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short sale disaster: Anatomy of a (needless) short sale decline - 03/21/11 02:11 PM
... or shall I say, how Freddie Mac (and Bank of America) is sending a house on the road to foreclosure on purpose?
Yes, I said it. I have a condo listed since November. We started high based on previous sales in the complex, and later dropped the price according to the market conditions, trends and recent sales. It was easy to show and on lockbox. Its challenge however is that its not been updated since the 1970's, it is pretty "vintage" (aka original), has some repairs needed, borders an "industrial" area and unfortunately has been smoked in. The plus … (6 comments)
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short sale disaster: Short Sales - are you in it for the right reasons? Are your clients adequately represented? - 03/29/10 01:08 PM
This has been a topic on my mind for a while. I have been 'specializing' in short sales in the last couple of years, out of necessity. But it's not what you think. It's not because of all the "get rich," "profit from short sales," and the "new commission stream" emails I get from all the companies pitching their programs, certifications and products related to short sales - I got into this segment because the CLIENTS truly deserve someone who not only cares and is educated, but who is doing it for purely the right reasons.
I can't advise clients … (1 comments)
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short sale disaster: Got Denial? Countrywide sends out 19,000 short sale denial letters "in error" - 03/03/09 10:37 AM
Yup, they did. 19,000 denial letters in error.
I thought it was strange when one client got a denial letter a MONTH AFTER we closed escrow! Of course I got worried they used some fine print and denied it after close, refused funds and refused to reconvey. But then, another client got the letter dated the same date, and then another... so what's up?
Countrywide admits over 19,000 denial letters were sent out in error.
How does such a thing happen? Is there a single "button" one pushes to deny over 19,000 customers the help they are desperate to receive. Heck, … (8 comments)
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short sale disaster: Countrywide: Technical Difficulties? All Day? Sure.... - 01/29/09 01:22 PM
You know, when you want to call a company and register a complaint, most legit companies have a mechanism to do that. Well I've been trying to call Countrywide all day. At every number I can find for their "complaint" line, it eventually ends me up to a recording saying they can't help me right now, call later (technical difficulties). The recording has been saying that all day long.
Do Federal Lawmakers know this? Should we (collectively as an industry) make a complaint to the Office of Thrift Supervision? The FDIC? Who? Who really looks into company complaints these days? Anyone? Or is just … (6 comments)
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short sale disaster: Buyers Agents: JUST STOP being so flakey! - 10/29/08 05:19 PM
This is a post a long time in coming. I'm tired of flakey agents. Let me explain. (and as an addition here since I'm already getting complaints - I realize fully that the BANKS are the ones pushing into these impossible situations - believe me, I know that)
I do a lot of short sale listings. We receive an offer, say from your buyer. We work in good faith with you to get your buyer's offer accepted. Per our MLS rules, we have to take the house off the active market and change the status to "pending, subject to lender approval." … (17 comments)
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short sale disaster: Short Sale w/ CitiMortgage - need an escalation - 10/17/08 12:16 PM
I have a phone to my ear. I've literally been on hold with Citi's short sale dept for over 40 minutes this morning. I need to find a way to escalate beyond the negotiator on the file. Here's the situation. They approved the short sale. BUT, buyer's appraiser could not appraise it at the purchase price. So Citi sent out another BPO agent. Who still came in with a higher value (10%) than appraisal. Well the problem there is that the appraiser took a declining market adjustment. He made a more than 3% per month adjustment on each comp used. I … (11 comments)
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Catherine Myers, Walnut Creek, CA Real Estate
Walnut Creek,
CA
More about me…
Windermere Bay Area Properties
Address: 1981 No Broadway, Suite 120, Walnut Creek, CA, 94596
Cell Phone: (925) 683-2125
Email Me
Real estate news, home for sale listings and market updates. Short sale listings, foreclosure and REO information. Contra Costa County. Specializing in Contra Costa relocation near and far.
Contact me at 925-683-2125 or at www.DiabloValley.net Get great free widgets at Widgetbox!
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