short sales: Real Estate Agents Website Replacement Homesearch.com - 08/19/14 12:54 AM
Well the cats out of the bag. We have been wondering for years how will they replace us? Zillow/Trulia wants our advertising dollars, and are trying to figure out how to get a brokers cut, the big name franchise brokers want a percentage of our commissions.
 
But to design a virtual sales data base website with virtual sales agents so banks and FSBO can sell to buyers direct? It's called Homesearch.com. Started by Nationstar aka Auction.com. Don't be fooled by eliminating the agent's commission the prices won't be lowered for the consumer it will be going into the Banks pocket … (0 comments)

short sales: Low Balling In A Seller's Market? Really? - 04/16/13 05:05 PM
This last August something changed around town.  Suddenly almost in the blink of an eye, sales started to rise, supply dried up and I don't mean just a little suddenly we are back in, multiple offers situation. Boom, the beginning of the 2012 National run on Real Estate.  I think it is important to always forward national and local market updates and trends to my buyers in a way to keep them educated to the current market so they make intelligent offers in order to expedite a favorable response to their offers, and if the buyer still insist on "Low Balling" usually after signing and printing, faxing 5-8 … (4 comments)

short sales: Debt Forgiveness Chase, Bank Of America Finally! - 11/05/12 11:05 PM
Chase Cancels Some Second Mortgages
Just a week or so ago, we announced that Christmas is coming early to many Bank of America mortgagees with second mortgages held at Bank of America. That is, Bank of America is actually cancelling 150,000 second mortgages. And, all that the mortgagee needs to do is stand by the mailbox and pray that to be one of the lucky recipients of a second mortgage debt wiped clean.
Well now it appears that Chase has also sold the farm. Just a few weeks ago, one of our short sale sellers received a letter from Chase Bank … (0 comments)

short sales: New Tricks By Asset Managers How o Reply! - 03/05/12 04:53 AM
After 27 years of originating home loans, I honestly was hoping certain "tricks" would never raise their ugly head again. Sadly I was wrong!The first time this happened, I discounted it as a slip of the pen. When this has happened to 2 of my current approved clients making offers, it's no slip of the pen at all.
The offer was made after the Realtor made a diligent effort to find a home which was somewhat undervalued and there was a little room to add some closing costs into the price of the home. So they added $4000 on top of … (2 comments)

short sales: How Long Does a Short Sale Take to Close Escrow? - 10/25/11 08:08 AM
I am not pyshic, I can't tell you, I would have to kill you if I did!! Really there are so many things that can and do change the dynamics of a SS. Does the seller really have a Hardship? Is there a HELLOC? Will the bank accept your low offer? Does the List agent know how to run a SS? Will the selle/tenent rmove out on COE or be standing waiting for cash for keys from the buyer? As Is is a big one. If you have a lot of time then wait otherwise look elsewhere!
… (2 comments)

short sales: Banks Need to Step Up & Their Listing Agents Also! - 08/04/11 04:23 AM
How many times have I represented a buyer on a sale with a Bank owned property and the first thing buyers have to sign is a Seller Disclosure stating "AS IS" no repairs! Before the buyer even does their inspection to find out what "AS IS" IS!!! Then when we do the inspections we find electrical outlets not functioning, some previous owner di it your selfer has installed a dishwasher with out a relief valve or neglected to pull premits and didn't know what they wre doing???
 
I think when a buyer does an inspection on the roof, home, mold … (3 comments)

short sales: I have All Cash and want a Great Deal! - 07/01/11 04:01 AM
This was in my e mails today from an all cash buyer and I am sure like many RE agents you have also faced this same scenario. It goes like this......
"Is there any one who wants to sell for cash? Please advise regarding good deals. Bank owned preferred. Over 20K lot. Under 275K. Motivated sellers only."
My response is thus.....
 
Dear  Mr. All Cash Buyer,    
  The Banks are holding tight on comparable market values and will kick out an all cash deal if less than a financed offer. The best deals for cash are homes that cannot be financed because … (4 comments)

short sales: Bridge to nowhere? Not nice to fool Mother nature or your HOA! - 06/22/11 10:13 AM

I have an all cash buyer in escrow, yesterday the pre Lim title came in and with the recording of the title two liens will also record. The buyers bought in 2005 refied in 2006 then prop values drop they oop for loan mod live in the house for-four years do not pay the HOA. Trust Deed Sale comes the agent shows up offer cash for keys.
They then make an all cash offer on a new home different city, same county. Then Prelim Title in escrow on the new house two liens (from the house that went to TD Sale) will … (2 comments)

short sales: Buyers What Does Your Agent Do For You? - 11/02/10 03:33 AM
With the changing market place I have found my niche. I am a Buyers Agent, I live it I breathe it. This is what I can do for you! My last closing I negotiated $3,000 in lieu of repairs for the buyers closing costs. Then a house down the street came on the market $100,000 les than what we had agreed to pay. The house was apples and oranges and I pointed this out to the buyers but we agreed a $5,000 compensation would be worth a try, I pleaded my case and since we were close to closing the sellers agreed to … (1 comments)

short sales: Short Sales Wells Fargo Second Lien Holder Requirements - 08/12/10 05:58 AM
The first lien holder ia approved but the second is Wells Fargo and the first will give $3000 to the second but wait that won't work! Wells Fargo wants 10% on the owed second! Yes it is true, sometimes they will accept a promisory note from the seller, but if the seller truely has a hardship that can be impossible. So then it is up to the buyer well, that usually won't fly either. Just a heads up for buyer agents and Short Sales.
… (0 comments)

