New Short Sale Bill: HR 6133 Will it work? - 09/28/10 04:14 PM
This bill still has a long way to go, but it is an interesting take on the many "solutions" Washington has tried to come up with over the past couple years.  After all the failed programs, and complicated systems, finally, a one-page bill that just says it all: you have 45 days to give the homeowner an answer. 
You can read the bill and track its advancement here.
It's only in the early stages, and of course, banks will probably find some loopholes (knowing legislation, the bill probably won't even take effect for a year or more).  However, I am encouraged … (4 comments)

Short Sale Association of America Announces Partnership with Saving Homes Today - 09/23/10 09:50 PM
The Short Sale Association of America (SSAA) has just announced a key partnership with Saving Homes Today, a national leader in short sale real estate education. The partnership will allow SSAA to expand its educational content base for real estate professionals that prepare agents for the expanding distressed property market. Saving Homes Today will be responsible for retooling SSAA's education curriculum and providing general consultation to SSAA. The new curriculum will be a three course series, walking professionals through all aspects of a short sale transaction, as well as the unique aspects of working with each of the major banks and … (0 comments)

More homeowners turn to mediation after foreclosure - 09/16/10 11:01 AM
PORT ST. JOHN, Fla. - When Mark Weeks was laid off from his $90,000-a-year construction job 2½ years ago,he vowed to hang onto his family's house here, where he'd lived with his wife, their three children and two dogs for the last six years.  Read More
… (0 comments)

Short Sale Transactions and Buyers - 09/14/10 04:27 PM
If you've worked enough short sales then you know the frustration that comes from working hard for months to get an approval, only to send the approval letter over to the buyers agent and find out that the buyer is no longer interested.  Of course, the lender will usually make you start the process over if it's a new buyer (even if it's an identical offer).  What can we do to prevent this issue?
1. Set proper expectations.  Let the buyer know up front the details of the short sale transaction.  Be honest with the timeframes you set forth for them and … (0 comments)

Bank of America Short Sales- seem to be taking longer? - 09/07/10 04:45 PM
I'm actually a fan of the Equator system.  It does have its drawbacks, but overall- it's been great for keeping BoA organized and on the same page.  It is certainly a step up from the old days where you had to refax things several times and wait for 4 months before a negotiator was assigned.  But I wrote recently about the system, and how it seems to be taking a lot longer than just a couple months ago to get a counter back from your negotiator.  I was speaking today with the assistant to a Vice President over short sales at … (0 comments)

Fannie Mae and Freddie Mac no longer extending Foreclosure Sale dates - 09/07/10 04:26 PM
I was on the phone with the assistant to a high ranking official at Bank of America today and he mentioned something interesting.  He said that both Fannie and Freddie have instructed servicers to NOT postpone sale dates on properties unless the short sale has already been approved.  This seems to be consistent with what I have seen recently, but I can't find the statement either.  I asked him for a reference and he said it was in a new update to their servicing guide. 
This will certainly increase the number of foreclosures on the market, because at least in my experience, … (2 comments)

When doing a Short Sale, don't walk too close to the edge... - 09/07/10 01:59 PM
It's happened time and time again.  You list a property, and it takes a while to get an offer, you finally do get one and submit it to the bank's short sale department.  It takes them a few weeks to process the paperwork, and then all of a sudden you are told the short sale cannot be completed because of a pending foreclosure sale date that can't be postponed.  The home then goes to sale, and everyone is left out in the cold.  While I can't guarantee that you will never have this happen again, there are some things you can … (0 comments)

 
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Jonathan Bowman

Louisville, KY

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Short Sale Association of America

Address: Louisville, KY, 40243

Office Phone: 800378SSAA

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