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short sale: NOTHING IS NEGOTIABLE ANYMORE - 06/18/11 12:11 PM
NOTHING IS NEGOTIABLE ANYMORE
Banks have developed the policy of non-negotiable terms, such as:
Must use the banks title company Must sign multiple offer form in advance even if no other offers Must agree for buyer to turn on utilities if not on Must agree to close in 21 days, or pay $100 per diem Must not use electronic signatures Must be pre-qualified with their bank before submitting offer Now, many agents are adopting those same onerous non-negotiable requirements on their short sales, and some traditional sales.
They have the seller sign instructions for the agent to "not submit incomplete offers". … (61 comments)
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short sale: SHORT SALE BANK PROBLEMS CONTINUE - 03/10/11 11:35 AM
SHORT SALE BANK PROBLEMS CONTINUE
Short Sales take too long for many reasons, and the California Association of Realtors drafted an open letter and published in newspapers nationwide.
Thom Colby, a California Realtor, wrote:
The open letter discusses
the benefits of doing a short sale rather than a foreclosure; the inconsistencies with short sale processes at banks; the challenges of working with multiple lien holders; and the slow and/or nonexistent communication by banks and servicers to REALTORS®, homeowners, and buyers.The letter calls on regulators, elected officials, nonprofits, business organizations, companies, and individuals with a stake in California’s economic future … (2 comments)
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short sale: Short Sale Seller You may be in violation of RESPA and not know it - 02/15/11 06:07 AM
Short Sale Seller You may be in violation of RESPA and not know it!!!
Is your short sale listing agent asking you to sign a listing agreement that has language similar to this:
"Seller instructs listing agent to not present any offer that is incomplete. The listing agent's non-negotiable addendum is a required addendum and if the buyer does not submit that addendum with the offer, the offer is considered incomplete and shall not be presented to the Seller."
While it may seem that this will ease some of the stress from negotiating an offer that is "incomplete", and keep … (9 comments)
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short sale: ARIZONA TO GET $125.1 MILLION OF OBAMA'S 1.5 BILLION DOLLAR PLAN - 08/12/10 08:28 AM
ARIZONA TO GET $125.1 MILLION OF OBAMA'S 1.5 BILLION DOLLAR PLAN
Arizona ($125.1 million)
I'm not sure how this money will be appropriated or who will decide who gets the money. However, the purpose is to provide homeowners with assistance in either principal reduction, an interest rate mod, and/or an extension of the term of the loan.
It will offer help in paying off the second lien if there is one.
If one is unemployed then help may be granted to pay the mortgage payment.
$125.1 million is not a lot of money considering the number of homeowners … (4 comments)
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short sale: Short Sale Sellers | Know What Your Agent is Doing | Part 1 of 2 - 08/09/10 03:28 PM
Short Sale Sellers | Know What Your Agent is Doing | Part 1 of 2
Sellers involved in a Short Sale process in Lyons Gate, or other community in Gilbert AZ should get educated on the short sale process and know what the agent is doing.
Below are two situations I've encountered recently when my client has wanted to make an offer on a property:
Property 1.
Home listed below market value in Lyons Gate Agent claims the house in Lyons Gate can't be shown due to uncooperative tenants being evicted My clients know the house and elect … (0 comments)
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short sale: Val Vista Lakes Gilbert AZ Sub Community Runaway Bay video by Captain Bill Travis - 08/04/10 08:19 AM
Val Vista Lakes Gilbert AZ Sub Community Runaway Bay
Val Vista Lakes homes are located on both the east and west side of Val Vista Drive. Val Vista Lakes is located close to shopping, dining, and is very convenient for commuters because it's close to the highway 202.
Discovery Park is a sub community of the spectacular lake community of Val Vista Lakes, located in north central Gilbert AZ just south of Baseline.
Runaway Bay is located on the southeast corner of Val Vista Lakes bordered by Guadalupe Rd and Greenfield Rd. Runaway Bay has 63 … (4 comments)
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short sale: SHORT SALE SELLERS BEWARE | This Could Happen to You - 07/28/10 11:51 AM
SHORT SALE SELLERS BEWARE | This Could Happen to You
A listing agent has a buyer/investor negotiating with the lender to purchase the short sale listing. This is an actual situation I've just encountered. I won't identify the agent.
