Short sale transactions can be an excellent choice for homeowners who must sell and who owe more on their homes than their current values. Unfortunately, there are numerous misunderstandings regarding short sales, and it is extremely important to understand the proper procedures and best practices in this process should you choose this path for your homeowners/sellers.
Misunderstanding # 1: THE LENDER/BANK WOULD RATHER FORECLOSE THAN CONSIDER A SHORT SALE TRANSACTION. This is likely the most common misunderstanding. In reality, banks DO NOT want to foreclosure on properties, as the foreclosure process is rather … (6 comments)
According to a report from Foreclosure-Response.org, the serious delinquency rate, which includes loans 90 or more days past due plus foreclosures, increased for the first time after a downward trend between December 2009 and June 2011. Serious delinquencies rose from 9.2 percent in June 2011 to 9.7 percent in December 2011 for the nation’s 100 largest metropolitan areas. While the 90-plus delinquencies component of the percentage was flat at 3.8 percent and has remained largely unchanged for the past four quarters, foreclosure rates continue to … (0 comments)
bpo: Bank Of America, Loan Modifications! Update, provided by REO Institute
- 05/18/12 03:43 AM
Take a look at an article today….. http://soc.li/uljOeLW This is your Short Sale Information provided by the REO Institute® Please take a minute to read this important information about Bank of America Short Sale update! This could be very helpful to your Real Estate clients/homeowners.
If you like this post, please like the REO Institute on facebook, activerain. THANKS, James … (1 comments)
An Austin, Texas, man was sentenced Thursday to 61 months in prison for his role in a foreclosure-rescue scam that took place in Southern California and elsewhere, Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced Friday. Frederic Alan Gladle, 53, was charged in the Western District of Texas and ordered to forfeit $84,010 and 63 prepaid debit cards he used for his scheme, in addition to this sentence. Gladle pleaded guilty on January 6, 2012, to one count of bankruptcy fraud and one … (1 comments)
bpo: Surge in Investor Purchases Gave Home Prices Boost in February
- 05/06/12 02:58 AM
Surge in Investor Purchases Gave Home Prices Boost in February By: Esther Cho While Radar Logic reported home prices in February showed a month-over-month increase, the real estate data provider sees this trend as possibly being temporary, considering that warm weather and investment buying helped to drive up sales. Home prices increased 1.9 percent over the month ending February 16, according to Radar Logic’s RPX Composite Price, which tracks 25 major metropolitan areas. This increase was bolstered by strong sales in February. Sales transactions for the RPX Composite increased 22.9 percent month-over-month and 16 percent year-over-year through February … (3 comments)
bpo: Major changes in HAFA! Important Information
- 04/04/12 07:30 AM
Major news in the short sale and housing industry! On Friday, March 9, the Obama Administration announced updates to the Home Affordable Foreclosure Alternative (HAFA) program. Created in 2009, HAFA is a government-sponsored initiative assisting all Home Affordable Modification Program (HAMP) eligible homeowners in avoiding foreclosure through short sales and deed-in-lieus. The HAFA updates will go into effect on June 1, 2012, and will allow more distressed homeowners to seek assistance. Most importantly, the deadline for submitting for HAFA eligibility will be extended a full year, from December 31, 2012, to December 31, 2013. Other major changes from March's … (2 comments)
the grandparents & their daughter (age 21), & her 2 children (ages 3 & 5) The children were playing catch in the front yard & the adults were sitting on the porch. Frank carefully without being noticed took pictures of the property for the exterior BPO, documented the condition of the property & the residents. He submitted the BPO as required. Several months passed by & the Bank requested several occupancy checks, Frank conducted these checks & the residents continued to reside there. After a period of time, the bank sent Frank an offer to the homeowners for … (4 comments)
bpo: Mortgage Rates Head Higher on Positive Economic Data
- 03/25/12 02:13 AM
By: Carrie Bay Rates for all mortgage loan products headed higher this week as positive employment indicators rolled in, with job growth over the last six months the strongest it’s been since 2006. That, coupled with the Greek debt restructuring on the international front and the results of the Federal Reserve’s stress tests pointing to a stronger financial banking system, boosted investor confidence and drove bond yields higher. “An upbeat employment report for February caused U.S. Treasury bond yields to increase over the week and mortgage rates followed,” according to Frank Nothaft, Freddie Mac’s chief economist. Studies from both Freddie … (0 comments)
bpo: A Brokers Story, what happened in Nevada, should NOT happen in other parts of the nation!
