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short sale: Second Mortgage Won't Accept The First's Approval - 05/06/11 09:48 AM
I am currently representing a Buyer client on the purchase of a Short Sale. The Seller's first mortgage is a Fannie Mae backed loan with Wells Fargo. The second is with US Bank. This is a traditional short sale, not HAFA.
Wells Fargo has issued their approval, with no Seller contribution at closing or promissory note. They have allocated 10% to the second mortgage, per their investor guidelines, and will permit no more - to the exclusion of additional funds/promissory notes from the Seller or the Buyer that those parties would be willing to bring to the closing table. US … (14 comments)
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short sale: Making an Offer on an FHA/HUD Short Sale - 11/20/10 01:15 PM
HUD's PFS (Pre Foreclosure Sale) Program is unexpectedly straightforward. Especially given the myriad of conventional short sale horror stories we've been reading and hearing about over the past three years. Three, clearly written pages providing guidance on how to achieve a successful FHA/HUD Short Sale. What a great tool for both Seller AND Buyer agents! HUD's PFS Program is, and has been, FHA's clear cut version of the complicated, non-enforceable, HAFA Program. If you're the listing agent, you can request a copy of the lender's FHA appraisal and then, simply do the math. FHA As-Is Fair Market Appraisal = $150,000
Home … (4 comments)
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short sale: Was the tax credit extension a good idea? - 11/30/09 01:55 AM
Federal Tax Credits 2008 - 2009 Part I - 2009/2010 Part 2
First, there was the 2008 Housing & Economic Recovery Act $7,500 "tax credit" that is, in fact, an interest free loan that must be re-paid over a 15-year period. This program was effective April 8, 2008 and ended December 31, 2008. Then came the 2009 American Recovery & Reinvestment Act $8,000 tax credit. What I call a "just kidding" moment. If you closed on your home on December 31, 2008, you have to pay your tax credit back, but if you closed on January 1, 2009 you don't have … (5 comments)
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short sale: "I'm a Voice for Foreclosure Prevention" Ad Council Campaign ... Please join us! - 11/25/09 10:57 PM
Kim Novak, CDPE Certified Distressed Property Expert … (5 comments)
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short sale: CDPE: Certified Distressed Property Expert Sales & Marketing Services - 11/25/09 04:31 PM
I'm very excited to announce that I've just received my CDPE designation and am looking forward to working with home owners avoid foreclosure by facilitating their short sale. Not every distressed property is bank-owned, a short sale or in pre-foreclosure, though. In preparing my current clients for the 2010 real estate market in Utah, I sent the following email this morning. One client agreed with an aggressive price reduction. One withdrew her listing from the market. I am waiting to hear back from ten others.
Home-price decline has good side, bad side
... Utah had the fourth-worst percentage drop in … (7 comments)
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Kim Novak, REALTOR®
Layton,
UT
More about me…
RE/MAX Masters
Address: 3636 N 2900 E, Layton, UT, 84040
Office Phone: (800) 977-7835
Cell Phone: (801) 726-1443
Email Me
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