foreclosure: Dealing with a the big bad BPO in a short sale. - 01/24/10 09:19 PM
Do enough short sales and you're likely to get burned by a BPO agent or two. The majority of agents I run into doing these are not what I'd call qualified to give market values in the first place. The first issue is it stands for Broker's Price Opinion. If you're an agent, Idaho State law says you're not supposed to be doing them anyway. The problem, it's not being enforced.
So how do you handle a bad BPO
Here's a couple things that might make sense depending on how far you want to take it.
1. If your laws are the same you could … (6 comments)
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foreclosure: Writing multiple offers on short sales in Idaho, what the law states - 01/08/10 08:05 AM
Writing multiple offers on short sales in Idaho, what the law states. Distressed properties have become such a large part of our market in Boise, Idaho that you almost can't turn around without bumping into a short sale or foreclosure. With that comes a whole new list difficulties in how to deal with them ethically and legally.
It seems to have become a standard practice of Idaho short sale buyers to put in multiple offers on short sale properties and close on the one that gets approved the fastest. A proverbial throwing at the wall to see what sticks if you will. … (10 comments)
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foreclosure: Short sales as a financial strategy not a necessity - 12/18/09 05:41 PM
Short sales as a financial strategy not a necessity -
A question I've been pondering lately, what do you do with a short sale client that is using it more as a means of financial planning than out of necessity?
I end up dealing with both and I wonder what approach are you supposed to take with someone in this scenario. That being, a client comes to you requesting help for them to perform a short sale even though they technically have the income or assets to cover the loss they are taking on the real estate investment.
Do you take … (16 comments)
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foreclosure: A long over due than you to my friend Janna - 12/06/09 10:04 PM
It's long over due but I still feel I need to say than you to my friend Janna for helping out a client I referred to her months ago. When the client called me and told me about her situation my heart sank. It was a nasty investment scheme that had her headed into foreclosure.
I told her I would put her in touch with someone who could help her out in the local market area. Not one to just hand out referrals to anyone I asked around but in the end decided I would go with who I felt had … (3 comments)
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foreclosure: If the listing agent will do it for you, they'll probably do it to you. - 11/17/09 04:07 PM
I was recently asked by an agent if they could outbid my current offer on a short sale that had been submitted to the bank.
The agent got very huffy with me when I explained that I was only going to submit one offer at a time to the lender and that it wouldn't be fair to the current buyers for me to simply let them be out bid after patiently waiting for me to get a short sale approved.
His reply was "You're not going to submit it to the lender even though the law requires you to present all … (16 comments)
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foreclosure: Idaho short sales and foreclosures - Common myths about Idaho foreclosure - 11/15/09 09:49 PM
There's a lot of information surrounding foreclosure in Idaho. Separating fact from fiction is not always so easy. We created a site dedicated to helping Idaho homeowners understand the foreclosure and short sale process in Idaho.
Start here with common myths about foreclosure in Idaho
For more inforamtion about short sales and foreclosures in Idaho visit www.HopeForIdaho.com.
… (1 comments)
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foreclosure: Idaho short sales - 7 Mistakes to Avoid in Pre-Foreclosure - 11/15/09 09:36 PM
Idaho short sales - 7 Mistakes to Avoid in Pre-Foreclosure
For Idaho homeowners at risk of losing there homes to foreclosure, a short sale can be a win-win for both owner and lender. There are, however, some common pitfalls that can be detrimental to avoiding foreclosure in Idaho.
Here are seven mistakes to avoid:
1. Waiting too long to do something.
2. Choosing to spend thousands of dollars to have an attorney file bankruptcy assuming it will make a foreclosure go away.
3. Choosing to sign away your Deed to your home to a third party and to give your home … (2 comments)
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foreclosure: Idaho short sales - 6 Keys to successful short sales in Idaho - 11/15/09 09:19 PM
Idaho short sales - 6 Keys to successful short sales in Idaho
As a listing agent handling a fair amount of short sales in Boise, Idaho, these general guidelines tend to increase the likelihood of your short sale success:
Only accept realistic short sale offers. Work with a qualified short sale agent to negotiate with the lender on your behalf. Avoid inexperienced agents and scams. Save time, hire the right person to represent you the first time. Maintain the home and make it as appealing as possible to potential buyers. Be proactive in doing your part of the short sale process. … (0 comments)
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foreclosure: Not even the federal government can get loan servicers to act - 11/10/09 03:54 PM
I had to share this. For all of us frustrated by non responsive loan servicers you're not alone.
In the The Daily Real Estate News email from Realtor Magazine there was an article published by Alan Zibel with The Associated Press stating economists have concluded that the goals set by the Obama administration to help 3-4 million troubled homeowners is not going to be possible.
"Federal officials say they are doing their best and blame loan servicers for dragging their feet." (Zibel, November 10, 2009)
My question is, if the federal government can't get loan servicers to act, who can?
As … (9 comments)
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foreclosure: Banks don't want to foreclose, or maybe they do - 11/06/09 02:55 PM
First and foremost, I'm a big proponent of short sales. Done right, short sales can be a win-win for everyone involved. The lender lowers their loss, the seller avoids foreclosure, and the buyer gets a great deal.
So this is one that left me scratching my head and if anyone would like to explain please chime in.
