done.

Now I'm going to try @ASK_WELLSFARGO and see what magic these guys can do! I'm even going to link to my Active Rain Post here that I wrote about Wells Fargo and Equator. You can read about it here:

http://activerain.com/blogsview/2430028/wells-fargo-and-equator-are-we-really-valued-not

WELLS FARGO AND EQUATOR - ARE WE REALLY VALUED??? NOT

Sun, 31 Jul 2011 18:47:56 -0700

Dear Valued Realtor:Please login to https://www.equator.com to complete a task or review a message that has been assigned to you for Short Sale processing. To reply or contact Wells Fargo via email, please log in and go to the Messages section. Thank you for your cooperation.

The message above was sent to me via Equator so that I could complete a task. I've gotten a ton of messages from Equator from the good folks at Wells Fargo. They want me to think they actually care about me and my clients. The truth be told they really don't.

Tuesday, August 2nd, is Foreclosure Tuesday here in Texas. Foreclosures happen here on the first Tuesday of every month and only on that day. So if I can get any of my pending short sales past that date, I've got it made. I have been using Equator for years and I'm very familiar with how it works. All my files are under control with the exception of two. They are going to be foreclosed on Tuesday despite the fact that they are both under contract with good offers and qualified buyers. What is the problem? Both of these files are Wells Fargo loans and the left hand doesn't know what the right hand is doing especially when it comes to Equator.

One of the files is a VA loan and I was instructed to put it in the Equator system. I was given 8 tasks to complete and I completed all of them in record time. At no time did they ask me to put in a 3rd Party Authorization. Some nameless person using the "System" login was giving me numerous tasks to complete. I answered their message and replied that, "Yes, we had an offer." The offer was entered along with the estimated HUD 1, the buyer's prequalification and the buyer's proof of funds to close. I did my job. Then, Voila, they disappeared. I've had no contact since the 27th. In fact, everything I've put into the system has been deleted and says "file missing." I have emailed every anonymous contact on the file including "Generic Negotiator at Wells Fargo.com" That address bounces back as non-existant.

My other problem file is a convential loan with Korean owners who do not speak English. I usually bring a translator with me when we meet to facilitate the language problem. This file has been in Equator since the 13th of July about the time I was notified that Wells Fargo was using the platform. I again did what I was told. The documents have been both faxed and input into Equator. On the 16th we were instructed to have the Seller call in to discuss HAFA. That's when this comedy of errors multipled!!! Despite the fact that my clients already had a denial letter for a loan modification no one seemed willing to accept the fact that they wanted to do a short sale and attempt to preserve their credit history. I made 2 visits to their home to help get us out of "active" loan modification. We have all been calling for 2 weeks. At no time when I was present did Wells Fargo offer to put on their own translator despite being told on every occasion that my clients do not speak English. We have informed them over and over that the client wants to do a short sale and not a loan modification. Wells Fargo was asked to pospone the foreclosure and we were told that it wasn't close enough for them to ask for a postponement.

During this whole fiasco, Wells Fargo implemented a "1 person contact" policy for all their files. This would make things simpler if we only had to reach 1 person instead of constantly being shuffled from contact to contact and then accidentally disconnected. I was delighted to get her name and phone number. I called her and left a message. She called me back the next morning and asked that I fax all the documents to her, all 98 pages. I did it, and again no contact or response. On Wednesday I called the Wells Fargo Foreclosure department and was told to fax in all the documents again because they couldn't help me delay the foreclosure without having the documents in their system. They apparently can't see the documents I faxed to my "1 person contact" I again asked for a postponement on the foreclosure. I was told that as soon as the documents were in the system they would request it. They did request it.

So here's what happened. On Friday afternoon at 4:30, I called in to see the postponement had been granted. I got a nice surprise from Wells Fargo. The postponement was being denied because the request was within 10 days of the foreclosure. I pointed out that the documents were in Equator since the 13th, they had been faxed, refaxed and faxed again. I was told by some moron in the Foreclosure Department that they couldn't accept the Equator documents. ....and guess what? All the documents have now disappeard and each one says "file missing." I was even told by that someone, that Equator was not what they looked at.

