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bank of america short sales: Bank of America is No Longer Outsourcing HAFA Short Sales With an Offer - 12/01/11 05:15 PM
Be still my heart. I can barely stand it. I just received the news from Bank of America, and I need smelling salts. I almost passed out on my desk. All of my prayers have been answered. OK, I haven't really been praying to anybody, but I have been yelping a lot about how horrible the HAFA short sales have been with Bank of America third-party vendors.
Now, Bank of America has made a change. Effective December 1, which is today, Bank of America will no longer outsource its HAFA short sales when they are opened in Equator with an offer. … (13 comments)
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bank of america short sales: If You're Having Trouble with a Bank of America Short Sale, You're Working With the Wrong Agent - 11/23/11 10:57 AM
Just because I have a fondness in my heart for doing Bank of America short sales does not mean I favor the bank over my sellers. Sometimes, sellers don't know which side their Sacramento short sale agent is on. But I can assure you that I am looking out for my seller. I do not work for Bank of America. Bank of America does not pay my commission. The seller pays the commission in a short sale.
Oh, sure, you'll see agents advertising that all of their services are free to the homeowner. That's a big fat lie and those agents … (5 comments)
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bank of america short sales: How AMS Avoids Approving Bank of America Short Sales and a New Short Sale in Anatolia - 09/22/11 10:17 AM
I received two short sale approval letters yesterday. These were both preapproved HAFA short sales that Bank of America had farmed out to AMS Loan Servicing. They were approved for HAFA in June, sold in June and sat at AMS since then. The way they were handled seemed as though the negotiators would open the file and try to figure out what they could do to stop from having to work on it.
If they could ask for a tiny revision, they could close the file. That would free up their time so they go back to Facebook to chat with … (4 comments)
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bank of america short sales: I Love Bank of America Short Sales So Much That I Bought BAC Stock - 06/17/11 10:04 AM
I suspect you guys are thinking the title of my blog this morning is a punchline, but it's not. I really did throw a big chunk of loose change into Bank of America stock. That's how much I love Bank of America and closing Bank of America short sales. Believe it. It's true. As a Sacramento short sale agent, I close a lot of Bank of America short sales.
In fact, I have begun to get my clients preapproved in advance. I haven't actually had the pleasure of doing a Cooperative Short Sale yet because all of those clients have qualified … (15 comments)
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bank of america short sales: About Lawyers and Short Sales and a Condo in Rancho Cordova for $52,000 - 04/16/11 10:52 AM
Some of my clients hire lawyers to negotiate their short sales in Sacramento. Do you need a lawyer for a short sale? Sometimes. Well, you should always get legal advice no matter what but some situations call for legal representation on the negotiation side. For example, there are certain situations in which a seller might have assets to protect or require a waiver against a deficiency judgment. Some releases of personal liability can be difficult to obtain without legal assistance.
But if a client calls and asks me, I'll always give the straight scoop. I can tell by asking a few … (6 comments)
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bank of america short sales: Who Pays the Fees the Short Sale Bank Won't Pay? - 03/29/11 10:31 AM
An agent emailed yesterday to ask why a particular bank made an adjustment to the fees in its short sale approval letter. He reiterated what a good, good agent he had been. Why, he had done everything expected of him. He had sent a promise to not write any other offers, he had his buyer deposit funds into escrow -- he complied with each and every stipulation. Not to mention, he had waited all of some 33 days for approval -- which must have been like sheer torture to him. Why was he being punished now? Why was the bank doing … (10 comments)
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bank of america short sales: A Dual Agency Discussion About a Bank of America Short Sale Closing in Sacramento - 03/02/11 11:06 AM
Trying to figure out what price tag to slap on a short sale can be tough at times, especially if there are no comparable sales. I just closed a short sale in Sacramento that was very hard to price. Before I took the listing, I studied the area extensively. I found one comp that would justify a price over the half-million mark, but I needed more comps. So, I studied another market of similarly priced homes -- luxury homes that were once valued around a million. After picking apart the upgrades, adjusting for lot size, I came up with a price.