The story goes:
I had a property listed and after some time on market we eventually settled ended up at $129,000. How did I get to this price? Well after the first offer went south the negotiator advised me to lower it to that … (15 comments)
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foreclosure: Idaho loan modification help - Knowing which offers to help are legitmate. - 10/25/09 08:25 PM
Idaho homeowners behind on the mortgage should exercise caution when reviewing offers to help. Knowing which offers of help are legitimate and which are designed to take your money, could save you thousands of dollars, and your home.
When faced with prospect of foreclosure in Idaho a loan modification may be an option. Chances are your bank is not going to offer this willingly. I encourage homeowners to contact their lenders directly. In fact paying someone to do a loan modification in Idaho won't give you any more chance of success.
Loan modification letters that various companies are sending Idaho homeowners … (0 comments)
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foreclosure: VA Compromise Sales - A guide for Idaho homeowners facing foreclosure with VA loans - 10/25/09 08:04 PM
VA compromise sale - A guide for Idaho homeowners facing foreclosure with VA loans Is a VA compromise sale in Idaho the same as short sale?
Yes and no.
Yes, it is like a short sale in that the proceeds from the sales will not cover the balance owed.
No, in that there is a standard process to follow in order to obtain approval for the VA compromise sale, and they can usually be accomplished much faster than your standard short sale.
VA compromise sales in Idaho have very specific requirements and you will want to work with a real estate … (0 comments)
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foreclosure: Timothy Geitnar a victim of his own failed attempts to fix the housing market - 09/29/09 04:24 PM
It's hard to believe that a guy who's in charge of correcting our housing market woes can't even get out of his own way. It's so unbelievably sad that it's actually become comical and Jon Stewart and the folks at The Daily Show have capitalized on it.
It makes for a good laugh:
… (7 comments)
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foreclosure: Is The FDIC Killing Short Sales? - 09/29/09 11:54 AM
I only like to re-blog posts that I think are timely, important, and need to be shared beyond the reach of the original blog.
Bob has written a few of such posts that would be very beneficial for people to read. I would reccomend following the links he put in this blog and educating yourself about what he has stated here. It's very concerning.
Via Bob Hertzog (Summit Home Consultants):
Is The FDIC Killing Short Sales?
As some of you already know, I blogged recently about being interviewed recently by our local NBC news affiliate. To read the blog, click here. Basically, IndyMac … (2 comments)
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foreclosure: Short Sales - know when to hold 'em and when to fold 'em - 09/20/09 10:01 PM
Short sales are can be difficult and time consuming and that's when they go well. While some banks have gotten better some are worse than ever. In my area short sales have become such a prevalent part of our market you really have two choices, work them, or go find something to do besides real estate.
That being said, you can quickly ramp up to capacity working short sales. Once you've reached that point, you really need to start qualifying your short sale clients so you're not stuck with a bunch of listings with little chance of them going anywhere.
This … (2 comments)
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foreclosure: Possible ban on upfront fees for loan modifications coming - 09/17/09 04:13 PM
There's no shortage of companies promising to save troubled homeowners from foreclosure through loan modifications. Many of them charging an upfront fee ranging from 1000-3000 dollars. Once the fee is paid they do little or nothing at all on the loan modification.
Now the government is considering banning companies from charging upfront loan modification fees altogether.
In my opinion they should have done this a long time ago. It would have saved troubled homeowners asking for loan modifications a lot of trouble and despair.
It's hard to know in a time of desperation what you should do. It makes it … (2 comments)
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foreclosure: Your seller was mean to me when I showed up unannounced! - 09/08/09 06:41 PM
I got a call from an upset potential buyer this weekend who happened to see my sign at a property out in the country and took it upon himself to head down the driveway and announce to the owner that he wanted to see the house.
I wasn't there so I don't know what exchange took place but according to him the owner refused to show him the house, and asked that he leave. He also said there were some expletives exchanged.
Now I'm not condoning the seller's behavior if he was a bit gruff with a potential buyer. He may … (10 comments)
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foreclosure: Will the lender pursue a defeciency on my short sale in Idaho? - 09/01/09 11:32 AM
I recently received this question from a concerned homeowner in Idaho who had recently completed a short sale on their Idaho home in Canyon county:
Q: Just completed a short sale on our home in Canyon Co. Trying to get some specific answer as to when/if we might see a "Release of Liability" from the mortgage co. Some people have said we will see it at closing, some said we will need to keep looking behind us for the next couple of years.....some have said we will see it by the end of the year with a 1099. Any specific … (3 comments)
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foreclosure: Loan modifications, great in theory but lenders still need some practice - 08/26/09 05:29 PM
Do loan modifications work? The short answer is yes and no. A better questions is what kind of loan modifications work and that's an easy one to answer. Loan modifications that reduce a borrower's monthly payments far and away are more successful than any others.
You might be asking "don't all loan modifications reduce payment?" Nope, the overwhelming majority of loan modifications performed by lenders in a report by the Office of the Comptroller of currency and Office of Thrift either left the payments the same or increased them.
Yep, 32% of loan modifications actually increased the borrowers payments. Only 29% … (3 comments)
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foreclosure: The latest tactic I'm running into from lenders trying to cut my commission - 07/13/09 05:15 PM
What is the deal with lenders cutting your commissions because you and the selling agent are in the same office? This is a joke! I've had two lenders Chase and Homeq pull this on me in the last week.
My cost of doing business don't change Mr. Lender. Nor does the split I have to pay to my broker. Neither does the split the selling agent has to pay.
Just to be clear the stance you want me to take is that I'm better off selling homes to people who are not in my office?
Congratulations, you've now just alienated approximately … (19 comments)
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