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!!!! YEP!!! 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)
short sales: ...But My Buyer Has Cash........
- 05/17/10 12:21 PM
Maybe it's just me....BUT...Whenever a buyer's agent calls me on the phone to let me know that they're submitting an offer on one of my listings AND they tell me (normally with every other sentence) that their buyer is paying cash and is not obtaining financing, I already know what's coming next....a supa-dupa low ball offer! To all of the buyer's agent who're guilty of this practice....let me tell you a little secret (shh...don't tell anyone else), but...whenever we sit down to the closing table, IT'S ALWAYS A CASH DEAL!!! I have yet to close a deal in which the seller … (3 comments)
short sales: It's Spring....Time For New Beginnings AND Real Help For Homeowners!!!!
- 04/21/10 03:29 AM
As of April 5, 2010....HAFA began!!! Already, I have two short sale clients enrolled in the HAFA program and we're actually having much success!! It's interesting to note that 90% of mortgage servicers are participating in this program that provides a viable solution for troubled homeowners (owner occupant only - not available for investment property). The main focal points of the HAFA program are as follows: Available for those who are eligible for HAMP, but are unable to keep their current residence. Borrowers who previously enrolled in the HAMP program, but were unable to keep their mortgage payments or fell behind … (1 comments)
short sales: Please Don't Hate Me For Helping Others!!!!!
- 04/20/10 04:27 AM
I came across a post the other day that discussed the basis and breakdown of the mortgage meltdown. Although it was an excellent post, one of the commenters caught my attention by mentioning his/her disdain for REO and Short Sale listing agents
WHADDAYA MEAN???? As a short sale listing agent in Newnan, GA (Coweta County), I was kinda put off by his comment because he mentioned that we were profiting off of a negative situation. Funny, but I NEVER thought of it in that light. In fact, I've always felt a huge sense of accomplishment and achievement whenever I've helped … (5 comments)
short sales: Help For FHA Homeowners.....FINALLY!!!!!!!
- 04/14/10 10:08 AM
Well, it's Springtime again and the season is filled with new beginnings!!!! New flowers are springing to life and so is a new program benefitting those homeowners who are facing a hardship and have FHA mortgages.
The FHA Pre-Foreclosure Sales Program provides help for homeowners who have experienced a verifiable hardship that has forced them to fall behind on their mortgage payments. The program allows a Mortgagor in default to sell his home and use the sales proceeds to satisfy the existing mortgage note (even if the net proceeds are less than the balance on the existing mortgage note).
AMAZING!!!
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