REALTOR REMARKS QUOTED VERBATIM
"TENANTS RIGHT, UNABLE TO SHOW, TENANT NOT COOPERATING, PENDING EVICTION, NO LOCKBOX, SHORT SALK NEGOTIATED BY 3RD PARTY. This is a short sale &; is contingent upon lender approval. Call listing agent pruioer to submitting any offers,. All offers must be accompanied by the AAR Short Sale Addendum.";
I telephoned listing agent … (11 comments)
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short sale: VAL VISTA LAKES GILBERT AZ sub community Spinnaker Bay video - 07/22/10 06:14 PM
VAL VISTA LAKES GILBERT AZ sub community Spinnaker Bay video
Spinnaker Bay is a sub community of Val Vista Lakes in Gilbert AZ. This community is not on one of the four lakes, however, the residents have access to the lake and all of the amenities in the Spectacular Val Vista Lakes Clubhouse.
Spinnaker Bay in Val Vista Lakes has a total of 85 single family homes within it's borders. It is not a gated community, and it's located off of Lakeside Drive in just about the center of Val Vista Lakes.
The western border of Spinnaker Bay … (6 comments)
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short sale: Wells Fargo Wants Fiduciary Duty From Agents? - 07/21/10 06:13 PM
Wells Fargo Wants Fiduciary Duty From Agents?
Attorney Ron Ballard wrote an article discussing a Wells Fargo Listing Addendum with this language:
“It is the listing agent’s fiduciary responsibility to present the highest and best offer to the servicer.”
I question whether this language would hold up in court.
The lender is the beneficiary and cannot sign a purchase contract. Only the mortgagor can sign a contract to sell. The contract, when signed by buyer and seller, is contingent upon lender accepting the terms. Lender can accept, negotiate, or reject. Seller can accept any offer they … (3 comments)
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short sale: Foreclosures Pending in Phoenix Metropolitan Area - 07/21/10 09:02 AM
Foreclosures Pending in Phoenix Metropolitan Area
The Phoenix area had increased the number of foreclosures up to the point where they peaked in November 2009 at 50,510 . During the past 8 months the number of foreclosures in Phoenix, of all types, has declined in June 2010 to 42,234.
It is not known why the decrease has occurred. It could be that the lenders are having more success in getting workouts with homeowners in distress, or it could be that some lenders have delayed filing the Notice of Trustee Sale. At any rate the decline in the number of foreclosures by … (0 comments)
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short sale: Under Contract in 15 days - 07/16/10 04:43 PM
Under Contract in 15 days
This beautiful home went under contract in 15 days as a Short Sale.
It is a Short Sale and is currently listed as AWC-1, which means we have a seller accepted contract being negotiated with the bank, and we will accept Back-Up offers. Only one offer will be submitted to the bank. Back-Up offers will be submitted in the order received, if the original buyer backs out.
View Various Gilbert Neighborhood Videos by Captain Bill Travis
… (2 comments)
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short sale: SIZE MATTERS - 07/10/10 10:14 AM
SIZE MATTERS
How to REDUCE Your Post Size
When in a personal conversation, I tend to listen more, think more, and talk less.
When I'm blogging I write more than I should, and have to work hard to keep my posts between 300-500 words.
My recent Short Sales Takes Patience post began as a very long 855 word post. Since I felt it important to reduce the size below 500 words I went to work.
THE PROCESS
First I went through the post to eliminate extraneous sentences. Next I went back and tied some sentences together. Then … (19 comments)
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short sale: DISCUSSING DEFICIENCY JUDGMENT WAIVER WITH LENDER - 05/11/10 10:00 AM
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short sale: NEGOTIATING COMMISSION WITH LENDERS - 05/11/10 09:48 AM
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short sale: AGENT CAN HANDLE 1099 OR DEFICIENCY ISSUES WITH LENDER? - 05/09/10 11:04 PM
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short sale: GETTING LENDER TO ACCEPT SHORT SALE PRICE - 05/09/10 10:44 PM
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short sale: SHORT SALE PACKAGE - WHAT TO TELL SELLERS TO TURN IN - 05/09/10 10:35 PM
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short sale: DISCUSSING LISTING PRICE WITH LENDER - 05/09/10 10:22 PM
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Bill Travis, Broker/Owner
Gilbert,
AZ
More about me…
Captain Bill Realty, LLC
Address: Val Vista Lakes, By Appointment Only , Gilbert , AZ, 85234
Office Phone: (480) 818-8442
Cell Phone: (480) 226-1630
Email Me
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Val Vista Lakes in Gilbert AZ is a lake community with gorgeous waterfront homes available for sale. These Val Vista Lakes Gilbert homes are located in the East Valley of the Phoenix area.
Captain Bill lives in Val Vista Lakes; and is an active member of the Val Vista Lakes community.
He writes many articles on his blog about the Val Vista Lakes waterfront community, and in addition he writes about his favorite Town of Gilbert AZ.
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