short sale: GMAC FHA Short Sale On Its Way to Approval
- 03/29/12 03:29 AM
In the business of short sales when you finally get a bank that makes a solid effort to effectivly handle a file you feel like telling the world. We have a GMAC short sale insured by FHA. We have found lately that Bank of America and Wells Fargo have been so SLOW on their FHA files that I am almost falling out of my seat to see an Approval To Participate (ATP) letter from GMAC 36 days after sumitting our offer. If you are not in the Biz you might think that is still a long time but several of … (0 comments)
short sale: Wells Fargo Supervisor Comes Through For Spokane WA Short Sale...Again
- 03/28/12 08:09 AM
As most of you know, my lovely wife Jessica Side (EvoReal) and I work together on short sale listings. She will likely not toot her own horn so I have to for her. She closed more short sale transactions in 2011 than any other agent in the Spokane WA Multiple Listing Service.
That however is not the point of this post. This post is about a Wells Fargo FHA short sale she has been working on for over a year now. This property is located in the Spokane Valley on N. Willow Street. (If you want details on the listing … (1 comments)
short sale: Bank of America Equator Now Allows Backup Offers
- 07/12/11 10:18 AM
It has happened a day late and millions of dollars short, but Bank of America is now letting the substitution of buyers in the short sale process without starting the whole process over again. You would think a bank the size of B of A would have figured this out years ago.
Here is an example what the old policy did to us. Two weeks ago we had a buyer walk and found a new buyer within days. B of A still closed out the file and believe it or not, actually had our seller call back in to discuss options such … (0 comments)
short sale: Washington Realtor's Can Not Charge Fees for Short Sale Negotiation
- 12/30/10 08:48 AM
I am sure you have seen the Legal Bulletin 188 put out by the NW MLS. My broker forwarded it to me this morning and I am sure yours forwarded the same to you. The email addresses two items of which I wanted to make an immediate response so all of the real estate agents that work with us at Alliance Short Sales can be set at ease regarding our compliance with both state and federal regulations. Let me start with the state regulations. You may not have taken the time to read the "Short Sales - Guidance for Licensees" bulletin released … (2 comments)
short sale: Freddie Mac and Fannie Mae; Finally Participating in HAFA
- 07/16/10 11:24 AM
HAFA has been around for months now. However, its adoption by lenders seems to be moving at a glacial pace. The banks have done their best to put up any and every roadblock they can. One of their favorites has been, "This is a Fannie Mae (or Freddie Mac) loan, and as such, is not eligible for HAFA." The good news is that recently, both Freddie Mac and Fannie Mae announced that they will participate in the HAFA program. In essence, they copied and pasted the program guidelines into their own guidelines. Why they did not participate from the beginning is … (1 comments)
More and more sellers want to escape from their high payments-even sellers who can afford those high payments. Those sellers are pursuing what banks call a "Strategic Default." The term, Strategic Default, might be new to you, but we are hearing it more and more from the lenders with whom we work, and we are seeing more and more on our clients' files. Strategic Default means that a borrower or seller, who wants to get out from under their real estate debt, makes a conscious decision to fail to repay their … (1 comments)
short sale: $8,000 Tax Credit Still Possible on Short Sales!!
- 05/25/10 07:45 AM
I made a prediction in late April that we would have buyers bail out of short sale transactions as the tax credit neared its end, and that has certainly proven to be true. May has been a really interesting month for many real estate agents selling short sales. Our office alone has had seven approved short sales in which the buyers were either gone when the approval came through or couldn't close the deal. Several of those seven, last-minute defections were because of the tax credit. If you've got buyers on your short sales who were under contract before April 30, … (22 comments)
short sale: The Biggest Problem with HAFA (Home Affordable Foreclosure Alternative)
- 05/21/10 11:23 AM
These days, running a Red Light at a video-monitored intersection is a surefire ticket. There's no wiggle room because there's just no way to argue with a time-stamped video in which your face is prominently featured. The days of convincing a police officer of your innocence and of challenging that ticket are a thing of the past. However, once you pay the fine, unless your driving record is a nightmare, you still get to keep driving your car.
HAFA's decisions can't be challenged either, but a detour to HAFA could easily send your short sale straight into a dead end … (7 comments)
short sale: What Short Sales Are Really About
- 05/18/10 06:34 AM
Sometimes the short sale business is less about money than it is about helping the seller out of a really tough spot. This is a special story, and for those of us who worked so hard on it, the outcome was well worth the (many) extra hours. Because of this short sale, the real estate agent involved recently became the runner up for the longest short sale in our company's history! 21 months to get it through! Eight BPOs and multiple buyers later, we finally closed it. It's funded! Done! As Emeril Lagasi would say, "Bam!" Here's Marla's story: (Not … (0 comments)
short sale: Short Sales and the Timing of a Bankruptcy-A Slam Dunk! Or Slammed Shut?
- 05/11/10 08:32 AM
You are about to score a short sale slam dunk. The buyer has the cash in hand. You've gotten the approval from the bank, and you are bounding toward a sweet closing and an even sweeter commission, when out of nowhere, SLAM! The bank closes out the file! Sounds impossible? Well, it isn't. As a matter of fact, it just happened with one of our files. Let me explain. An essential piece in a short sale is the timing of a bankruptcy. There are basically two options as to when to file. One is before or during the short sale … (2 comments)
short sale: Need Legal Advice about Your Short Sale? Don’t Start with a Bankruptcy Lawyer!