… (5 comments)
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bank of america short sales: We're Gonna Have a Good Time Tonight, Let's Escalate - 02/15/11 10:46 AM
When I receive an email from Bank of America, my heart goes all aflutter. In triplicate. Because almost every email that Bank of America sends me through Equator comes in 3's. Two are identical and the 3rd email is somewhat different but all three deliver basically the same message. I can see that Bank of America is making an effort to communicate. The bank understands how things can fall through the cracks after being the brunt end of wisecracks for so many years.
But the truth is Bank of America is shaping up. It's a new dawn. A new era in … (12 comments)
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bank of america short sales: Here's a Buyer Who Cut Out the Short Sale Listing Agent - 01/03/11 11:23 AM
It doesn't astonish me how many scams are being run in Sacramento short sales these days. From agents trying to double-end and double-escrow short sales to those who collect huge front-end fees that are against the law, the scammers come out of the woodwork when people are hurting -- seems to be a law of the universe. You've got to be careful when you select a Sacramento short sale agent.
But here's a story about a guy buying a short sale who cut out the listing agent. He went directly to the bank. I couldn't tell from the article why the … (10 comments)
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bank of america short sales: California's Short Sale Anti-Deficiency Law, SB 931, Takes Effect January 1, 2011 - 12/31/10 11:49 AM
Because today is Dec 31, 2010, most County Recorder's offices are closed throughout California, although, I can't imagine any Sacramento short sale seller wanting to close at the end of December with SB 931 positioned on the horizon. SB 931 is the anti-deficiency law passed in California that says when a lender in first position agrees to a short sale, it cannot pursue the seller for a deficiency judgment. It does not apply to foreclosures.
I'm working on 3 Bank of America short sales at the moment, all of which were scheduled to close this week. In 2 of these short … (29 comments)
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bank of america short sales: You Don't Have to Stoop to a Bully's Level to Get Even - 09/07/10 10:12 AM
I don't like bullies. You know, people who think they can throw around their weight and make you do what they want. Maybe that's why I'm in real estate and not slaving away for a large corporation or, worse, the government.
It just seems lately that the world has too many bullies in it. The thing about bullies is they often aren't very bright. And sometimes they respond better when you deal with them on a primal level, employing a strategy my mother used to call kick 'em where it hurts. But when I see a person bullying another, my instincts … (48 comments)
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bank of america short sales: Breaking News: SB 931 Bans Deficiency on California First Mortgages After a Short Sale - 08/23/10 10:26 AM
In the most exciting news since Pop Cap introduced Peggle, it's possible that California short sale sellers with a first mortgage may no longer have to worry about a deficiency judgment after a short sale. I've been following SB 931 with great interest and discovered it just passed the Senate on Thursday unopposed. It's already cleared the Assembly.
California sellers who are granted a short sale by a lender holding a first mortgage will now be exempt from a deficiency judgment, even if that first mortgage was a hard money loan, providing that Governor Schwarzenegger signs it. And why wouldn't he? … (15 comments)
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bank of america short sales: A Bank of America Short Sale Generated 5 Counter Offers in 2 Days - 08/03/10 10:19 AM
If you're going to work in Sacramento short sales, you've got to know how to work the system. It's a little bit like fishing. When the fish are biting in a spot, that's a good spot to fish in. If they're not biting, you should ask yourself why. Are you using the wrong bait? Fishing too shallow? Or are you in the wrong spot?
Doing a successful short sale often involves trial and error. It's action and reaction. You try something and, if it works, you continue to do it. If it doesn't, you don't. You think about how you can … (7 comments)
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bank of america short sales: Taking That Sacramento Short Sale to the Finish Line is a Wild Ride - 06/15/10 09:39 AM
The first rule any Sacramento short sale agent should understand is there are no rules in this business. There are ethics and regulations by which we are governed, but the short sales themselves are a whole different animal. You can never guarantee the outcome of a short sale. The only thing you can really do is grab that horse by the mane, hop on and ride it back to the barn without falling off.
