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short sales: Should I Do a Short Sale or Just Let My Home Go Into FORECLOSURE? - 05/24/12 09:20 AM
"FACTS MA'AM.  JUST THE FACTS."
The post below states that a new mortgage can be obtained 7 years after a foreclosure.
From every official source I've seen, a new loan can be obtained
FHA - 3 years.
VA - 2 years
USDA - 3 years
Conventional - 7 years.
Several ActiveRain lender members have published a chart showing the above.
I believe that mortgage loans can be obtained 2-3 years following foreclosure with FHA or VA financing.
Where is it written that it will be 7 years???  I believe that is only for conventional loans.
My information is that VA is 2 … (3 comments)

short sales: Real Estate Agents Must Remain Positive. After all, the new Short Sale regs are better than a sharp stick in the eye!! - 04/24/12 05:29 AM
HOW AGENTS CAN SUCCEED IN THE NEW SHORT SALE ENVIRONMENT.
1.  Attend as much CE for Short Sales and Foreclosures as you can.2.  Qualify those buyers before writing offers.  The market favors cash, high down payments, etc., more than at any time in the past 50 years.3.  Brokers should monitor agents' listings and sales more closely to avoid non-viable contracts.4.  BE CAREFUL and do NOT become engaged in illegal activities involving "MORTGAGE MODIFICATION". 
THE SHORT SALES ARE GOING TO BE AROUND FOR QUITE A WHILE.  As more home owners with negative equity MUST sell, expedited Short Sale regulations will move … (29 comments)

short sales: WHY ARE WE BLEARY EYED??!!! Bank of America Announces. . . . . - 04/11/12 04:38 AM
WHY ARE WE BLEARY EYED??!!!  Bank of America Announces. . . . .
CHAPTER 4 in the SHORT SALE SYNDROME of Bank of America.
Annett Block writes:

Florida Short Sale News: Bank Of America Announced Important Changes To Short Sale Process   The new BoA announced procedure should shorten the decision on a submitted short sale contract from 45 days or usual longer down to 20 days What isn't included in the announcement (I seem to recall that I read that same announcement several times in the past) is,
WHEN DOES THE 20 DAYS BEGIN???
Again, if I recall, that … (7 comments)

short sales: CONSIDERING A SHORT SALE FOR YOUR PROPERTY? WHAT IS THE FIRST STEP?? - 01/27/12 04:10 PM
CONSIDERING A SHORT SALE FOR YOUR PROPERTY?  WHAT IS THE FIRST STEP??Devona Garrigus offers some good advice for sellers preparing for Short Sale of their property.  SEE:  The Most Important Short Sale Do’s and Don’ts | Short Sale Tips for Moreno Valley CA Home Sellers GOOD ADVICE FOR HOME OWNERS CONSIDERING A SHORT SALE TRANSACTION??   HOWEVER, I believe the list is OUT OF ORDER!!
The very first thing a home owner should consider is the selection of a LISTING AGENT/BROKER.
A consumer doesn't have to re-invent the short sale transaction.  How do they know where to begin to "educate themselves"?
THEY DON'T!!
Experts … (7 comments)

short sales: REALTOR CODE OF ETHICS - Installment 3 - Article 1, Standard of Practice 13. HOW THE COE IS SUBVERTED BY LENDERS' SHORT SALE PRACTICES~ - 12/14/11 08:15 AM
 
REALTOR CODE OF ETHICS - Installment 3 - Article 1, Standard of Practice 13. (edit/delete)  
Standard of Practice 1-13
 
