short sale: Short Sale with Chase Mortgage in 2020 - What is your experience? - 02/25/20 10:48 AM
 
Has anyone completed a recent short sale with Chase.  I just want to say how slow the process is.  It seems when in the past when there were thousands more short sales Chase was more efficient.  It has been a slow process when Chase asks for one thing from me . . . a week goes by . . . asks for a second item. . . . and so on.  Really, they can review, ask me for everything and we could have closed 2 months ago and could have been done with me by now. 
 
Just curious of how many other … (0 comments)

short sale: Short Sale from Listed to Close in less than 60 Days with Seterus - 02/14/13 09:29 PM
I am very impressed with Seterus, Inc.  it seems like things are getting better with short sales.  I just completed one of the easiest short sales ever with Seterus. They were wonderful to work with.  Usually I am so negative with the banks and their snail movements on short sales but not anymore.  Seterus is on the top of my list as one of the banks to work with.  It takes knowledge and patience to complete a short sale from the agents, negotiators, buyers, and sellers to make it work and for a smooth transaction and with this one I got … (6 comments)

short sale: 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)

short sale: Being a Great Listing Agent is One Thing, Being a Great Short Sale Listing Agent is Another Thing - 04/16/11 04:57 AM
A few weeks ago, I received a call from someone who has found me through someone who I have helped in the past, asking me for advice on their ongoing short sale.  They just had some questions, even though they have an agent working for them, but they called me because I have experience in bankruptcy and they are thinking that  they may be heading in that direction and asking me for an appointment at the law firm I work at.  I found through this conversation that their listing agent has not been doing everything they can with the negotiations.  Apparently … (20 comments)

short sale: Unrealistic Reasons People Give Me Asking Me To Short Sale Their Home - 04/15/11 01:23 AM
I have been given so many reasons why someone should short sale their home.  Let me give you some of the reasons:
 
1.  My house is upside down, I can afford the payment, I just don't want to pay it.
2.  My neighbor sold his house as a short sale, I should be able to also.
3.  I am angry with my mortgage company, I want to just short sale the house.
4.  I am tired of working, do you think I could short sale my house like everyone else.
5.  I just want to short sale to my brother … (12 comments)

short sale: 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)

short sale: 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)

short sale: 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)

short sale: BAD SHORT SALE EXPERIENCE WITH CITI MORTGAGE - 08/23/10 10:37 AM
 
Well after 6 months of working on a short sale with Citi Mortgage, they decided to foreclose on the house 2 days before closing of the transaction.  Interesting how the communication between the short sale negotiator and the foreclosure department was that poor especially since this has not happened to me before.  So in the future I will be contacting the foreclosure department as well as the short sale department throughout the transaction so this does not happen again.  It is good to cross all your "t"'s and dot all of your "i"s so that this doesn't happen to you.  … (0 comments)

short sale: Tips for Homeowners For a Smooth Shortsale - 05/07/10 12:45 AM
When you are looking for an agent to handle your short sale listing, here are some tips in finding the right agent and getting the sale to closing.
 
1. Make sure the agent you have chosen has experience in handling a short sale or is having an attorney conduct the negotiations on your behalf. Ask questions. Ask how many short sales they have completed and actually went to closing. It is important to get the right person that is going to work hard on your behalf.
 
2. Make sure you give your agent all of the documentation that is … (6 comments)

short sale: Helping Others Is What We Do - 04/27/10 04:09 AM
I have crossed paths with so many people with so much hardship that I can’t help but to try to do my best to relieve them of this horrible time of their life.  I try to tell people that there are options available for everyone and that it is not the end of the world as they see it.  There are so many people out here right now that are taking advantage of someone’s hardship and trying to make money from their desperation, but then there are people like me that try to help their situation and make things better and … (0 comments)

short sale: 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)

short sale: 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)

short sale: 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)

short sale: 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)

short sale: Foreclosure, Bankruptcy, Short Sales, Which one is right - 01/28/08 02:45 PM
With so many people losing their homes these days, I wanted to share some information about using to the bankruptcy system to help someone stay in their home instead of doing a short sale or a Foreclosure. 
Every situation is different. 
Since I work as a bankruptcy consultant/paralegal at a law firm, and I also am a Realtor I am finding that my knowledge in Foreclosure and Bankruptcy has come in play with my real estate business when I normally can keep the two separate.  But with all the foreclosures these days and mortgage issues,  I am finding myself making decisions … (26 comments)

short sale: SOMEONE PURCHASED A HOME WITHOUT ANY I.D. AT ALL - 01/28/08 01:55 PM
 (this is a re-post, was deleted in error)
This was interesting today.  I get a lot of people that come through the law firm I work at with the most unusual housing situations to see if they qualify for bankruptcy.
 Well, this couple bought a home together in 2005 and now cannot afford the mortgage.  (adjustable w/neg am).  OK, same with just about everybody that walks through my door. 
 I explained the bankruptcy process to them and told them that two of mandatory items that were needed are 2 forms of ID, one with picture (license, school ID, etc.) and one … (14 comments)

short sale: Losing Your Home, Filing Bankruptcy, Need to Move??? RENT BEFORE FILING BANKRUPTCY - 01/28/08 02:33 AM
 
 
If you are thinking about letting the home go through foreclosure and considering Bankruptcy as an option, and need to rent a home, then RENT before filing bankruptcy.  It is more difficult to rent a home after bankruptcy then to buy a home after bankruptcy.  My clients have experienced this first hand because they waited until after bankruptcy to rent a home and were unsuccessful. During the time you are in Bankruptcy, you cannot do any business until after discharge if filing a Chapter 7. 
 
 If you commented on this before, I am sorry but I deleted by … (33 comments)

short sale: 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)

short sale: 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)

 
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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