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short sale: Foreclosed Homes and Tenants! N.J.S.A. 2A:18-61.1 ET SEQ (It's The Law) - 04/07/10 06:04 PM
NJ Law: N.J.S.A. 2A:18-61.1 ET SEQ [Tenants in Foreclosure Homes]
I have to post my comments on this in my blog. New Jersey law states that is you are renting a home, and the home is foreclosed on, you pretty much NEVER have to leave. Just keep paying your rent to the new owner or lender in the case of an REO and they can never ask you to leave! If you were to have a 10 year lease with the prior owner for let's say $900 a month (well below market value) for a 4 Bedroom house, the lender would … (0 comments)
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short sale: Free Realtor Short Sale and Foreclosure Workshop - 02/02/10 10:29 AM
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short sale: $8,000 Credit Vs Short Sale...Danger Zone? - 03/17/09 08:07 AM
On my radio show last night we hit on a topic that I think should be a major concern for all agents. The conversation was; if a first-time home buyer attempts to purchase a home tagged as a short sale and it does not close in time to qualify for the tax credit. The buyer, looking forward to purchasing the property while calculating the current tax credit ($8,000) as part of their buying budget.
Some months later, and the short sale still not approved, the December 1, 2009 deadline date passes. This buyer has lost eligibility to receive the tax credit! … (18 comments)
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short sale: Do it Yourself Complete Loan Modification Kit! - 03/10/09 01:05 PM
Frank Wible's NewLoanPackage.com Home Order Now! Instruction Manual Financial Sheets Negotiation Strategies Qualification Checklist Sample Hardships Lender Phone Numbers Government Guidelines Package Checklist COMPLETE MODIFY PACKAGE!
Government Approves Help For Homeowners! Are you behind on your mortgage or can you no longer afford your mortgage? The government and lenders have finally approved a program that will help you modify your loan to something you can afford, even if they have to erase the amount you owe and start over again!
To take advantage of this new program, all you will need is to order and download the kit and … (0 comments)
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short sale: Short Sale/Foreclosure Services, and Area of Service - 02/20/09 07:45 AM
Services Provided.Frank Wible is no stranger to foreclosures and difficult real estate markets. He has spent his entire real estate career focused on the people involved in foreclosure. As heard on the radio and seen on TV, Frank Wible is often called by the media to provide market analysis and assistance to call-in listeners when they face financial hardship with their homes. Frank is a well known real estate columnist and analyst for national newspapers, magazines and websites. He is recognized as a nationwide foreclosure, short sale, and loss mitigation expert.
As the short sale authority, many Realtors, brokers, and even … (1 comments)
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short sale: Mr. Santelli from CNBC has shown his true colors...SHOCKING VIDEO!!! - 02/19/09 08:03 PM
VIEW THIS VIDEO FIRST, IT'S SHOCKING: http://www.cnbc.com/id/15840232?video=1039849853
Dear Mr. Santelli & CNBC,
Your reporting on this topic today was an outrage. Are you calling my clients that have kept steady jobs for years, and now from no fault of their own, are possibly losing their home "losers?" Personally I think you are a pompous ass!
I agree that many people purchased homes that they could not afford, but why did the lenders place the stamp of "APPROVED" on the damn loan to begin with. Maybe the blame (not the trillions their getting) needs to go in that direction. And, is it wrong … (7 comments)
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short sale: ADDENDUM TO SHORT SALE LISTING - SELLER (New) - 02/15/09 10:44 AM
ADDENDUM TO SHORT SALE - SELLER
RE/MAX ALL PROS, 5701 Rout 42, Turnersville, NJ 08012, 856-228-7990
LISTING AGENT: _______________________________ DATE: ________________
1.) Due to the nature of this sale, the listing can be canceled at anytime for any reason. Except for when property is under active sale contract. If canceled, the seller, nor the lender(s) or lien holders will not owe agency fees, and will not be liable for any commissions or fees associated with this listing agreement.
