foreclosures: BofA... an approval in 31 days! but on the other hand... what are they thinking? - 03/21/10 12:23 PM
BofA... an approval in 31 days! but on the other hand... what are they thinking?
As is a common topic here on AR, I've got some more Bank of America stories to share.
FIRST... I just got an approval through the Equator system in 31 days.  SERIOUSLY!!! Do you believe it? I'm so excited!  Yes, an approved short sale in Seminole County in 31 days!
But on the other hand...
One of my BofA short sales that we closed back in NOVEMBER of last year... guess what... they're still pursuing foreclosure AND my seller is still getting collection calls! (this was … (2 comments)

foreclosures: What's Loan Product Got To Do With ShortSales and Loan Mods? - 06/02/09 08:08 AM
What's Loan Product Got To Do With ShortSales and Loan Mods?Quite a bit, actually.  Loan product can refer to several things, FHA, VA, Fannie, Subprime, Adjustable Rate, Negative Am, credit line, etc.Each loan product has specific guidelines as to what can be done for shortsales and loan modificatons.  Make this a standard question that you ask your clients when you first meet (and then confirm the info... I recently had a client tell me his loan was VA, but when I called the VA office, they said it was not).  Once you know some details, it will better guide you in … (5 comments)

foreclosures: Yet Another Countrywide Short Sale Fiasco...You'll Laugh, You'll Cry! - 05/20/09 09:28 AM
I know, I really shouldn't let it get to me, but this one just takes the cake! I'm running out of room for notes for all the times I've called them on this one... These are NOT all of the notes, but it will give you a rough idea... my favorites are the ones in the last 2 weeks.
Now, before you read on, please realize how I take notes... I write the info down in my log with a date, person's name, and details of their comments, THEN I repeat back to them my notes like this: "so if I … (11 comments)

foreclosures: You Won't Believe What I Found in an REO House Yesterday! - 04/23/09 03:56 AM
I love real estate... without it I couldn't come up with all of these crazy stories that I like to share with you! (nope...it's all real! I couldn't make it up!)
Yesterday my husband Tim & I went out and previewed 16 houses for the Blue Jeans Rehab Bus Trip that starts Friday evening, and in the garage of one of the Bank Owned/REO properties, we stepped into the garage and here was a stripped our car! (that's me giving the listing agent the VIN number so she could call the police)
This car was completely stripped out: steering column … (7 comments)

foreclosures: Secret Internal Title Company Memo About Short Sales...Leaked to You! - 04/21/09 01:15 PM
One of my friends at a title company forwarded this to me this week.  It's an internal memo from their title underwriter about (more!) pitfalls of shortsales and what title companies are being warned about in short sales.  Just wanted you to know!  
RE: Short Sales Dear Associates:     Approvals and/or instructions given by a lender for a "short sale" may include unacceptable instructions that make the transaction uninsurable. The following are examples of unacceptable conditions: 
 °  "There are to be no transfers of property within 30 days of the closing of this transaction.  Escrow instructions must contain a clause … (7 comments)

foreclosures: Orlando Event: Blue Jeans Rehab Bus Tour...Educational Training for Realtors & Investors - 04/19/09 02:00 PM
here's a few questions I want to ask you:
Have you shown a client a property that needed work and they asked you "how much do you think this would cost to fix/replace? Or even worse, had a client walk away from a perfectly good house because they thought the work was going to be very expensive? Are you working with listing short sales and would like to be better able to justify low prices to your seller and their lender based on the dollar amount of repairs needed? Do  you want to list REO properties but you're afraid the lender … (5 comments)

foreclosures: What's the *#&@%$ Problem with BPO's? - 04/14/09 03:07 AM
What's the *#&@%$ Problem with BPO's?
Seriously? Sometimes I wonder if the people doing BPO's even know how to work the MLS!!! (well, a lot of them don't, but we'll talk about that in a second!)
 
