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fannie mae short sale: Will a Buyer's Agent Tell a Buyer Not to Buy Her Dream Home Because the Agent is Not Paid Enough? - 02/28/12 07:23 AM
The thing about being a Sacramento short sale agent is the surprises just keep coming. No matter that I've been in the business for more than 35 years, I still haven't heard it all. Even though I've been selling short sales pretty much exclusively going on 7 years. See, one of the reasons I write this blog is because there is an abundance of new stuff every single day to blog about. There's always something horrible happening. It's the way of the short sale, grasshopper.
For starters, all of my listings contain verbiage in MLS that discloses to buyer's agents the … (7 comments)
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fannie mae short sale: Should You Do a Short Sale With Bank of America? - 01/23/12 10:19 AM
I get a lot of phone calls from buyer's agents in Sacramento asking me who the lender is on a short sale. They are wising up and realizing that not every agent in Sacramento who lists a short sale is likely to close that short sale except, perhaps, for me. So, their broker has given them a list of questions to ask a Sacramento short sale agent. The problem with this approach is they don't know what to do with the answers they get.
They think multiple loans is a bad sign, which is not true. They hear Bank of America … (3 comments)
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fannie mae short sale: The Worst Thing to Ever Have to Tell a Sacramento Short Sale Seller - 01/20/12 10:14 AM
I could say the seller should have called this Sacramento short sale agent sooner in the process. But so many drag their feet to the last possible worst moment. I could say the buyer should have increased his offer by $2,000 when I asked him to do it. But many buyers are dumb. I could say a lot of things about why this particular short sale went to public auction instead of to closing, like the rest of my short sales do. It is very, very rare to lose a short sale to auction.
Part of the reason is the investor … (8 comments)
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fannie mae short sale: Here is the Most Recent Update for a Bank of America Short Sale - 10/28/11 09:59 AM
I attended another Bank of America short sale webinar yesterday. I was hoping for some breaking news but it was stuff I already knew. With the exception of one little piece of information that I bet most other agents didn't catch. And they didn't really say what they are going to do with that. I'm always searching for that little gem that teaches me something new.
Here are some of the highlights; then I'll get to the down-and-dirty part:
Single Point of Contact. The homeowner will now have an individual person to talk to at Bank of America. I suspect this … (7 comments)
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fannie mae short sale: Fannie Mae Will Send Your Home to Foreclosure Instead of Granting a Short Sale - 08/24/11 09:51 AM
You can hire the wrong short sale agent. Especially in Sacramento where lots of agents are jumping on the short sale bandwagon. If you do, Fannie Mae will send your home to foreclosure instead of granting a short sale. It's the way of Fannie Mae.
But first, let me share with you that a client said the nicest thing to me yesterday. Really touched my heart. We closed his short sale in Gold River in 8 calendar days. Actually, we closed one day early, because we were up against the sale date and there was no way to postpone the auction. … (8 comments)
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fannie mae short sale: Fannie Mae Will Rarely Postpone an Auction for a Fannie Mae Short Sale - 08/17/11 10:02 AM
If I hear the term "our mutual client" one more time, I'm gonna puke. OK, not really. But you know the sentiment. I get a lot of mortgage loan officers bugging me because I sometimes suggest that buyers start the loan process prior to approval. The horrors. I do this so the buyers can close. That's because short sale banks and mortgage loan officers are rarely in sync. The banks give us shortened periods of time in which to close, and mortgage loan officers tend to want a minimum of 30 to 45 days. We can't always get a short sale … (10 comments)
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fannie mae short sale: Short Sale Extensions, Postponing an Auction, and Goldilocks and the Three Bears - 06/30/11 10:18 AM
I've got news for all you fans of Goldilocks and the Three Bears. We've been lied to all these years. We, as busy people, tend to take whatever has been shoveled our direction as the truth -- like FOX News -- without ever thinking about it.
