Short Sale / REO

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<p> A sales person in our office is trying to close a short sale. Everything is a go except there is a possibility that the AC does not work. There is an outstanding electric bill and the electric has been turned off. The purchaser has a FHA mortgage and the mortgage company is insisting on a physical check of the AC system. The power company will not turn on the electric until the bill has been paid. The owner of the house has moved out and refuses to pay. </p> <p> Anyone have some suggestions to get around this. </p>

<p> Okay, second time this one has happened. The seller signs off on an offer and it goes through the documentation upload period, on to a negotiator, the BPO is completed, now into the 3rd month of waiting around for someone to do something and find out they closed the file on 9/5/2009 because they rejected the offer. </p> <p> What? No counteroffer, no notes as to why, nothing in the files for the paid phone clerks to tell me. Why no counteroffer? At least counteroffer !!!!! The buyer has been waiting for 3 months remember? </p> <p> It will NOT sell for more than appraisal value, so why not counteroffer or at least tell this buyer who has been at the table for 3 months to make their final and best offer instead of closing the file and just saying oh sorry, no deal. </p> <p> UGH...........................your comments please. This is the second time XYZ mortage company has done this. </p> <p> Get them out of the negotiations! Please. </p> <p> Kelly </p>

<p> I have heard that when a homeowner becomes late in their mortgage payments in anticipation of a short sale that the holders of their credit cards from other banks find out about this and immediately cancell all of their credit cards; has any one heard of this or experienced this? </p>

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<p> Hello everyone -<br /> <br /> I have been on RealTalk for awhile but I am new with the Short Sale /REO group. I work with Short Sales, and have one REO client, and would like to have more. </p> <p> LionsGate FN is coming to our area and claim they can help you secure REO clients. We have all seen these types of ads from many companies, so I am wondering if anyone has had any experience with this one? </p> <p> Thanks </p> <p> Rick Park<br /> John Hall &amp; Associates<br /> Tempe, AZ. 85282<br /> Rick@RichardParkRealtor.com<br /> 602-390-5384 (mob) </p>

<h3 class="post-title entry-title"> <span class="general_text"><a href="http://wwwyourpropertypath.blogspot.com/2009/08/apartment-vacancy-rate-hits-two-decade.html"><br /></a></span> </h3> <p> <span class="general_text"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_N17Ne7uVoXU/SoMNfMVBg5I/AAAAAAAAAzY/PS9q7tL10X8/s1600-h/hg.gif"><img border="0" style="margin: 0pt 0pt 10px 10px; float: right; cursor: pointer; width: 300px; height: 219px;" src="http://3.bp.blogspot.com/_N17Ne7uVoXU/SoMNfMVBg5I/AAAAAAAAAzY/PS9q7tL10X8/s320/hg.gif" alt="" id="BLOGGER_PHOTO_ID_5369150010292274066" name="BLOGGER_PHOTO_ID_5369150010292274066" /></a><br /></span> </p> <div style="text-align: left;"> <span class="general_text">The economys decline leveled off significantly from April through June, confirming that the worst is behind us. GDP declined at an annualized rate of 1% in the second quarter, after shrinking an amazing 6.4 % earlier this year.<br /> <br /> But consumer spending, 70% of economic activity, continues to fall as Americans continue to save and reduce debt. Economists express concern that our basic spending habits have been permanently altered by this great recession. This is also having an effect on rentals as renters downsize or insist on rent reductions.</span> </div> <p> <span class="general_text">With this as a backdrop we looked at rental rates which a are a prime factor in evaluating a property. We clearly have a long way to go. The Dept of Commerce chart indicates we are at a fragile beginning of a recovery. The key to successful property ownership now will be to keep it occupied and ride this out.</span> </p> <p> <span class="general_text">There is further discussion on some tactics to reduce days on market for rentals <a href="http://yourpropertypath.com/artman2/publish/Current_Market_Conditions/Apartment_Vacancy_Rate_Hits_Two-Decade_Record.shtml">here</a></span> </p> <p> <span class="general_text">Thanks for Reading</span> </p> <p> <span class="general_text"><a href="http://www.yourpropertypath.com">www.yourpropertypath.com</a></span> </p> <p> <span class="general_text">A web site of over 450 articles on everything real estate</span> </p> <p> </p>