When entering into buyer/tenant agreements, REALTORS must advise potential clients of:
the REALTOR’s company policies regarding cooperation; the amount of compensation to be paid by the client;
the potential for additional or offsetting compensation from other brokers, from the seller or landlord, or from other parties;
HOW THE COE IS SUBVERTED BY LENDERS' SHORT SALE PRACTICES -
LENDERS DO NOT WANT TO APPROVE SHORT SALES!  BEGIN WITH THAT PREMISE AND IT'S ALL VERY CLEAR.
Inspired by two thoughtful posts … (16 comments)

short sales: PRE-APPROVED SHORT SALE. . . . AND OTHER URBAN MYTHS!! - 11/04/11 03:01 PM
PRE-APPROVED SHORT SALE. . . . AND OTHER URBAN MYTHS!!
How often do we see a MLS Listing Report with the remark, PRE-APPROVED SHORT SALE??  What does that mean to you??  Clearly, the listing agent is trying to promote that Short Sale listing as Pre-approved priceEasy to process new contractQuick to process a new contractJust need to "change the buyer's name"BPA approvedAppraisal accepted by bankApproved by junior lien holder if any
Checking just two counties in my market area of MD and VA, a search for "pre-approved" and "preapproved" in the agent remarks shows 21 listings with this term in the remarks.  Read … (11 comments)

short sales: My plan for addressing the current housing crisis. It won’t make me popular but please consider my very humble opinion! - 10/27/11 08:51 AM
A CASE OF MISPLACED BLAME and GIVING A PASS TO PROFITEERS in the MORTGAGE MESS.
I reject the premise of Richard's post that upside down borrowers are in that position as a result of their own bad decisions and actions when they purchased.
Not so.  The percentage of conscious mortgage fraud on the part of borrowers would require that the consumer control the mortgage and underwriting process.  The consumer controls nothing.  They are customers and often the MARK in financing schemes by entities far smarter than the average consumer. 
WHAT ABOUT THE ONES WHO FOLLOW RICHARD'S PLAN FOR HOME OWNERSHIP??  There are many home owners who … (35 comments)

short sales: MAKING OFFERS OVER LIST PRICE ON SHORT SALES - KNOW THE NUMBERS. - 10/03/11 04:55 PM
OFFER OVER LIST PRICE??  Two important questions:
1.  DO YOU UNDERSTAND THAT THE PROPERTY IS LISTED "UNDER MARKET"?
2.  HOW MUCH DO YOU WANT THE HOUSE???
As long as buyers understand that banks do not care whether or not a short sale closes, the only thing we can do is study the comps carefully and, if the list price is significantly lower than market, a smart buyer may want to consider offering over list. 
That is a difficult concept for consumers to understand but I've had buyers do it.  I tell them, "if you want to knock the competition out of the … (8 comments)

short sales: IT'S NOT JUST ONE SHORT SALE. IT'S ONE HOME OWNER vs. THE BANKING/REGULATORY/LEGISLATIVE/POLITICAL INDUSTRY. REALTORS ARE MERE "COLLATERAL DAMAGE". - 09/10/11 07:18 AM
HOW MANY ARTICLES ABOUT SHORT SALES HAVE WE READ ON ACTIVERAIN DESCRIBING THE AGONIZING EXPERIENCES OF HOME OWNERS AND THEIR REAL ESTATE AGENTS WHEN TRYING TO GET A SHORT SALE TO THE SETTLEMENT TABLE.  
Often, no matter how hard we try, how hard we work to keep the buyers and sellers in the transaction, the bank holding the mortgage(s) simply pulls the rug out from under all parties in the transaction.   
OFTEN THE BANK'S ACTIONS ARE EXCUSED BY SIMPLY BLAMING THE HOME OWNER IN DEFAULT.  We've all heard the cliches.The home owner signed a contract.The home owner bought more house than they could afford.The … (23 comments)

short sales: REAL ESTATE AGENTS AND BROKERS DESERVE A GOLD STAR FOR OUR MANAGEMENT OF SHORT SALE TRANSACTIONS! - 09/09/11 08:08 AM
 REAL ESTATE AGENTS AND BROKERS DESERVE A GOLD STAR FOR OUR MANAGEMENT OF SHORT SALE TRANSACTIONS!
QUESTION:  What should real estate agents expect from banks in Short Sale transaction?? ANSWER:  We should expect the unexpected.
BANK PERSONNEL ARE NOT TRAINED IN REAL ESTATE LICENSE LAW OR STANDARDS OF PRACTICE.DON'T EXPECT "REALTOR-LIKE" BEHAVIOR FROM A BANK EMPLOYEE.  Bank personnel are not trained or experienced in transaction management where THERE ARE NO GUIDELINES.  We should be prepared for what we have experienced for about 3-4 years now since the proliferation of Short Sale transactions. 
SHORT SALES ARE NOT A TRADITIONAL BUY-SELL TRANSACTION.  No need to be exasperated by … (20 comments)

