short sales: WANT TO BUY A SHORT SALE? WHAT YOU NEED TO KNOW. - 05/31/12 12:15 PM
WANT TO BUY A SHORT SALE? WHAT YOU NEED TO KNOW. We may be 6+ years into the housing downturn here in CT and short sales shouldnt be a mystery to anyone anymore...however I am still shocked at just how many buyer's agents attempt to represent clients through these transactions without the slightest clue of how short sales work. This along with inexperienced listing agents on the other side of the short sale are likely the #1 reason so many short sales fail. Time and time again I see short sales fail simply due to agent mishandling. Sellers need to take care in selecting the … (1 comments)
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short sales: GMAC does it again - a speedy short sale success! - 05/30/12 11:42 AM
GMAC does it again - a speedy short sale success! GMAC - by far my favorite lender to work short sales with strikes again with another smooth short sale approval...
When my seller was forced to relocate for wotrk, he was stuck with an underwater house and few options except to short sell the home.
This Colchester, CT home went on market priced well and agressively marketed. Within a week a bidding war erupted and the home was soon under contract. Within 2 weeks GMAC was ready to approve and we had but one obstacle - the PMI company. A week of negotiatons … (0 comments)
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short sales: The problem with "pre-approved price" short sales - 05/23/12 11:34 AM
While in theory pre-approved pricing on short sales sounds fantastic...the reality often proves the opposite.
There are a few of these programs currently floating around. FHA has always had a preapproval process where an appraisal of the property can be ordered prior to having a buyer. HAFA has a similar model. Some lenders have their own in-house preapproved short sale processes, and Bank of America has their Co-op Program (which actually REQUIRES the homeowner to be pre-approved before a contract comes in). All offer the opportunity to get an appraisal or BPO (brokers price opinion) of the home prior to even … (5 comments)
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short sales: A CT Nationstar and Bank of America short sale success - 05/17/12 01:34 PM
The rising costs of living and long daily commute left these CT homeowners tired and scraping change to make ends meet until they decided they had enough. Realizing they would likely never pay their way out of the upside down home they decided to cut their losses and short sell their home to move closer to work.
Originally a Bank of America first and second mortgage, the week we listed the home the first loan got sold to Nationstar, making the process a little more complex than originally anticipated.
It took two months to find a buyer for this home in the dead of winter. A short sale package … (1 comments)
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short sales: Should I short sell or just wait for my equity to come back? - 05/09/12 08:04 AM
Should I short sell or just wait for my equity to come back? While every situation differs I decided to take a very common scenario here in CT and run the numbers just to see how they look:
Lets say you bought (or refinanced) an average Connecticut starter home for $250,000 5 years ago.
Lets take an average overall 30% loss in values since those peak years.
The current value of your home: $175,000.
The current balance on the $250,000 loan with regular payments over the last 5 years (at 5% interest): $230,000.
YOU ARE NOW $55,000 UPSIDE DOWN
… (4 comments)
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short sales: Will I still owe the difference after my Connecticut short sale? - 05/04/12 06:08 AM
Q: Will I still owe the difference after my CT short sale?
A: It all depends on what your short sale approval letter says.
Connecticut is a deficiency state. What that means to any CT homeowner is that your lender can pursue you for a monetary loss resulting from a foreclosure or short sale of your property - unless your short sale approval letter says otherwise. Many people mistakenly believe that letting the home foreclose, walking away or simply sending in the keys absolves them of their responsibility for their mortgage - however this is absolutely not the case.
When you signed up … (2 comments)
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short sales: Central CT Wells Fargo FHA short sale - Just 10 short weeks to a happy ending! - 05/03/12 08:22 AM
Central CT Wells Fargo FHA short sale - Just 10 short weeks to a happy ending!
This Colchester, CT homeowner was at the end of her rope as even FSBO efforts to sell while saving money had not ended in a successfull sale of her upside down property.
