short sales: FTC aims to stop Idaho short sale and loan modificaton scams - 05/16/11 09:32 AM
A new rule created by the FTC to protect Idaho homeowners from mortgage debt relief scams may have an impact on real estate professionals helping clients with short sales.
In a nutshell the rule bans all upfront fees for renegotiating mortgage terms and mandates some disclosures are made to consumers if a short sale is negotiated with a lender for Idaho homeowners or when advertising short sale experience.
Companies or real estate agents advertising help with short sales are now required to include the following...Read more about the new short sales rule.
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short sales: 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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short sales: 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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short sales: 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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short sales: 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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short sales: Beautiful Meridian Home in the Red Feather subdivision - 4158 Race Street - 09/20/09 08:51 PM
Lots of upgrades in this beautiful Meridian, ID home located in the Red Feather subdivison 4158 E Race Street MLS # 98405967
Space for everyone in this 4-bedroom home with 2 living rooms, a formal dining area, a kitchen with a breakfast bar, and desirable dual vanities in the master bathroom. Granite counters and vaulted ceilings throughout, along with hardwood floors and plant shelves. Extended back patio and the shed stays!
Well-maintained and recently built home in desirable Red Feather Subdivision - within walking distance to all the shopping and restaurants at Eagle/Ustick and seconds from everything in Boise & Meridian!
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short sales: 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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short sales: BPO Agents, you're playing with lives here. Is it worth it to destroy a family by cutting corners? - 06/18/09 01:09 PM
I was talking with my good friend Janna in Northern Idaho about short sales. She's been fantastic about calling and asking questions and seeking out advice on the steps to take in the short sale process. I do my best to answer her questions from my experience and knowledge of the process.
We started talking about BPO (Broker price opinion) agents as I was gripping about the last two being way off and having to negotiate with the lender to get them to be realistic. Something she said confirmed what I had expected for a while now. She had been doing … (10 comments)
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short sales: Lenders being pro-active on short sales - I can't belive it. - 05/25/09 04:41 PM
Has anyone noticed a changing of the tide in the short sale process?
I've received two calls this weekend from lenders on short sale packages. One was Wells Fargo giving me a courtesy call letting me know they had received the short sale package and that I had been assigned a negotiator. The other was from a lender that I've never dealt with before called Quantum Servicing. He's actually called me multiple times to see how things were progressing and wanted to know when to expect the short sale package. Title can't move fast enough for this guy.
I don't know … (15 comments)
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short sales: Administrations has new plans to streamline short sales - 05/14/09 11:55 AM
It's about time! The new housing plan to is now set to expand to include a streamlining of the short sale process. I've been saying it for a while not that I believe short sales are still the most viable option for troubled homeowners to avoid foreclosures.
While some say the new plan has helped 55,000 achieve loan modifications that's not near enough to make a dent in the foreclosure crisis. Numbers reported yesterday show 1 in 374 households in the US are in some state of of foreclosure.
Troubled homeowners should contact their lender and they should also contact a … (2 comments)
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short sales: Short Sale Flippers - It doesn't work and the Guru's know it - 05/13/09 11:37 AM
I've looked at the systems. Debated it with the gurus and the practitioners and ultimately common sense, common logic, and the numbers prove it. Short sale flipping and the get rich quick schemes that are running wild out there don't work.
They're not ethical, some aren't legal, and if there were real money in it why would they be selling they system to you. At best in a short sale flip you might have a 50/50 chance. Want a better success rate, I'll tell you how.
Stop trying to make a quick buck, actually grow a heart, and go out and … (2 comments)
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short sales: Short Sale "Flippers" - Help or Hindrance? - 05/12/09 09:32 PM
Short sales are a big part of our market in the Boise area. With that comes the "flippers." Now some of them do it legally although whether or not it's ethical depends on your own moral fiber. I personally don't agree with it. Especially when they're tying up the seller.
The biggest loser in this game is the troubled homeowner who is only trying to avoid foreclosure. What I'm seeing is these guying tying up the seller listing the property and then plugging up the system because lenders are tired of dealing with them.
I had one agent respond recently after … (6 comments)
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short sales: Forclosures - While banks are waiting for a bailout, short sales may be the best answer for Idaho homeowners - 03/26/09 08:45 PM
There are apparently a large amount of foreclosures looming on the horizon. Deemed 'shadow' foreclosures that banks are holding while waiting to see if they're going to get a bailout.
The estimates according to RealtyTrac are between 600,000 to 700,000 residential properties and pose a significant threat to the housing recovery.
