foreclosure: My craziest deal - The money is in the suitcase
- 12/04/19 06:21 AM
It was during the foreclosure crisis. I must have picked them off via Zillow or Trulia. They were a couple. The woman was very pretty and the man seemed sort of macho with tats. They told me they could buy a home and were prequalified. They wanted to see property with some privacy. They seemed to want to see some expensive property and bid low. I located a wonderful property with a beautiful views of the foothills and the city. The house wasn't too nice but they wanted to bid low and the offer was refused. They paid their earnest money … (10 comments)
In October of 2011 I showed a house for a buyer. The owner was home. She is a lovely lady who developed breast cancer. She was paying her mortgage until she couldn’t work because of the cancer. Aisha is a single mother who now has a reasonable job. She tried to get a loan modification but her bank wouldn’t talk to her. They tried to tack on all sorts of fees and call it a loan modification. Aisha has two mortgages.
When her home either short sales or is foreclosed on … (6 comments)
foreclosure: Losing your home to foreclosure
- 02/07/12 03:48 PM
I was asked by my representative at the Idaho Statehouse to tell stories of hardship. The stories are real and the names have been changed: John
I listed the home in February 2008. It is probably what drove me to my run for Congress. It made me mad enough to run. It was a short sale with Wells Fargo. John is a school teacher. He and his wife took out a second mortgage on his home. The home appraised for $30K more then the home was ever worth. Five months later, his wife left him. He didn’t know he … (7 comments)
foreclosure: Sometimes the ex needs to come to the plate and help with the sale.....
- 11/26/11 12:39 PM
We just had to reject a counteroffer.... The house is a bit overpriced and my buyer needs closing costs.... I will tell a tale about two ex'es who could have made a difference.......First we will talk about today's offer.... We offered a little low...A fair price but not a great price....The agent informed me that at the price and conditions of the offer the seller would have to come to closing with $8000. She wouldn't be willing to do that... I don't mind for my buyer but the house is at least $5000 to high for the market. I worry … (3 comments)
Foreclosures: RealtyTrac data indicates that sales of homes in foreclosure or bank owned accounted for 31% of all US residential sales (vs. 36% in Q1 and 24% for 2010).
Interesting Thought: Bank owned homes are now being sought after due to fact borrowers feel that they are the best priced and they won’t have to deal with a short sale. It wasn’t too long ago a bank marketing a REO didn’t want the consumer to know … (0 comments)
foreclosure: Volunterism - Loan modification frustration at a customer.....
- 07/23/11 05:25 AM
Some people volunteer at the soup kitchen.... Others at the homeless shelter, etc. I help individuals save their homes or at least ease them out gently. I am very good at this and most people appreaciate my help. I gained my knowledge through my early entry into the short sale market (2007) I have learned how to reach the correct people at banks. I have taken my knowledge and I try to put the client and the lender together to work a loan modification out for my customer. I never take money and I choose my cases. I always sort of … (0 comments)
foreclosure: Bank forclosed and second has asked for money.
- 06/11/09 11:52 AM
I have a listing that was foreclosed upon in February. There was a first at 187K and a second at 71 K. I had a great offer but the banks wouldn't negotiate and the market fell further. Today my client called. The second wanted their money. I know the banks do not have to forgive the debt but my client doesn't have it. We discussed this possibility from the beginning and I think my client will have to declare bankrupcy. I will call First Tennessee in the morning and see what can be done. Does anyone have any ideas? … (3 comments)
foreclosure: I need help with a short sale with Wells Fargo and First Tenn.
