banks: Congressional help on a "PROBLEM" Short Sale! - 05/19/12 09:51 PM
Using Congressional help on a "PROBLEM" Short Sale! It never hurts to try!
Using your Congressional influence to get a bank to listen to you and help your homeowner is not a bad idea. In fact, it is one of the best ones I've heard lately. Taking the Congressional Route can be a powerful tool although there is still no real guarantees - but it just never hurt to try!
Some banks do not want any type of attention brought to them and by having your local Congressional representative's office contact them and know what they are talking about from a … (2 comments)
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banks: Subscribe to my Active Rain Blog.... a good place to park! - 01/12/11 11:21 PM
When you this sign what do you think it means? I mean what do you do? Do you ignore it? Or do you click on it and do as it ask?
This widget is asking you to subscribe to my blog. But why? Well I do a lot of blogging on valuable real estate information that I share through blogging. Some would ask why do you share information when you too is in the real estate business? I share because I learn as I share. I share because I get so much valuable information from other real estate professionals and it … (0 comments)
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banks: Short Sale Success Stories should be popping up all over ....in 2010 - 01/22/10 11:58 PM
This year promises to be the year of the short sale. Short sales should increase this year. Due to the HAFA program that will be the fall-back from the HAMP program dropouts and those that do not qualify for the HAMP program for whatever the reason.
Some of problems that will help to increase short sales this year:
- Large REO/Foreclosure Inventory - End of Neg ARMS (...AB 260) - Backlash on Failed programs - Pressure for Bankruptcy Relief & - Court Intervention - 3rd Party short sale companies - Equator system that now includes - Short Sale - Bank of America … (4 comments)
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banks: and sometimes banks do foreclosure anyway! - 01/20/10 02:16 AM
hate to be the bearer of bad news, but this is true - banks are still foreclosing. They will foreclose even when you have a short sale request on the table. You can do all you can to get a short sale approval and still not know what the deciding factors are that caused the bank to turn it down. It is like playing soccer or basketball with the ball and not knowing where it is or if someone is going to go get one for you to play the game!
But... I will say that I have a little more … (2 comments)
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banks: Is more rehabing in mass numbers....just around the corner? - 01/17/10 08:10 PM
Is more rehabing just around the corner? With the FHA 90-day flip rule being lifted - will this encourage banks to spend some money on foreclosed properties that are bad condition and won't pass FHA's minimium requirements - to do the needed repairs upfront so the property can go FHA?
Rehabing foreclosed homes could help stablize the overall values of neighborhoods and adjourning properties by mimimizing the deep discounts given to all cash buyers.
I am talking about rehabing upfront - without having to go through the buyer wondering if the bank will approve the repair request -- even if it … (4 comments)
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banks: Incomplete, incorrect, not current, not acceptable VS no communication, poor procedures and do not care! (Homeowners VS Bank) HAMP program - 12/10/09 09:23 PM
Sometimes you have to look at the negative side or affect of something to get ideas on how to improve the situation. A question comes to mind "how do you turn a negative into a positive?
Here are the negatives that the banks are saying is the reason why the HAMP program is nto working as it was planned. Is the mud slinging or is it truth? Is there some truth on both sides?
Incomplete, Incorrect, Not current, not acceptable The HAMP program is no different - it is subject to flaws. The HAMP (Loan Modification) program was introduced a few … (21 comments)
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banks: Buyers: What is the R E A L "Effective Date" - a frequently asked question.....for REOs - 11/27/09 07:04 PM
A frequently asked question.... When is the effective date of this REO/bank owned contract?
Sometimes it is not clear to all what the "effective date" is --- Especially when dealing with (foreclosures) -bank owned properties / and more popular Fannie Mae/ Freddie Mac: There can be many reasons for this delay: Fannie Mae calls it QC and man does it take a long time.
Is it the date the buyer signs or Is it the date the bank signs or Is it the date the bank gets it to the Buyer's agent? The effective date is the date the addendum is signed … (2 comments)
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banks: Bank Owned Properties/REOs: Multiple Pre-Approvals... ~ Buyers you may have to get pre-approved by more than one lender - after all! - 11/06/09 01:08 PM
I've been so busy working on the listing side, I have not been noticing the variety of Agent Confidential remarks that are popping up on the listings these days.
This one is one that is becoming more popular and annoying:
Buyer must be pre-approved with the "seller's sponsored mortgage company" - not required to use this lender, can use your own. This requirement can delay a buyer from putting in an offer in time to be considered, the way properties are moving into Pending these days! While the buyer is trying to get in touch with the bank's sponsored Mortgage consultant, … (8 comments)
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banks: Tell it like it is! Short Sale --does not always mean SHORT! or is 60+ days plus SHORT? - 08/22/09 08:29 PM
This is for buyer agents - please tell your buyers how short sale are. Ask them if they have the time to wait on the bank to decide if they are going to either approve, counter or deny a short sale request. If they tell you they are looking for something with the next 30-60 days, advise them that a short sale just might be a little longer than that. Now if it turns out that this bank works faster --- all should be happy. But do not assume this will be the case.
