coweta short sales: New Fannie Mae Short Sale Procedures....AGAIN!!!! - 11/24/14 11:46 PM
Well...another nights sleep springs forth another email from Bank of America's Agent Resource Center about one of my favorite subjects....SHORT SALES!!! More specifically, facilitating Fannie Mae short sales. It appears that we now have yet another process to store in our memory banks and add to our plethora of questions that we ask at the Seller's kitchen table.
Fannie Mae has issued another directive mandating that their short sales are processed through their Homepath for Short Sales system. One major benefit (and possibly the only benefit) that I've noticed is that they have a "Request A List Price Guidance" feature which … (2 comments)

coweta short sales: Believing in's not just a catch phrase!!! - 11/03/14 09:45 AM
Normally, I tend to write about the happenings (good and bad) of my experiences in the Real Estate community. I mean, really, that's my passion. I guess I can be defined as a Real Estate junkie....
However, after having several conversations with a friend, I've been reminded of something more important than just the superficial. I've been reminded of the power of believing in yourself and your own capabilities to live your dreams....regardless of what that they may be.
As a single mother of a 19 year old son, I've told him about a gazillion times that the only true limitations … (2 comments)

coweta short sales: Spacious 4 bdrm/ 2.5 bth In Swim/Tennis Community! Only $179,880!!! - 10/17/14 04:52 AM

$179,880, 4Bd/2.5Ba Single Family House, 2825 sqft.  

coweta short sales: USDA Rural Development Financing.....A diamond in the rough!! - 09/23/14 12:47 AM
There are SOOOOO many costs involved with actually purchasing a home that it sometimes tend to be quite disturbing. Closing costs alone can cost a buyer up to 6% of the purchase price of the home! Not to mention earnest money deposits, home inspection fees, appraisal fees, could become quite nauseating.
There's rest for the weary....hope for the hopeless....a rainbow at the end of the storm!!! USDA Rural Development has a loan product that provides 100% financing to its buyers!!!, you'll still be responsible for a great portion of the above-mentioned costs, least you'll have … (0 comments)

coweta short sales: Beautiful Two-Story Traditional On Full Basement In Tyrone! Only $249k - 09/22/14 11:39 AM
Contact info:
Vanessa Calhoun | Better Homes and Gardens Real Estate Metro Brokers | 678-406-8432
Spacious 4 bedroom/ 2.5 bath Two-Story Traditional In Wonderful Tyrone Location!!! 230 Millbrook Village Dr, Tyrone, GA 30290 $249,900  

Year Built: 2004
Sq Footage: 2234 sqft.
Bedrooms: 4 Beds
Bathrooms: 2.5 Baths
Floors: 2
Parking: 2 Garage
Laundry: In Unit
Lot Size: .19 Acres
Property Type: Single Family House
A beautiful gem located in the heart of Tyrone!!! This spacious two-story traditional home features a welcoming rocking chair front porch * gleaming hardwood floors * formal dining room with tons of natural light * two story family room with warming fireplace … (7 comments)

coweta short sales: Before you protect the world....begin with your client's earnest money - 05/30/14 05:27 AM
It all starts the list a "haute" property in great condition that's price just right and you receive a FLOOD of phone calls.
This is exactly what happened to me, but one particular call stood out from the others...this agent spoke of her client who has a disabled child and they'd already looked at about 50 properties...and missed out on about 20 of those. Instantly, I felt her pain. She showed the home and quickly submitted an offer....A GREAT OFFER, might I add. She quickly explained that all of her client's financials and paperwork had been turned in to the … (2 comments)

coweta short sales: Yay!!! Bank of America's now giving us a free "peek"!!! - 01/13/14 04:58 AM
After years and years of shrouded secrets and veiled anonymities....Bank of America's doing the unbelievable...
Bypassing the impossible even....
They're NOW allowing short sale agents to view valuation reports!!!!
What's more??? We may request a reassessment of value if we believe that the appraiser/bpo agent literally pulled a comp from the depths of hell in an effort to save time and finish the report before having a margarita (not that I've ever done that as a bpo agent!)
Now, of course, I'm totally not sure of just how effective this new process will be. However, I will be … (0 comments)

