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short sale: Cash for Keys to Stay in the Home? - 12/28/09 09:29 PM
It seems like the banks are starting to wake up and realize that homes sell for more when they're not vacant. Distressed homeowners that are considering walking away may want to think twice.
Cash for keys used to be something offered to get people out of a foreclosed home quickly. Now, some of my lender partners that I do short sale transactions with are actually allowing "Cash for Keys" to be given to the homeowner to stay until the property closes. $1,500.00 to $5,000.00 is what will be paid!!!
Studies show that staged homes sell on average for 7% … (12 comments)
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short sale: Trista at EMC Mortgage is a real loss mitigator. - 02/13/09 08:03 PM
Short sales...need I say more?
Trista at EMC Mortgage? I almost dropped the phone today when I heard her response to my gingerly asked question.
Some background details: I get a call from a client two weeks before trustee's sale date. "If you can sell it and help us avoid foreclosure, have at it." I list at a competetive price relative to the REO action in the area. Nobody really wants to subject themselves to a short sale in our market since REO properties abound. One frustrated buyer decided to take a whirl, the day before trustee's sale.
At least … (10 comments)
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short sale: Take every HOMEQ short sale you can get!!! - 01/07/09 11:12 AM
HOMEQ sure can hustle! I listed a home on November 14, 2008 and received a contract the first weekend. I sent the paperwork in on the following Tuesday, received an approval that Friday and closed escrow on December 18th!
They moved FAST!
On top of all that, they have organized their short sale department so each loss mitigator can take calls for other loss mitigators thereby ending any need to ever sit and wait endlessly on hold.
This is a company that can mitigate a loss!
If you every have an opportunity to list a short sale serviced … (15 comments)
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short sale: EMC Mortgage's Policy Continues to Baffle Me! - 01/06/09 05:23 PM
I understand why a bank would want to have an offer before a BPO is ordered. It does make sense. Now, however, our market is changing so quickly that in some cases it doesn't make sense.
It is just this particular home!! - I have three short sales with EMC, on only one of them (located in South Phoenix) I advised them that there are so many REO/Bank Owned properties surrounding this home that we don't have a chance to sell it without a BPO getting ordered. Agents just will not show a short sale when there are 20 competing … (4 comments)
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short sale: Wanted: Buyers for well-priced listings in Arizona - 08/17/08 11:59 PM
In today's market, with real estate doom and gloom everywhere, I notice exceptional bargains that would provide huge returns for the long term investor.
I've told many people about the latest and greatest "bargains" I've found out there and some are just downright underpriced homes.
They were such great values that I thought of putting together a separate page on my website for these special properties. It seems that I cannot do this so easily without getting the permission of the listing agent. The permission part wouldn't be so bad, it would be the accuracy side that I would worry … (7 comments)
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short sale: Approved short sale in Phoenix, Arizona! Nah, it's now just bait. - 08/11/08 02:42 AM
I received great news on a short sale! Our offer was approved! One big hitch...
The sneaky lender decided to ignore the terms and conditions on the purchase agreement and "approved our offer" but it wasn't what was "offered"!
Tricky bank does some stupid action - It almost slipped through the cracks. I make it a habit to get a new HUD-1 done prior to ordering home inspections and appraisal. The listing agent never got the letter over to me... When she finally did, I noticed that the amount the bank was expecting for a full payoff was $10,000 higher … (2 comments)
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short sale: Non-short sale inventory moving fast in Tempe, Arizona - 08/08/08 10:49 AM
The final months of seller funded down payment assistance programs is drying up inventory! Non-short sale inventory, that is.
In Tempe, last week, search results for a client gave me 13 available units under $180,000. Yesterday, it was five. This morning, it was four. Are we at a bottom? Not even close.
Since my buyer needs seller funded down payment assistance, we can't be wasting time on a short sale that doesn't have a file in process yet. Too much risk is involved in waiting for the bank to respond. We're not the only ones avoiding short sales so any … (9 comments)
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short sale: New foreclosure rule on FNMA loans. Short sales are now a must! - 08/05/08 01:01 AM
What a time of change we are in! Facing foreclosure? It won't be until the 100 year anniversary of the stop sign before a FNMA loan can be secured with less than 10% down.