- 03/22/12 01:43 PM
A Brokers story from Nevada!! http://youtu.be/ansRUXi77A0 I want to demonstrate how the Nevada AB-284 bill will severely damage our fragile Real Estate market.I'm from Fernley, out in Lyon County, so I'll give you the stats out here, although the stats in Reno should be similar. The numbers are smaller out here so it makes them easier to analyze, but we've always found the percentages to be similar in Reno, and for that matter Las Vegas as well.In the past 12 months, according to the NNRMLS, which handles the vast majority of the real estate transactions in our area:550 homes were sold- … (2 comments)
bpo: CNN Reports a 'rising tide' of foreclosures ahead
- 03/19/12 02:51 PM
REO, CNN just confirmed what the REO Institute has saying for the 60 days. Today they reported that Bank of America, Wells Fargo, Citibank, Chase and Ally Financial all expect a rise in foreclosures after a dip in February due to delays in foreclosure proceedings, adding that "the foreclosure pipeline was beginning to unclog" and they expect "a climb in the number of homes repossessed". (Source: CNN Money)! CNNMoney.com … (10 comments)
Data through the end of January shows significant movement in both foreclosure starts and sales, and it has some market watchers saying the lull in foreclosure activity seen over the past year-and-a-half may very well be coming to an end. Lender Processing Services’ (LPS) latest market report says foreclosure starts jumped 28 percent between December and January, and foreclosure sales soared 29 percent. “While one month of data does not necessarily indicate a trend, this surge could suggest the backlogged foreclosure pipeline is beginning to move,” LPS said in its report. The January data also … (0 comments)
bpo: "REO Institute", Please join our Group on LINKEDIN, We Value your Opinions RE: Market Conditions!!
- 03/08/12 03:45 AM
The Group was established to hear your voices, the Real Estate Professionial regarding the distressed market conditions in your local market place or regional market conditions. Please share your comments, opinions, and knowledge with our group on LINKEDIN, REO Institute. Do not be shy, please join us! A big thank you from the REO Institute … (0 comments)
bpo: Calfornia's AG has requested to Suspend Foreclosure Sales!
- 02/29/12 07:56 AM
California’s attorney general has requested that the Federal Housing Finance Agency suspend foreclosure sales in the state for home owners with government-backed mortgages. Attorney General Kamala D. Harris has requested that home owners with loans backed by Fannie Mae and Freddie Mac get a temporary reprieve from foreclosures while housing regulators conduct reviews of whether at-risk home owners are eligible to have the amount they owe on their mortgage reduced. Fannie Mae and Freddie Mac have stated in the past that they’re opposed to mortgage principal reductions. The FHFA, which regulates Fannie and Freddie, has said that any such program would … (2 comments)
bpo: REOCertified®
- 02/21/12 12:42 PM
REOCertified® http://youtu.be/P9waRtut46o www.REOInstituteColorado.com The REO Institute presents BPO Simplified and REO Simplified="REOCertified", National Designation! Accredited for Continuing Education in the States that we instruct in. This states are CA, CO, TX, FL, WY, AZ, UT and NV. … (0 comments)
Foreclosure sales on the West Coast started strong for the beginning of 2012, with Washington as the exception, according to ForeclosureRadar. Arizona, California, Nevada, and Oregon are the other states included in the report – all of which saw increases in foreclosure sales to investors. Trustee sale investors pay the full amount in cash without inspections or title insurance prior to purchase. This is the fourth largest month on record in California, and the busiest since March of 2011, stated ForeclosureRadar. Nevada experienced … (1 comments)
While the $25 billion settlement between five of the nation’s largest servicers and 49 of the state attorneys general awaits approval from a judge, there is some relief in the industry that the 16 months of investigation and negotiation has come to a close. “The best thing about the mortgage settlement is that it’s done,” said Stan Humphries, Zillow’s chief economist on the company’s website. “The agreement brings closure to these issues and enables the company to move forward in our ongoing efforts to help borrowers find affordable and … (0 comments)
bpo: CoreLogic Records 4.7% Drop in Home Prices in 2011
- 02/03/12 08:39 AM
CoreLogic Records 4.7% Drop in Home Prices in 2011 02/02/2012 By: Carrie Bay Year-end data from CoreLogic shows home prices fell by 4.7 percent over 2011. It marks the fifth consecutive year the company has recorded an annual decline in residential property values CoreLogic performed a separate calculation, which illustrates just how big an impact distressed sales are having on home prices. The company excluded all short sale and REO transactions from 2011 and found that when the distress factor is taken out, prices declined by just 0.9 percent. Commenting on the company’s latest results, Mark Fleming, CoreLogic’s chief … (0 comments)
bpo: ATTN: FLORIDA, REO Institute and Ed Kolpfer Real Estate School Presents: "REOCertified(R)", SSC (Short Sale Certified(R)
- 01/18/12 03:15 PM
"REOCertified(R)", THE PREMIER REO National Designation! You are invited to the BPO/REO Certified continuing education classes on either Feb 7th or 9th or the Short Sales Simplified Course on Feb 8th or 10th, 2012. These classes will be great events designed to provide you with many new tools for today’s real estate market. Want to work in the BPO/REO market? This class provides in depth training on how to complete BPOs and sell REOs.Don't want to work in the BPO/REO market, but want to know how to work with buyers purchasing foreclosed properties? This class provides the knowledge you need to … (1 comments)
6 Common Short Sales Misunderstandings:
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