sell home: Was the Listing Agent unethical or am I overreacting . . . . - 12/09/12 10:37 PM
So here is the scoop . . . .
 
Showed property that was listed for short sale. Put in cash offer for my buyers for listed price and attached my buyers earnest deposit and bank statement showing the amount of money to cove purchase. Listing agent contacted me via email and said “I just met with my sellers and they signed your offer” Listing agent asked for my client to fill out a financial statement, asking a lot of personal financial information, (even though she has a document showing enough funds for purchase. After refusal, she insisted this was “standard”.   … (20 comments)

sell home: March . . . . The beginning of the best real estate market - 03/01/11 12:58 AM
I always said March is the time to get organized, start farming some neighborhoods with some fresh postcards, re-look at my business cards (see if the picture still looks like me), come up with a spring market schedule, decide on what advertising I want to do this season and plan to sell more homes than last spring.  You have to set your goals and write them down in order to accomplish them.  If you don't write them down and look at them every day, you will not achieve what you are hoping.  It is all about planning. I hope everyone achieves … (8 comments)

sell home: Is A Contract Considered Ratified if Date of Ratification is Missing? - 11/30/10 07:11 AM
A question came up at the law firm today with a buyer attempting to cancel a Virginia real estate sales contract and would of course want his Deposit back simply because he can.  Based on the missing "Ratification Date" on on the contract, did he really have a ratified contract to begin with?  Can he actually walk away because this specific date is missing?  The Seller's Broker doesn't think so, and the Buyer represented himself with the Seller's Broker preparing the contract for both parties. This of course seems to being going towards the Court Room but is there cause?
 
Your … (4 comments)

sell home: DOING SOMETHING NICE HAS ITS REWARDS - 11/20/10 02:40 PM
As I was shopping earlier today, I saw a couple struggling to get a piece of furniture into their vehicle that was not going to fit.  So I asked them if they lived close by and they said yes.  I offered to put the piece of furniture in my SUV and take it to their house for them.  (They lived about 8 miles away). They seemed surprised that I offered this to them since we were strangers.  I simply told them that I have been in a situation like that in the past where I bought something not realizing how big … (14 comments)

sell home: Finding the BEST Short Sale Real Estate Agent is Important!!! - 10/02/10 03:29 AM
Finding the BEST Short Sale Real Estate Agent is important.  Make sure that your agent has the knowledge and experience that it takes to get the job done.  You need an agent that works hard for you.  There have been too many people coming to our law office because their short sale was denied asking to file bankruptcy.  The reason for most of the denials is that the proper paperwork was not submitted or some of the paperwork is missing.  It is important the sellers check in with their mortgage company to make sure things are moving along smoothly.  If not, … (8 comments)

sell home: Bank of America Tells Someone to Let Their Home Go To Foreclosure - 09/30/10 03:01 AM
 
A friend of a friend contacted me yesterday, a referral from a friend, for some advice about her financial situation and her home.  She said she contacted Bank of America and explained her situation, that she is newly divorced and is unable to keep her current home with the mortgage payments as they are now and asked what her options were.  The representative on the other end told her to let her house go to foreclosure.  That was very surprising.  She did not give her any other alternatives that are available.  After she told me that, I told her to … (20 comments)

sell home: SHORT SALES, PEOPLE STILL IN THE DARK ABOUT THEM - 09/29/10 02:35 AM
 When I met with potential sellers that wanted to sell their home they seemed very frustrated with the fact that their home is not worth what they thought (they owe more than it is worth today), after reviewing the comps.  So they had no idea how they were going to move.  When I spoke to them about a potential short sale, they had no idea what that was.  I was surprised that they have never even heard of a short sale before.   In this market, with all of the talk about it, they were in the dark about it. There are … (4 comments)