With the recent changes to FNMA rules regarding the increase to a 5 year period and a 10% minimum down payment under 7 years from the date of a foreclosure, people now have a pretty strong reason to want to sell short.
Seven long years!
It's going to have been 100 years since some of the events of World War I occurred before a normal FNMA … (11 comments)
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short sale: Fannie Mae finally takes action to curb foreclosures now shortsales are better? - 07/31/08 03:45 PM
I've heard it from clients, agents, loan officers and even waitresses:
Why not walk away from a home? It probably won't recover in value in the next 3-5 years anyway, by then, I could save up enough money to put 5% down and probably buy my home back for less than I owe now!
Many people upside-down on mortgage balances to value don't seem willing to pay as much monthly for their home.
So, what has been happening? People are just walking away.
Fannie Mae got smart, maybe FHA will follow suit.
Fannie Mae changed their 4 year sideline … (10 comments)
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short sale: Short selling for a Scottsdale, AZ owner not behind on payments. - 07/30/08 10:18 PM
It's time to test the myth: Can you short sale a home when the owner isn't behind on payments?
I'm going to brave this storm.
I'm going after the mythical beast!
I'm going to convince the bank that this is their best option. It will be, afterall.
The owner has suffered a financial setback. On top of that, when he sought to have his interest rate on his mortgage lowered, they simply froze the rate for 5 years. No equity to refinance. The payment is now too high.
Is the payment too high? Or, is it tough to continue … (26 comments)
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short sale: If you play hard to get, does that make you popular? - 07/28/08 04:09 PM
POPULAR MORTGAGE
So popular, I never heard of them before. Answer me this: What then makes them popular?
Isn't there a tree called a Popular? Maybe, since this mortgage company can never return calls, they are called "Popular" after the trees that they hire as employees, literally. How can you place 30 calls and not get a callback? Oh, the tree is spelled Poplar? Maybe they should change their name, especially since "u" has no place in Popular Mortgage's life... Neither do you!
Could their popularity be some gimmick? Are they trying to seem popular by playing hard to get (ahold … (0 comments)
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short sale: Short sale rule: The sweeter the tongue, the sharper the tooth! - 07/28/08 01:15 PM
Want to have a successful short sale? Take control!
I trusted the people at the bank and gave up a little control in exchange for that trust. BIG MISTAKE!
Three weeks before the trustee's sale date, we get an offer that would net the bank $118,000. Compared to other property sales information, a very good amount. The bank is notified and orders the BPO on July 8th.
We send in the paperwork on the 10th of July. Upon follow-up, they can't find it. Okay, they're being polite and answering the phones. No excessive hold times, etc. I happily send the paperwork … (13 comments)
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short sale: Short sales - It pays to be nice! - 07/23/08 04:54 PM
In working on numerous short sale offers, one thing is for certain: It pays to be nice!
I made the mistake of being rude in my calm, cool and collected way with a loss mitigation person. I didn't raise my voice, I didn't attack her or her company, I simply asked, "Does your company even care whether or not they lose money by taking too long to decide on a transaction?"
Big mistake! Our file has become "LOST!"
I met a guy that works for one of the banks that has an office in our area. He is a supervisor for … (8 comments)
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short sale: Members can we share good/bad experiences with short sales and REO's? - 04/04/08 04:07 PM
Is anyone else open to having a posting format to report good/bad experiences with short sale/REO transactions?
From what I've experienced, I would fight to get listings from certain banks for REO's and run away from others knowing that the price will be off.
I would never list a short sale from a couple of banks but would have a buyer quickly write an offer on a listing from others.
This way, we could all collaborate together and share what has worked and what hasn't, who is reasonable and who isn't. Have a "Group" for each lender for quick reference by members. Of course, this … (10 comments)
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short sale: Wake-up call to servicer of 1 in 5 mortgages. - 04/04/08 02:00 PM
Together Everyone Achieves More! We're all in this market together.
