virginia: Short Sales with Bank of America Are Improving - 04/23/11 01:12 AM
The short sale process has improved tremendously over the past year with Bank of America (my opinion).  There are still a lot of people that don't understand that this is an option for them even if they have 2 mortgages with Bank of America. 
I have successfully completed short sales with 1st and 2nd mortgages with Bank of America with over $200K loss on some of them.  If you need understanding of a short sale or just need to weigh in on your options on whether or not to do a short sale with Bank of America, there is a lot … (12 comments)

virginia: 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)

virginia: 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)

virginia: 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)

virginia: HOW MANY AGENTS CALL EXPIRED LISTINGS? Curious to know who does this? - 04/24/08 05:00 AM
I had a listing expire on Sunday at 2:00 a.m. and I had it back on by Monday 10:00 a.m. as my listing extending the date was returned to me by my clients on Monday at 9:30 a.m.  During this time that the listing was expired, which was mostly while we are or should be sleeping, 1 Broker and 2 Agents had already contacted my Sellers and attempted to explain how they are a better Agent than me to my sellers.  The Broker told my clients that she sold 30 homes last year.  If she did, they were not on the … (26 comments)

virginia: 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)

virginia: 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)

virginia: DID ANYONE ELSE RECEIVE A CALL FROM A COMPANY WANTING 90% REFERRAL FEE - 02/07/08 12:55 AM
Has anyone else received a call from someone (THEY DID NOT LEAVE THE COMPANY NAME ON MY PHONE) stating they are looking for someone to refer clients to and their referral fee is 90% .  I could not believe that someone would expect me to do all the work for 10% of the offered commission.  I thought it was joke. Do people actually do this?  The company's number is 925-460-9820.  Just curious if anyone else got this strange call. 
… (18 comments)

virginia: Is Your Real Estate Agent Honest About What They Really Know? - 02/06/08 01:07 PM
Someone who called me today at the law firm I work at, was asking for legal advice before pursuing a short sale with a real estate agent.  After asking some questions, she stated the following:
 
The Agent she wanted to represent her interests told her that he is very successful with short sales and very experienced.
       He is working some short sales right now that are going well.
 
That he closed on some short sales and were very successful.
 
That if the short sale doesn’t work, then you can give the home back to the mortgage company.
… (18 comments)

virginia: 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)

virginia: 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)

virginia: 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)

virginia: Please be careful in finding someone to do a "Short Sale" for you. - 12/20/07 01:59 PM
I found out yesterday that a friend's sister went through a company on the internet to perform a short sale and requested $1000 from her.  She paid it instead of her mortgage (she was already 3 months past due).  Well guess what happened next???? NOTHING.  Her home was foreclosed on and she did not know until the bank came knocking on her door.  This company stated that they stopped the foreclosure and was pursuing a short sale with a buyer (after the bank came knocking on the door).  Hmmmm, I thought that this was very strange. Now that bank owns the … (25 comments)

virginia: 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)