short sale: Buyers, is your agent prequalifying short sale listings? - 02/10/10 05:36 AM
This week I had a new client tell me about his horrific experience waiting for a short sale that he thought he had an offer on only to see that the property was a pending sale with no communication or returned phone calls from the listing agent or broker after waiting for about five months for a response.
Unbelieveable. But is it?
Most buyers in our market here in SW Riverside County who have been looking for a house for any length of time realize that it's tough getting an offer accepted and into escrow.  But wait, isn't it a buyer's market? Well, … (5 comments)

short sale: Help on Countrywide Short Sale - 05/20/09 11:27 AM
I have a lot of tips that I can share with others about Countrywide Short Sales, BUT the one thing that I do not have is an address to mail in the package. 
Of course Countrywide (now BAC) only has one fax line to send the package in. No email. No address to give out.  I need to get my package in and acknowledged ASAP!!  I have sent packages in and it has taken 40+ days for them to acknowledge receipt. 
I'm needing a favor from whoever out there has this inside info! Trustee's Sale is just around the corner and … (0 comments)

short sale: For Rent or In Foreclosure?! How bout a short sale? Yikes! - 03/26/09 03:34 PM
My clients who were able to take advantage of the market in December of 2007 and get the house of their dreams decided to just keep their current home and rent it out.  At that time lending standards had not changed and really it made sense on all levels at the time.  They would have barely been able to break even on the sale of their home at that time.  Current rent would easily cover their payment.  So it was a no brainer for the family of five to move from their 1600 sq ft, three bed home into a 3000 sq … (2 comments)

short sale: Interesting Approval on a Wachovia Short Sale - 03/17/09 05:34 AM
Boy, I thought I had seen it all and then this happened.
I had a short sale with Wachovia as the one and only lender.  I faxed over the package including the estimated proceeds.  I called several times to see if a negotiator had been assigned.  No updates were given. 
Then out of the blue, I received a two page approval. I did not receive a phone call or any other contact info other than an email on the approval.  The biggest shock was that there was no cover page on the fax.
Good thing I had provided my eFax number for … (4 comments)

short sale: Another Short Sale Bummer - 12/31/08 06:18 AM
My clients saw a house they really liked and were interested in making an offer.  I called the listing agent back to see what the status of the property was. 
Once again, the agent kept the listing active while he had an offer in on the property.  Alas, he also had not stayed in touch with the buyers either!  So now, my clients are basically in limbo if they put an offer in on the property. 
Honestly, I am going to steer my people away from this deal.  I don't like working on deals like this.  My opinion is that if the buyers really want the … (8 comments)

short sale: Are seller's using short sales for their loan mods? - 11/11/08 10:22 AM
Well October 1, 2008 came and went and everyone who was waiting for the "miracle" of hope for homeowners turned out to be just a dream.  To date I have yet to hear of any banks cooperating with this supposedly wonderful idea of reducing principle for homeowners who want to stay in their homes essentially doing a short pay re-fi. Trouble is 75% of the homeowners I know who are in trouble also have second deeds on their houses. 
Anyway, recently in the past month or two I have heard of sellers starting to get forebearances on their current mortgages with … (0 comments)

short sale: Trying to buy a short sale? Why is it an AUCTION??? - 11/11/08 05:26 AM
There are so many pitfalls and things to consider when you are looking at a short sale.  Unfortunately many agents are making the process harder for themselves and our clients which in turn continues to give short sales a bad rap.
Recently my clients had an offer in on a property that was exactly what they wanted.  It had a view, open floor plan, in a great neighborhood, and had three bedrooms and a loft.  There was some work that needed to be done on the property including fixing the garage door where the listing agent had tried to adhere his … (6 comments)

short sale: Help with current IndyMac Short Sale?!! - 07/23/08 05:54 AM
Has anyone been able to get through on the loss mitigation phone number or on their website recently? 
Last week when you called the number, the message said "due to the number of phone calls at this time, we are unable to take your call at this time" and then the phone just hung up.  No alternate number to call, no visit the website, blah, blah, Nothing! 
This week the call does pick up but once you get into the phone tree system, you get a silent (no MUZAK, advertising, etc.) I was on hold two different times (I tried a … (36 comments)

short sale: CW "Triage" (?!!!) Killed my Deal on the SPOT! - 07/17/08 04:58 AM
Hey everyone, here's a quick heads up to STAY AWAY from CW's stupid "triage."  I just got a short sale submitted to CW and they acknowledged receipt of the package.  I was calling to find out if a negotiator had been assigned to our file.  I was transferred to someone who reviewed my file.  CW is on the first and second deeds.  They reviewed the figures, the net from the HUD1 and I was denied on the spot! 
Guess where they got their comps for appraisal - THE INTERNET FROM SITES LIKE ZILLOW AND TRULIA!!!!!!!  GREAT!  that's just great!  Are you … (15 comments)

