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banks: Here is an idea for banks that deal with lazy BPO agents! - 01/14/12 01:31 PM
Here is an idea for banks that deal with lazy BPO agents! For those of you who have dealt with short sale listings have all had that experience where the BPO came back way higher than the home is really worth. Why would the BPO agent bring back a high BPO to the bank? Well, one of the reasons is that I think they are hoping the bank will foreclose and they will get the listing. But, why doesn’t the bank question these agents to the value of these properties. I think one thing that would stop these bad BPOs is (9 comments)
I got a call a couple days ago from a seller that wants me to list their home, but really they don’t! You see they are in a short sale situation, not by much, but enough. They wanted to limit the damage to their taxes by selling the home themselves, saving the commission and getting a smaller 1099 at the end of the year.
What was the problem? The bank told them that they weren’t going to allow them to do a short sale unless they used a real estate agent. They were very upset by that and they (24 comments)
Well, Friday was a good day, my client finally got the keys to her new house, but it wasn’t easy. The delay in close was because the bank on this foreclosure was refusing to sign the settlement statement. They said they were refusing to sign and to pay the buyers prepaids despite us putting that in the contract and them agreeing to it. They thought my client would fold and bring in the extra $1,800 netting them more, they were wrong!
How did we get the bank to finally play ball? The buyer advised me to send a letter (25 comments)
This last week I had a listing that was scheduled to close, but it was delayed by the buyer’s underwriter. That in itself really isn’t that unusual, but, the stupidity of the delay on this underwriter’s part was! You see this underwriter wanted the amount of the HOA dues from the HOA. You see there was just one little problem, there is no HOA in this neighborhood. So, when I emailed the underwriter’s boss that there is no HOA, the response came back.
“Great, if we can just get the HOA to issue a letter stating there is (77 comments)
I just closed a transaction where we had to have a 30 day close on because it is scheduled to go to auction on the Thursday of the week of close. On the 8th of September, when we got approval from the seller’s bank to do the short sale, we were assured by the buyer’s bank that they could easily close in the 30 days and to proceed. Well, guess who calls on the day of the scheduled closing saying they are backed up in underwriting and they can’t close until the 18th? Yep, the buyer’s banker from a (15 comments)
I had a client that was in the middle of a short sale when the bank started investigating them hard for mortgage fraud. Now when they filled out the loan documents, and signed at closing, all the information was true and they didn’t see any changes on the horizon. Fast forward to today when they have lawyers contacting them daily and are threatening them with jail time for mortgage fraud if they don’t bring their account current and continue with this short sale. Now, what is happening with this couple is probably happening with thousands of others across our country (79 comments)
This morning I read a report that the President says the problem with the housing industry is short sales and he wants to fix it. I thought GREAT, ABOUT TIME! But then I read the article and quickly I realized that our President has no clue about what is going on with the housing industry. As with most politicians he thinks if we throw money at a problem, he thinks it will go away. You see, the President says the problem with short sales is that the sellers don’t want to move out (132 comments)
Banks just don’t get it, do they? Yes, short sales are an issue, but what if a home is in foreclosure, but if it sold wouldn’t be a short sale? Well, that is the case with one of my clients and we have an offer that should more than pay off the remaining loan balance. So, what’s the problem? Well, the bank is continuing with the foreclosure that is still 27 days away and they are refusing to give us a payoff amount so we can close. Now, my clients have contacted a (14 comments)
If you work short sales, I’m sure you have run into the phone call in the middle of the afternoon where a buyer’s agent is at the door and they are calling to ask you why the keys don’t work. That is when you find out the locks have been changed by the bank. (Is this legal?) Well, one of my clients who happens to be a long haul trucker and really only uses his house for a storage place, told me to list his home. He had me put it in (20 comments)
My buyers are buyers with a good credit score, but they just don't make a lot of money. So, they know the homes they are looking at are going to be on the lower price range of homes on the market and with that, there is going to be a lot of competition. But, when you find the home you want and your offer is the highest, and then still losing out, then I'm telling them to contact their lawyer.
Sounds like a strange question doesn’t it? But, I’m serious, especially after what I heard happened to one of my fellow agents today that was working on her short sale. She had the BPO done, she had the appraisal done, heck, they really thought they were ready to close, the bank even said they weren’t going to foreclose.