2.) Short sale and foreclosure listings require a review of title on your property to ensure no additional liens, judgments, and … (24 comments)
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short sale: Letter to Countrywide from one of my sellers...GREAT LETTER! - 12/23/08 01:33 PM
This letter is from one of my frustrated sellers doing a short sale deal with countrywide. It really speaks to the frustration that all clients go through when dealing with this lender. I think this letter was great and I had to post it on my blogs....
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Dear Countrywide,
Further to your email regarding the Short sale for the above property, as the owner, and provider of the documents requested, I am embarrassed to admit dealing with an organization as incompetent and inflexible as Countrywide. After months of waiting to get a response from CW on a Short … (7 comments)
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short sale: Offers: Don't Waste Your, or My Time! - 09/09/08 09:41 AM
Don't Waste Your, or My Time! (more importantly--our buyers and sellers time)
When you are looking to place an offer on a short sale, give real consideration to what your offer will be! Don't just assume because it's a short sale you can make some crazy offer on the property. Agents, please advise your clients in the right direction. Don't try and be the hero and say, "yeah, let's put that low offer in!"
Here is the deal. A short sale, as we all know is when a lender accepts less than the amount owed on the house. But remember, they … (32 comments)
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short sale: Real estate short sales often end up being a long haul - 09/07/08 09:20 AM
Real estate short sales often end up being a long haul - A wonderful and insightful article written by Sam Ali - Great Story Sam!
Sunday, September 07, 2008 BY SAM ALIStar-Ledger Staff
-----------------------------------------------------------------------------------------------------------------------------Desmond Pessoa is ready to walk away.
Last October, he made what he considered a pretty good offer on a distressed property in Washington Township.
It was a short sale, meaning the owner aimed to sell the home for less than what he owed the bank. It also meant the bank had to preapprove the reduced sale price and eat the loss.
The four-bedroom house was listed … (3 comments)
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short sale: Short Sale Agents and Lenders In a Tug-A-War! - 07/26/08 02:09 PM
Bad news continues to surface as quality solutions for homeowners continue to remain anonymous or hidden. FDIC shutters two more regional banks; The 28 branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed late Friday. The IndyMac fallout continues to create havoc among depositors and investors. Wachovia lays of 10,000 employees and the FDIC places them on the top of their "close doors" watch list. Foreclosure filings up 120%; 220,000 homes were lost to bank repossessions in the second quarter of 2008. A total of 739,714 more foreclosure filings were recorded … (2 comments)
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short sale: Foreclosures from State to State. - 07/05/08 09:35 AM
Jack Broad wrote a very compelling article about the time lines from State to State. I would never post his entire article, however I will post some of his data. (His website: http://www.theticasystems.com/)
Jack wrote: In this article, I want to convey some thoughts about foreclosure timelines. What they are and how they can impact various market participants. Recently I performed an analysis of state-level foreclosure timelines. Here's some of what I found. ----
Fastest Foreclosure States (listed alphabetically)
State #MonthsAlabama 2.34Arkansas 3.08DC 2.70Georgia 2.58Maryland 2.79Michigan 3.22Missouri 2.06New Hampshire 2.88Tennessee 2.15Texas 2.85Virginia 1.89
Slowest Foreclosure … (2 comments)
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short sale: NEW! - REAL ESTATE NEWS RADIO - Now Online! - 06/27/08 04:38 PM
FRANK WIBLE'S REAL ESTATE NEWS RADIO. An educational and informational segment through sharing and direct communication with listeners. Agents, brokers, homeowners and lenders are always welcome to participate in our show. Our guests include short sale specialists, lender or mortgage representatives and nationally recognized industry leaders. Always feel welcome to participate or just listen in. Listen online, or call (347)945-7215 to participate. Come share your experiences and ideas! EVERY MONDAY 6:00PM EST!
http://www.RealEstateNewsRadio.com/
Coming Schedule:6/30/2008 6:00 PM - Foreclosure Talk - Agent Experiences & Education 7/7/2008 6:00 PM - Creating a Short Sale Business 7/14/2008 6:00 PM - … (5 comments)
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short sale: Short Sale Debate: 3.5% or 50% Split? Which is better? - 06/20/08 09:01 AM
When you negotiate your client's short sale, there is no doubt that you and the buyer's agent stand to have the commissions cut. It has become more common and understood that when involved with a short sale, you will be paid less.
