reo: Natural Hazard Disclsoure and REO requirements in California - 01/24/11 05:12 AM
NHD and REO Clarification
Although CAR's Natural Hazard Disclosure form is not REQUIRED to be completed by an Asset Manager, the seller is STILL obligated to disclose if the property is located in a high fire, flood and earthquake zone. This is best completed by ordering and paying for a Natural Hazard Disclosure report prepared by a neutral third party.
CAR recommends that if a report is not available the NHD be incorporated into disclosures for the property.
BTW it's not California Association of REALTORS®  who decides what disclosures are required. It's the California Department of Real Estate who passes laws. … (1 comments)

reo: Beware of REO Properties and the NEW "Cloud" on title - 10/15/10 05:50 AM
Guess the banks got caught with their preverbal pants down again.
Seems "representatives" of some of the banks who provided affidavits confirming their personal knowledge and "right" to foreclose on a property were in fact...NOT!
As a result, the judges who granted permission to foreclose were granting these foreclosures without having all the facts regarding who owned the property and who had the right to foreclose.
Oh, what an ugly can of worms. This means  that if it cannot be proven that the entity who foreclosed on the homeowners had the right to do so, then the homeowners may have a … (0 comments)

reo: 90 Day Flip Rule STILL Haunting Buyers! - 08/18/10 05:16 AM

I thought we had worked this one out! On Feb 1st of this year FHA agreed to temporarily allow funding on homes that were acquired by the current owner (bank/investor/seller) in less than 90 days IF the property met certain criteria.
Now I hear some banks are still enforcing the 90 day flip rule-even for non-FHA loans!
Why was this rule created in the first place?
HUD recognized a few years ago that a minority of flippers (someone who purchases properties, then immediately sells for profit) were in cahoots with loan officers and appraisers and took advantage of innocent buyers … (2 comments)

reo: REO's Still Required to Disclose! - 10/15/08 05:35 AM
I bet there's a lot of you out there who have all but given up on obtaining disclosures from the bank.
I was cruising around the California Association of Realtors website and came upon some GREAT information on REO Disclosure Requirements as well as what to do if you cannot obtain disclosures from a Bank.
 To locate the REO disclosure chart go to CAR website and type in REO Disclosure Chart into the search field.
 To locate the Q&A on REO Transactions (a little tricky to find, but be patient).
Type in REO Transaction in the search field
Select  "Legal Articles … (2 comments)

reo: HOA Holds Transaction Hostage! - 10/01/08 09:42 AM
Whaaattt? It's true folks! I'm working on an REO representing the buyer. The seller's agent requested the escrow officer order the HOA docs after we had an accepted contract. After 3 days of no communication from the HOA, the officer was informed that docs would not be released until after the property had an inspection performed by the HOA.
 Oh, course the inspector happened to be going on vacation and wouldn't be returning until 2 days prior to our closing date!
 What can we do? Absolutely nothing, in my opinion! What should have been done? At the time of the … (6 comments)

reo: Transaction Management Questions - 08/27/08 03:35 AM
Hey, Hey, Hey!
 Just got back from teaching a class in Sacramento, CA. What an awesome group of people!
 They had some great questions that I wanted to share with you about transaction management.
 "Is it important to track the buyer's deposit into escrow?"
Absolutely! I'm a real stickler when it comes to deposits. I want to see them in escrow in the time frame specified in the contract! Upon receipt of the deposit, the escrow officer SHOULD send out a copy of the deposit receipt showing the copy of the check and amount deposited. A deposit placed into escrow tells … (0 comments)

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