coweta short sales: Without Knowledge...."Passing The Buck" Can Be Fatal For Your Client!! - 03/04/13 11:03 PM
First of all, please allow me to preface this blog post with the following statement...."I am NOT against the use of third party negotiators handling short sale transactions. There are many effective third party negotiators and some that I would even use....after a lengthy interview, of course. The actions of some third party negotiators DO NOT reflect the actions of ALL third party negotiators".
....No that I've gotten that out of the way, it's time for me to speak my mind.
We all know that the FHA PFS program (the best thing since sliced bread in my book) is first and … (0 comments)

coweta short sales: Short Selling a Tenant Occupied Home????? Are you ready for DRAMA??? - 03/01/13 03:02 AM

As short sale agents, we have to endure the craziest scenarios. If it's not the most asinine requests from some banks/servicers, then surely it's the unusual repair requests from buyers (yeah Seller's selling his home via short sale, hasn't paid squat towards a mortgage in over three months...HOWEVER, he/she certainly has $10,000 to pay for new carpet and paint). My all time favorite has always involved selling a tenant occupied home.

It always starts out the same.....Seller contacts me about selling a tenant occupied home and my first question is ALWAYS whether or not there's a current lease. In my latest escapade, the tenant was on a … (2 comments)

coweta short sales: Due Diligence.......It's not just for breakfast anymore!!!! - 02/26/13 11:19 PM
Here's the scenario.......Listing Agent has a million dollar listing in a high end community. The property is still owner occupied and is filled with extravagant and expensive furnishings. An unrepresented Buyer approaches the listing agent and gives her an exciting story about winning the Colorado lottery. She also mentions how she has made it her life mission to adopt homeless children and give them a lifestyle that supercedes the one that they're currently living. She needed an opulently spacious home and this property fit the bill. The listing agent was delirious at the prospect of selling this property at FULL PRICE … (6 comments)

coweta short sales: I've killed my drunk monkey.....AGAIN!!! - 02/18/13 10:44 PM
When I began my career in real estate 7 years ago, I quickly learned to adapt to the world of declining home prices, BPO's, REO's, Short Sales, Asset Managers, yada yada get the picture. Almost overnight, my entire business was centered around the distressed market. From a business standpoint, it didn't bother me. In fact, it fit right into my loss mitigation background and appealed to the analytical party of me. It wasn't the best scenario and could be extremely volatile at times, but it paid the bills and I was good at working the market (still am). So, I … (11 comments)

coweta short sales: Are Greentree & Bayview Competing To Win My Love???? - 02/15/13 01:23 AM
Normally, it's customary that lightning will not strike twice....and I've become accustomed to believing that old addage to be true. In fact, I wouldn't expect anything different.....
HOWEVER, it's happened to me....I mean, the double strike of lightning! Right into my heart, nonetheless!!! First, Bayview fully approves my short sale with a full Seller's release of liability within 22 days....NOW, Greentree has done the same within 30 days!!!
Are these Servicers trying to vy for my affections???? If so, it's definitely working!!! Forget the chocolates, flowers, teddy bears, and all of those other mundane trinkets....the fact that these two Servicers are working with … (0 comments)

coweta short sales: Bayview Loan Servicing......YOU'RE MY HERO!!!! - 02/12/13 11:16 PM
There's nothing like the simple joys of listing a home on the market, securing a buyer, and closing within a relatively short time frame......NOTHING AT ALL! HOWEVER.......I've just recently been afforded the opportunity of handling a short sale with Bayview Loan Servicing in the first lienholder position. What a treat!!!
First, we received a wonderful offer on the property within days of market time and submitted the entire short sale package to Bayview on January 25th. The interior BPO was ordered and completed during the first week of February and we received first lien approval on February 12th!!! What's more???? … (23 comments)