Let's start by going over why the BPO is so critical in your short sale deal, and I don't care whether you represent the Buyer or the Seller, this is good info to know. The 2 agents in these deals really should work together to get these short sale deals closed because we all know it is the best option for our market, our … (16 comments)

foreclosures: Question about leaving owner in the house after foreclosure...Bad Idea? - 04/03/09 11:45 PM
I got this question emailed to me yesterday from one of my readers and I thought it would be a good one to share!
Question? Andy: I was recently at a short sale seminar, I believe the one you had and one of the attorney's mentioned: "never let the seller stay in the property after the closing"... Do you recall or know what I am referrencing? Something to do with the "seller retains an interest"? Any light you could shed ... would be appreciated! Thanks!           Bev Cibulsky Exit Realty Associates 
Sure Bev! The new foreclosure rescue law that went into effect … (9 comments)

foreclosures: Please Flag this under: Hilarity... Countrywide Loss Mit uses ZILLOW - 03/16/09 10:48 AM
I was on the phone with a mitigator at Countrywide, discussing 2 of the listings I have that they are the lender on.  I was trying to be sly and find out what the BPO had come in at (they wouldn't tell me, so I was trying to ask different hi/low questions to get a hint.) and get a guage on how acceptable the offers I had submitted were.
I was just about to give up when he said: "We use Zillow to value homes, how is your offer compared to Zillow?"
I couldn't control myself, Bad Andy had taken over … (154 comments)

foreclosures: Fannie Mae and Countrywide are beta testing...wait for it...PRE-APPROVED SHORT SALE PRICES! - 02/03/09 01:35 PM
Wow, only 2 years after I first suggested it, Fannie Mae is testing a program where the do the BPO up front and TELL the agent what price they will approve!
What a concept!
Why didn't I think of that? Oh wait, I DID!
I've had a lot of questions about this from both agents and title companies, so I figured I'd share what I've found out so far:
-The Beta Test is being conducted in Orlando Florida and Phoenix Arizona ONLY
-It only involves Countrywide at this time
-You will be contacted if one of your listings has been selected … (14 comments)

foreclosures: Florida Foreclosure Stats by County, End of Year 2008 - 01/20/09 01:42 PM
I just got the most recent stats from Foreclosures.com for the Florida Market. Here's the top 10 Counties based on percentage of households with an LP filing against them in '08.
#10 Palm Beach 10.37% of all households
#9 Hernando 10.47%
#8 Dade 10.96%
#7 Orange 11.06%
#6 Pasco 11.46%
#5 (tie) Broward 11.71%
#5 (tie) Walton 11.71%
#4 St. Lucie 16.4%
#3 Flagler 16.58%
#2 Lee 21.59%
And the #1 County in all of Florida #1 Osceola 23.33%!
Many areas of Florida are seeing HALF of their MLS are either pre-foreclosure or REO. I guess it can't be ignored anymore...we … (5 comments)

foreclosures: I just got a short sale answer in 6 business days! Bank United - 12/05/08 09:44 AM
I didn't believe it myself!
I snail-mailed the whole package (that's how they wanted it) to Bank United on November 26th, the 27th was Thanksgiving, so at the EARLIEST (if they were open) they got it on the 28th, which was last Friday.
Today, Friday December 5th, I got a call from them with a counter offer.  Do you believe how fast that was!
The truth is...there's NO REASON for a file to sit on someone's desk for over a month waiting.  I have one that the bpo was done about 6 weeks ago and we're still waiting... and it's a … (11 comments)

foreclosures: Andy Tolbert interviewed by Smart Woman for syndicated TV show on Foreclosures - 12/05/08 09:34 AM
Hey All!  I am so excited!  I was interviewed 2 weeks ago for a nationally syndicated TV spot by Smart Woman on what a homeowner should do if they are facing foreclosure.
They came to my house and brought their TV crew and everything!  We filmed in my "home office" (which happens to also be my guest room, we have a 2 bedroom home!)
It is supposed to air in January, I'll let you know when I know more.
 