Wow!!! So does Wells Fargo value me? I think not!!! If they did, they would respond to repeated phone calls and system emails. If they did, they would treat me like I was a valued realtor instead of giving lip service to the subject.

Chase Loan Modification - CDPE outreach in Texas - Foreclosure Prevention

Thu, 21 Jul 2011 12:22:49 -0700

I keep my eye on the foreclosure list in Texas to reach out to anyone I may know. Foreclosures happen here in Texas on the first Tuesday of each month. The date for August on August 2, 2011. As a CDPE it is sometimes easier for me to intercede on behalf of a homeowner and get something resolved. This week I found the name of a neighbor on the list. I walked down the street, knocked on the door and said; "Are you going to sit here and let this happen or are you going to let me help you prevent a foreclosure?' Gratefully she let me come in and talk.

This homeowner had been injured on the job well over a year ago. She was hit head-on while driving her work route and sustained injuries that make it impossible for her to return to work. She had been drawing workman's compensation and now was trying to get permanent disability payments. Somehow her loan modification request was falling through the cracks. She had been denied three times and each time it was for ridiculous reasons. One reason was that the house was listed for sale and that was why she received a denial. Her listing had been withdrawn long before she had applied for a loan modification.

I downloaded and printed a Chase Financial Package, filled it out had then gathered the tax returns, bank statements, doctor's letters and proof of income to make a complete package. I pulled out my ScanSnap scanner and scanned her documents including a Third Party Authorization to the apppropriate number at Chase and then went one step further. I called the Executive Resolution Office at Chase and explained the circumstances and got a file number assigned to her case. Now we are waiting for resolution. I have been assured that this file will be resolved very quickly. Let's hope so.

After this was completed we were enjoying a cool glass of lemonade and talking about her ordeal. This was a very meticulous homeowner. She had emailed, faxed and sent registered mail no less than three complete packages to Chase over the past 8 months. She had spent countless hours on the phone and followed up repeatedly to try to help herself. Somehow, she never lost her sense of humor. She said to me " I've spent so much time on the phone with Chase that I have included them in my "Friends and Family" cellular plan.

I thought that was funny and sad at the same time. How many people are falling through the "loan modification cracks' and falling into foreclosure? How many roadblocks do homeowners have to face before they give up in disgust and frustration. We keep reading statistics that 70% of homeowners facing foreclosure never reach out to anyone for help. They never call their mortgage company. The news media keeps hyping on all the negativity in the real estate market. Wrongful foreclosures are reported on TV. All this gloom and doom forecasting are causing homeowners to give up before they start.

Stay tuned for future updates........

WEARING TWO HATS IN A SHORT SALE SITUATION

Thu, 14 Jul 2011 21:57:27 -0700

In addition to a very active real estate practice I also serve on the board for our HOA here in Leander, Texas. 75% of the business I do is short sales. This week our HOA received a letter from an agent with a listing in my subdivsion. She was requesting that the association waive over $2,000 in back dues so that her FHA short sale could close. She claimed that she did not know "that the seller owed so much money and why didn't we do something about it." Simply stated, her requuest was a waive this before July 16, or the seller will be foreclosed on the 17th and that getting something was better than getting nothing.

Our conversation did not go well. I told her that we had tried to collect but that the homeowner had not paid since 2006. I asked her if she had resubmitted her approved short sale with the HOA dues on her HUD-1? (She had not, nor did she intend to do so.) I also advised her that HUD would pay up to $1,500 to satisfy junior lienns and that her seller was probably getting either $750 - $1,000 from HUD to cooperate in a short sale. I told her that we would be more than happy to waive anything over $2,250 so that her sale could close but she needed to look elsewhere to solve her problem. The bill for this home was over $3,000 including legal fees.

Today I looked to see what happened to that listing, and I see that it has been removed from the market by the agent. It is no longer listed as pending but has been withdrawn. I am appalled at this agent. Why? First of all, anyone who takes a short sale listing should know theforeclosure process in the state of Texas. Foreclosures happen here on the first Tuesday of the month and not on the 17th. Second, if you are going to take a short sale listing, know what the process invlolves and if you don't get it, get out of the way. Learning to handle a short sale should not be done at the expense of the cllient. Third, what happened to her fiduciary responsibility? She was supposed to put her client's interest ahead of her own. I could go on all day about this encounter.

