short sales: Columbus Day is Another Reason to Delay Short Sale Processing - 10/10/11 04:30 PM
Never mind that the banks are sitting on trillions of dollars of non-performing loans.
Never mind that sellers and their Realtors are trying to replenish the banks' treasuries by getting short sales done.
It's Columbus Day!
Banks are closed!
Short Sale Departments are closed!
No worries for the banks, trillions of dollars of underwater mortgages can wait another day.

short sales: Bank of America Cutting 30,000 Jobs - Good or Bad? - 09/12/11 08:07 AM
Bank of America is downsizing 30,000 employees. Click here for article.
Is this good or bad for the housing market? Will this help BOA process short sales faster? Will this help BOA process REO's faster?  
Realtors nationwide are trying to help the banks mitigate their losses by processing short sales.
However, Bank of America is notorious for taking a year or two years to process individual short sales, all the while the houses are losing value. The many thousands of short sales that were handled ineffectively could have helped BOA recover more funds than they did by foreclosing … (3 comments)

short sales: This Cat Attended My Short Sale Listing Presentation - 06/16/11 12:44 AM
I’m used to having additional parties attend my short sale listing presentations. I welcome the opportunity to explain the process. The sellers often bring to the table advisors and supporters who are their;
Parents Children Siblings Grandparents Grandchildren Neighbors Friends Significant others who are not on the loan Financial advisors Legal advisors I enjoy the crowd. The more people the better. I am confident in my knowledge and confident in my answers. I have vast supporting documentation at my fingertips wherever I go.
The more questions I am asked the better it is. Questions lead to understanding. Short sales are complex … (11 comments)

short sales: Do It Yourself Divorce and Uncontested Divorce – But what about the upside down house debt? - 05/19/11 12:25 AM
Divorced or divorcing spouses often call me to help them sell their house. Sometimes they say they have a very simple divorce. No kids, no complicated assets to divide up. Just a mutually agreed upon decision to part ways.
“There is that house we need to sell. But, there’s no equity to split, so it’s not a problem. We owe more than it’s worth.”
I’ll ask, “What does your divorce attorney say about that?”
“We’re not wasting money on lawyers. We went to the court house and got a do-it-yourself divorce packet, filled it out ourselves and filed,” comes the reply. … (3 comments)

short sales: The Foreclosing Lender In a Short Sale Can Counteroffer Whatever They Want To - 05/04/11 11:47 PM
There are two stages of acceptance in a short sale. First the seller accepts the buyer’s offer, then the short sale lender has to accept the offer. The lender may counter in many ways;
There is a possibility that the lender will respond with a counter offer HIGHER than the price that the Buyer and Seller agreed upon.  Since the lender rarely advises on a list price prior to the listing, there is even a possibility that the lender will respond with a counter offer HIGHER THAN LIST PRICE. In fact, the lender often responds with a counter offer HIGHER THAN … (4 comments)

short sales: Getting contradicting advice about short sales - who should you listen to? - 03/23/11 02:59 PM
You are in a financial bind. You ask people for advice. Did you notice many give advice even though…
Some have vested interests. Some don’t see the full picture, only their narrow area of expertise. Some wear expensive suits but have never done a short sale, and think that short sales are too good to be true. Some sincerely want to help but don’t know the reality of short sales and how to avoid foreclosure. Some can’t imagine your emotional or financial position. Who are the people who give you advice about avoiding foreclosure and minimizing the damage to your financial … (12 comments)

short sales: How long does a short sale take? Depends on these 11 variables - 03/12/11 06:34 AM
I’m often asked by clients and by other Realtors “How long does a short sale take?” I would like to give a concise answer, but alas, there isn’t a reliable one. The concise answer is too broad; “3 weeks to 3 years, depending on variables.”
(1) Who’s backing the loan?
FHA, VA, FNMA, Freddie Mac? They all have their different timelines and flaming hoops to jump through. Those flaming hoops eat up calendar time.
(2) Does the lender we’re negotiating with own the loan?
Does the lender own the loan or are they servicing it for someone else, like a pension … (44 comments)