Read the full article: 'Shadow' Supply Of Foreclosures May Delay Housing's Recovery
Professionals are having trouble getting loans modified and the number of foreclosures according to this article may be set to rise again. As I've been saying for months that the drop in the number of foreclosures reported was … (2 comments)
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short sales: Making Home Affordable Plan - Help For Idaho Homeowners - 03/20/09 09:22 AM
A new website has been launched to answer questions about the new plan to help struggling homeowners. Idaho homeowners having trouble paying their mortgage or refinancing should visit:
MakingHomeAffordable.gov
I've reviewed the site and I think this should be one of the first steps any Idaho homeowner faced with the prospect of losing their home. If after visiting this site you still have questions or keeping your home is just not going to be possible there is still help available.
You can visit HopeForIdaho.com for information on foreclosures and short sales and in most cases services to at risk Idaho … (0 comments)
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short sales: Bailout - Why you might want to pay your neighbors mortgage - 03/08/09 11:08 PM
The new bailout package has a lot of homeowners who are paying their mortgage on time every month wondering what's the point. Let's face it the thought of paying your neighbors mortgage too is not all that appealing. If you don't qualify for the bailout you're probably wondering what's in it for you?
The answer is even if you pay your mortgage on time foreclosures hurt every homeowner. Some studies have shown that foreclosures can drop the value of surrounding properties by as much as 9%. While it may not be fair the foreclosure crisis is erasing any equity gains … (3 comments)
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short sales: Loss Mitigation Fees - If you're charging them, you better be disclosing them. - 03/05/09 03:32 PM
There are so many "short sale" gurus running around out there right now I've lost count. The latest red flag I caught was agents being told to pay themselves a loss mitigation fee to get a little something extra out of the bank.
Now that's not technically illegal. As a matter of fact there are supposed to be some valid loss mitigation companies out there. I have yet to find one but I haven't really ever looked into it. I tend to be of the opinion that I'm here to serve my clients best interest so I negotiate my own … (4 comments)
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short sales: Here's a good article for new comers to the short sale and foreclosure battle lines - 03/04/09 12:27 PM
There's not shortage of short sale and foreclosure information floating around out there. From guru's promising unlimited riches with little effort to the same old crusty behind the times regurgitation that's been around forever.
I found this article "Short Sales: The New Wild West" on Realtor.org and I thought it was pretty good and pretty timely. Now before any of you who might be Old Hands (By the way consider yourself warned, the short sale process will age you rapidly) at short sales and REO's already chime in about already knowing this remember there are still agents who have been fortunate enough … (3 comments)
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short sales: Helping Homeowners understand short sales and avoid foreclosures - 03/01/09 09:33 PM
HopeForIdaho.com is a success! Less than a month after it's launch HopeForIdaho.com is already helping troubled Idaho homeowners.
Since inception HopeForIdaho.com has been helping Idaho homeowners avoid foreclosures.
Homeowners are getting informed, getting help, and avoiding foreclosures through free consultations provided by industry professionals who understand the foreclosure and short sale process and can help you decide your best options..
Just added are some great new short sale pages:
Learn what a short sale is and why a lender will take one Learn the keys to successful short sales If you're facing foreclosure there is help visit … (0 comments)
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short sales: Short Sale Opportunity in Hobble Creek - Boise, ID - 02/20/09 11:18 PM
Grab this Beautiful Home at a bargain price 5987 N Applebrook To view more images and get further details Click Here Beautiful home in a park like setting with mature landscaping that lends to your privacy. This single level home sits on over a quarter acre in the prestigious Hobble Creek subdivision.
Features include many custom appointments from the upgraded millwork and hardwood flooring all the way down to the custom pulls on the cabinetry.
Call today for your Private Showing!
Visit Brian online at www.BrianBrumpton.com
Search the MLS, See featured listings, and get free information on … (0 comments)
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short sales: Beautiful Custom Home in Bridge Tower Subdivision - Meridian, ID Short Sale - 02/20/09 09:38 PM
Beautiful Custom Home! - Short Sale 2626 W Los Flores MLS # 98391784
See more pictures at www.BrianBrumpton.com.
No expense was spared in the construction of this beautiful custom home.
This home sits on nearly a 1/4 acre lot in the exclusive Bridge Tower subdivision. Luxury appointments abound including the finest kitchen cabinets, mill work, solid core doors, hardwood flooring and custom lighting controls.
More amenities than can be listed here make this home a must see. Call for a private showing.
This is a short sale and final approval from the lender is required. … (1 comments)
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