<p> Is an ex-wife of 18 years who wants to buy her ex-husband&#39;s property considered arms length or will the bank have a problem with this? She is remarried but still carries her ex-husband&#39;s last name, although they&#39;ve been divorced for 18 years. She and her current husband have been renting his house since Feb 2008 and now he is in default. </p> <p> Any input would be appreciated. </p>

<p> So here I sit waiting since 11/17 for an answer from the first on a short sale -- second (HomEq) is willing to take $4,200 on about $42,000. </p> <p> The buyer is ready to walk, but I keep holding them in there through their agent. </p> <p> Does anyone have an estimated timeline on receiving an answer from IndyMac or do we think this just a consequence of their financial woes? </p>

<p> Does anyone know if the bank can place a lien against the borrower&#39;s primary residence if the bank obtained a judgment for the amount of the deficiency at foreclosure? </p>

<p> I was speaking with another realtor about my short sale - how there&#39;s one buyer that his offer was too low initially but he now wants to come in picture and counter etc - and so the person I was speaking with said - get out of this situation and have them submit these offers direct to sellers&#39; lawyer. Makes sense in a normal transaction but in this SS situation the seller doesn&#39;t have a lawyer .. basically she signed the contract and I submitted to the bank and from hereon it&#39;ll be me dealing with the bank but now in retrospect I&#39;m thinking should I have had the seller get a lawyer (fee coming out of HUD1) - to deal with the short sale process or as CDPEs we deal with it direct until closing - just wondering where to draw the line. </p> <p> Thanks </p>

<p> Hi! </p> <p> At some point, I remember reading a post on Countrywide&#39;s new procedures for short sale. I believe they had 4 &quot;phases&quot; before the short sale was approved/denied. </p> <p> If someone could please refresh my memory, I&#39;d greatly appreciate it. We had the appraisal 3 weeks ago, and now it is in the &quot;investor&#39;s hands&quot;. Any ideas as to how long before we get an answer from the investor? </p> <p> Thanks so much for your time. </p> <p> Debbie Redditt, CRS, ePRO<br /> Prudential Florida Realty<br /> Palm City, FL <br /> <br /> </p>

<p> <b><i><span style="font-size: 16pt"><span style="font-size: 10pt">Has anyone had any experience with Harris RealEstate University? I am looking into Agent REO Coaching.</span></span></i></b> </p> <p> <a class=" FCK__AnchorC" name="_MailAutoSig"><b><i><span style="font-size: 16pt">Bart</span></i></b><span style="font-size: 12pt"><br /> P. Barton Erickson, e-PRO, SRS<br /> Lamon Associates<br /> 700 Route 130 North, Suite 108<br /> Cinnaminson, NJ 08077<br /> Office: (856) 829-8090 x28<br /> Cell: (856) 313-2635<br /></span></a> <a href="mailto:Bart@HouseJeanie.com"><span style="font-size: 12pt">Bart@HouseJeanie.com</span></a> <span style="font-size: 12pt"> <br /></span><a href="http://www.housejeanie.com/"><font color="#800080"><span style="font-size: 12pt">www.HouseJeanie.com</span></font></a> <span style="font-size: 12pt"> <br /></span><a href="http://www.realtown.com/housejeanie/blog"><font color="#800080"><span style="font-size: 12pt">http://www.realtown.com/housejeanie/blog</span></font></a> </p>

<p> Has anyone had any luck reaching the Countrywide/BOA short sale dept yesterday or today? All I&#39;m getting is a recording saying that they are having technical difficulties. </p>

<p> I am a new member and I have a problem. It seems that the lower priced homes that are short sales and REO&#39;s are receiving multiple offers. How do I make sure my client&#39;s offer gets reviewed? </p>