Homeowners with Wachovia short sales can really benefit. Those out of state buyers from Canada for vacation homes can really take advantage of not having to wait FOREVER for an answer.
Just what this market and the buyers needed. Pre-approved short sales. It turns out that not only Wachovia but World Savings and borrowers with loans with Golden West can benefit from the streamlined short sale process that has started.
Hopefully, all other banks will begin to pick up on this process and we can see some market stability.
I am just happy to be able to help those homeowners that can no longer afford their home mortgage payment especially if their adjustable rate mortgage starts to put the squeeze on their budget. Feel free to comment with questions you may have about your particular situation.
Finally, normal may be moving in the right direction.
Homeowners with loans at World Savings, Wachovia and Golden West may be the lucky ones getting some relief.
It turns out that World Savings for homeowners in areas to include Gilbert, Mesa, Chandler, Tempe, Ahwatukee and other Phoenix Cites close to Phoenix Sky Harbor Airport will be getting some relief. Homes for sale as short sales may give great opportunities for student housing near Arizona State University and Mesa Community College because those above banks have started rolling out their pre-approved short sale program.
Many homeowners can benefit from doing a short sale and if they can get pre-approved, it allows those homes to sell within a very short period of time. Especially since the approval process can be as short as 7 to 10 days from file opening and you don't have to have a contract in place to start the process.
It's tough to find a dry cleaner that doesn't double crease pants or shirts. Prestine Cleaners not only provides excellent quality in the work that they do, every morning I go in, I am greeted by either Mary the manager or Randy the owner.
Mary's son Danny recently started working there as well and the two of them do on-site alterations. They have become almost like family. Often, we discuss life experiences when we have the time. Recently, I was invited over to Mary and Danny's for dinner when their new build home is completed.
It's always great to do business with a customer oriented staff. Their professionalism matches their quality and they even have a cool motto: "Life is too short to wear wrinkled clothes!"
They are extremely close to The Lakes in Tempe and Tempe Royal Palms.
Prestine Cleaners 1813 E Baseline Rd Tempe, AZ 85283
I plan on sending this in to the "powers that be" at B of A if there is enough concurring feedback. Maybe then they will wake up and help homeowners. I don't think the "A" stands for America anymore.
You see, I work with investors that fix and flip properties.
I decided that we could write on some short sale properties and at worst, if they go to foreclosure through the bank's stupidity, we can buy them there.
While looking through the MLS, I wasn't surprised to find that so many agents are so frustrated with the mind-numbing stupidity of some banks on short sales that I am now seeing the following written into the agent remarks section:
"Not a Countrywide short sale!"
"Not a Bank of America Short Sale!"
It seems like Countrywide survived the Bank of Al-Qaeda America takeover and continues to have their legacy go on with a reputation for ignoring the needs of their mortgagors "Countrywide".
Is it scorn or is it a warning? Either way, the message is clear, bin Laden can kick back and relax while BofA does more emotional harm and damage to Americans than any terror attack could.
Why continue to punish the American people with such psychological distress?
Why ask for a note to be signed in a non-deficiency judgment state?
Why are you declining short sale offers at higher amounts than you are setting the credit bid at when it goes to auction?
Why the stupid re-starting of the process at your own whim and desire?
Why are we lied to and told we would have contact in two weeks to 30 days only to find out on the 40th day that the file has been reassigned and that we now have to wait again?
What sick pleasure and joy do you get from taking bailout money and then not returning the same compassion to the taxpayer that in part paid for the bailout?
Get it together, please. You have very likely hurt more American families than any terror organization could.
He came across some work I did on selling a short sale quickly and approached me with a plan:
He will buy properties at auction for investors he represents and I will sell them
at a premium and I get a full 6% co-broke. So, what's the catch?
I gotta fetch a premium!
One way I do that...STAGING. The staging industry "claims" that a staged home will fetch a 7% higher sales price than a vacant home. "So, that's how I'll fetch the premium," I thought to myself, "and I'll just keep knocking down 6%!"
THE BEFORE STORY:
After buying at auction, the home is listed at $288,500.00 with a $3,000 bonus to the selling agent. The place goes nuts with activity but after 6 days, NO OFFERS! The seller is fully convinced that a little work here and there will get more money...
He commits to "yummying" up the home to the tune of $18,000.00 for some touch up things.