coweta short sales: I Thought We Were In A Buyer's Market!! Where Are The Homes???? - 02/06/13 12:05 AM
FINALLY!!!! The day has come where the stars and moon have all aligned and you have all of your ducks in a row! You've secured a wonderful lender, an exceptional Buyer's Agent, you've saved ample funds, you have your list of all that you could ever want and desire in a home, and you've found at least six within your preferred area that meet your criteria!! You pick on the phone to contact your agent and quickly provide them with the list. Your agent advises that they're going to check availability and call you back.
Within minutes, your phone rings and your … (6 comments)

coweta short sales: Always ensure that YOU'RE the source of the source - 02/03/13 04:11 AM
We all know that mishaps can occur in the distressed market selling. Each REO and short sale transaction will take on a life of it's own and become quite different from what you've ever encountered previously. In fact, if I had a penny for each time a buyer's agent tells me.."well that's not how it happened the last time". What many fail to realize is that the differences lie within each bank, each banking program.....even with each individual Asset Manager or Negotiator. It's important to be able shift and move with the changes, learn something new with each transaction, and build … (2 comments)

coweta short sales: Yes.....FHA PFS Short Sale Program....You're STILL my favorite!!! - 01/30/13 04:25 AM
In the oftentimes chaotic world of short sales, the road from initial list to closing is filled with rough terrain, speedbumps, wrong turns, u-turns, no turns, stop signs, and many detours. Nary a day I fail to hear the laments of yet another agent succumbing to the trials and toils of short sales. In fact, in my 7 years of selling everything from normal market re-sales to REO and short sales, I've dealt with many different (and often frustrating) short sale transactions. In fact, I've had too many to count! I must say, however, that when I first found out about FHA's Pre-Foreclosure Sales … (0 comments)

coweta short sales: ...Another Short Sale Success Story!!! - 02/07/11 05:52 AM

This lovely 3 bedroom/ 2.5 bathroom townhome features a single car garage, open family room, spacious floorplan, and easy interstate access! MOVE-IN READY!!!! The owner originally financed the purchase of this home for $111,600 in 2005 and re-financed in 2007 for $116,500. The seller owed $114,000 on the existing mortgage. We sold the property on 2/7/2011 for $39,000 and the seller walked away from this dreadful mortgage owing the mortgage company NOTHING! Yep, the seller received a full waiver of liability!!!

coweta short sales: ...Another Short Sale Success Story!!! - 02/04/11 01:45 AM
This lovely two story traditional home sits on a full, unfinished basement and features a formal living room, formal separate dining room, cozy family room w/ corner fireplace & full view to spacious kitchen w/ center island & breakfast area. The upstairs features an open loft area and spacious bedrooms. The oversized master bedroom features a spacious sitting area and tons of natural light! Master bath features jacuzzi tub, separate shower, massive walk-in closet for only $139,900!!!
Homeowner had one mortgage for $250,000. We sold it on February 3,2011 for $143,692 and the homeowner received a FULL WAIVER OF … (0 comments)

coweta short sales: Wells Fargo New Foreclosure Postponement Guidelines For Short Sales - 11/24/10 02:18 AM
Well....after all of the hoopla from last month's report that Wells Fargo will no longer postpone foreclosures on short sales, NAR reports that they've been in meetings with Wells (and several other large lenders) to address concerns regarding their short sale processes and REO disposition processes. Now, Wells is reporting that they WILL allow one (1) foreclosure postponement on a short sale if the following conditions are met...
1) Wells Fargo has an APPROVED short sale contract in hand (including all junior liens approvals as well).
2) Buyer's financing has been APPROVED or Buyer has POF
3) Closing … (9 comments)

coweta short sales: Contemplating Buying A Short Sale?? What's in it for you?? - 07/28/10 03:19 PM
For years, the term "short sale" has been the antithesis of the real estate market....from holding your breath for seemingly an eternity waiting for a loss negotiator to let you know whether or not you've reached their "golden figure" to wondering whether or not the listing agent is acting as an automatic offer vessel funneling as many offers to the lender as humanly possible. Let's face it, for so long it was the "Wild, Wild West" of the real estate industry.
Then, all of a sudden, lenders (and Realtors) began to actually conceptualize the idea that the notion of selling … (2 comments)