Little did we know that this particular short sale would be among the simplest and smoothest I have ever seen.
Since the loan was FHA (which offers short sale preapproval) we sent a complete short sale package at the same time we entered the market at an aggressive price. Just 18 days passed until we secured … (0 comments)
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short sales: Another Bank of America short sale success in Connecticut! - 04/30/12 06:42 AM
Another Bank of America short sale success in Connecticut! Although Bank of America is generally pretty easy and quick in their short sale processing as of late - there are always exceptions.
The property was well priced and agressively marketed and went under contract in just over 8 weeks. A full short sale package headed to Bank of America, where negotiators fumbled around with the file for several weeks - insisting my seller go HAFA even though he did not qualify for the program. My client was eventually able to pull out of HAFA and go with a traditional short sale.
… (2 comments)
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short sales: A Connecticut Bank of America short sale - approved and closed! - 04/23/12 09:13 AM
Bank of America is really on the ball lately with getting short sales approved rather painlessly ( for the most part anyway...) .
I originally listed the Mansfield, CT home after a fellow Realtor referred her foreclosing client to me. The property went on the market...and stagnated. The owner was reluctant to reduce the price of the property aggressively and as a result it took 4 solid months of marketing and 5 price reductions to finally secure a buyer.
It took Bank of America about 6 weeks to counter the purchase and ultimately the sale fell apart over a difference iof $2,500. We ended up … (1 comments)
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short sales: Another Connecticut GMAC FHA short sale success! - 04/18/12 05:07 AM
Another Connecticut GMAC FHA short sale success! GMAC - now my very favorite lender to work short sales with - delivers again.
When this Connecticut homeowner first called me, he seemed quite skeptical that a short sale was a possibility for him. Given his circumstances he was sure that his only option was to simply walk away and let the home foreclose as he believed he would never be approved for a short sale. I believed otherwise.
As the FHA PFS (pre-foreclosure sale) program allows preapproval, we immediately sent a full short sale package to GMAC and the home went on market. … (0 comments)
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short sales: A happy ending to a miserable MetLife short sale experience - 04/17/12 10:24 AM
MetLife...The only positive thing I can say about this bank is that I am overjoyed they are no longer writing new loans since January 13, 2012. They truly do not belong in the mortgage servicing business.
I listed my clients home in June of 2011. Since they had an FHA insured loan, and the FHA short sale process is rather simple and predictable, I mistakenly assumed we were in for a smooth ride.
Boy, was I wrong. MetLife has one of the worst and most unresponsive loss mitigation departments I have ever seen. Not only did they blatantly disregard our file for weeks and months … (4 comments)
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short sales: McCue Mortgage sticks it to the taxpayer - a Connecticut FHA short sale success - 04/17/12 09:36 AM
McCue - Where did you go wrong?
McCue Mortgage used to be a pleasure to deal with and was generally efficient in their short sale processing...and then something happened. Some new folks showed up in loss mitigation...and the rest was all downhill.
This Meriden CT home first sold within a month on market in a multiple offer situation. The buyers were paying over market value. A full short sale package and high hopes headed over to McCue.
Four months passed as McCue's new loss mitigation staff fumbled around with our short sale file, ultimately declining the file. McCue cited lack of default as the … (0 comments)
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short sales: Another CT Nationstar HAFA short sale approval! - 04/02/12 02:08 PM
So it seems at least a few lenders are successfully incorporating HAFA into their short sale processing. Despite massive delays in HAFA processing with most lenders, at least Nationstar seems to have this HAFA thing down.
Back in May of 2011, this Plainville, CT property was first listed. Two months later we secured a buyer for the property. The file headed off to Nationstar. Unfortunately the first time around the file lagged at Nationstar so long that Hurricane Irene came to Connecticut and sent most of my clients street underwater.