short sale: Follow up on my ASC/Wells Fargo short sale - 06/24/08 10:18 AM
So maybe you didn't catch my comments from my previous blog on my dire situation with ASC, but there was more drama before it was over.  Here's the scoop.
My 78 year old client had at some point told a telemarketer that he was doing a "reverse mortgage" when we were doing a short sale.  Now I find out that a deed in lieu process had been started at some point but was cancelled on Friday.  This was the reason that the company was not able to process the short sale because they cannot have two types of files like this … (5 comments)

short sale: I presented an offer on behalf of a buyer for a short sale today - 06/22/08 01:24 PM
Ah!  The joy of the short sale!  Particularly when representing a buyer!! 
I was very happy that the listing agent was a very nice lady who impressed me the first time I called.  It was a Monday evening around 650pm and she picked up the phone!!  Was it possible to see her listing at the late, and unintended hour?  I was able to work around my son's basketball camp and stay out longer than I had anticipated. 
It was a sign of good things to come.  The house was immaculate, had great features, backed up to a park and had two … (2 comments)

short sale: What's the Point of Your Deposit? - 05/14/08 04:43 AM
Today I received a counter to my counter on a short sale listing I have.  The property had been in escrow for 60 days previously and we have a verbal approval from the first and we are waiting on the appraisal and demand from the second deed to move forward.  It is looking good for a 30 day close at this point. 
Anyway, my real point is this: I always ask my short sale buyers (when I am representing the seller) to deposit their good faith money immediately.  This is what binds the buyer to that transaction.  This is the second time … (7 comments)

short sale: Doh! My Short Sale Buyers Walked! - 04/30/08 01:15 PM
I got the call from the really sweet buyer's agent asking me for an update on the transaction even though we had just talked the week before. I didn't have an update as it was only about two business days since we had talked. I was instructed to call Countrywide on Tuesday morning since apparently they have hired a bunch more people for their loss mitigation dept.
I asked her straight up what was going on and she told me her buyers had signed the Cancellation of Offer.  Dangit.  Cash buyers holding on for two months.  The wife was going into … (9 comments)

short sale: What's up with Short Sales? - 04/20/08 08:47 AM
There are so many aspects of short sales that as a professional I take for granted.  A lot of buyers and seller's have questions about them, so I have decided to go over just a few things about short sales that you may or may not know. 
A seller must typically have stopped making payments on the loan.  Many times a bank will not even talk to a seller unless they have stopped making payments.  This is a sticky situation for us as real estate agents.  We do not have the legal or tax background of an attorney or an accountant, … (12 comments)

short sale: Thinking of Purchasing a Short Sale? - 02/27/08 04:52 AM
As a short sale listing agent, it is important for me to try to educate the buyers as much as possible on exactly what it means to get involved in this type of transaction. 
First of all, let me tell you that "short sale" is kind of an oxymoron.  A short sale usually takes a longer escrow period. I say usually although there is the fluke transaction that gets through in 30 days.  A short sale is when the seller is selling the house for less than what he owes on the sale and so the bank is a third party to the transaction.  … (2 comments)

short sale: Behind on your mortgage? Can't re-fi? Facing Foreclosure? - 02/25/08 02:03 PM
So you realize that your two year adjustable rate is going to reset in a short while and there is no way that your house is going to appraise in order to refinance.  Or you bought your home one to two years ago and realize there is no way you're going to be able to sell the house for what you owe even though a job change, divorce, or other financial hardship is inevitable.  If you have a definite financial hardship that you can prove in writing to the bank, you have one of six options to consider:
Absorb the cost. For most … (3 comments)

short sale: Moving Forward and Breaking the "Rules" - 02/20/08 03:27 PM
I've got several short sale listings right now and I'm pumped up!!  I feel like I am really helping people stay in control of their choices in this market, and I'm also selling some GREAT deals! 
One thing I've decided is that I am getting the work out package together with or without an offer.  If the banks ask where the offer is, I'll tell them its coming!!  Heck yeah! Why not?  I've got some GREAT homes listed that surely will garner some interest, definite hardships on the part of the sellers, and I'm ready to rock and roll. 
I understand … (2 comments)

short sale: Your Personal Short Sale Experiences - 02/09/08 09:02 AM
Okay fellow agents out there, I am just curious to see what your personal experience with short sales has been? 
Have they been successful?What banks have been good to work with?Which banks will look at your work out package and give you a "pre-approved" list price?What banks have been horrible?What banks pay you the full or reduced commission?How long did it take for you to get a response, yea or ney, back from the bank? What about properties where the owner owned more than one property but wasn't necessarily an "investor"? What hardships were accepted? Which ones were not? Any special … (50 comments)

short sale: When considering a "short sale" for your home - 01/19/08 06:22 AM
 
You may or may not have heard about this new law that was passed by Congress and signed into active law on December 20, 2007.  This new law which is effective for 2007 through 2009 is going to benefit a lot of people who may be in over their heads with their mortgages especially in this declining market.    Click here: H.R. 3648: Mortgage Forgiveness Debt Relief Act of 2007 (GovTrack.us)  
Basically the law says that a property that is a principle residence which is sold as a short sale through 2009 will allow the debt to be forgiven and not taxable as 1099 … (0 comments)