short sales: Short Sale Lenders: We can help you avoid owning all this mold, algea, rust and wood rot - 03/04/11 11:59 PM
In a short sale:
The longer the banks take, the sellers are less inclined to subject themselves to the stress.
The longer the banks take, the buyers are less inclined to subject themselves to the uncertainty.
The longer the banks take, the Realtors are less inclined to subject themselves to the wasteful runaround.
The longer the banks take, the buyer's loan officer is less inclined to subject themselves to the frustration.
Mother nature, however, doesn't mind. She continues to work on these houses day and night.
The short sale lenders, the servicers, the mortgage insurance companies and the investors who own … (3 comments)

short sales: Check this picture out - it will probably cause more foreclosures - 03/02/11 11:05 PM
As gas prices go up, house prices go down. Buyer's have less money left over to dedicate to mortgage payments. Therefore they have to pay less for houses.

More owners will fall behind on mortgage payments, which will increase foreclosures and short sales, further fueling the downward spiral of market values.
Homeowners who budgeted only $2.00 per gallon and still have to drive to work and bus the kids around can find themselves in trouble in a hurry.
Gas prices impact the price of any product that requires delivery by any means of transportation. Those price increases again take away … (79 comments)

short sales: Will Increasing the FHA Monthly Mortgage Insurance Cause MORE Foreclosures? - 02/16/11 10:28 PM
Raising mortgage insurance premiums raises borrowers payments.
Anything that raises the payment also lowers the purchasing power of the buyer.
Lower purchasing power means sellers have to lower sales prices.
Lower sales prices means more sellers move into a negative equity position.
More sellers in a negative equity position means more short sales and foreclosures.
More short sales and foreclosures mean greater losses to banks and mortgage insurers.
More losses to mortgage insurers means they have to raise mortgage insurance premiums, which starts the process all over again.
I'm just a simple real estate practitioner and I hope my above … (5 comments)

short sales: Flirtation Walk and Short Sales In Louisville KY - 02/16/11 04:46 AM
When I drove by this street sign it reminded of all the people I help on a daily basis. I successfully help many divorcing couples in Louisville KY avoid foreclosure and bankruptcy by negotiating a short sale of their home with their lender. The house sells for an amount SHORT of what they owe so they can move on with their seperate lives.
The lender usually forgives the shortfall by waiving their right to pursue the borrowers for the deficiency.
Sometimes the path to a short sale, foreclosure or bankruptcy starts at this street sign: Flirtation Walk.


short sales: Be Smarter on Friday Than You Were On Monday - How It Relates to Foreclosures and Short Sales - 01/20/11 01:09 AM
I just heard the actor Richard Dreyfuss say “Be smarter on Friday than you were on Monday”. What a profound statement. I immediately related this to the complexity of helping sellers avoid foreclosure by procuring a short sale.
A short sale Realtor’s quest for knowledge is never ending. There are hundreds of written rules and hundreds of unwritten rules and practices.
There Is No Definitive Rule Book - Any Attempt To Write One Will Be Obsolete Before It Is Finished
The written rules are decentralized and scattered among countless government and bank publications and directives.
The undocumented practices just ebb and … (21 comments)

short sales: FNMA Rejects Short Sale Offer, Spends Money Foreclosing, Then Lets House Sit. - 12/07/10 03:05 AM
Yet another sad line item in the chronicles of short sale history.
Fannie Mae turns down market value short sale offer. Fannie Mae issues an unreasonably high counteroffer, ignores appeals. Fannie Mae continues to spend money on the foreclosure process, and continues to lose money on a monthly basis. Fannie Mae eventually takes possession of the property after the foreclosure auction. Six months later the property is still owned by FNMA and is not even listed for sale. Sitting there like an old shoe. The dollar amount of additional losses incurred by FNMA since they turned down the short sale far … (10 comments)

short sales: If I Start a Short Sale Today Can I Stay Through The Holidays? - 11/19/10 01:53 AM
Many homeowners are struggling with mortgage payments and foreclosure and are worried they’ll be kicked out before the holidays.
Louisville homeowners call me in November and December to ask how long a short sale takes. The question behind the question is often: Can I stay in my home for Christmas and New Year’s Day?
The answer is: Yes, you can stay in your home through the holidays
The short sale process takes several months, at least.
And here’s why
Banks need to know how much a buyer is willing to pay before they consider a short sale. It takes some time … (8 comments)