What do you alll think of this one?

LEANDER TEXAS SHORT SALE CLOSED IN 84 DAYS WITH BANK OF AMERICA

Fri, 01 Jul 2011 18:49:31 -0700

Well, we did it again. We've had our focus on specific neighborhoods and in the last 6 months I have closed 13 listings within 1 square mile in Leander, Texas.

Short sales-Frequently Asked Questions-Munson Montejano Realty

Thu, 09 Jun 2011 21:23:13 -0700

Excellent informatio about Short Sales from the blog of Stephen Munson. Stephen is from Califonia but the infortmation is generic and germain to anyone seeking information on foreclosure alternatives. Thank you Stephen

Via Stephen Munson-Luis Montejano Homes For Sale Silverlake (Munson-Montejano|Real Estate):

Short sales-Frequently Asked Questions-Munson Montejano-

What is a Short Sale? A Short Sale is the sale of a home when the net proceeds do not fully pay off the existing mortgage loan(s) and the Lender is willing to accept a discounted payoff. Why would my lender accept less than what is owed on my mortgage? Lenders are in business to lend money, not to own real estate. They do not want the expense of the foreclosure process and/or the holding and maintaining of the property if it does not sell at foreclosure. The foreclosure process is very expensive and time consuming, so many lenders will agree to what seems a loss on the mortgage when they will actually save money by not completing the foreclosure and holding the property in their portfolio.

If I do a Short Sale, how much will I have to pay to sell my home? In most cases, you will not pay any sales costs if your Lender approves the Short Sale. All commissions, title and escrow fees, and some repair expenses are paid by the Lender, Investor or Mortgage Insurance company, if applicable, as part of the Short Sale approval.

Will my short sale be confidential? We do not market the property as a short sale. We must however note in the MLS in the private agent remarks; this is a short sale.

Can I simply deed my property to someone else and avoid the hassle? Deeding your property to someone without paying off the mortgage loan does not forgive you of the debt, and the property is still encumbered by a lien. Always check with your attorney to verify all the options available to you.

What sort of hardship would my lender consider legitimate? To some extent, that will depend upon the Lender considering your Short Sale request. Below you will find a list of common “hardships” that may be accepted by Mortgage Servicers:

Family illness or injury

Job relocation

Job loss or significant income loss

Divorce or split of domestic partners

Death of a spouse

Adjustment in mortgage payment or unforeseen increase in living expenses

Too much debt

Military service

I am current on my mortgage, so will my Lender consider a Short Sale? Many lenders now will consider a Short Sale offer on mortgage loans that are not delinquent. Other lenders will not consider a Short Sale offer until the loan is delinquent. We will work with you to put your Short Sale offer together and submit it for approval (remember, there is no charge for this). That is the best way to determine if your Lender will accept a Short Sale offer on a loan that is current.

Do lenders approve all Short Sales? No. That is why it is critical to work with someone, that has extensive experience at getting Short Sales approved and has direct contact with Mortgage ServicersCopyright

I have a second mortgage on my property, so can I still do a Short Sale? Yes. We can also work with the Mortgage Servicer or lender that holds the second mortgage, (many times the same Mortgage Servicer holds the 1st and the 2nd loans) to put together a Short Sale transaction. It is very important however, that you let us know if you have a second mortgage, home equity line of credit (HELOC), or any type of lien against your property such as a Home Owners Association lien, tax lien or mechanics lien.

My property is in rough shape and needs work; can I still do a Short Sale? Absolutely, Lenders often take into consideration repair costs, as a factor, when determining whether to approve a Home Short Sale offer.

I am concerned about my credit, so how will a Short Sale affect my credit? The goal is to avoid foreclosure. Consult your attorney to verify how this may affect your credit.

Can I receive cash from a Short Sale? No, short sales are only designed to get you out of your mortgage debt rather than going through the entire foreclosure process. It is not a refinance option and you will be vacating the property, as you would, if you were going through foreclosure. What if my home is not worth what I purchased it for? This is the typical scenario for a short sale, when you can only sale it for less than it is currently worth.

