bank of america: Short Sale Listings...Do you hold Open Houses... - 07/08/11 09:57 AM
What's your experience with offering Open House in this market when your the listing agent of a Short Sale?  
If you believe they are effective and bring offers how do you track that? What other forms of advertising do you offer the seller other than Open House showings? How often do you hold Open House showings What's your best marketig vehicle for short sale listings? Thanks for responding!
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bank of america: Bank Of America Starts Principal Reduction.. Forbearance In The Mix…. - 06/07/10 06:22 AM

In a recent article, Bank of America “Circles the Wagon” on principal reduction….Lot’s of “May” and “If”….nothing about how much principal “May” be written down…Until we get more information….here you go!
Bank of America said it has initiated its new earned principal forgiveness program for borrowers being considered for the government’s foreclosure prevention program.
Letters were mailed in mid-May to the first customers who may qualify for the new program.
But there are several requirements before a borrower is considered.
To qualify, homeowners must have taken out subprime, pay-option ARM or two-year hybrid ARM loans originated by Countrywide on or … (0 comments)

bank of america: Bank of America's New Stance on Short Sales - 04/27/09 05:40 AM
In an article released today, Bank of America is easing their policy to accept no less than 10% on HELOCs and 2nd mortgages.  The new policy is reducing the payoff amount to 5% for a short sale.
A majority (77%) of California foreclosures carry HELOCs and 2nd mortgages.
Short Sales on average,  result in less of a loss for banks. Typically the losses are 30% less than losses realized from the foreclosure process
The short sale is a desirable alternative to foreclosure or deed in-lieu. The short sale will impact the credit score and limit real property re-purchase from 24 to … (4 comments)

bank of america: In Business to Foreclose? Ask Ryan...Option One are you aware of this? - 10/07/08 11:11 AM
This is for our clients…you have been wonderful to work with! Thanks for letting us share.
Like most of our clients, the ***** family were no longer able to make their mortgage payments. Their home had a sale date set in less than two weeks from them contacting us. It was a little complicated, they were also going through a chapter 7 and the lender had gone to court to get a “relief from stay” allowing the lender to foreclose even though they were protected by chapter 7.
We put the home up for sale immediately and within a few days … (0 comments)

bank of america: Short Sales are Short Lived for Bank of America Clients...Foreclosures in California will increase! - 09/05/08 12:12 PM
Kris and I live in the “Inland Empire”; one of the hardest hit areas of the country. Being Real Estate Agents, our decision to become Short Sale experts was an easy one. Our lives are touched daily with calls from people that are loosing their homes. Using everything we’ve learned during our training and experiences that we deal with daily….trying to help people that truly want to avoid foreclosure…however, nothing to date has hit me like this news.
As of 9/1/2008 Bank of America has implemented new criteria for short sale acceptance. The criteria states that Bank of America will accept … (0 comments)

bank of america: Episode of Twighlight Zone or a Short Sale? Bank of America..DOOODOOODooodoooDOOODOOODoooDooo - 09/05/08 06:03 AM
I was really hoping that I had a nightmare last night, but after opening my emails this morning….It really happened! Yesterday was a perplexing day in our world of Short Sales.
The call we received from a family in the midst of a Chapter 7 Bankruptcy was not uncommon. A sale date set for the home less than 2 weeks away. We have been blessed in getting offers quickly and stopping trustee sale dates just days before the sale.
This Short Sale started out like all others….daily calls to the lender. AHMSI is the first mortgage holder, previously Option One. It … (2 comments)