The AFTER STORY:
The interior is painted, the baseboards are cleaned, granite tile is added to the kitchen and master bathroom counters, the tile and carpet are steam cleaned, the windows are professionally washed, sinks are changed, hall and bathroom lighting is changed, the exterior is power washed and the landscaping is touched up...
THE HOME IS READY FOR THE ICING ON THE CAKE...THE STAGING
Thanks to my stager's urging, I have accumulated almost 20 silk floor plants, artwork, pottery, glassware, silk desk plants, silk plants in styrofoam (for shelves), a fake TV, mirrors, towels, etc. My garage literally looks like a jungle as I have almost 100 plant units alone. She had me bring some stuff over and...
In 4 days we had 6 contracts!!! All of them OVER list price!!!!
In closing: My seller would've taken a net of $285,500 before the staging. Instead, he ended up with a sales price at $315,000 with huge earnest money, no contingencies and made an extra $12,000+ on the sale of the home that took only 5 days to go under contract. I'm glad I met Brenda Tucker of Haverhill Staging. She did a phenomenal job. Enjoy the rest of the photos!
The photos in the column above on the right are the "Before" and the ones below are the "After"
I can't say at this jucture whether or not it would be a good decision to believe Triad Guaranty is making the right move. If you have money invested with them or are planning to, you probably can answer the question better than I can.
I have a short sale in process with a great servicer for getting short sales done, EMC Mortgage. Prior to listing the property and soliciting offers, I called to find out what additional information the investor/MI company might need. I was told this was an MI file and that they have, at times, requested promissory notes. I explained that that type of note would be futile to attempt to get for two reasons:
1. The client just doesn't have the ability to pay. Both lost their jobs and have had to move in with family. One is over 50, the other is over 30 so they aren't too happy with what is going on.
2. The property is in Arizona, a non-deficiency judgement state. No matter what, there is no recourse to the borrower.
Guess what, we get a cash offer higher than the comparable competing properties by over $5,000.00. A cash offer and it's being held up because Triad wants to get a promissory note signed.
This may be the right decision. I cannot predict what the property will sell for once it hits the REO market but I will keep you posted so financial investors can see that their money is either being used wisely or not.
In the meantime, I know I will never list a short sale with Triad Guaranty if the owners are still occupying the property. Why should a seller with Triad Guaranty mortgage insurance lift a finger to attempt to sell a home for a higher amount than an REO property would get, provide a seller property disclosure statement and take on the potential for a non-disclosure lawsuit in the future, fill out tons of short sale paperwork and try to do right only to get bullied into signing a note they couldn't afford to pay in a non-deficiency judgement state? It may be easier and less stressful to live for free until the D-Day comes and try to get "cash for keys".
The personal statements above represent my opinion of Triad Guaranty's behavior and should not be construed as financial investment advice. The post will be updated upon trustee's sale and REO disposition so it could be identified whether or not my face or Triad Guaranty's financial investors'/backers' face should be wearing egg.
If you or anyone you know want to search for homes, feel free to go to www.monopolyman.com to either search the foreclosure lists or to set up a custom search.
I have put a bunch of photos on a land listing that I have in Eloy, Arizona which is about 30-40 minutes from Phoenix and about an hour from Tucson.
It's a pretty large parcel of land sitting at 40 acres. I didn't know what else to do but stand in the middle area and take a bunch of pictures. Some of them look the same as others. If you have the time, please provide feedback, otherwise, thanks for stopping in.
Thank goodness that in Gilbert, Arizona, our process to foreclose is a non-judicial foreclosure. As such, it helps us to get properties under contract quickly. This one went from listing to accepted offer from seller in 11 days. Hopefully, Countrywide will move quickly to get things going now that they have control of the file.
There are many other properties to choose from in Gilbert, AZ in The Islands and the surrounding communities. Search on your own at www.monopolyman.com if you'ld like.
I recently started working with large families and since they new others with large families, I decided to menu out 5 bedroom homes for them.
I contacted agents in Tempe, Arizona near ASU to see if I could "borrow" their listings and market them. I got permission from them first but now some of the pictures aren't coming up clearly. The link will open in a new window and you will see the pictures look fine in the thumbnail images but don't when clicked on to enlarge.
I worry that students at Arizona State University or their parents looking for student housing for college may pass on the opportunity to get a new home just because of the photos. Is there a way to focus these photos or will I have to go the driving distance to get new shots.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
I can't say at this jucture whether or not it would be a good decision to believe Triad Guaranty is making the right move. If you have money invested with them or are planning to, you probably can answer the question better than I can.
;)
;)