What if I have filed bankruptcy? You will need to check with your Bankruptcy Attorney to verify if you can proceed with a Short Sale.

To find out if a short sale is the right choice for you, vist: Www.LosAngelesShortSaleAgent.com

Copyright © 2011 By Stephen Munson-Munson Realty Southern California Real Estate –Homes In Los Angeles For Sale*Short sales-Frequently Asked Questions-Munson Montejano Realty|short sale, short sales, home short sales*

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Copyright © 2011 By Stephen Munson & Luis Montejano-Munson|Montejano-Southern California Real Estate**

WHAT IS A Strategic Default Credit Model? Just another "Product"? Or, something more sinister? Lenders. . . . Come out, come out where ever you are!!

Mon, 30 May 2011 16:18:35 -0700

Via Lenn Harley's blog. This post is scary. I wonder if the mortgage companies are going to use their crystal ball to deny short sale approval because the seller was too good of a money manager and made their credit card payments on time.

Via Lenn Harley, Real Estate Broker, Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate):

WHAT IS A Strategic Default Credit Model? Just another credit scoring "Product"? Or, something far more sinister?

Will we soon see STRATEGIC FORECLOSURES?

Yesterday I got an e-mail from a loan officer friend who sends me information about interest rates, new programs, new products, regulations, etc. on a regular basis.

This one got my attention. It describes a new product from FICO.

The Strategic Default Credit Model as described in the announcement, will ALERT a lender if a client (borrower) "appears" to be a high risk for strategically default on their mortgage loan.

This is described as a "scoring tool", which, to me would indicate that it would be available to lenders as a part of a credit review. Or, it could be a special "tool" to aggregate and report borrowers identified as STRATEGIC DEFAULT risks.

WHO IS ON THE RADAR AS A STRATEGIC DEFAULT RISK? (This will suprise you. It did me.)

*Borrowers who have recently opened new credit prior to stopping mortgage payments.
*Borrowers who are a fairly recent home buyer/owner.
*Borrowers with negative equity.
*Borrowers who appear to be good money managers.
*Borrowers who stay within the limits of their credit card accounts.
*Borrowers who pay credit card bills on time.

Are lenders buying this new product?? If so, what do they plan to do with it?? My question to the loan officer that sent the announcement to me was. . . .

Is it possible that a person's FICO SCORE could be affected by this scoring scheme???

"WHAT ARE LENDERS GOING TO DO WITH THIS INFORMATION?? A STRATEGIC FORECLOSURE???

INQUIRING MINDS WANT TO KNOW. I haven't seen anything from ActiveRain loan officer members about this. However, I have been out with buyers or previewing for six solid days and I'm behind in my ActiveRain time.

ANYONE OUT THERE WITH MORE INFO???

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988

_______________________________________________________________________________________________________

Want to learn more about Loudoun County, VA? Join Loudoun County, VA on Facebook!

REAL ESTATE INVESTMENT OPPORTUNITIES IN CEDAR PARK/LEANDER/TEXAS

Tue, 24 May 2011 12:58:59 -0700

Real Estate Investment Opportunities in (Cedar Park /Leander/ Texas )

To better serve the needs of real estate investors in Cedar Park /Leander / Texas), I recently earned
the Certified Investor Agent Specialist™ (CIAS) Designation. With the CIAS, I have the training,
tools and calculations to effectively serve the five investor types: First-Time Investor, Move-Up
Investor, Portfolio Investor, Performance Investor, and Rehab and Resell Investor.
Real estate represents a consistent and stable way to build wealth, brings liquidity to our
housing market, and stimulates our local economy. In fact, in the past year, investment and
second-home properties represented approximately 27% of all residential sales. It’s also
worth noting that nationwide, 43% of real estate investors earned less than $75,000 per year.
Today, real estate is quite literally on sale! There is an unprecedented opportunity to build
wealth through real estate, and I specialize in helping all investors achieve their goals.
Contact me today to learn more about investing in real estate.

RainCamp Dallas 2011 It's Begun!!!