short sales: Think a Foreclosure Moratorium Will Save Your Home in Oldham County KY? - 11/07/10 03:50 PM
Bank of America, GMAC and Chase have recently announced a freeze on foreclosures. Soon thereafter they announced they lifted the freeze and will continue the foreclosures.
There is much confusion in the market.
One thing is sure, however, if the borrower is behind on payments, the lender eventually has the right to foreclose.
The reality is that a foreclosure freeze is not the answer to your problem. However, there are steps you can take to avoid foreclosure.
Please click here for a free report on the Five Steps to Avoid Foreclosure
Oldham County includes but is not limited to: Ballardsville, … (0 comments)

short sales: Short Sale vs. Foreclosure. Behind on Payments in Louisville? You Have Options - 11/07/10 02:19 PM
A short sale is a dignified solution to foreclosure and has many benefits to you, the homeowner.
Foreclosure or Short Sale: Understand the Differences Underwater on your mortgage? Facing foreclosure? Avoiding foreclosure through a short sale can have many benefits for your future financial stability.
A short sale is a dignified solution to foreclosure.
There are many benefits to a short sale vs. a foreclosure, including
Credit issues Deficiency judgment issues Shorter time to qualify for a new home loan And many more... Click here for a free report on the differences between short sales and foreclosure.
If you are … (2 comments)

short sales: Pre Foreclosure Short Sale: Do I Have To Leave The Utilities On? - 10/15/10 02:36 PM
If the sellers already moved out, should they spend their scarce financial resources to keep the utilities on?
Let’s backtrack for a minute. A short sale is a dignified and financially advantageous way for homeowners to avoid foreclosure. The lender accepts an amount SHORT of the amount owed and usually forgives the shortfall. Therefore the underwater homeowner SELLS their home and doesn’t LOSE their home.
So, a successful short sale is the goal. Keeping the utilities on is a good idea because:
It makes the house easier to sell. When potential buyers walk through the house it will be more inviting … (5 comments)

short sales: Thousands of Foreclosures in Jefferson County KY Can Be Avoided With Short Sales - 10/13/10 11:47 PM
What is a short sale?
The seller avoids foreclosure because the lender accepts an amount SHORT of the amount owed. What's the process?
The lender requires the house to be listed with a Realtor who specializes in short sales. The Realtor procures a buyer who makes an offer. Once the offer is accepted by the seller, the Realtor presents it to the foreclosing lender with additional required documentation. Once the short sale offer is accepted by the lender, the buyer closes on the house. Who pays the Realtor commission?
The short sale lender pays the Realtor's commission so the seller doesn't … (1 comments)

short sales: The Ripple Effect of The Abrupt Halt to Foreclosures - 10/10/10 01:58 AM
The ripple effect of the abrupt halt to foreclosures is far reaching. Here's just a partial list of those affected:
Buyers Contractors who were going to repair the home. This alone has a massive effect on employment. Hard working Americans who build America are abruptly out of work, again. The entire manufacturing and supply chain of material needed to renovate repurchased foreclosed houses. Movers Closing attorneys Appraisers Appliance retailers and wholesalers and manufacturers Neighborhoods suffer more blight for an additional extended period of time. Owners who moved away and have to maintain the house. Some municipalities file criminal complaints against owners … (198 comments)

short sales: Does Any One Know Why The Banks Prefer Foreclosures Over Short Sales? - 10/09/10 03:15 AM
Lenders push houses to foreclosure by demanding short sale offers to be 10% to 30% higher than market value.
It’s a mystery.
We can send the lender the electronic log from the lockbox to prove that 20 or 30 agents showed the house and that we got the highest offer the market will pay.
We can send them comparable sales showing market value. We can show the banks the long days on market and all the comparable listings that never sold.
Somehow the lender overrides reality.
Foreclosures Cause Values To Spiral Down. Short Sales Reduce The Lender's Losses.
The lender … (16 comments)

Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) Rainmaker large

Dave Halpern

Louisville Short Sale Expert

Louisville, KY

More about me…

Keller Williams Realty Louisville East (502) 664-7827

Address: 1230 S. Hurstbourne Lane, Louisville, KY, 40222

Office: (502) 664-7827

Mobile: (502) 664-7827

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