short sale: Losing your home to foreclosure - 02/07/12 11:48 PM
I was asked by my representative at the Idaho Statehouse to tell stories of hardship. The stories are real and the names have been changed:
John
I listed the home in February 2008. It is probably what drove me to my run for Congress. It made me mad enough to run. It was a short sale with Wells Fargo. John is a school teacher. He and his wife took out a second mortgage on his home. The home appraised for $30K more then the home was ever worth. Five months later, his wife left him. He didn’t know he … (7 comments)
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short sale: Contingent short sale? What is it? - 01/08/12 10:31 PM
So we know a short sale is when the seller owes more then the house is worth..... So the third party the lender needs to approve or even renegotiate the deal..... We have all seen this.....
So the short sale listing gets an offer the buyers and the sellers come to terms..... Now the package is sent to the bank... If the buyer and seller are lucky the bank has given the listing agent an idea where the house should be listed.... More likely they told the agent they wouldn't talk until the agent had an offer....
At this stage … (4 comments)
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short sale: The clients fell in love with a contigent short sale..... - 01/08/12 05:23 PM
OK .... I get the call to check out a property they found on Zillow.... I happily open up the multiple listing service and sadly realize that it is a contingent short sale... Now this is a couple living in a hotel with 2 kids and a dog.... This is not for them.. They beg me to call the listing agent... I do and she welcomes a backup offer because the other offer is low... I pull up other listing and she sends me a few others.... I hope for the best... We meet at the contingent short sale... Personally I … (2 comments)
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short sale: Rant against listing agents who dont respond to an offer..... - 10/14/11 10:07 PM
Dear listing agent.... My buyer submitted an offer $2000 higher then list price. The deadline came and went.....The house is now listed as pending and you have not let me know whether my buyer has the contract....I have to assume not but you haven't let me know....I have called you, emailed you and texted you....My buyer took the time to qualify....We signed the contract after his second shift job....We spent time writing a good contract and I let you know you had a contract.... The only good thing is that it was a short sale....I need to contact my buyer and … (8 comments)
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short sale: Foreclosures....The market.... Affordable housing.... Housing has not been this affordable since the 1960's! - 08/25/11 06:25 PM
I am reposting with permission some thought from one of my loan officers.... These are from the CEO of Sterling Savings bank.
Foreclosures: RealtyTrac data indicates that sales of homes
in foreclosure or bank owned accounted for 31% of all US
residential sales (vs. 36% in Q1 and 24% for 2010).
Interesting Thought:
Bank owned homes are now being sought after due to fact borrowers feel that they are the best priced and they won’t have to deal with a short sale. It wasn’t too long ago a bank marketing a REO didn’t want the consumer to know … (0 comments)
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short sale: Congress might vote to extend tax credit deadline for those under contract. - 06/17/10 10:51 AM
I just read in my local paper that they might extend the time to get the tax credit for people with deals in the works by 3 months. This will be very helpful for those who signed their contracts by April 30. This will allow more short-sale deals to go through. I am beginning to think that we need to be weaned off the tax credit slowly. Maybe $4000 for first time home buyers and $2500 for second time home buyers. This wold help boost the market a bit..... Any thoughts?
… (0 comments)
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short sale: I need help with a short sale with Wells Fargo and First Tenn. - 07/16/08 10:09 PM
namI have been working on a short sale with Wells Fargo and First Tenn. The first mortgage is at $187K with Wells Fargo, the second is $68K with First Tenn.... My client is now 4 months behind in payments. We had a good offer at $185 K. The Wells Fargo appraisal came back at $198K and the BPO from First Tenn. came back a month later at $190K.
Wells Fargo took 2 months to deal with the short sale and first rejected it because they felt that they were entitled to 100% of value in a declining market. The negotiator never … (2 comments)
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short sale: Wells Fargo takes 45 days to assign a negotiotor - 04/16/08 07:05 PM
I have 2 good offers for my short sale at asking price or above. One is an investor the other is a family with a pregnant woman. I submitted my paperwork on Feb 29. They acknowledge receipt on March 12. I faxed it not mailed it. The offers came in this weekend. I was pleased. They both came in low but they inched up. Now that I have offers the bank (edited to to political campaign), Wells Fargo, won't assign me a negotiator. Before they told me they couldn't assign me a negotiator until I had an offer. My client still … (25 comments)
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short sale: Another day - 04/12/08 10:11 AM
I must learn not to talk to banks within 1/2 hour of giving speeches. Talking to banks tires me out. Especially when they are uncooperative. Today the Bottle Brush home in question is going to be shown for a second time twice. Maybe we will get an offer. If the banks were not so annoying I might even feel sorry for them. Maybe an offer would get them to move. Maybe not. Today the paper reported a 37% decline in sales from the first quarter last year with a 7% drop in prices in both Ada and Canyon county. I … (3 comments)
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short sale: I think I hate Wells Fargo's loss mitigation department!!!!!! - 04/11/08 05:44 PM
I have been working on a short sale with Wells Fargo since 2/26/08. I sent the first fax with the completed short sale packet on 2/29. They didn't acknowledge receiving it until I refaxed it on 3/12. I have called weekly asking to be assigned a loss mitigation negotiator. They told me that they would not do anything until I had a offer. Catch 22 is that I won't get an offer until I have the BPO. I have had several people call me up and decide not to offer based on the fact that a BPO was not ordered. … (265 comments)