Tue, 24 May 2011 10:28:09 -0700

It's begun!!! Here we are in Dallas and RainCamp has just started. Here is Evangelist Bob Sewart giving his opening introduction. I've already identified several people in the room that I recognize from their profile picture. Here we go. I can't wait. Hello World!!!

Equator News and Enhancements from Bank of America

Mon, 11 Apr 2011 19:08:33 -0700

I received the following email this afternoon from Bank of America and thought I would share the information with everyone here on Active Rain. Some good news here, but you still can't initate an FHA short sale through the Equator System and you still can't initiate an FHA short sale without an offer! So the only way to get an Approval to Participate in the Pre-Foreclosure Sale Process is to have an offer on the property. I called in for clarification. They do hope to add that soon!! Let's hope they do!

April Technology Enhancements Drive Changes to the Short Sale Process

Bank of America continues to improve the short sale process so agents can help homeowners avoid foreclosure. In March, fields were added to the initiation page in Equator so Bank of America can identify which short sale the homeowner qualifies for and best fits their situation. Starting in April, a series of technology enhancements are being implemented to improve the short sale process.

Integrated Technology for Deals With an Offer and Without an Offer:
Agents can now initiate a short sale in Equator prior to marketing the property. The benefits of this type of "pre-offer program" include understanding the terms of the short sale and gaining investor agreement for a list price upfront in the process. In addition, the homeowner may qualify for a cash incentive and have their deficiency waived.
Short Sale Specialist Assigned Earlier in the Process:
If a short sale is initatied with an offer, a short sale specialist will be assigned in Equator earlier in the process. If a short sale is initiated without an offer, agents should be aware that many initial steps in the process require homeowner contact to determine program eligibility. Once the appropriate short sale program has been identified, a short sale specialist will be assigned and Equator will launch the agent tasks.

Action Required:

For status updates and immediate questions, agents should continue to contact Short Sale Customer Care at 1.866.880.1232.
Agents should use Equator messaging as the primary way to communicate with their short sale specialist.
Homeowner Documentation:
Short sale specialists are able to identify earlier in the process which homeowner documents, if any, are required. Depending on the homeowner's situation, the amount of documentation required may be significantly reduced. However, the short sale process will not move forward until all required homeowner documentation is provided.

Action Required:

Agents can message their short sale specialist to clarify which documents are required.

Agents should obtain these documents and upload them to the Equator Library under Property Files as soon as possible.

Initial Offer Evaluation:
If an offer is submitted that is significantly lower than current values, the offer may be rejected and the agent will be notified in Equator. The Submit Short Sale Offer task will reopen and a new offer must be submitted.

Action Required:

Agents should renegotiate with the buyer to agree on the highest and best offer and execute the new signed contract.

In order to complete the task, all supporting documents must be updated to reflect the current offer details.

Stay tuned for future communications and educational materials related to this series of technology enhancements.

News we can all use

News from Bank of America and Equator

Mon, 11 Apr 2011 18:48:44 -0700

April Technology Enhancements Drive Changes
to the Short Sale Process

Integrated Technology for Deals With an Offer and Without an Offer:
Agents can now initiate a short sale in Equator prior to marketing the property. The benefits of this type of "pre-offer program" include understanding the terms of the short sale and gaining investor agreement for a list price upfront in the process. In addition, the homeowner may qualify for a cash incentive and have their deficiency waived.
Short Sale Specialist Assigned Earlier in the Process:
If a short sale is initatied with an offer, a short sale specialist will be assigned in Equator earlier in the process. If a short sale is initiated without an offer, agents should be aware that many initial steps in the process require homeowner contact to determine program eligibility. Once the appropriate short sale program has been identified, a short sale specialist will be assigned and Equator will launch the agent tasks.

Action Required:

For status updates and immediate questions, agents should continue to contact Short Sale Customer Care at 1.866.880.1232.
Agents should use Equator messaging as the primary way to communicate with their short sale specialist.
Homeowner Documentation:
Short sale specialists are able to identify earlier in the process which homeowner documents, if any, are required. Depending on the homeowner's situation, the amount of documentation required may be significantly reduced. However, the short sale process will not move forward until all required homeowner documentation is provided.