short sales: SHORT SALES "DIFFERENT"?? FACT IS: SHORT SALES ARE "PERVERTED"! - 08/31/11 07:54 AM
SHORT SALES ARE INDEED "DIFFERENT". 
Inspired by The Short Sale Listing.....How Are Our Duties To The Seller Different?
"Different" is a polite way to describe the typical Short Sale transaction. 
"Perverted" is a far better word.
SHORT SALES ARE DIFFERENT!  Karen Fidler describes many ways in which our duties to sellers are different in Short Sale transactions.  Short Sales are surely different.  Fact is, in many ways, Short Sale transactions are perverted.   Perverted by the intrusion, from beginning to the conclusion of the transaction, of the seller's financial institution. 
100 YEARS OF NURTURING GONE.  The housing industry has been carefully nurtured and … (20 comments)

short sales: WHY . . . . WHY DO SELLERS MAKE THE MISTAKES THEY MAKE WHEN LISTING THEIR HOME AS A SHORT SALE?? - 07/11/11 06:20 AM
SHORT SALES ARE DIFFICULT FOR OWNER SELLERS TOO!  After all, it is they who are losing their home.
WHY . . . . WHY DO SELLERS MAKE THE MISTAKES THEY MAKE WHEN LISTING THEIR HOME AS A SHORT SALE??
Much is written about the difficulties experienced by home buyers when they make an offer on a Short Sale listing.  The delays caused by the banks and not always cooperative listing agents is the subject of many articles.  Many agent will not even include short sale listings in their home tour.  Home buyer often refuse to consider short sale listings. 
WHAT ABOUT THE … (70 comments)

short sales: THE MOST INCREDIBLE SHORT SALE STORY I'VE EVER READ!! - 07/06/11 10:10 AM
For interested ActiveRainers, please read the post below.
It just may "BLOW YOUR MIND".
MERS and Fannie Mae sue Short Sale Seller and Buyer
By Duane DeSalvo http://www.realtown.com/DiabloValley/groups/short-sale-strategies/view/34312#post34321

You may have to copy and paste the URL above.  I couldn't figure a way to link to the post. 
That said, it was too interesting to now share with ActiveRain readers.
Lenn  … (10 comments)

short sales: SHORT SALES! CAN THE BUYER "WALK"? - 06/07/11 02:19 PM
SHORT SALES!  CAN THE BUYER "WALK"? 
IT DEPENDS!  That's really helpful, isn't it?  About as helpful as the average Short Sale case worker at the average lender. 
I'm not going to list the ways to protect buyer clients here because it could be construed as giving legal advice, which I don't do.  Further, contracts differ from state to state.  However, in MD and VA, the buyer can and often does withdraw their offer if the third party approval is delayed beyond a reasonable time. 
WHAT CONSTITUTES "A REASONABLE TIME"?  Two months??  Four months??   That's about the average for Short Sales … (14 comments)

short sales: "BANK APPROVED SHORT SALE"??? WHAT DOES THAT MEAN??? A RANT! - 05/15/11 07:46 AM
"BANK APPROVED SHORT SALE"???  WHAT DOES THAT MEAN???  A RANT!
How often do we read that phrase in MLS listing reports for Short Sale listings??  WHAT DOES IT MEAN??
Often that particular Short Sale listing will have had one or more prior offers/contracts.  So why didn't it close???  HA!  Oh, the buyer walked???  WHY DID THE BUYER WALK? 
WHAT DOES "BANK APPROVED PRICE" mean??   Because there was a previous "bank approved" short sale contract, future buyers are now LOCKED INTO THE PRICE, TERMS AND CONDITIONS OF THE PREVIOUS CONTRACT???
ARE THE BANKS ATTEMPTING TO TURN REAL ESTATE BROKERAGE INTO A RETAIL SHOP FOR … (72 comments)