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short sale: I have an offer on my Condo listing!!!! Need advice quick!!! - 03/29/08 09:14 AM
I have an offer on my Condo listing. It is 10K lower then asking price. It is a short sale. I am debating countering on price but I sort of think I want to let the bank do that. I have only had 4 or 5 showings in 2 months. I am countering on the offer to be subject to short sale with the bank, seller and buyer agreeing to the terms. I am worried because I don't know if the bank is giving a judgment or 1099 or something in between (that is part of my negotiation with the bank). … (8 comments)
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short sale: 1073 Camelot, Boise, ID 83704!!!OPEN TODAY 2-4. Care free condo life!!!!! 2 bed, 1 bath conds 1386 sq ft. - 03/09/08 10:32 AM
Beautiful condo in Boise Idaho
JUST REDUCED!!!!!!This is a steal!!!!!! OPEN SUNDAY 2-4 PM Wonderful spacious condo with 1386 sq. ft. living space. This beautiful second floor unit has 2 bedrooms, 1 bathroom (with room for a second) and a large living/dining area with a balcony and spectacular view of the mountains and common area. This unit has lots and lots of storage, skylights, gas fireplace, gas bbq, carport with storage unit. All appliances are included. The community boasts beautiful grounds, walking paths and a community swimming pool. This is a must see condo! Buyer to verify all information. mls #98343005. … (1 comments)
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short sale: I lost all my Yahoo links today!!!! I had 114 of them yesterday!!!!! - 03/07/08 08:12 AM
I really don't get it. I have been linking and blogging. originally I did it as another form of advertising but I have learned a lot. My Google and yahoo ranking increased. Especially the Yahoo. Then it dropped.. I disappeared again. I then started rising again slowly. I was impressed. Then just as I thought I figured it out all my yahoo links and ranking went away. Now if you type Boise real estate market . I just don't appear except on msn. It's google and yahoo I need. My husband, Randall Holmes is a math professor with a edu … (4 comments)
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short sale: Has anyone worked a short sale with First Tennessee (they are handling First Horizons equity loans) - 03/03/08 02:23 PM
I need help. Has anyone worked with First Tennessee? They seem to be servicing First Horizons equity lines of credit. The short sale package seems pretty normal except for the fact that they charge the client for the BPO and they are warning us up front that they reserve the right to go after the deficiency. Anyone have any experience with this? If this is the case how willing our they to write off the deficiency? What can my clients do to protect themselves (or what can I do to protect them?). I have never seen this warning on … (7 comments)
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short sale: Just say NO to using your home as a PIGGYBANK!!! - 02/28/08 09:53 PM
I have been negotiating a lot of short sales lately. There are many unpreventable problems that lead to short sales. I can't keep you healthy, within a marriage, employed, the housing prices up. The one thing I can advise it that many problems start when they owner refinances a comfortable mortgage in order to take money out!!!! I have been involved in three sales where the owner took out money then found themselves facing difficulties due to the higher payment and some other problem.
Piggy bank House … (1 comments)
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short sale: How to do a Short Sell - 02/26/08 03:39 PM
Today I am going to a listing appointment where I expect will end up being a short sale. This has prompted me to write a short guide to short sale listing.
A customer calls you and either they know they owe more than their home is worth or you find out when you perform your market analysis. You are in Short Sale land..... Only do this if you are willing to see it through and can handle frustrating negotiations with the lender.
Now you need to ask your client some questions:
How much is owed on the property?Is the mortgage current?Is the foreclosure process … (13 comments)
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short sale: OH NO I Got behind in paperwork today!!!!! - 02/26/08 07:36 AM
I had a very good series of open houses last weekend and I woke up with a schedule on Monday that seemed doable. I had Two virtual tours to go to (I meet the photographer), 2 market analysis and 5 contacts to call from the open houses, calling USAA (for armed service members and retirees). Along with this I had to drop of a car at the body shop and deal with the fact that I am a parent.
The day started OK but everything I did took a little longer then I thought it would. I alloted 1.5 hours … (4 comments)
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short sale: 1408 Dearborn St., Caldwell ID 83605 - 02/17/08 08:12 AM
… (1 comments)
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short sale: This is the only job where you can work 60 hours a week and pay to work.... - 02/12/08 08:56 AM
Lets see my lady from Somalia might not be ready to buy a home but I am going to learn about the home ownership program for section 8 tomorrow. I am going to talk to the the section 8 homeowner specialist tomorrow and find out information about the program.
I still don't know if Neel St is going to close but I am still marketing it. The original loan officer was fired for mishandling the loan among other things. The bank manager took it over. We should hear today.
I need to help the older gentleman more. I found him a … (2 comments)
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short sale: My two current bank negotiations and I'm taking the rest of the day off!!!!!!! - 02/09/08 09:32 AM
Any advice I am currently negotiating with banks on behalf of two different clients. Both clients have good to excellent credit and up to date on their payments.
Client number 1 not my actual client.
Nice old man who is 81 years old with COPD. Needs an inhaler every time he needs to use the stairs or packs a box. He just remarried his ex-wife last December. He is an inventor who has lost $180K last year.
Problem:
He has two loans out on his walkup condo. The first is easy, it is for 76K. The second is for $108 K. … (6 comments)
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