short sale: WE'RE NOT BLAMING THE BANKS, WE'RE JUST SAYING, DON'T BLAME THE HOME OWNERS WHO DEFAULTED. - 10/18/10 09:07 AM
jOHN MACARTHUR posts a republish about the mortgage mess, IT'S TIME TO STOP BLAMING THE LENDERS. THE INTRODUCTION CONTAINS the mantra "people who bought homes they couldn't afford".
HA! Blame the "people" for the mortgage mess and you'll get my attention every time.
I DISAGREE COMPLETELY!
Going back some years to about 1999 when the exotic loan instruments were first marketed, I first learned about the Alt-A loan, approved by Fannie Mae, from a loan officer with Chase who e-mailed me about the Alt-A and attended a regular sales meeting to introduce the great Alt-A loan to our agents. It was routine in … (97 comments)
|
short sale: Can I Do a Short Sale Without A Real Estate Agent? - 10/08/10 05:39 AM
PERHAPS FSBOs WISH TO JUST BE LEFT ALONE.
Fine with me.
The American home owner has an absolute right to attempt to sell their home via a short sale without listing it with a real estate broker any time they wish for whatever reason, all the way to foreclosure.
It's really their choice.
When it comes to FSBO matters, I leave the seller/owners to their own counsel.
They are also probably self medicated, have self maintained heat/cooling systems, would file pro se court actions, etc.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Via Rob Magnotta - Huntington Beach Short Sale Agent (Seal Beach, … (34 comments)
|
short sale: Is it legal to flip short sales? See posted question. - 07/11/10 03:20 PM
WHAT IS THE PURPOSE OF THE ANY SHORT SALE RESALE RULE???
What is purpose of any restrictions on an investor buyer purchasing a SHORT SALE and immediately reselling it for a profit???
WHAT AM I MISSING HERE??? What? The bank was robbed because the investor sold the property for more than he paid??? Isn't that every investor buyer's dream???
Not all buyers are the same. Some, and a large number of investor buyers are financially strong, have cash, can obtain quick financing, can close quickly, and more. IF, JUST IF, THE BANK THAT HOLDS THE PAPER ON THAT SHORT SALE, sees an advantage to … (16 comments)
|
short sale: FOR SHORT SALE SELLERS, IT'S OFTEN A MATTER OF "FIGHT OR FLIGHT". - 03/19/10 07:20 AM
HUMAN NATURE IS OFTEN HARD TO UNDERSTAND, especially when the human involved is a home owner faced with:
the loss of their home, the loss of their financial stability, the knowledge that their children's education will be disrupted, the reality that their credit is ruined for years, the fact that their dream of home ownership has been lost the loss of their dignity in front of their family, friends, neighbors, co-students, co-workers. IT'S NOT JUST A SHORT SALE. Few experiences are as humiliating to an American family (can be a family of one) as the forced loss of their home through foreclosure, short … (67 comments)
|
short sale: HURRAY. IT CLOSED! HAPPY BUYERS. HAPPY BUYER'S AGENT. - 04/25/09 05:40 PM
SHORT SALE CLOSED!
THE SAGA OF A SUCCESSFUL SHORT SALE. Remember that Short Sale I wrote about last week? The contract was written on January 25th. We've suffered one delay after another, no contact, mistakes on the listing agent's HUD-1 (perhaps I'll write about that some day). My buyers and I have continued to tour homes, but never found anything they like as much as the one on which we had a contract. We just wanted to stay on top of the market.
Then on April 15th, I got word that the bank had approved the corrected HUD-1 IF we could … (35 comments)
|
short sale: WHEN YOU SEE A STATISTIC THAT STATES THAT ONLY 10% OF SHORT SALE CONTRACTS CLOSE, BELIEVE IT! - 04/15/09 02:56 PM
Contract offered by buyer - January 25th
Contract accepted by seller - January 29th.
Wait, wait, wait.
Addendum from bank 2 weeks later on a Friday with 72 hours to accept.
Counter-offer received from bank 2 weeks later.
Accepted by buyer in 2 hours.
Wait, wait, wait, wait.
Approval letter from bank 3rd week in March, wrong amount.
Wait, wait, wait, wait.
Second approval letter received today, must close by April, 24th.
Inspection scheduled for Friday.
Termite scheduled for Friday.
Appraisal ordered today.
Earnest money deposited today.
Trying to get HOA docs.