- 05/11/10 05:54 AM
Let's say Mrs. Eichenberry is a regular at "Antiques ‘R Us." The proprietor knows her house is about to split apart at the seams, and that Mr. Eichenberry has threatened to move his bedding into the garage to get away from all the antiques his wife has purchased in the last 26 years. Is it likely that the proprietor of the antique store will block the store's front door to Mrs. Eichenberry? Will he say, "Do not even think about coming in here Mrs. E. You know you don't need any more old stuff!" Nope. That's not going to happen. Antiques … (2 comments)
short sale: Do Sellers Have to Stop Making Mortgage Payments to do a Short Sale?
- 05/07/10 08:09 AM
Five-year-old Hope went to her mother with a crayon and piece of paper. She asked, "Mom, how do you spell, "We are open for business but we don't have any popcorn"? Hope and my daughter Brooklyn were playing grocery store and wanted that point made clear to potential customers.
Your clients need clarity too--especially when they are in a distressed situation, but beware of answering questions in such a way as to leave yourself open to liability. Then, make sure you ask enough questions of your potential client to make sure that a short sale is even possible for them. … (2 comments)
short sale: Are You Ready for the Next Short Sale Wave? Surf's Up!
- 05/03/10 11:42 AM
Catch a wave and you're sittin' on top of the world! The Beach Boys had it right. You've gotta catch those waves when they come in. As a matter of fact, you'd better wax your surfboards, apply some sun block, and don your flowered surfing shorts (or your yellow polka-dot bikini) before that wave hits!
So, here's fair warning. A short sale wave is about to hit! Don't take my word for it. Check out the news. A recent article on CNNmoney.com talks about how Bank of America, in an attempt to reduce the number of REOs, has doubled the … (3 comments)
short sale: Those Who Can, Do, Those Who Can Not, Teach.
- 04/26/10 10:41 AM
Few things irritate me more than when people who don't know what they are talking about, put themselves forth as experts. I become even more irritated when those "expert" instructors are leaders in Realtor associations. Twice this past week, I spoke to agents who were seriously confused about what they'd heard in their local short sale class or webinar. My mom would have been proud of me because even though I am sometimes of the opinion that tactfulness is for people who aren't witty enough to be sarcastic, I was ever so tactful as I explained the mistakes that had been … (0 comments)
short sale: “My Husband Rufus Decided to Put in a Pool…” And Other Errors in a Hardship Letter
- 04/19/10 10:17 AM
To whom it may concern at the bank, My husband Rufus decided to put in a pool, but you know those pool companies charge way too much to put them in, so Rufus decided we could save a bunch of money by putting in our own. But Rufus has never really been all that handy. Anyway, he got it dug, but that cost way more than we figured. Then, when it came to making the walls to go under the vinyl liner, he thought drywall would work just fine...
Or, how about this: Dear Bank, Stanley has always wanted … (3 comments)
short sale: The Tax Credit Deadline, Your Short Sales, and My Amazing Crystal Ball!
- 04/12/10 09:28 AM
Hey, you! Yeah, you, the real estate agent with short sale clients. Want your fortune read? Well, step into my cozy parlor, and let's pull out the ole crystal ball. It's a little dusty. I haven't used it for a while. I'll just squirt a little Windex on it, and...oh my...the fog is clearing...yes...there is a clear message...and it's...for you!
The message is, "The week of April 19, 2010, you will receive multiple rescissions on your short sales files!" Wow! That's probably not what you wanted to hear, huh? Bummer. I wish I had better news ‘cause you seem like … (1 comments)
short sale: Score a Touchdown with the Right Buyer
- 04/02/10 09:29 AM
The quarterback's directions are concise; his throw, dead on! The team, a well-muscled, well-oiled machine, dominates the field. Huge linemen block anyone in the receiver's path as he runs toward the goal line. He's at the 30. The 20. The crowd is on its feet. Tears roll down painted, half-purple, half-yellow faces as the die-hard fans cheer.
He's at the 10! Throwing his upper body forward, he slams into the end zone. The referee yells, "Touchdown!" Deafening cheers explode. The referee holds out his hand to take the ball, but the receiver, now doing his happy dance, offers nothing. "Where's … (1 comments)
short sale: Score a Touchdown with the Right Buyer
- 04/02/10 09:29 AM
The quarterback's directions are concise; his throw, dead on! The team, a well-muscled, well-oiled machine, dominates the field. Huge linemen block anyone in the receiver's path as he runs toward the goal line. He's at the 30. The 20. The crowd is on its feet. Tears roll down painted, half-purple, half-yellow faces as the die-hard fans cheer.
He's at the 10! Throwing his upper body forward, he slams into the end zone. The referee yells, "Touchdown!" Deafening cheers explode. The referee holds out his hand to take the ball, but the receiver, now doing his happy dance, offers nothing. "Where's … (0 comments)
short sale: Fannie Mae No Longer Postponing Foreclosure Auctions - Bad News For Short Sales
- 03/31/10 07:03 AM
The word on the street is that Fannie Mae is no longer postponing foreclosure auctions-that even if there is a short sale in process, Fannie Mae is taking the properties to auction. So, is it true? And if it is true, is the sky really falling on short sales?
Let me remind you that if Chicken Little proved anything, it was that running around like a fool announcing doom and gloom makes you the perfect dinner entrée for the hungry foxes of the world. So, what is the reality with Fannie Mae? I'm not big into conspiracy theories, so the … (37 comments)
If your buyer's lender is just submitting a loan package to initial underwriting when the short sale approval letter comes through, you're already behind the eight ball, and your team is already heading toward last place. You've already positioned yourself to have an uphill struggle in order to close within the period of time the bank requires on the short sale approval. … (3 comments)
This is a blog that journeys through the process of a short sale. We will discuss shortsale negotiations, pricing strategy, BPO, and even how to postpone foreclosure auction dates.
In the business of short sales when you finally get a bank that makes a solid effort to effectivly handle a file you feel like telling the world.
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