Action Required:

Agents can message their short sale specialist to clarify which documents are required.

Agents should obtain these documents and upload them to the Equator Library under Property Files as soon as possible.

Initial Offer Evaluation:
If an offer is submitted that is significantly lower than current values, the offer may be rejected and the agent will be notified in Equator. The Submit Short Sale Offer task will reopen and a new offer must be submitted.

Action Required:

Agents should renegotiate with the buyer to agree on the highest and best offer and execute the new signed contract.

In order to complete the task, all supporting documents must be updated to reflect the current offer details.

Stay tuned for future communications and educational materials related to this series of technology enhancements.

Courtesy and Manners for Dummies!!

Tue, 15 Mar 2011 01:19:38 -0700

Hey you!!! You know who you are!!! You made an appointment to show one of my listings. You specified a 3 hour window that you would need and my seller agreed to allow the showing on a Sunday afternoon. My seller is a young mom with 2 children under age 3 and a dog. She spent a few hours getting everything ready for your possible buyer. She dutifully followed my instructions and left the lights on, turned on some soft music, took the kids and the dog and spent her afternoon at the mall. When she came home, there was no evidence that you had been there, because you hadn't!!! To add insult to injury when I called you regarding this property you proceeded to give me bogus feedback for a property you had not entered? So, I said to you: "Let me make this easy on you, Kim Web says that you didn't enter the property, is there a reason that you didn't bother to call my seller to tell her you were not coming?" You said well "Yeah, my buyer didn't show up. I'm sorry! " Gee, how is that my seller's fault? You didn't need to apologize to me, you needed to apologize to my seller. What kind of manner's did your mamma teach you? Most of the Dummies series comes in paperback format which is too bad, because I would get more satisfaction using it to knock some sense into you.

Carol Pease - Keller Williams Realty - Real Estate Agent - Cedar Park, TX

Buyer Beware: Strategies That Get You Nowhere

NOW IS THE TIME FOR CENTRAL TEXAS INVESTORS

Top Central Texas Relocation Mistakes

As soon as you are offered a great new job or promotion – even if it’s in a new town -- your natural response is, “Absolutely, yes!” After all, you landed the opportunity because you are a go-getter -- someone who solves problems!

New Website - LeanderWeather.com

GOOD NEWS FOR SHORT SALES - MORTGAGE DEBT FORGIVENESS ACT EXTENDED ANOTHER YEAR.

Carol Pease,CRB, CRS - Finalist Austin's Platinum Top Fifty Realtors

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First Time Homebuyers: Beyond the Big Picture

FHA Short Sale with Bank of America - Problems & Changes

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Bluebonnets in Central Texas & Stryker the Search Dog

Real Estate Recovery Or Not? 2012 Predictions by the Pro's Infographic

Real Estate Recovery or Not?2012 Predictions By the Pro’s Infographic

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Rental Nation?

What’s the Problem? The Banks, Stupid!

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O Canada!

CITI SCREWS UP PFS SHORT SALE APPROVAL - REFUSES TO CORRECT ERRORS

Active Rain Helped Me Stop 2 Foreclosures - Success

BANKTWITS.COM - FOLLOW YOUR BANK!

WELLS FARGO AND EQUATOR - ARE WE REALLY VALUED??? NOT

Chase Loan Modification - CDPE outreach in Texas - Foreclosure Prevention

WEARING TWO HATS IN A SHORT SALE SITUATION

LEANDER TEXAS SHORT SALE CLOSED IN 84 DAYS WITH BANK OF AMERICA

Short sales-Frequently Asked Questions-Munson Montejano Realty

WHAT IS A Strategic Default Credit Model? Just another "Product"? Or, something more sinister? Lenders. . . . Come out, come out where ever you are!!

REAL ESTATE INVESTMENT OPPORTUNITIES IN CEDAR PARK/LEANDER/TEXAS

RainCamp Dallas 2011 It's Begun!!!

Equator News and Enhancements from Bank of America

News from Bank of America and Equator

Courtesy and Manners for Dummies!!

Real Estate Recovery or Not?
2012 Predictions By the Pro’s Infographic