Banks are taking and will tell you if … (3 comments)
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banks: Sitting on Inventory won't "fix-it"? But sitting in your chairs, releasing the flock of foreclosed properties might be a good start.... - 06/01/09 07:57 AM
This is the million or is it billion of dollars - question or ponder! Are the banks sitting on Rock Bottom or is it just Excess Inventory? And what is sitting on inventory doing to help? Will they let the previous buyers buy back their own properties? Will they rent out the properties? Or will they just let them sit, sit, and be torn up by either the elements or stressed out people? Who knows?
Is the foreclosure / market situation kinda like...... if instead of a continual 40 days of rain - back during Noah's days, if God had decided … (8 comments)
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banks: What are your frustrations with Short Sales? Let's start the list.... - 05/26/09 04:02 AM
I believe someone is listening! So let's give them THE LIST...
GOOD NEWS: According to the U.S. Treasury update for 5/25/09, there is going to be some changes made to the Short Sale process for banks to follow - (can you believe.....Standards?). The new changes are sited to help distressed homeowners avoid foreclosure by streamlining the short sale process! Yes, this is true. Although they do not have it concluded that all banks are doing it yet... Bank of America has joined the band wagon and OMG I pray they all step up to the plate.
The main problem is -- I … (3 comments)
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banks: Sneak peak: From Banks' Training Manual -- Chapter 5: Phone Answering... "just pick up the phone and do the best you can"! - 05/22/09 04:24 AM
OK... I think I have it now! What must be the easiest job going right now is customer service at the banks. When you call the banks for questions on the short sale process or what the status of your short sale process you get the "strip" read to you and without phase or thought.
You get asked...
What is the loan number What is the priminary borrower's social What is borrower's name Who you are? What company do you work for What is the property address What is the borrower's phone number And "what can you help you with"? --- … (0 comments)
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banks: Are the banks 5 cents to 10 cents (nickle and dime)or what? - 05/20/09 12:33 AM
Have you noticed that the banks are getting down to the nickle and dimes by countering back for small amounts and standing firm when they should accept the offer and move on to escrow?
Why is that?
Why is it that the bank know from the start they listed a little higher than what the property is really comping out to, but then they get real hard nose when it is a "close bid" they will not give in. I have had them lose the sale, a quick sale and it is only $5000 difference. Then the sit on the market … (10 comments)
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banks: New Uniform for Fannie & Freddie (for Appraisals)..... who will benefit - and at what impact? - 05/01/09 12:01 AM
Happy May 1st .... what changes do we know about for this month?
Effective May 1st - Fannie & Freddie will go uniform on the appraisal process for CONVENTIONAL LOANS. This change affects only the conventional loan transactions. It appears to me that this is a way to push borrowers/buyers into using the FHA, VA, Basically here are the changes I have heard about the new HVCC process:
Big banks will pull appraisers from a pool that could mean that the appraisers are out of area (could be 50 miles or more). Appraisers getting the assignments will probably be less qualified … (0 comments)
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banks: Are bank negotiators ...accidently on purpose - using unfair tactics to delay the process? - 04/28/09 02:54 AM
Just when you thought you knew all you could about Short Sales and nothing else would surprise you .... you find out that there is a few more things that will throw you off course and tick you off!
While working with W A W U...*&^%$ - I experienced a deliberate delay of reviewing/negotiating a request for short sale approval. Probably one of the oldest tricks in the book --- and why didn't anyone tell me?
I followed their procedures to the "t". I Sent in the complete package with an offer that at list price: complete package - including:
Purchase … (3 comments)
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banks: As is simply means "as is" or is it that simple? - 04/11/09 12:51 AM
Agents, I just wonder if you are explaining to your buyers what "as is" really mean or are you letting them tell you how they are going to get it?
Offerrs come in with written notice on it that the buyer understands what "as is" is and they are buying this property in as is condition. They sometimes bid high and then come up with a laundry list of "repairs" and ask for a credit for the repairs! And as we know most buyer inspectors do not miss reporting anything... and sometimes will over state the damages because they are working … (10 comments)
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banks: By popular demand...Money talks.... and what walks? - 05/14/08 01:56 AM
As some of you know, I have contributed much to the Short Sale search engine. Then I went off and took up a "new trade".... REOs.
REOs are very interesting in that they seem to take up more of your time, they have a lot of little "tasks" that must be done on almost a 2 to 3 times a week basis and they require much marketing (of which is the part of the business I love). Then there's the frustration of jumping to the Asset Manager's music -- and its funny because you don't hear no music playing - most … (9 comments)
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banks: What do you know about this bank? - 04/27/08 09:10 PM
This is the most common question I get from both agents and buyers. The other questions I get are: Are there any offers on the property and do you think the bank will take a cash offer (and those offers are usually very low but they are quick close and cash). This post is about the question: What do you know about this bank? The answer: In a word "nothing".
The important factor here is that I do not deal with direct with the bank. I deal with the asset manager for the asset management team that is in charge of selling this property for … (6 comments)
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