It wouldn't be so bad if all REO or short sale transactions were nightmares. It seems like every third transaction goes unbelievably smooth and I get a very courteous and cordial person representing the bank.
Like M & T Bank, Ocwen, FNMA, etc. I've had some really great experiences dealing with companies that understand market conditions.
Then, we get the normal scenarios with other banks:
One of which claims to service 1 in 5 mortgages. I guess "service" to them is referring to protecting their executives, shareholders or the investors that bought the mortgage backed … (2 comments)
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short sale: Frustration with inflated Broker Price Opinions (BPO's) - 04/03/08 01:34 PM
Short sales and REO's
The lifeblood for some agents and offices. Dreaded words for others.
Yesterday, I heard of a bank that rejected an offer that was $13,000 above market value and almost $60,000 above a reasonable buyer's value.
Why? The BPO was inflated. What causes the problem and how can we avoid it? Here's why I think the BPO system fails everyone:
Is there a potential conflict of interest? If a BPO comes in low, does the loss mitigation department stop using the agent that completed it? If it is high, does it increase the chance of the agent receiving more BPO's?Is the agent doing … (20 comments)
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short sale: Buyers beware of REO contracts and preferred settlement companies. - 03/31/08 02:05 PM
With the banking industry becoming more frequently involved as part of the seller's side of a transaction, it has become necessary to go over the REO department or Loss-mitigation department's required paperwork with a fine toothed comb.
Key item to watch out for? The reluctance of the bank or institution to pay for owner's policy title insurance or for the seller's share of settlement charges.
In this market, many buyers are first time home buyers. These FTHB contracts are usually sent in requesting a concession from the seller to the buyer for closing costs.
To further complicate the issue, the institutions are usually requesting … (12 comments)
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short sale: Will short sellers be in for the shock of a lifetime? - 03/22/08 12:52 AM
When it comes to giving advice, could we sometimes be putting on the wrong hat?
What did President Bush sign into law regarding the changing of the IRS code regarding the 1099 that a borrower may get when the either walk away or get foreclosed on?
In a nutshell, if you sell your home for less than you owe, you will very likely receive a 1099. You can "discharge" the difference between the Acquisition Indebtedness and the actual amount you sold the home for (and there are certain exclusions). Acquisition indebtedness is the amount owed on the ORIGINAL amount borrowed, plus costs to … (4 comments)
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short sale: When Selling your Home, Did you have a Chance? Did you have a plan 'B'? - 03/11/08 12:37 PM
I used to hate going down into the basement. I didn't care if it was day or night. I just saw too many scary movies.
When I would have to go down, I knew what I would do if I was attacked by a monster. I had a plan. Maybe today's sellers are fearless since their backs are up against the wall; maybe they're just bold. I just have one bold statement for the bold:
Without a plan for selling, too much is left to chance! Without a plan 'B', frustration and worry will fester!
Sellers should inform their … (1 comments)
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short sale: The Beautiful Happy Joyful Benefits you get with Short Sales! Part 2 of 2 - 03/08/08 04:18 AM
I recently posted "The Problems you get with Short Sales". It was a set up from the get go. Short Sale transactions have popped up and hit us by storm. Everyone seems to know what one is, inside and outside the industry. The glass really is 1/2 full. Let's use it to our advantage.
Original "problems" from other posting in italics. Positve approach viewpoint in regular type. Let's enjoy!
The can kill a street's, subdivision's, community's, town's, city's, county's, state's property values pretty quickly. Great! Now a whole wave of clients that missed out on the property run up before the … (10 comments)
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Mark Organek - Las Sendas Homes for Sale REALTOR
Mesa,
AZ
More about me…
Solutions Real Estate
Address: 2353 E. Baseline Rd., Gilbert, AZ, 85234
Office Phone: (480) 838-6513
Cell Phone: (602) 790-0607
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