- 07/16/08 03:09 PM
namI have been working on a short sale with Wells Fargo and First Tenn. The first mortgage is at $187K with Wells Fargo, the second is $68K with First Tenn.... My client is now 4 months behind in payments. We had a good offer at $185 K. The Wells Fargo appraisal came back at $198K and the BPO from First Tenn. came back a month later at $190K. Wells Fargo took 2 months to deal with the short sale and first rejected it because they felt that they were entitled to 100% of value in a declining market. The negotiator never … (2 comments)
foreclosure: IndyMac the foreclosure crisis and politics
- 07/12/08 09:41 AM
In my campaign for Congress in Idaho, I have often focused on the foreclosure crisis. Yesterday, the crisis took down the bank IndyMac. As a real estate agent, I had no love for this particular bank but its demise is frightening. This was an example of a bank that specialized in high risk, irresponsible loans. Unfortunately, when banks fail, people suffer. Depositors who have over $100K will lose half of the uninsured value of their deposits. There are less banks available to extend credit. When credit dries up purchases cannot be made. This reduces the number of people who can buy … (12 comments)
foreclosure: 11 days until the primary.... I wonder what the future brings.....
- 05/16/08 01:25 AM
Well I am at the end of the primary season in Idaho. In 11 days I will know if I am successful at convincing enough Democrats to vote for me to stay on the Ballot. It has been an interesting time. Not to much real estate but the market is not so good either. The race for public office has been exilierating. My message is worth listening too. I am a progressive Democrat who want to work on health care, the mortgage and financial crisis, the war in Iraq, education... My opponent has a more conservative (or should I say Republican … (0 comments)
foreclosure: Congress passes foreclosure prevention act. President threatons veto.
- 05/11/08 05:11 AM
Today the Congress passed the foreclosure prevention act. This is the first real legislation I have seen that looks to help the American Homeowner who is danger of losing his/her home. It gives money so that the loans can be renegotiated at the current value of the homes. This bill could help 1.5 American families stay in their homes. I was so happy.... But wait.... first all but one democrat voted for the bill... Bill Sali and Mike Simpson Voted against the Bill. I guess that Sali and Simpson do not care about homeowners in trouble. It gets worse.... President Bush … (1 comments)
foreclosure: Wells Fargo takes 45 days to assign a negotiotor
- 04/16/08 12:05 PM
I have 2 good offers for my short sale at asking price or above. One is an investor the other is a family with a pregnant woman. I submitted my paperwork on Feb 29. They acknowledge receipt on March 12. I faxed it not mailed it. The offers came in this weekend. I was pleased. They both came in low but they inched up. Now that I have offers the bank (edited to to political campaign), Wells Fargo, won't assign me a negotiator. Before they told me they couldn't assign me a negotiator until I had an offer. My client still … (25 comments)
foreclosure: I think I hate Wells Fargo's loss mitigation department!!!!!!
- 04/11/08 10:44 AM
I have been working on a short sale with Wells Fargo since 2/26/08. I sent the first fax with the completed short sale packet on 2/29. They didn't acknowledge receiving it until I refaxed it on 3/12. I have called weekly asking to be assigned a loss mitigation negotiator. They told me that they would not do anything until I had a offer. Catch 22 is that I won't get an offer until I have the BPO. I have had several people call me up and decide not to offer based on the fact that a BPO was not ordered. … (265 comments)
ACORN, the Association of Community Organizations for Reform Now, is the nation's largest community organization of low- and moderate-income families, working together for social justice and stronger communities. Since 1970, ACORN has grown to more than 350,000 member families, organized in 850 neighborhood chapters in over 100 cities across the U.S. and in cities in Argentina, Peru, Mexico, the Dominican Republic and Canada. ACORN's accomplishments include successful campaigns for better housing, schools, neighborhood safety, health care, job … (2 comments)
This is a blog about all things real estate (and a few extras). I blog about my buyers, sellers, listings, short sales, the real estate market. I am internet savvy and am trying to learn more skills. I like blogging because I get to share information with other real estate professionals and my clients. I can find you a great home in the Treasure Valley. I was the Democratic Nominee for CD2, Idaho for the US Congress. I have two website: http://www.debbieholmes.net.
It was during the foreclosure crisis. I must have picked them off via Zillow or Trulia. They were a couple. The woman was very pretty and the man seemed sort of macho with tats. They told me they could buy a home and were prequalified. They wanted to see property with some privacy. They seemed to want to see some expensive property and bid low. I located a wonderful property with a beautiful views of the foothills and the city. The house wasn't too nice but they wanted to bid low and the offer was refused. They paid their earnest money … (10 comments)
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