northern virginia short sales: Wells Fargo is Being Sued by the Federal Government
- 10/09/12 07:07 AM
Wells Fargo is Being Sued by the Federal Government
Just saw a blip come across my Twitter feed from The Wall Street Journal, that the Federal Government is filing suit against Wells Fargo for behaving recklessly when issuing FHA loans. And apparently the damages sought are hundreds of millions of dollars.
So let me get this straight? The Federal Government, feeling the pain of more FHA loan defaults than they ever thought they'd see, want retribution. Great! How about the Federal Government continuing to help home owners in distress that end up in Short Sale or Foreclosure by extending the Mortgage … (46 comments)
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northern virginia short sales: Have Assets and Attempting a Short Sale in Virginia?
- 09/05/12 12:10 PM
Have Assets and Attempting a Short Sale in Virginia?
When you are attempting a Short Sale and have assets, the bank expects that you will use some of them to get out of the mortgage. It's easy to predict and killing Short Sale deals all over Northern Virginia. What your friend was able to do in 2010 or 2009 is not going to happen to you. All those stories of people who "got out" of their upside down mortgages in strategic defaults is not what you can expect if you are not having a legitimate hardship.
One of the things that … (9 comments)
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northern virginia short sales: That's Not My Job!
- 11/19/11 06:16 AM
That's Not My Job!
There's a sentence I've heard too many times and definitely could have used myself about a dozen times this past week. I'm dealing with a Short Sale listing transaction that has Short Sale Approval, but can't make it to settlement due to an unreleased first trust that was paid off years ago.
I have been communicating with the Seller's settlement company to resolve the issue. Why? It's been declared not the job of the Buyer's title company, by...you guessed it...the Buyer's title company. I disagree. So does the Seller's settlement company, but we have been working to solve … (11 comments)
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northern virginia short sales: How Do You Show a Home That Can't Be Seen?
- 11/18/11 04:52 PM
How Do You Show a Home That Can't Be Seen?
There is probably nothing more frustrating for a Buyer than getting excited and revved up for a house hunting trip, only to find that the home at the top of the list....well...maybe it would work if we could see all of it. Such was the story on Wednesday night when I was out house hunting with new Buyer-clients.
The sun sets in mid to late November around 5pm. So when you are meeting a client at a home at that time, you are praying for a few things. First of all, that the … (127 comments)
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northern virginia short sales: Is a Few Hundred Bucks Really Worth It?
- 11/12/11 10:14 AM
Is a Few Hundred Bucks Really Worth It?
When you are a Northern Virginia Short Sale Agent, you meet one of two personalities when you meet home owners in distress. The first is the home owner who, despite upgrading a home, realizes that they can't take everything with them. Even though they aren't making money on the sale of their home, they choose to do right by the next owner of the home and not gut it of miscellaneous items just because they paid out of pocket for them, or because they can. Then there's the home owner that doesn't give one … (20 comments)
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northern virginia short sales: Not Communicating is NOT an Option When it Comes to Your Northern Virginia Short Sale
- 10/05/11 01:14 PM
Not Communicating is NOT an Option When it Comes to Your Northern Virginia Short Sale
As a Northern Virginia Short Sale Agent, I hear plenty of tales of real estate agents and attorneys that have come before me to help a home owner with a Short Sale or loan modification only to get the client to sign on the dotted line and then disappear into thin air. Hearing the names of these professionals, I know they are not scam artists collecting a buck and moving on. Well, maybe a few, but not the majority. These are professionals who live by the … (8 comments)
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northern virginia short sales: Dealing with Northern Virginia Short Sale Obstacles
- 08/22/11 02:03 PM
Dealing with Northern Virginia Short Sale Obstacles
When I looked out my window on Saturday afternoon and saw our resident box turtle (a.k.a. Turtle Buddy) crossing the walkway outside our front door from one mulch bed to the other, I had to run and get my camera. Turtle Buddy is often badgered and sniffed aggressively by our outdoor cat, Gray Kitty. Well, in this instance, Turtle Buddy had waited for Gray Kitty to fall asleep before making his move behind the cat's back. Of course, as soon as I opened the door to snap the shot, the cat was awake, but … (7 comments)
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northern virginia short sales: Missing Mortgage Payments in a Northern Virginia Short Sale
- 08/08/11 11:42 AM
If you've been considering a Short Sale and wondering if you have to miss mortgage payments to accomplish that goal, the answer is no. However, your loan may be held by a private investor whose guidelines state that you must be in default.