But, guess what they did anyway? Yep, they foreclosed on the home and this poor listing agent was out her commission. Now, you would think that would be the worst part of the story after a year of working on getting (24 comments)
banks: I am not a big fan of the lowball offer, but what if it gets accepted? - 02/13/09 06:42 PM
I presently have 7 short sales listings in my listing inventory and I'm not a big fan of the person that comes in within one week of the home being on the market and writing an offer for 40-50% of the loan amount. The fact is, when a buyer calls on one of these short sale properties, I refer them to another agent in my office as I don't like to work both ends of the transaction. I don't feel I can be fair to all parties involved with all the work that is involved in a short sale. But, what (126 comments)
banks: The power of the CC: (A short sale success story) - 02/09/09 12:56 AM
As many of you know, for the past couple months my group, Short Sale and Loan Modification Nightmares, has been sending story after story to the banks about what is going on out there in the trenches, because I truly believe they don't know. On October 1st, I put in an offer from a buyer on a property that was going to have to be a short sale. The owners lived in small town that had one of only three major businesses in town shut down and put hundreds out of work. Basically, 1/3 of all the homes in the area (19 comments)
banks: Ok banks, that makes no sense at all! - 01/13/09 11:54 AM
In this time of banks taking homes back in foreclosure left and right, you would think that some common sense would still prevail. However, here I am telling you the story of another home that will go into foreclosure because of a banks stupidity! You see I met someone who owned their home that they got in the divorce, the only thing was, that the home had to be put into her name and that she had to make all the payments on the loan. It was looking good for her until about August when her payments adjusted because of an (19 comments)
banks: If time is money, do you want to buy my watch? - 01/12/09 10:17 AM
Time is money. We hear that phrase only after we get our first job, prior to that we don't hear that phrase much, because it really doesn't apply unless it is someone else's time and someone else's money. So, how does this apply to today's market? Does the time on the market in a short sale or foreclosure really mean more money for the bank? Oh, wait, the phrase means the less time you take to do something, the more money you will make. This does apply to real estate, but apparently the banks haven't heard this phrase yet. Banks, here (11 comments)
banks: My banks security changed and boy did it back fire last night! - 01/03/09 01:24 AM
On January 1, my bank updated the security on my account. Normally this would be a great thing, but then I realized that my website wasn't working and I wasn't receiving any e-mails. What happened is that my website and e-mail service are out of Canada and my bank stopped all accounts within its system from having auto withdrawals from foreign companies to help protect their members. The problem came on December 31st at 11:59pm when my website was set for auto renewal and the account was blocked. So my website and e-mail were shut down until this morning when I (11 comments)
banks: Banks are half full of something, but I’m an optimist - 12/22/08 11:48 AM
For the past couple weeks I've been reading in the rain how bad these banks have it and how 50% of all the loan modifications they did in 2007 are now in default again. Oh, the poor me syndrome, "Please help us, throw us money, this is why we shouldn't have to do loan modifications, congress." Well, let me be the optimist here and go the other way and help congress with some math that may have been missed in this equation. Let's say that there were only 1 million loan modifications in 2007. (I know this is low, but I (13 comments)
banks: The foreclosure that never had to happen - 11/20/08 07:46 AM
This story takes place only about a year ago, when the pasture was green. There was no need to leave to go the neighbors where the grass looks greener, you had plenty and all you thought you would ever need. But, things were starting to change, the grass was getting browner and the signs were coming that things were about to change for the worse, and they did.
People were starting to see overtime at work being cut back. Lay offs started to happen and some families just couldn't handle the pressure of keeping a house on one income for (50 comments)
banks: Hey banks, I’ll let you in on a secret… - 11/11/08 12:48 AM
Ok Mr. Banker, I know this secret may come to a big surprise to you, but to us that own homes, sell homes, and are working with sellers that are having problems right now, we want to keep our homes despite the loss in value. I know that surprises you because I talk to you everyday on the phone. Your attitude is that these sellers are dead beats and are just trying to give the property back to you so they can get out of their obligation, but here is the big secret. NO THEY DON'T! They want a roof over (16 comments)
banks: If we were to lie this much we would lose our license – So why haven’t they? - 11/08/08 09:43 AM
THIS IS A RANT: If you don't like rants, then I suggest you don't do short sales or read this post! Over the past year and a half I have done many successful short sales, but in more recent times, I feel the banks representatives are being told to lie to anyone who calls. Every time I call I seem to get a different answer and they seem to have no record of the previous calls.
Despite me having a paper trail of offers, they are denying they ever received them even though they have sent me written confirmation of (28 comments)
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