sell home: Part 2 of Bad Citi Mortgage Short Sale - 09/27/10 01:05 AM
The entire short sale fell apart and the property went to foreclosure as said in previous post.  I had contacted Fannie Mae before the foreclosure and they told me they would give me a 30 day window to complete and not foreclose on the property.  After the foreclosure, the bank put the house back on the market.  Last Week, I received a call from Fannie Mae asking how my short sale went.  I could not believe that the communication between Fannie Mae and their mortgage servicers are so poor.  I said the property went to foreclosure according to Citi Mortgage, they … (7 comments)

sell home: I FOUND SOME SITES FOR FREE ADVERTISING - 09/15/10 02:51 AM
I was going through the internet to see what was available for free for getting more internet leads.  Every few months I check the internet and include my information on new sites that are trying to succeed. That is how I found Active Rain a long time ago.   So I found a few new ones and thought I would share them with everyone.  Some of these you can actually add your listings to their site also.  It never hurts to include your listings to everything that is available.
 
1. choiceofhomes.com
2. getfreeinternetleads.com
3. craiglist.com
4. iqrealestate.com
5. freeforeclosuredatabase.com
 
(10 comments)

sell home: Anyone with Short Sale issues with US Bank? - 08/30/10 01:16 PM
I am and have been working with a short sale with US Bank.  They are the only lender with this property.  I have been assigned a negotiator that just flat out denied my short sale with a reason being that the net proceeds to them need to be at least $207,000.  My HUD 1 shows that they are receiving $217,643 in net proceeds, more than asked for.  So I have attempted many times to contact my negotiator and I have left emails and messages.  Finally after many attempts, I received an email with this as a response "Here is my email … (3 comments)

sell home: BRINGING YOUR POTENTIAL BUYER INTO A HOME FILLED WITH PET URINE IS NOT FUN - 08/24/10 03:57 AM
I brought my potential buyer to a home that looked just lovely from the outside, nice curbside appeal, tidy and very welcoming.  The homeowner was home (which was fine) my client was ok with that, but when that door opened, the smell of pet urine just about killed us.  What to do in a situation like this.  My client was not interested in walking into the home.  As we stepped in the living room area, the smell of urine was so strong we could not stand it. I had to tell the seller that the smell was really bad and we … (5 comments)

sell home: Filing Bankruptcy when you have a short sale listing - 10/15/08 11:48 AM
Since I wear two hats, one as a bankruptcy paralegal and the other as a Real Estate Agent I have clients coming to the office to file bankruptcy who have their home on the market for a potential "short sale".  They are being told that you can still sell your home while in Bankruptcy  or Bankruptcy will not have anything to do with the sale by their RE Agent.  In Virginia, if you file Bankruptcy then the listing agreement as all agreements and contracts are voidable and you cannot continue the sale until motions are filed and orders are signed by … (5 comments)

sell home: MORTGAGE FRAUD STORY - SHORT BUT INTERESTING - 04/24/08 08:43 AM
As some of you know, I work at a law office as a Paralegal/bankruptcy assistant and today was interesting.  Potential client came in for a consultation.  (By the way, my clients gave me permission to share this with everyone in this blog and encourage others not to be as naïve as they were). 
Here is the scenario:
Clients Bought Single Family Home in late 2005 for $650,000.00. 
Put 20% down = $130,000.00
Refinance in early 2006 (3 months later) for $680,000.00 to pay back the Realtor who gave them $130,000.00 cash to put in their account sixty days before buying the home  (to … (27 comments)

sell home: Deliberate Foreclosure or Lack of Competence During Short Sale Process???? - 04/01/08 03:25 PM
I know I can't win them all, but I try my best to achieve that.
Here is the scenario:
 
