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short sales: 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 sales: Bank Demands Buyer Non-Refundable EM Forfeited to the Bank - 02/22/11 06:39 PM
Bank Demands Buyer Non-Refundable EM Forfeited to the Bank
Et tu, Brute?
Well, the banks are now taking a lesson from all the Realtors who have been asking for non-refundable deposits from short sale buyers.
One Realtor had the language that if the buyer defaults and the earnest money is forfeited it goes to the sellers Broker to pay for work performed (not to the seller).
Today I received an email from the listing agent with a form from the bank (actually a Credit Union). The credit union demands the earnest money to be changed to non-refundable for 90 … (4 comments)
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short sales: Small World for Short Sale Specialists Jeff Dowler and Captain Bill Travis - 11/28/10 06:15 AM
Small World for Short Sale Specialists Jeff Dowler and Captain Bill Travis
In 2007 I did a lot of studying on the subject of short sales, and attended a couple of 3 day boot camps put on by a former loss mitigator. This is when only a few Realtors were doing short sales. At that time most knew nothing about them, and didn't want anything to do with them.
Late in 2007 I wrote an article for an ezine, and Remax picked it up. They apparently picked up articles written by three other Remax Realtors. From those articles they … (2 comments)
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short sales: The Wells Fargo Short Sale that Almost Wasn't - 11/27/10 11:11 AM
The Wells Fargo Short Sale that Almost Wasn't
Recently my short sale listing closed after sweating it out for a month, and having to issue a cure period notice.
Buyers agent was knowledgeble and cooperative, but his client was a bit difficult; and so was WF.
This short sale listed at $199,900 and had a $190,000 contract within a month. Later the buyer walked and we relisted at $189,900. Seller accepted a new offer at $187,000. Two months later WF responded wanting $215,000.
That price was above market, so I wrote a cover letter, with comps and statistics, supporting … (5 comments)
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short sales: BUYERS, HOW TO STRUCTURE YOUR SHORT SALE OFFER - 08/21/10 07:41 PM
BUYERS, HOW TO STRUCTURE YOUR SHORT SALE OFFER
Picture yourself as a Lender's Negotiator.
200 files on your desk Under pressure to move through these files More files added daily You pick up File Number 1
Offer is below what you can approve Below area comps Buyer asking for the moon You must read 15 repair requests, home warranty, termite treatment, 6% seller (lender) contribution, etc. You decide to view File Number 2
Offer is list price Listed at market value Clean offer; no Home Warranty or repairs requests You MUST clear files from your desk!
Which … (8 comments)
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short sales: Short Sale Sellers Know What Your Agent is Doing | Part 2 of 2 - 08/09/10 03:31 PM
Short Sale Sellers Know What Your Agent is Doing | Part 2 of 2
If you are a Seller involved in a Short Sale in Lyons Gate, or other Gilbert AZ community, become educated on the short sale process and watch what your agent is doing.
Part 1 described one situation where the short sale seller may be damaged by their agents actions.
Part 2 discusses another property.
Property 2.
Home listed slightly below market value in Lyons Gate. Telephoned agent Tuesday with questions. Voice mail said email gets quicker response. Agent never responded to email Thursday my … (2 comments)
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short sales: Val Vista Lakes Gilbert AZ mid July Report - 07/15/10 02:26 PM
Val Vista Lakes Gilbert AZ mid July Report
Val Vista Lakes is the premier lake and waterfront community in the East Valley of Phoenix. The community consists of 1976 homes, which include condo's, town houses, and single family homes, all within 24 sub-communities.
There are also 581 apartments.
Val Vista Lakes residents have access to the spectacular $10,000,000 clubhouse with it's eight championship tennis courts, man made mountain, and all the other amenities.
Currently there is a total of only 28 Homes for Sale in Val Vista Lakes There are only 2 Bank Owned Homes for Sale … (3 comments)
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short sales: Val Vista Lakes Gilbert AZ Homes for Sale Market Report June 2010 - 07/12/10 09:00 AM
Val Vista Lakes Gilbert AZ Homes for Sale Market Report June 2010
In Val Vista Lakes, the current number of homes for sale (Active) as of June 30, 2010 is 37.
There are 11 homes that are AWC-1, which means it is a Short Sale with a seller accepted contract, and the sale is being negotiated with the Lender
The home sales in Val Vista Lakes began slowly in January with 4 sales and increased monthly up to 17 in May. This acceleration could be due to the Tax Credit incentive running out, because for June there have been only … (0 comments)
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short sales: SHORT SALE BUYING TAKES PATIENCE - 07/06/10 11:04 AM
SHORT SALE BUYING TAKES PATIENCE
Home buyers today are looking for Short Sale bargain, but unfortunately, many lack patience for the Short Sale.
WHY SHORT SALE
Buyers search for Short Sales because they feel they're all bargains. Some are, however, at today's prices one may find better bargains in normal resale homes.
TIME-IS-MONEY
If buyers are renting, then each month is costing money that's going towards rent instead of a mortgage payment.
If the buyer waits three months on one home, and the bank refuse the offer, then another 3 months waiting on another, … (8 comments)
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short sales: WORKING SHORT SALES WITH INVESTORS - 05/13/10 01:40 PM
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short sales: NEGOTIATING 1099 WITH LENDER? - 05/13/10 01:39 PM
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short sales: SHORT SALE SELLERS CONFIDENTIAL INFORMATION - 05/09/10 10:27 PM
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short sales: SHORT SALE VS LOAN MODIFICATION ADVICE? - 05/09/10 10:13 PM
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short sales: Are You a Short Sale Expert - 05/09/10 10:05 PM
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short sales: Bank of America Using Equator as Primary Tool for Short Sales - 04/09/10 09:26 AM
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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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