Are there any more Monkey Wrenches that the banks can throw in??
Do my … (49 comments)
|
short sale: MOVING THE SHORT SALE DISCUSSION UP A NOTCH. ARE THERE ANTI-TRUST IMPLICATIONS? - 03/01/09 05:27 PM
Katerina Gasset ponders the possibility of banks being in violation of anti-trust laws if they conspire between each other to keep broker fees for short sale listings to a specific commission amount. (Notice no specific commission amount or percentage is stated herein).
WHAT A FASCINATING QUESTION.
Katerina. HA! I don't know a lot about anything. I know a little bit about a lot. I'm not an expert about anything. I am, OTOH, a wealth of trivia due to my lifelong fascination with research.
That said, I would guess that by conspiring to keep real estate commissions low, it if could be shown … (52 comments)
|
short sale: PROOF POSITIVE THAT BANKS DON'T REALLY WANT TO SELL SHORT SALES - OR DON'T KNOW HOW. - 03/01/09 10:28 AM
* * * * WHAT ARE THEY THINKING? * * * *
THE COMMENT IN THE AGENT'S REMARKS BELOW are an example of why many Short Sales will never sell. I wonder if the listing agent has advised the seller of the likelihood that the home will not sell by Short Sale and will most likely go to foreclosure.
REMARKS [Incuded in Agent and Public Remarks]
[LARGE NATIONAL BANK WHICH PURCHASED A LARGE NATIONAL MORTGAGE COMPANY] SHORT SALE will not allow Seller Contribution to Buyer!
The listing is for a small single family detached home in Frederick County, Maryland … (32 comments)
|
short sale: MUST READ FOR ALL AGENTS THAT SELL SHORT SALES - KEEP THIS FANNIE MAE SERVICING GUIDE IN YOUR FILES AND ON THE WALL OF YOUR OFFICE. - 02/26/09 06:09 AM
* * * * HARD CORE REAL ESTATE INFORMATION * * * *
THIS SERVICING GUIDE FROM FANNIE MAE CONFIRMS WHAT COUNSEL TO THE NORTHERN VIRGINIA ASSOCIATION OF REALTORS HAS ADVISED FOR MONTHS. . . . . . BANKS FOR SHORT SALE OWNERS MAY NOT LOWER YOUR COMMISSION. IF THE LENDER CONDITIONS APPROVAL OF A SHORT SALE ON A REDUCTION OF THE CO-OP OFFERED IN THE MLS, it violated Fannie Mae Guidelines.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
DATE: Wednesday, February 25, 2009.
No Negotiation of Preforeclosure Sales CommissionServicing Guide, Part VII, Section 504.02: Contacting Selected BorrowersEffective March 1, 2009, closing of preforeclosure sales may not be conditioned upon areduction … (138 comments)
|
short sale: REAL ESTATE AGENTS DO NOT HAVE SPECIAL POWERS. WE ARE NOT SAVIORS. SOME FOLKS JUST CAN'T BE HELPED BY A SHORT SALE OR A REALTOR® - 08/18/08 07:42 AM
* * * * HARD CORE REAL ESTATE TALK * * * *
LISTEN UP FOLKS!! It's time for an wake up call for real estate agents and brokers to . . . .
COME BACK TO EARTH!
A thoughtful article by Neal Bloom read this morning made me realize that all of the hoopla about Short Sales, Foreclosures, Deed in Lieu Of, etc., may have caused some agents to lose focus on the limits of their real estate license or individual experience. The current market correction caused by the mortgage mess has certainly led many agents dip their toes into niche markets … (40 comments)
|
short sale: ARE YOU VIOLATING THE REALTOR® CODE OF ETHICS WHEN YOU LIST A SHORT SALE? A RANT. - 03/26/08 02:58 AM
* * * * WARNING! HARD CORE REAL ESTATE TALK * * * *
DID I GET YOUR ATTENTION? GOOD! THIS IS SERIOUS BUSINESS!
WARNING? TAKING SHORT SALE LISTINGS WITHOUT SHORT SALE KNOWLEDGE IS SHORT SELLING THE CONSUMER! As the real estate market continues to adjust, there are many home owners who are in need of real estate brokerage services of agents who are competent through training or experience in Short Sales. However, day after day, agents with no short sale knowledge or or experience are taking listings, entering them in the MLS without the competency to manage the short sale … (145 comments)
|
|
|
|
;)
;)
;)