So SHOULD you miss mortgage payments before attempting a Short Sale? Absolutely not. If the investor that holds your loan requires delinquency as a condition of Short Sale Approval, they will let you know. No need to screw up your credit any more than you have to.
Short sales in Sacramento in August. I can't believe it is … (2 comments)
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northern virginia short sales: Battling Fear of the Unknown in a Northern Virginia Short Sale
- 08/01/11 10:43 AM
Since I listed my first Northern Virginia Short Sale in 2007, I have seen a wide range of emotions from Short Sale Sellers who find themselves in terrifying and new territory. Wrapping your head around selling your home without paying off the entire mortgage balance is a new concept for many. And it is a blessing that this type of sale exists for home owners who are facing a variety of hardships. Yet, conscientious home owners who are faced with some of the darker twists and turns of a Short Sale can find themselves acting out of fear, and not in … (8 comments)
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northern virginia short sales: The One Thing a Buyer's Agent Should Do BEFORE Showing a Northern Virginia Short Sale
- 07/28/11 06:04 AM
The One Thing a Buyer's Agent Should Do BEFORE Showing a Northern Virginia Short Sale
My phone rings with Short Sale questions all day long. That's because I've established myself as a successful Northern Virginia Short Sale Agent. Yet, not all of the calls I receive are from potential Buyers ans Sellers. I'd say at least one third of the calls I receive with Short Sale questions come from my fellow Realtors®. One such call came yesterday from a very respected colleague. We'll call her Jan.
Jan had just gotten her Buyers under contract with a Northern Virginia Short Sale. And … (5 comments)
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northern virginia short sales: What is Most Likely to Go Wrong in a Northern Virginia Short Sale?
- 07/26/11 11:43 AM
What is Most Likely to Go Wrong in a Northern Virginia Short Sale?
If you are contemplating selling your Northern Virginia home in a Short Sale, you'd probably like to know what can go wrong. Well, if you are experiencing a legitimate financial hardship, have hired an experienced Northern Virginia Short Sale Agent and priced your home to market value; the answer is not much. Short Sale Banks are getting easier and easier to work with.
The biggest leap of faith a Northern Virginia Short Sale Seller will take is trusting that the Buyer with whom they go under contract is actually … (7 comments)
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northern virginia short sales: A Short Work Week May be Short on Time, but Never on Work
- 07/06/11 12:09 PM
If there's anything that throws me off my game, it's a short work week. Yes, despite being a Realtor®, which to some means I must be available every day of the week, I do pirmarily work Monday-Friday. That's because I list and sell a lot of Northern Virginia Short Sales.
Monday and Tuesday are my bank and cooperating agent communication days. So when I lose one to a holiday, I am off balance all week. All that Monday and Tuesday stuff is crammed into Tuesday...IF....there is nothing else going on to disrupt the workflow.
Well, this holiday weekend left a trail … (10 comments)
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northern virginia short sales: What's Worse: Northern Virginia Short Sales or Prince William County Septic Repairs?
- 07/01/11 09:20 AM
What's Worse: Northern Virginia Short Sales or Prince William County Septic Repairs?
I know what you're thinking. The answer is obviously Northern Virginia Short Sales, right? WRONG! I'd take a five loan Short Sale and expect fewer problems and bureaucratic B.S.than a Prince William County listing that needed a Septic Repair.
This week, I gained two Approvals on Bristow Short Sales. One was a HAFA Approval. Those were my listings and the result of my work as a Northern Virginia Short Sale Agent. I was also fortunate enough to get a Buyer a counter on a Haymarket Short Sale that didn't … (4 comments)
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northern virginia short sales: Here's a Bad Way to Start a Northern Virginia Short Sale
- 06/22/11 10:41 AM
Here's a Bad Way to Start a Northern Virginia Short Sale
I was out for a listing appointment this afternoon with Sellers who happen to be in a positive equity position in their home. Their home is in a neighborhood where I already have a Northern Virginia Short Sale listed and under contract. When I ran the comps for the listing appointment, I knew I'd be dealing with a home in much better condition than the Short Sale I had listed. Imagine my surprise when seeing the active listings I found a home listed for about 115% of market value for … (14 comments)
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northern virginia short sales: Relocating to Northern Virginia and Think a Short Sale is Going to be a Bargain? Think Again!
