seller: Short Sale Nightmares Still Exist with Bank of America - 02/15/10 12:22 AM
I worked with Bank of America for 17 months on a property that was in a sought after neighborhood.  This was a short sale with 2 mortgages both with bank of america.  They did 4 BPO's and reviewed, lost paperwork, reviewed, lost paperwork, reviewed, denied, re-reviewed and finally denied it while my client lived in the house for 17 months without paying a dime towards the mortgage.  The contract I had was for $10K more than what all of the other homes were selling for but due to the extrodinary upgrades and condition the buyer wanted this home and was willing … (16 comments)

seller: 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)

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)

seller: 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)

seller: 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)

seller: 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)

The answer to this is “NO”.   I am still finding that people that call me regarding a possible short sale that Bankruptcy is still the answer.
If the short sale does not accomplish all of someone’s financial distress, because someone may have a ton of other debt, and possibly unemployed, maybe a short sale is not going to work for someone in this situation. There has to be something that benefits the “Seller”.  That this will be a road to recovery for the homeowner that may be losing their home.
The seller has no other large amount of … (9 comments)

seller: Call Listing Agent for Appointment . . . NO RETURN CALL FOR OVER A WEEK - 11/13/07 12:34 AM
I was working with a buyer that noticed a home that was not on our list.  I looked it up and it said, showing by appointment only.  Call Lister to set up appointment.  On the market for 92 days so far.
I left 10 messages, and still no response back.  The only phone numbers listed is for the agent.
Why would someone list a house on the market and not take any calls for the property.  Very frustrating.  I am now determined to view this home.
My buyer is no longer interested in seeing that property and we have put an offer on another … (31 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

Email Me




RSS 2.0 Feed for this blog