Property:                      Single Family Home Purchased in 2003.  Never made payments late till November 2007
                                    About 3000 sq. ft. Nice lot, house needs a little cosmetic but mainly a good cleaning. 
 Behind on Mortgage:    Reason is family member (child) w/cancer (provided  medical bills as part of financial hardship package)
 Mortgage:                     $540,000.00
Mortgage Company calls my client stating "we are here to help you in your hard time" 
 Short Sale Attempt:      $379,000.00
 Offer 1:                        $310,000.00 rejected
Offer 2:                        $349,000.00 … (19 comments)

sell home: Do we have a contract or not? - 02/27/08 06:52 AM
Another Real Estate Agent I know had asked me some questions about a deal she was working on because she was unclear of what to do next.  I wanted to share this situation with others because in this market this situation may arise with one of your deals. 
Lister has property listed for sale.  Buyer's agent (person I know) has contract on property with her buyer.  During all of this, ratified contract in place, Owner of home files Chapter 7 Bankruptcy and does not inform anyone for some time.  During this time, buyer's agent orders home inspection, appraisal being order, the … (15 comments)

sell home: Beware of Short Sale Fraud - 01/23/08 10:24 AM
I was just speaking to a neighboring real estate agent who told me that some people she met, who are not well informed of what happens in a short sale, gave $3000 to a Real Estate Company who said they will not lose their home if they listed with them to do a short sale.  The owners have not seen any results or have heard from them since.  It is cheaper to seek Professional Advice from an attorney first for a quick consultation before doing something this drastic and giving away $3000 for nothing in return.
Look out for this type … (9 comments)

sell home: Foreclosure Leads to Judgments Issued. - 01/12/08 01:50 PM
The more I talk to people who are thinking about letting their home go to Foreclosure, just giving up, the more I realize that they think this decision will end their dilemma and everything stops because they are giving the home back to the bank.
 I explain that after a home goes to foreclosure that the financial burden is not lifted and they still may or most likely will receive a “Balance due” after all is said and done.  When they cannot pay, then a “Judgment” will be issued.  After that, collections will be pursued by possibly garnishing wages, bank accounts, … (13 comments)

sell home: Getting Professional Legal Advice is the Best Choice. - 01/12/08 01:30 PM
Yesterday’s market has created problems with property owners paying their mortgage timely or affording their mortgage, which leaves them with difficult decisions to make.
Try to keep the property and continue to be house poor and struggle with the stress of trying to keep up.
Attempt a short sale.
Let the home go to foreclosure.
File for Bankruptcy
 In any event, one thing everyone should remember is that there are options.  Choosing the best option requires professional advice. 
An attorney is worth a consultation fee.  When making decisions that will determine how your future may turn out, then it should be … (12 comments)

sell home: WHEN YOU THINK TOO MUCH IS OWED ON THE PROPERTY, A SHORT SALE CAN STILL BE APPROVED - 11/26/07 05:37 AM
If you think too much is owed on the property and a short sale doesn't look like an option, it may still be an option.   I want to share with you one of the most difficult short sales that I have had.
Here is one that I just completed sucessfully.
GMAC 1st Mortgage $465,000.00
GMAC 2nd Mortgage (different branch, with different investors) $120,000.00
plus fees, interest, costs, late mortgage payments, foreclosure sale costs, attorney fees, etc.
Contract for $400,000.00
4 months of negotiation, One foreclosure date put on hold while working with contract
 Approved for: $400,000.00
1st Mortgage settled for $373,000.00
2nd … (20 comments)

sell home: When someone requests a short sale - I follow up with a letter like this to get started. . . - 10/20/07 05:45 AM
AFTER SPEAKING TO A POTENTIAL SHORT SALE SELLER . . . I usually follow up with a letter that I found helps reiterate our conversation to make sure that we are all on the same page and have the same goal in mind.  Also, to make sure in writing I state that they should contact a tax professional regarding the 1099 issue.  This letter helps because then the seller, if serious about pursuing the short sale then, he will have a list of documents I will need to review and prepare to be one step further.  This isn't used for all of my … (21 comments)

 
Stella Barbour, Principal Broker, Serving Virginia and Maryland (NoVa Brokers LLC)

Stella Barbour

Principal Broker, Serving Virginia and Maryland

Vienna, VA

More about me…

NoVa Brokers LLC

Address: 1483 Chain Bridge Road, Suite 103, McLean, VA, 22101

Office: (571) 814-3002

Mobile: (703) 999-6104

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