short sale: Waiting Period to Purchase after Foreclosure, Short Sale, or Bankruptcy - 01/07/12 05:05 PM

Many people may wish to purchase a new home, but feel they may not be eligible, because of a recent distressed sale of their home, through a short sale, foreclosure or bankruptcy.  Although it is not possible to purchase another home immediately, it can happen after a certain time period has passed, which may be shorter than you think.  That time period depends on the type of loan that is being used to purchase the new home and what type of distressed sale the home was sold through.
There are other factors that play a part in obtaining financing for the … (3 comments)

short sale: Seeing Less "For Sale" Signs? - 01/03/12 01:11 PM
If you feel like there are a lot for sale less signs in your neighborhood, it's probably that there are indeed less homes for sale in your neighborhood.   In Adams County Colorado, for example, in November 2011 there were 40% less new listings, according to the Denver Metrolist indicators than in November 2010. My take on this is that many home owners who may like to sell, but cannot, due to the fact that they owe considerably more than what their home is presently valued.  Another factor may be that there are less foreclosured properties out there than a year … (3 comments)

short sale: Short Sale Approved-Now BOA Wants to Change Servicers Before Closing - 10/21/11 04:50 PM
My sellers and myself were so excited this week to learn that their short sale was approved (2 liens both with BOA).  Before we even got a chance to say "Woo Hoo!" my sellers received another notice from a different division within BOA that their 2nd lien was being transferred to a different servicer, which will happen before we are closed.  Has anyone had an experience like this and what was the outcome.  I cannot speak with BOA until Monday and not knowing how this will play out will drive me crazy by then.  I am thinking that the investor remains … (5 comments)

short sale: $10,000 to Sellers Doing a Short Sale - 02/25/11 03:24 PM
Wow, I have heard about a $1000 incentive to the sellers taking the initiative to do a short sale rather than moving out and letting their home go into foreclosure.....but $10,000?   Chase evidently has a new program whereby they offer the sellers $10,000 as an incentive and "thank you".  I just closed on one today where the sellers walked away with $10,000 in their pocket.  Guess the banks are FINALLY catching on to the advantage of accepting a short sale offer rather than merely letting the property go through foreclosure.  "It's a good thing" as Martha Steward would say.  :)
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short sale: Short Sales....Everybody's Doin' It! - 10/07/10 04:23 PM
The statistics now show that 1 in 7 homeowners are unable to continue to make their monthly mortgage payments and a staggering 1 in 4 homeowners are finding that they are "under water" or in other words they owe more than what their property is valued at.  It's a terrible feeling.....seeing the your most valuable resource decreasing more and more each year, and yes, each month.
Investors and lenders, as recently as 2008 frowned on doing Short Sales, but, wow, how things have changed in the past 2 years.  Now it is not only an acceptable option, but a preferred one, instead … (3 comments)

short sale: Wells Fargo Short Sale Timelines - 04/09/10 03:38 AM
I found this Wells Fargo Short Sale information and if a short sale goes according to this schedule it would be fabulous!  It says that when the complete application info. is received, that it goes to a negotiator within 3-4 days. 

Wow, if that is really how it works that would be fantastic!  I have not had a short sale yet involving Wells Fargo, so I will have to reserve my opinion on this timeline until that happens.  But it is certainly hopeful and a step in the right direction.
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short sale: Broadlands Distressed Properties - 01/24/10 11:41 AM
Broadlands, a local golf course community in Broomfield CO seems to be holding it's own relative to homeowners being in a distressed situation when selling their homes.  According to the last 6 mos. of sales in that subdivision, only about 20% sold in either short sale or lender owned (already been through foreclosure) situations.  Many other areas within the Denver metro area are much worse off.  But I have also noticed that there have been many properties in the Broadlands that have been for sale, but then withdrawn from the market.  This was probably because the decline in market value will not enable … (0 comments)

short sale: $1000 Incentive to seller completing short sale - 01/08/10 11:17 AM
Yes, it's true.  I was very surprised to learn on my recent FHA/HUD Preforeclosure Sale (short sale) that the homeowner can receive up to $1000 to close a short sale on their property rather than letting it go through foreclosure. The lenders are very open to doing a short sale rather than a foreclosure.  Better for all involved.
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short sale: FHA/HUD Preforeclosure Sale - No Guesswork Here - 01/07/10 12:11 PM
1) No earlier than the 32nd day and no later than the 60th day of delinquency the Mortgagee (holder of the lein) sends the pamphlet (HUD-PA-426) to homeowner "How to Avoid Foreclosure"
2) If the homeowner is interested in pursuing the Preforeclosure Sale, the mortgagee will them mail out an "Information/Disclosure" (HUD-90035) which provides information to the homeowner on housing counseling, disclosures and possible tax consequences.
3) The mortgagee requests financial documentation from the homeowner to evaluate whether or not they qualify for the Preforeclosure Sale. If they appear to qualify, a title search is done along with an appraisal and an "Approval … (0 comments)