The property flooded, became uninhabitable and the buyer walked. In September we went back on market. Soon after … (0 comments)
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short sales: Do I have to stop paying my mortgage in order to get a short sale approved? - 03/27/12 09:30 AM
Do I have to stop paying my mortgage in order to get a short sale approved? The answer to that can be yes, no or maybe so.
While most lenders have not laid out specific rules saying you must be in default to qualify for a short sale, it has been traditionally more difficult to get a short sale approved for a paying client.
However I have noticed more flexibility in this, especially in the last several months. While some investors will still require a default in order to be approved into a short sale, many will not. Keep in mind your lender - Bank of … (3 comments)
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short sales: Trends in Connecticut short sales - 2012 - 03/21/12 05:29 AM
Over the last few years here in CT it has become clear that short sales are here to stay – at least for several more years. The good news is there have been many changes in the short sale world as the economic slump continues. A few trends I’ve noted over the last few years as CT's top producing short sale Realtor:
Short sales are getting faster and easier overall The big banks – Bank of America, Chase, Wells Fargo, GMAC and Citi have all made significant improvements to their short sale processing over the last few years. While there is … (1 comments)
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short sales: 10 WAYS TO MASSACRE YOUR SHORT SALE - 03/14/12 07:10 AM
10 WAYS TO MASSACRE YOUR SHORT SALE Hire any old realtor. Your aunt's best friend has a license. Surely she could use a commission check. Price the house based on what you owe, rather than what your home is worth in today’s market. Disregard your agents recommended price reductions. How dare they? It’s already a steal…after all you paid $X just 5 years ago. Don’t people know a good deal when they see one? Force severe showing restrictions – if they want your house they will just have to reschedule until it’s convenient for you. Be present for showings –no one … (4 comments)
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short sales: CT Chase short sale success – Fannie Mae owned loan with no default required! - 03/09/12 06:34 AM
CT Chase short sale success – Fannie Mae owned loan with no default required!
I’ve been hearing a lot lately about Fannie Mae forcing customers to go into default in order to approve their short sales, so I knew we’d be up for a rough road with this client. While most of my clients are behind in payments by the time they call me, this CT home seller had reasonable income, heavy liquid assets, great credit and intended to not miss any payments in order to preserve her excellent credit.
Any condo in Connecticut is a tough sell right now … (1 comments)
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short sales: A CT short sale success with Aurora - 03/09/12 05:45 AM
After several failed attempts at modifications and several listings with Realtors who failed to short sell his home, this CT short seller finally called me to get the job done.
After an initial price correction, a strong buyer was secured for the property in just under 6 weeks and a short sale package headed to the lender.
Aurora can be unpredictable at times. Unfortunately we were out of luck this time as the negotiator assigned to our file proved completely unresponsive. He refused to communicate via email, never answered his phone and his language skills were severely lacking – leading to a long … (0 comments)
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short sales: CT Short Sale Succes with Indymac Mortgage Services - OneWest Bank - 02/23/12 08:51 AM
CT Short Sale Succes with Indymac Mortgage Services - OneWest Bank
This very difficult short sale certainly came with its delays…the hardest one being simply finding a buyer for a condo in a horrid condominium market.
Six months and 7 reductions after going on market, we finally secured a cash buyer for my seller’s investment property gone wrong.
A full short sale package went to the lender and a month later was rejected. My seller’s crime was lack of default. The next month my seller became delinquent, and the short sale package went back in. Not long after we received … (1 comments)
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short sales: A few suggestions for Bank of America - 02/19/12 03:33 PM
A few suggestions for Bank of America I’ve noticed no matter what real estate website I’m on – Bank of America is advertising there…I also cringe everytime I’m in the car and I hear a random story on the radio involving something like “Bank of America pavilion”…or BofA this or that…
Bank of America- since you clearly have the funds to advertise no matter where I look, I think some of that money should be diverted to loss mitigation – specifically your short sale department.
How about:
Customer service reps that have a clue, or if they don’t know, will pass … (1 comments)
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