cdpe: Do YOU See a Recovery?....Uh, NO, I Don't!
- 08/17/09 02:37 AM
I’m in Florida, and that fact might be the reason I’m not jumping on the housing recovery bandwagon. There was A report that mentioned home sales went up last month. Many people, including the National media, took that as great news. We seem to go from one extreme to the next…Foreclosure Crisis in June to Housing Recovery in August. I understand we all want this to end and a recovery to hit the marketplace, but depending on where you are, we are very far from just leveling off…never mind recovering. Take these numbers for instance, taken from a recent report in … (4 comments)
cdpe: The Lenders are Coming For You....HARD!
- 08/15/09 05:28 AM
"The Lenders are Coming For You....HARD!" It has become painfully clear that the tactics for the Junior Lien, in our Short Sales, have become more aggressive. They are now asking for more of a payout AND they are unwilling to release any future pursuit of a Deficiency Judgment. As a matter of fact, in some instances they actually want the Seller to sign an agreement to set up a payment plan that covers the entire BALANCE owned or at least a large percentage of. Of course, this will lead to people just walking away and opting for a Foreclosure … (7 comments)
cdpe: This is Why Bank of America is So Bad...It start with the letter P
- 08/14/09 08:09 AM
I wrote a blog not too long ago about how Lenders are profiting from the non-approval of Short Sales and I used BofA as an example. Well, it’s worse than I thought. It seems BofA saw this profit potential a long time ago and even used the TARP money to pave their way to future riches at the expense of the unsuspecting public.
Follow me—
BofA bought out Countrywide, the largest mortgage lender in the country. We all know that BofA is a huge institution in itself and they are now humongous after that union. At the time they … (2 comments)
cdpe: Are You a Real Estate News Zombie?
- 08/13/09 10:39 AM
So I wake up a few days ago and the big headlines is that the Housing Recovery has hit us and we are about to experience a renaissance. The simple fact that a report, the Case Schiller Price Index, seems to indicate that they see an uptick in home prices, does not make a recovery real. Well, just a few days later there was another report which, to me, would indicate the complete opposite of what was reported just days earlier. Foreclosures rose 7% from June to July . Now, these reports came from the SAME newspaper just days apart. How … (2 comments)
So here I am with a great listing, for a great family in a bad situation. I was able to answer all their questions and make them feel comfortable with the Short Sale process. They even let out a loud, SIGH. I list the home Take great pictures Price it right on the bulls eye and the calls started as soon as I hit the send button after inputting the information in the MLS. Non-stop traffic…we even got 6 offers within four days, at asking price and giving us all the customary requests (90 day … (4 comments)
cdpe: New Procedure at Bank of America? It's Gotta Be Better, Right?
- 08/12/09 09:01 AM
BofA Merry-Go-Round So I have a Short Sale submission for BofA. I get a good night’s sleep, take my vitamins and get everyone out of the office. I call BofA to get the process started and submit the package. Well, to my surprised I was fortunate enough to get a great representative and we even go over some of the particulars being that the homeowner was recently trying to get a Loan Modification. Well, after that nice chat I submit all the documents requested and go about enjoying the rest of my day (I verified their receipt 48 hours later). I … (6 comments)
cdpe: Do You Want a 30-Day Short Sale Closing?
- 08/12/09 05:01 AM
WELL YOU CAN'T HAVE ONE, DIDN'T YOU KNOW THAT ?!!??!?!?!?! There are homeowners that want to purchase a property in good condition, for a good price and with a quick closing. So why are these agents bringing them to my Short Sales? The mere fact that this is a Short Sale should clearly indicate to any agent that this will not be a quick closing. It seems these agents are letting their clients dictate the search, offer and terms for the purchase of real estate. Shouldn’t that be the other way around? They come to me with a low offer…No … (9 comments)
cdpe: GREAT Offer....But Do We Take It?
- 08/11/09 01:40 AM
“Don’t Be Swayed by an Overpriced Contract” The newest trend coming to a Short Sale listing near you is the buyers offering much more than the listed price. That in itself is not a problem, the problem lies when the offer is higher than what it will appraise for. Be careful of that and don’t fall into the, “It’s the highest offer” trap. I know, you’re going to tell me that you must do what is right for your client by taking the highest number. It’s what the Lender would want or it could help lessen the Deficiency if the … (4 comments)
cdpe: So Why Are Lenders Not Approving...
- 07/30/09 04:02 AM
It seems there are certain lenders that do not want to rush an approval because they are profiting from the stagnation. Let's remember that most of these loans are not on the Lenders book, but they are "servicing" the mortgage for the investor/owner of the note. For those services these Lenders are getting a nice fee, whether the mortgage is being paid or not. Think of it. They gave out really bad mortgages, sold it to someone else and now they charge those same people a nice fee to "service" a loan they created to fail. That's a pretty good business … (4 comments)
cdpe: Promissory Notes are Here to Stay
- 07/26/09 03:39 AM
Not too long ago it was very clear that negotiating the removal of a Promissory Note was not quite the battle it is today. As a matter of fact it seems Lenders have started to draw bigger lines in the sand. Why is this happening? In my opinion, as Lenders have started to report profits recently (mostly due to accounting tricks) it seems evident that the flow of credit or even cash is starting to flow, for some. Who are those that are seeing and benefitting from this new found capital? Collection agencies...and that's never good. They now have the Capital … (3 comments)
cdpe: What's with the Promissory Notes!