- 06/19/11 04:22 AM
Relocating to Northern Virginia and Think a Short Sale is Going to be a Bargain? Think Again!
Real estate agents know that all real estate is local. The national real estate news is rarely indicative of our local markets. And comparing a real estate market like one in Florida to Northern Virginia and expecting similarities is just not likely.
I recently met relocating Buyers from Ft. Lauderdale. They advised me they wanted to buy a Short Sale. With the relocation stress of starting a new job and needing to be settled, I naturally inquired as to WHY they felt a Short Sale … (4 comments)
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northern virginia short sales: There Are No Last Minute Changes in Short Sales
- 06/05/11 09:05 AM
There Are No Last Minute Changes in Short Sales
Right now the image of Tom Hanks in the movie A League of Their Own is playing through my head. The scene where he informs one of his players, "There's no...CRYING in baseball." I can see myself delivering a line in the same manner, only it would be to a Buyer's Agent who is representing Buyers on one of my Short Sales to settle in less than a week. My line is simply, "There are no....LAST MINUTE CHANGES in Short Sales."
This morning, I received an email from this Buyer's Agent who had attached an … (14 comments)
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northern virginia short sales: In the World Of Northern Virginia Short Sales, Things Are Not Always As They Appear
- 05/10/11 01:13 PM
In the World Of Northern Virginia Short Sales, Things Are Not Always As They Appear
As I sit at my desk crunching on dehydrated and salted vegetable chips, I'm wondering if I am getting the same benefit as I would eating a fresh vegetable. They look like carrot, radish and squash slices with a few string beans thrown in, but they are vegetable shaped air. Yet, somehow I feel like I'm making a healthier choice by snacking on them. I'm sure it's a tad bit healthier than potato chips.
Northern Virginia Short Sales can be deceiving creatures too. You can be a home owner … (9 comments)
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northern virginia short sales: What's the Big Deal? It's a Short Sale! The Bank Will Pay the Closing Cost Help to the Buyer. The Seller Has Nothing To Do With It.
- 04/27/11 11:04 AM
What's the Big Deal? It's a Short Sale! The Bank Will Pay the Closing Cost Help to the Buyer. The Seller Has Nothing To Do With It.
The few sentences that lead this post are what I am used to hearing when my Northern Virginina Short Sale Sellers counter offers to lower closing cost assistance to the Buyer. Buyer's Agents don't get it. Why do the Sellers care? Their bank is the one paying the closing costs, not them. It may be hard for Agents who look at Short Sale Banks as ATM machines for their Buyers. Go in with a … (7 comments)
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northern virginia short sales: If You Are Attempting to Sell Your Home in a Short Sale--Be Prepared to Provide Bank Statements
- 04/04/11 08:17 AM
If You Are Attempting to Sell Your Home in a Short Sale--Be Prepared to Provide Bank Statements
I've been working with Northern Virginia Short Sales since 2007. It is certainly the eception, not the rule, on Short Sale Listings I have sold where the Short Sale Bank did not ask to see at least one or two months of the Sellers bank statements. You see, when mortgage holders are not being repaid what was originally agreed to, they want to make sure that there is a good reason...like a financial hardship. Seeing your most recent bank statements and running your credit report, … (15 comments)
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northern virginia short sales: Is the Highest and Best Offer Necessary on a Short Sale?
- 03/27/11 01:49 PM
Is the Highest and Best Offer Necessary on a Short Sale?
Working as a Northern Virginia Short Sale Agent since 2007, I am constantly amazed by the things I hear come out of Buyers' Agents mouths. Last week I was entertained by a gentlemen, representing buyers interested in one of my Short Sale Listings. He proclaimed himself to be a Short Sale Expert. If you are going to call yourself an EXPERT anything, you better have what it takes to back it up.
In the first moments of our conversation, over a listing that had an offer within HOURS of being … (10 comments)
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Wells Fargo is Being Sued by the Federal Government
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