short sale: FHA PREFORECLOSURE-NOT THE SAME AS A REGULAR SHORT SALE - 01/05/10 10:38 AM
I just closed my first FHA short sale, which isn't even referred to as a short sale, but rather as a Preforeclosure Sale.  It has many similarities to that of a Fannie Mae short sale, but is very different as well.  One very nice thing about the FHA Preforeclosure is that after the seller is accepted into the program, the appraisal takes place, and HUD already has predetermined guidelines in place as to what price will be acceptable.  The Fair Market Value is determined by this appraisal and HUD will require a net of at least 88% of this Fair Market Value in … (0 comments)

short sale: Offers on Short Sale - Accept one or all? - 06/14/09 05:29 PM
"Seller has the right to accept subsequent offers from other buyers prior to Short Sale Acceptance without liability to Buyer".  This is a direct quote from the Short Sale Addendum, which is part of a contract on a Short Sale offer here in Colorado.  Some agents continue to only accept a single offer on their short sale listing subject to bank approval, of course, while other agents accept them all and forward all the offers onto the banks.  It isn't always up to the listing agent, as many banks are dictating on how the multiple offer situation will be handled.  Some say, "only have … (0 comments)

short sale: Foreclosure VS Short Sale - 06/14/09 05:06 PM
Both the Foreclosure Process and the Short Sale have consequences for the homeowner, but the Short Sale has  much less of an impact on the homeowner's credit and ability to secure a loan in the future on a new home. For instance:
Foreclosure                                                                               Short Sale
5 Yrs. to secure a Fannie Mae backed loan                               Only 2 years
Credit score lowered 250-300 points                                        Lowered as little as 50 points
Affects credit score for over 3 years                                          Affects credit score as little as 12-18 mos.
Public records with reflect on credit history for                             
 10 yrs. or more                                                                         Not reported on a credit history
So you can see where … (0 comments)

short sale: Low Supply of REO Properties in Colorado - 06/11/09 06:10 PM
It appears that the moratorium that began before the holidays is still not lifted as listing agent's supply of REO properties is way down.  This actually appears to be affecting the supply and demand whereby the norm now is that potential buyers can expect to pay at the very least the listed price, and most times over that price by thousands, depending on the price point of the property.  This can result in the average sold price increasing and actually making it appear like the market may be rebounding.  But I am wondering when the floodgates do open back up, where will that take us? 
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short sale: CDPE (Certified Distressed Property Expert) - 05/01/09 02:12 PM
I am very excited about my new certification as a CDPE!  I now have the ability and the know how to help people that are facing foreclosure on their homes with an even greater sense of integrity and knowledge that I possessed before.  Combine that with my high sense of caring and wanting to help the many people faced with this predicament in which they find themselves,  and I am ready to go!  If you know of anyone that needs my help, please have them call me at 303-903-7195 or e-mail me at kthomes@mho.com.  I am ready to go!!
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short sale: Loan Modification - 01/12/09 12:33 PM
Many homeowners that would otherwise be in a distressed financial situation can now fine hope in a loan modificxation program offerd by their present leinholder.  Many leinholders of your first mortgages can be contacted to see if they will modify your present loan, to save you from having to go through foreclosure or a much dreaded short sale, because you can no longer afford to make your monthly payment.  Go to your lender that currently carries your mortgage and inquire about a loan modification program.  Log into their website and enter "loan modification" into keyword for give them a call.  Not all … (1 comments)

short sale: HUD Homes In Denver Metro Area - 01/10/09 12:09 PM
A great site to log on to obtain the full list of HUD homes is www.mcbreo.com  Once you are in the site, select Colorado in the upper right hand corner and search by county or city.  If you spot a property, which you would like more information on or would like to take a look at, contact me at kthomes@mho.com and let me know.  I am happy to show it to you and I am knowledgeable about how to make a HUD offer and can represent you in that offer.  The only way a buyer can make an offer is through … (0 comments)

short sale: Another Bank Owned Property Down The Street - 01/09/09 02:10 PM
Todays real estate market is one of huge uncertainty.  Short sales, foreclosures, and bank owned properties are in the news every day.  Do you have concerns about your home?  Perhaps you are seeing the amount of "For Sale"signs increasing in your neighborhood, or worse yet, those signs say "Bank Owned" or "Short Sale".  It is frightening when those signs begin to pop up in your own heighborhood, as you realize that may very well mean a decrease in the value of your own home.  If you are concerned and would like an idea of what your property value is at in … (0 comments)

short sale: Advise Foreclosure Rather Than Shortsale? - 12/16/08 01:53 PM
Under what circumstance might it be a better option for a homeowner to consider letting their property go into foreclosure, rather than attempting a shortsale?  I think I have one.
I have a potential elderly client that is considering doing short sales on two condos of which she is sole owner.  She is in her late 70's and does not plan on making any purchases which require good credit, including that of another home.  She lives in another state and does not have money to clean up the condos that have been badly misused by the past renters.  I could use the listings … (0 comments)