short sales: Doctors And Strategic Short Sale Options - 07/27/10 05:03 AM
 Yesterday, I received a final written approval for a Short Sale offer submitted to Wells Fargo. I have the buyer  who is FHA and we had asked for Buyers Closing Costs of $10,000 and stacked it on the  approval price. Wells first came back with $2000 to the buyer for closing costs and the second which is a Home Equity line, is requiring that the seller, a Dentist, who has continued to make payments on the equity line, have asked him to pay $10,000 to release the second plus the $3000.
 This is not the first time I have come across the second asking for way … (4 comments)

short sales: How to get your VA loan offer accepted in a multiple offer situation! - 05/18/10 03:52 AM
VA loans are always submitted, but you will do better with a Short Sale home vs a bank owned for a VA loan. Will you be contributing to the down payment or closing costs?
If not plan on offering more for the house of your choice. It will help you get your offer accepted. Do you have your pre approval letter in hand from a lender? This will also help you purchase a home. Sellers preference in a multiple offer situation is 1. ALL CASH 2. Conventional Loan 3. FHA Loan 4. VA Loan 5. USDA Loan.
The reason for this … (0 comments)

short sales: Buyers Market!! I Don't Think So! Buyer Beware Market! - 05/04/10 09:47 AM
DRIVE BY ONLY. SHORT SALE APPROVED AT 175k. No seller paid termite, no seller paid home warranty, sold in as-is condition. Buyer to pay $175k+ plus $3k as a 'seller contribution' to the lender. Property has tenant inside who has not paid rent in 9 mos. New buyer to evict tenant or re-lease to them.
 
After the lastest seige of buyer frenzy. I thought I had seen it all but something new always manages to amaze even me! Sellers are taking full advatage of todays buyers who must really qualify for a loan and have proof of funds just … (0 comments)

short sales: Buyers Be Prepared - 05/03/10 07:17 AM
 

 
I deal with 5-8 e-mails per day requesting information on homes for sale. As a BUYER before we go looking for your new DREAM HOME you will need to have in hand a Loan Approval Letter and Proof Of Funds to close the transaction.
 
This was not the case 3 plus years ago. You just had to have pulse!! Before I will set up appointments to view available homes I will need to have these in my hand. It is the state of the market place today. Yes I remember when you could go look at homes … (0 comments)

short sales: No More State Tax Calif Short Sales - 04/18/10 03:31 AM

NO MORE STATE TAX ON FORGIVEN DEBT
Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification.  Enacted into law yesterday, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law.  For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences.  The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to … (1 comments)

short sales: What Does The Bank Mean "AS IS" No Disclosures Wave Of The Future - 04/04/10 02:01 AM
I have noticed that standard sales are following the Banks lead and not paying for Termite inspections or repairs. "AS IS" can also be found on the Short Sales. It is bare bones for buyers and could be a slippery slope, buyers must have a detailed Home Inspection and if anything looks questionable with the plumbing, electrical, roof, foundation etc. get the appropriate specialist out for a confirmation of repairs that may be required.
Many homes that where in poor condition to begin with when they sold in the frenzy years and never got needed repairs, and are recycling on todays … (7 comments)

short sales: The Shadow Inventory Tsunami Cometh! Buyers Prepare! - 12/31/09 04:00 AM
 
"A report conducted by First American CoreLogic found there was a 1.7-million-unit pending supply of residential housing inventory, an increase from 1.1 million a year earlier."  Is this more than we thought? When will they release know inventory? No one knows for sure. My guess would be it will trickle out slowly in order to only meet the current demand and keep prices stable.The flood the market lesson has been learned and should not be repeated. My guess is the low in the market here was reached last Dec-March 2009 and has slowly started to level off and even climb … (0 comments)

short sales: Short Sales AKA Long Sales - 09/12/09 03:26 AM
 
 
I started this “SHORT SALE” in November of 2008. The seller had started BK after trying to get a Loan Modification. It took me two months and countless phone calls and Fax’s to get it out of B of A, BK department
 
The first offer was submitted January 4, 2009. After 4 months phone calls 2-3 times a week (April 10, 200) a phase 1 negotiator was assigned by that time the first buyer was long gone. Enter offer number 2 after the same routine phase 1 came back in June, the bank countered 40K higher than … (1 comments)

short sales: BUYERS BLUES - 08/11/09 09:56 AM
I can't get a hold of the listing agent! Do you know who so and so with such and such Realty? This has happened more than once. I like many I pay to have my picture and info listed on the front page of assorted REO, Foreclosure, Real Estate web sites in corallation with zip codes I cover. Evetiably some one elses listing comes up and they think it is mine. I politely explain I am not the sellers agent but I would be obliged to show them the home and represent them as the buyers agent. But more often than … (2 comments)

short sales: Home Buyer Tax Credit As It Is Written in the Housing Bill - 02/07/09 07:47 AM

Fix Housing First Homebuyer Tax Credit Act (Introduced in Senate)
S 253 IS
111th CONGRESS 1st Session
S. 253
To amend the Internal Revenue Code of 1986 to expand the application of the homebuyer credit, and for other purposes.
IN THE SENATE OF THE UNITED STATES
January 15, 2009 Mr. ISAKSON (for himself, Mr. CHAMBLISS, and Mr. CORKER) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to expand the application of the homebuyer credit, and for other purposes.
Be it … (0 comments)