short sales: DANGER, DANGER WILL ROBINSON - THE BANKS ARE GETTING INTO REAL ESTATE THROUGH THE BACK DOOR - SHORT SALES!! - 05/13/11 05:43 AM
DANGER, DANGER WILL ROBINSON ! BANKS ARE GETTING INTO REAL ESTATE THROUGH THE BACK DOOR - SHORT SALES ! !
* * * * HARD CORE REAL ESTATE TALK * * * *
HEARD ON THE STREET ! !
This was the first I'd heard about it too and my source is impeccable.
HEY, ALL OF YOU SHORT SALE "EXPERTS" OUT THERE. 
What if I told you that the banks were in the process of establishing procedures to control the owner/sellers' selection of LISTING AGENTS used to list and sell their home AS A SHORT SALE? 
PICTURE THIS. . .  You … (97 comments)

short sales: FEBRUARY PENDING HOME SALE RISE. . . . JUST WHAT DOES "PENDING" MEAN TODAY???? - 03/31/11 07:06 AM
BREAKING NEWS!!  "February Pending Home Sales Rise"
Oh, it wasn't much, an anemic 2.1% rise over a previously anemic trend which, over the past year, turned out to be a hefty LOSS  of about 8.2%.   
WHEN YOU CAN'T TRUST THE STATISTICS, SOMETHING IS SERIOUSLY WRONG.  Numbers don't lie but the old saying, "GARBAGE IN, GARBAGE OUT" is more true today than ever.
In their zeal to paint a rosy scenario of the economy, the government and the NAR are presenting to the public some very misleading numbers (GARBAGE) in their economic trends reports. 
FROM THE NAR. . .The Pending Home Sales Index,* … (76 comments)

short sales: REALTOR ASSOCIATION IN NEW YORK OFFERS SOME CONFUSING ADVICE FOR SHORT SALE TRANSACTIONS. . . . Is the FBI looking over our shoulder??? - 03/11/11 09:08 AM


AN ACTIVE RAIN POST BY LAURIE MINDNICH following the receipt of an "ALERT" by an employee of the Long Island Board of Realtors about SHORT SALES bears examination and thought by all real estate agents and brokers who represent buyers and/or sellers in Short Sale transactions. 
SEE:  "The FBI - Short Sales, Brokers, Banks & Fraud!"
By: Doreen SpagnuoloDate: 3/10/2011

Let's back up for a minute. 
I don't know who Ms. Spagnuolo is or what position she holds with authority to issue the "notice".  There is no title and no apparent reference to her position with the Long Island Board … (56 comments)

short sales: ATTENTION: Homeowners Who Want To AVOID FORECLOSURE! - 01/02/11 06:12 AM
THE VERY BEST RECOMMENDATION FOR A HOME OWNER AT RISK OF MORTGAGE DEFAULT. 
The best of all solutions is to avoid arrears.  Folks do not understand the cascade of problems that may ensue if they let their mortgage payment go to late/arrears/default when it could, by any means, have been avoided.
Don't procrastinatePart time jobDelay purchasesFamily helpSell luxury itemsNo vacationEat at homeFocus on frugalityStay out of the mall
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Via Paula Burt (Keller Williams Keystone Realty):
HAPPY NEW YEAR!  Here we are at the beginning of a brand new year!  It's up to each of us … (17 comments)

short sales: Short Sales are the Answer - 10/18/10 05:58 AM
IF SHORT SALES ARE THE ANSWER, WHY HAVEN'T BANKS EMBRACED THE PROCESS? 
Why don't the banks see short sales as a logical alternative to foreclosure??  Because they don't have to.   
Banks are sitting on a record amount of cash, can isolate their toxic assets from their P&L, can relegate short sale transactions to clerks and finally, don't know anything about real estate sales and don't have to learn.
The foreclosure industry is entrenched, systematized and routine. 
Short sales require analysis, new structures, personnel who understand real estate transactions and innovation, none of which is in the banking industry's understanding. 
Banks are … (15 comments)

 


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