Marla's Blog

WAMU Why Can't They Find the File???

Marla Trussell (Coldwell Banker Residential Brokerage) — Mon, 13 Jul 2009 13:46:38 -0700

We all go into these short sales, eyes wide open, that they are going to take some extraordinary effort to get them done. I accept that but why oh why does WAMU have to make this short sale like swimming against the rip current?

A complete file was sent certified mail and received May 7th. We have been going round and round with them; first they alleged that the Homeowner Authorization Form was missing, then it was received, then missing again. In the end, the form was faxed 7 times. We have had to re-submit financial information that accompanied the original package no less than 3 times. Today will be the 4th time the same data was submitted to at least 3 different fax numbers. To make matters even more frustrasting, the 2nd TD is already done. The buyer's approval expires July 31st. At least the appraisal is good for 6 months.

I have been given conflicting information about the status of the file; BPO has been ordered, it hasn't been ordered; a negotiator has been assigned, hasn't been assigned; blah blah blah.

I had a great short sale in the beginning of the year. EMC approved the package in 10 days. EMC and WAMU are under the same umbrella now, Chase.

If I'm going to swim against the rip current, I'm getting my fins and heading to the beach. At least I can get a workout and a tan! Maybe when I get back, I'll have a voice mail that WAMU is ready to roll. I think there's a better chance of pigs flying!

Foreclosed Property Eviction - Who contracts with the movers and storage company?

Marla Trussell (Coldwell Banker Residential Brokerage) — Tue, 08 Jan 2008 18:24:32 -0800

I have been working with a lender in New Jersey. They took back a property at a sheriff's sale in October. The eviction is scheduled for Thursday. They asked me to get them moving bids and have a mover and locksmith ready for the eviction. I forwarded all the bids, they selected one mover. The mover needs the contract signed, a deposit and someone to be responsible for the mortgagor's personal property being signed into storage. My broker's policy is that agents in our firm do not sign such agreements. The bank says its my responsibility. If anyone has had experience with evictions, please opine. I won't violate my broker's policy but would like to know how other agents/brokers are handling this aspect of the process, eviction of the mortgagor in possession.

New Jersey Corruption Premium

Marla Trussell (Coldwell Banker Residential Brokerage) — Sun, 16 Dec 2007 15:07:42 -0800

There's an amazing series of articles in the Asbury Park Press, published by Gannett. The writer Mike Diamond has chronicled a long and sad history of municipal corruption in Monmouth County. Monmouth County is not the single corrupt county in New Jersey. Corruption is widespread, like a cancer that has mastasized throughout the Garden State. Local, regional and national writers, news correpondents, nationally syndicated shows have covered the topic of corruption in the Garden State countless times. The corruption premium affects everyone. Can anyone figure out why the NJ electorate puts up with this??? We pay tops in taxes in the US and rank almost dead last for so many services. What gives? Any ideas?

New Jersey Transfer Tax! Sign Petition Against Additional Municipal Transfer Tax!

Marla Trussell (Coldwell Banker Residential Brokerage) — Sun, 16 Dec 2007 14:54:56 -0800

Attention New Jersey Agents! Have you contacted all your clients, told your farm that the Legislature is at it again! They have found another way to tax us. This time they are seriously considering legislation to allow municiaplities to impose a realty transfer tax in addition to the realty transfer tax already paid to the state.

What will this tax do? It will further erode equity. I have read that the tax was imposed in 1968 to offset the state's cost for tracking real estate transactions. That was also in a year when New Jersey had no income tax, can you believe, NJ had no income tax. Anyway, we've come a long way since 1968 and I can't imagine it costs the state $4,175 to track the sale of a $500,000 home. The tax varies with the transfer price. Since the state is barred from operating as a for profit, constitutionally, the realty transfer taxes should be significantly. (that's for another discussion).

Get out there and let everyone know about the website to post their vote against this tax!

http://njhometax.com

Put an end to this madness!

Real Estate Teams

Marla Trussell (Coldwell Banker Residential Brokerage) — Sun, 29 Jul 2007 14:22:18 -0700

A colleague and I will be working as a team starting in September. I would like to get feedback from others who currently work on teams and those who have worked on teams. Good, Bad, Ugly? We have already been on one listing presentation and it went well. We are both high energy, understand our markets very well, have similar work ethics and complement each other very well. I am thinking that we should approach this like any other business development project, identify each one's strengths, weaknesses so we know how to assign tasks, etc. I hope to hear your ideas! Thanks!

New Jersey Property Taxes

Marla Trussell (Coldwell Banker Residential Brokerage) — Sun, 15 Apr 2007 08:23:55 -0700

This is a call out to all New Jersey Realtors. What do you think about the property tax situation in New Jersey? I would also like to hear from Realtors across the US to learn more about how properties are taxed. I know there are low property tax states out there and your states still manage to deliver services and the residents enjoy a good quality of life.

I like the "Garden State". I grew up and then moved to California, where I lived for 19 years before coming back. We had Proposition 13 in California. With Prop 13 there is predictability in taxes year over year. In New Jersey, it's a crap shoot.

I would love to hear your comments!