With Goldilocks, what you have here are 3 hungry bears who went for a walk in the woods. They come home to find out a stranger has a) broken into their house, b) eaten all of their food, c) broken their furniture and d) a little defenseless girl with a bloated stomach is sleeping right … (7 comments)
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fannie mae short sale: The Number One Short Sale Question - 05/26/10 09:02 AM
One of the main questions sellers who are contemplating a short sale always ask is whether they should stop making mortgage payments. There is no cut and dry answer to that question. Not to mention, it's also a legal question best answered by those in the capacity to render such advice -- which automatically bars real estate agents from answering it, unless those agents sport a J.D. after their names.
Every situation is different. Every short sale seller is different. Some sellers have a high tolerance for risk and others do not. See, the thing is if you stop making a … (10 comments)
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fannie mae short sale: A New Twist on Sacramento Short Sale Mortgage Fraud - 02/04/10 09:05 AM
All I can say is thank goodness Lyon Real Estate has hired a top-notch legal firm that its real estate agents can go to for advice. I realize the sentiment among agents in the real estate community is that lawyers always say no to questions because the liability is too great, but that's not necessarily true. Lawyers, believe it or not, try to find ways to make transactions close. But sometimes, it's impossible to find a work-around because the parties could be committing fraud.
As an experienced and trusted Sacramento short sale agent, it's my job to maintain my fiduciary relationship … (35 comments)
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fannie mae short sale: 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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fannie mae short sale: Fannie Mae Pushes Short Sale Sellers into Default, Gets Bonus Pay and Bailout Relief - 01/01/10 09:33 AM
I received a phone call from a short sale seller in Michigan yesterday. He found me through an Active Rain blog about Fannie Mae short sales, and how Fannie Mae is insisting that my Sacramento short sale sellers who are current on their payments go into default before Fannie Mae will approve a short sale. The caller said his short sale was denied by Fannie Mae because he was current. To qualify for the short sale, he was instructed to stop making his mortgage payments and go into foreclosure. The seller was devastated.
Don't blame him for being angry. This is … (18 comments)
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fannie mae short sale: If Your Sacramento Short Sale Involves a Fannie Mae Loan in Default, It Might Not Close - 12/18/09 08:43 AM
A Fannie Mae short sale is no picnic, just ask any Sacramento short sale agent how adding an extra layer to the transaction can delay approval. Now, Fannie Mae is beginning to enforce another guideline. Fannie Mae says if a California short sale is in default -- meaning a Notice of Default has been filed and an auction date is set -- it will NOT allow a postponement of a trustee's sale. This means short sale sellers and their agents had get better those transactions approved and closed prior to that sale date or they're out of luck.
Sometimes sellers call … (9 comments)
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fannie mae short sale: Fannie Mae Tells Short Sale Sellers to Stop Making Mortgage Payments - 08/19/09 08:30 AM
I can't believe that Fannie Mae, operating under government conservator-ship, is telling short sale sellers to go into default. The U.S. Department of Treasury is giving Fannie Mae up to $200 billion dollars to bail it out. Yet, what we have here is the government telling short sale sellers to stop making their mortgage payments.Fannie Mae is now rejecting short sales for sellers who are current on their payments. Flat out rejecting them. Which means sellers who hope to get short sale approval from Fannie Mae must stop making their mortgage payments. This sounds so bizarre to me. But it's happening … (26 comments)
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fannie mae short sale: Looking for Short Sale Agents Who Work With National Quick Sale Dot Com - 07/07/09 09:31 AM
As a Sacramento short sale agent, I realize that just when I'm about to think I've heard it all, another challenge will present itself, practically daily. Selling short sales is a complicated business -- anybody who claims otherwise doesn't sell short sales.
After working with Flagstar Bank on a Sacramento short sale for 45 days, we were suddenly informed that the file was being outsourced to Sterling. Upon calling Sterling, we were told that National Quick Sale would be handling the file.
This particular short sale involves a Fannie Mae loan, which means the lender cannot discount our commission any less … (26 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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