You don't want to post this assumed cut down commission in the MLS because the lender may in fact pay the full commission, or even higher sometimes. So you take the listing at 7% (just in case they cut you), and you publish 3.5% in the MLS. Once you have an offer, you start the process. Months later you are approved, … (14 comments)
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short sale: Short Sale Chaos and Why - Business Focus and Diversity for Agents. - 06/11/08 10:27 AM
Short sales at first seemed to be the natural progression for innovative real estate agents looking to keep their business going during this horrible down market. Taking on yet another job, "the short sale negotiator" was a listing agents best weapon to maintain some portion of their income, and for some, their entire career. And quite frankly it was exciting at first, but this did not last long!
The grueling data collection and client consultation process (daily phone calls from stressed out clients) coupled with buyer agents working extra hard to steer their "ready to buy now" and "qualified" clients away from … (4 comments)
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short sale: SHORT SALES - CBS Evening News with Katie Couric - 05/06/08 04:05 PM
5/6/08 - If you have the chance to tune in, I will be on the Nightly news with Katie Couric tonight at 6:30 EST. The news story tonight is based on foreclosures and short sales nationwide. CBS's producers had 10's of thousands of Realtors and agents to choose from, plus much harder hit markets than NJ to do this story, and they selected "me." As humble as I want to try and be about this, it is/was a true honor and gauge on how well I know this material and subject matter. This is a national CBS show and is aired in all … (21 comments)
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short sale: Short Sales Begin to slow, but not for the right reasons... - 04/18/08 08:08 AM
For those of you that know me; know that have been doing short sales for a long time now. I have successfully closed so many, that I've lost count. It's been a crazy last few months, and I really have not had the time to provide updates on what is happening in the market. There has been a key shift in the market and I felt the need to post it in our blog.
Everyone knows how difficult short sales can be and how frustrating all parties involved get. However, the payoff is that Realtors sell the home, the homeowner is out … (7 comments)
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short sale: Important Guidelines for Short Sale on FHA Purchased Property. - 03/27/08 09:11 AM
This is just a quick post to let you know that any property that was purchased with an FHA loan has new guidelines. Maybe this post is already around, but I figured I would post if for the people that have not seen it. In addition to these new requirements, FHA (or HUD) will not pay any outside fees other than Realtor fees on the settlement sheet.
In basic terms, no lawyer fees, loss mitigation fees or processing fees can be on the settlement sheet. Anyone using an outside service to handle their negotiations, make sure you find out how they get … (5 comments)
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short sale: FHA Loans and Short Sales; agents may suffer again... - 03/06/08 05:21 PM
Just FYI for all agents not doing their own loss mitigation/negotiation work for their short sales...
H.U.D announced that legal fees for sellers, processing fees, loss mitigation fees, as well as many other fees will NOT be allowed on a short sale settlement sheet where the home was purchased with, and shorting an FHA loan. This was a major hit for quite a few deals going on from what I understand. My lawyer friends that do loss mitigation work for other agents and are paid on the settlement sheet for legal fees to the seller lost 30% of their files today (because they … (11 comments)
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short sale: Short Sale Investment Properties...The straight through title deal! - 03/05/08 08:43 PM
The short sale foreclosure business seems like a smart place to start when looking to enter the investment properties business, but is it? Being an investor for many years before I started my career as a Realtor, and seeing the business from both sides, I'm not sure that it's something worth getting into.
Sometimes the temptation to get involved with a short sale deal is great, but each time I find it better for me to walk away. The sheer intrigue has lead me to explore different options that other investors have presented (to me) for purchasing short sales. Each one always … (9 comments)
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Frank Wible, Foreclosure/Short Sales
Sewell,
NJ
More about me…
REMAX CONNECTION
Address: 5701 Route 42 South, Turnersville, NJ, 08012
Office Phone: (856) 228-7990 x 150
Cell Phone: (856) 745-7700
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