If the horse goes left and you're leaning right, you might have a problem. You've gotta go with the flow. What happens when you get to the … (11 comments)
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bank of america short sales: I Never Thought I'd Say I Love, Love, Love Bank of America Short Sales - 06/12/10 10:20 AM
I am finally cleaning out my old Bank of America short sales. Believe it or not, I have several Bank of America short sales that I've been working on since early spring 2009, and they are finally closing in June of 2010. These are files in which I've sold a short sale twice or more due to delays from the bank, which was the old way of dealing with Bank of America. In the old days, the bank used to say if the short sale goes to foreclosure, it goes to foreclosure. Today, Bank of America says let's do that short … (88 comments)
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bank of america short sales: A New Type of Short Sale Seller is on the Horizon - 04/22/10 09:09 AM
The buzz in the industry seems to be mostly about foreclosures in Sacramento. People are talking about the shadow inventory, wondering what happened and when we'll see it hit the market. As the Sacramento Bee reported yesterday, foreclosures are falling. But short sales in Sacramento are on the rise. Almost one in four closed sales in Sacramento is a short sale. That's not to say, however, that short sales are replacing foreclosures.
I see three things going on. First, I'm getting short sale approval on some of my really old files. Buyers who have been patiently waiting since last summer are … (17 comments)
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bank of america short sales: How the HAFA Short Sale Program is Likely to Affect Sacramento Short Sales - 03/25/10 09:14 AM
I'm amazed that my phone hasn't been ringing off the hook with questions about the HAFA short sale program. That's probably because there's not a lot of publicity about HAFA at the moment.
The HAFA (Home Affordable Foreclosure Alternatives) short sale program becomes effective on April 5, 2010, and runs through December 31, 2012, although some lenders have the power now to switch borrowers presently in HAMP, Home Affordable Modification Program, to HAFA. I've been studying the Supplemental Directive 09-01 and its revisions since last fall.
Sacramento short sale sellers are likely to key in on 2 important highlights of HAFA: … (4 comments)
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bank of america short sales: Is a Monkey Negotiating Your Sacramento Short Sale? - 02/23/10 09:53 AM
Much of my work as a Sacramento short sale agent is handled through email. So, I almost had a heart attack when I turned on my computer this morning. My start-up programs loaded and I didn't have any emails. For a brief second, my heart about exploded. My immediate thought was my computer had malfunctioned, maybe my hard drive had been erased. Of course, nothing of the sort happened. I simply had too many emails coming in for the computer to immediately bring them up. I wasn't patient enough.
Many of those emails are one-liners that say: Thank you. Or will … (6 comments)
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bank of america short sales: If It Rains On Your Parade, Then Parade in the Rain - 01/20/10 08:50 AM
A seller called me a saint yesterday. She could not understand why I was hanging in there for her and trying to close her short sale after everything that has happened. Her Sacramento short sale is a double Countrywide -- meaning it has 2 loans that originated with Countrywide, which is now owned by Bank of America. Bank of America short sales can be a nightmare or a blessing.
We initially sold her Sacramento home to a buyer who walked away at short sale approval. After 5 months. So, we put the home back on the market and sold it to … (14 comments)
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bank of america short sales: Don't Jeopardize the Home Buyer Credit When Buying a Short Sale - 01/16/10 08:24 AM
OK, I admit it. I'm one of those obnoxiously organized people you read about. I have systems for everything because it keeps me efficient. I'm also rarely late for a meeting. If I make an appointment with another person -- doesn't matter who it is, a buyer for homes in Land Park, a Sacramento short sale seller, the pest inspection guy or my hairdresser -- I'll show up 5 minutes early.
That's because I plan ahead. Always looking into the future. Sometimes, I go so far as to look up the time distance between my origination and destination on Google Maps, … (7 comments)
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Elizabeth Weintraub, Sacramento Short Sale Agent, Land Park, East Sac, Lyon RE
Sacramento,
CA
More about me…
Top 1% at Lyon Real Estate #00697006
Address: 2801 J Street, Sacramento, CA, 95816
Office Phone: (916) 233-6759
Cell Phone: (916) 233-6759
Email Me
Broker-Associate at Lyon Real Estate, midtown Sacramento. Selling since 1974. Home Buying Columnist at About.com. Sacramento short sale agent.
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