- 07/23/09 05:02 AM
Not too long ago it was a simple task to negotiate the removal of a Defeciency Clause in the Approval Letters. It was also rather simple to minimize or even eliminate the amounts in a requested Promissory Note. Today, it seems that has become an impossible task. Why? M-O-N-E-Y It seems like a simple answer but there's a twist. I've seen many pages on AR of agents ranting, spewing and just flat out venting on the lenders unwillingness to remove these, seemingly, meaningless requirements. Well, the lenders will take your Promissory Note and sell it for some hard cash, albeit for … (2 comments)
cdpe: The Next Hit to the Real Estate Market
- 07/15/09 04:54 AM
For those that have read my posts in the past, I'm sure you'd agree that I have been very consistent in predicting the continued proliferation of Short Sales on the market. As I've said before, we are going to be dealing with this type of market for the next three to five years, at least. Many of the reasons include Option Arm mortgages yet to re-adjust, mounting economic woes the country is facing,layoffs, the inability for many to get mortgages with the new stricter guidelines and the unwillingness for lenders to cooperate or streamline their approach to approving Short Sales, Loan … (6 comments)
cdpe: Help the Seller:Protect the Buyer
- 07/10/09 07:34 AM
As we get deeper into the Short Sale phenomenon it seems buyers agents are forgetting the reasons these homes are in need of being sold. They seem to be more forceful as to the changing of the status of the property once they get the contract signed. And I understand their dilemma of not wanting to waste their time with agents that submit all offer that come their way. But there also needs to be a realization that the Seller is in need and has very few option and even less time to sell the property before it is foreclosed. I … (1 comments)
cdpe: For The Lenders, It Pays Not To Get It Right!
- 03/11/09 04:01 AM
We all know the fact that most loans are being serviced by most lenders. That is to say, that they don't usually own the mortgage but are paid by an investor to process and maintain the mortgages. So, these lenders created ways to give everyone who asked a mortgage. They then repackaged and sold the mortgages to investors all over the world AND charged them a monthly fee to service those loans. Brilliant! The longer they maintain the loans on the books, the longer they get paid from the owners of the mortgages, as they lose their shirts. The homeowner might … (3 comments)
cdpe: Are You Still Submitting Multiple Offers?
- 03/01/09 07:39 AM
I recently read a great post from one of the regular bloggers on Active Rain. (Thanks Wendy!) That post brought up another fact of the mistake being committed by all the agents that insist on submitting multiple offers. I know the arguments, you need to protect your clients, you need to give the lender the choice of "picking" the offer they like the best. Those arguments have been addressed, but there's another reason why submitting multiple offers is not the way to go. The ironic thing is that this will affect the multiple submitters the most. It seems that there are … (10 comments)
cdpe: Doing Short Sales? Remember, the lender is your "client"**
- 02/27/09 05:00 AM
Too often many agents reach the frustration level where I can hear their screams from across the country. The most common complaint? It's a good offer the lender should take it. That pretty much sums up their argument for an approval. The reality is that it is irrelevant if you believe the offer is good. The one entity that needs to believe that, is the lender. Yet most agents take that fact for granted. I think we should all act and prepare as if the lender is our true client and prepare the best package we can to convince them that … (14 comments)
cdpe: Obama's plan is great, if the year was 2007...Part 1
- 02/19/09 06:30 AM
It might be a little to early to make a judgment on the new foreclosure prevention plan announced by the Obama administration but the little I was able to read doesn't give me much hope. The fact that the refinance part of this plan would cover those mortgages that were, at a maximum, 5% over the homes value is troubling. That would have been a great plan if this were the beginning of the crisis and not two years into it. There are communities where the values have dropped so quickly that people are 30%, 40%, 50%, and in some condo … (0 comments)
cdpe: Short Sale Etiquette
- 02/15/09 04:33 AM
Why does it seem most agents forget about how to practice real estate when a Short Sale is involved? I had a conversation with an agent, here is Florida, where she told me that she accepts multiple CONTRACTS (not offers, because she gets them all signed and with no stipulation of them being back ups) because it is different than "regular" sales. I almost dropped my phone! There is no difference, except that it has an extra contingency. She told me I was crazy and that she has been practicing real estate for 30 years and I should learn my trade before calling … (21 comments)
cdpe: Don't Shy Away From Short Sales
- 02/12/09 03:51 AM
I've been reading other posts in ActiveRain and elsewhere and what I see if pure fear and frustration over handling Short Sales. Just like most other challenges in life, success is found in education and perseverance. Don't follow they crowd in fear in staying away from Short Sales. The last few years real estate agents were seen in the same light as used car salesmen, insurance salesmen...not in a good light. Today, we can show what professionals we truly are. We can help so many families that seem to be taken advantaged of by more and more scams and tricks. I … (13 comments)
cdpe: How to Prospect for Short Sales
- 01/27/09 03:03 AM
I've received many inquiries from other agents in my office as to how I can get so many Short Sale leads. The answer to that is quite simple. I don't prospect for Short Sales, I don't target that group. By the time most people are in default they have probably contacted a lawyer or one of those foreclosure rescue companies. My method is to just target an area, a farm, where there seems to be a newer construction. The key to that strategy relies on the likelihood that area has a high percentage of the types of mortgages that caused this … (16 comments)
I’m in Florida, and that fact might be the reason I’m not jumping on the housing recovery bandwagon. There was A report that mentioned home sales went up last month. Many people, including the National media, took that as great news. We seem to go from one extreme to the next…Foreclosure Crisis in June to Housing Recovery in August. I understand we all want this to end and a recovery to hit the marketplace, but depending on where you are, we are very far from just leveling off…never mind recovering.
;)
;)