It's important that we all do our part to tell the public that there ARE options available... I heard that 60% … (2 comments)

foreclosures: The Craziest Foreclosure Story Yet? - 12/04/08 02:47 AM
Today I read the silliest article yet about what's happening in the foreclosure market...would you believe that down in Miami there's a guy who is actually helping homeless people break into abandoned foreclosure houses and begin living there?
He says it's "matching up homeless people with people-less houses"
You can read the story here although it's probably a tremendous waste of time...go make some money instead!
 
Andy Tolbert
Florida Foreclosure Expert
… (8 comments)

foreclosures: Why Don't Florida Agents Know About the October 1 Foreclosure Law? - 09/24/08 02:53 AM
Last week I had the pleasure of presenting the Keynote Address on the “Risks & Rewards of the Foreclosure & Short Sale Market” at the annual meeting of the New Smyrna Beach Board of Realtors. It was a beautiful room, overlooking the marina, and it made me want to go outside and jump in!
But all of that turned ugly real fast when I started talking about the new Florida Foreclosure Law (HB643) that goes into effect on October 1st. Most of them had NO CLUE what I was talking about! So that’s what prompted today’s (long) article.
I believe that … (6 comments)

foreclosures: When can you buy another house after Foreclosure or Bankruptcy? - 08/12/08 12:54 PM
I get this question all the time, and there's a lot of misinformation floating around out there, so I decided to get you some clarification.  This is as of 8/1/08.
Please note, this is Fannie Mae's Guidelines, so FHA, VA, and other types of loans will differ.
Chapter 7 Bankruptcy (liquidation): 4 years from the discharge or dismissal date
Chapter 13 (repayment plan): 2 years from discharge (paid as agreed) or 4 years from dismissal (kicked out) Extenuating Circumstances: reduced to 2 years.
Multiple Bankruptcies: 5 years (exceptions may reduce it to 3 years)
Foreclosure: must wait 5 years from the … (7 comments)

foreclosures: New Seminole County Florida Foreclosure Website - 08/12/08 09:01 AM
I've just launched a new resource for residents and future residents of Seminole County Florida who are interested in the foreclosure market and statistics.
www.SeminoleCountyForeclosureBlog.com
Check back often and see what's happening in your community!
… (1 comments)

foreclosures: New Laws all Over the Place: Federal Mortgage Changes and FL Foreclosure - 07/17/08 01:53 AM
New Laws All Over the Place!
This week I have an update on the HB 643 Foreclosure Rescue Law AND an update on some BIG changes in the mortgage market that were passed Monday. Both of these may have a HUGE impact on your business and it's important that you become familiar with both.
Monday the Federal Reserve approved a measure to change some of the guidelines about what types of loans can and can't be made. Here's some of the highlights (or lowlights, depending on how you look at it!):
Prepayment Penalties will be restricted and can't exceed 2 years. … (1 comments)

foreclosures: Yet Another Wrinkle in the new Florida Foreclosure Law.... UGGHHHHH! - 07/17/08 01:43 AM
I know that Rob Arnold over at http://activerain.com/blogs/groberto has been talking a lot about this new law, and both he and I have been diligently researching not only how this law will change the way Realtors do business, but also title companies, investors, attorneys, etc.
Well, on Monday I attended a lecture from attorney Barry Miller about this very same topic and he brought up a few MORE points (one I don't think Rob OR I had thought of!  Thanks Barry!)
First let me say that Barry's suggestion was even if we MAY be exempted, you will never get in trouble … (1 comments)

foreclosures: Webinar with a Loss Mitigator on Thursday, discussing Short Sales - 07/07/08 06:47 AM
Hey All!  On Thursday at 3pm Eastern time I'm interviewing a former Loss Mitigator on a webinar and he's going to spill the beans on short sales and forebearance agreements.
He's now "crossed over" to our side and helps agents and investors get more transactions closed.  Like 'em or Hate 'em, short sales ARE a part of our business now, and no matter how hard we try, there is no way to avoid them, both on the listing AND buyers sides! 
I believe that the more you know about ALL of the pieces and parts to a real estate transaction, even … (0 comments)