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April 2011 Blog Posts (37)

My Week in Silicon Valley Short Sales

This was not a terrible week for me with short sales. In fact, it was pretty good. Here's the summary:

 

1. Closed a Menlo Park Short Sale with Bank of America, I represented the buyer.  It was smooth, and took 3 months start to finish.

2.  Another buyer is buying a short sale in Sunnyvale.  The file had been lost in bowls of HAFA,…

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Added by Marcy Moyer on April 29, 2011 at 8:44pm — No Comments

Case Shiller: Thoughts From Around The Web

Optimists



AP



A wave of foreclosures is forcing down home prices in most major U.S. cities. But economists and real estate agents are noticing what they call a key first step for any housing recovery: a drop in the glut of homes for sale in markets hit hardest by foreclosures.



If we were to see several consecutive months of supply getting smaller, it would point to an improving housing market, said Celia Chen, senior director…

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Added by Howard Bell on April 28, 2011 at 9:44pm — No Comments

Sometimes, Life Erupts!

Sometimes Life Erupts! (edit/delete)

If there is anything I've learned in life,…

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Added by Mike Cooper on April 27, 2011 at 9:35pm — No Comments

Anyone else given up yet?

I am just curious! Has anyone else given up yet on becoming an REO Agent for any new banks, servicing companies or third-party asset managers?  I have been selling REO for about 3 years now and was fortunate enough to get approved by a few good and long-lasting companies in my initial stages before the storm of other agents realized what a good decision it would be to sell REO Assets.  I spent the first few years signing up and selling, signing up and selling, going to REO Events, signing up…

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Added by John Wise on April 27, 2011 at 11:00am — 12 Comments

Finally received payment for doing BPO's with Evaluation Solutions

Can't believe I finally got paid for doing BPO's for this freakin company 3 months ago. I finally had to threaten them with filing a complaint with the Districit Attorney of Florida and the Department of Real Estate(DRE). I received my check within 5 days of sending a forceful email. I will never do another BPO for this so called company ever again.

Added by Scott Gold on April 25, 2011 at 3:45pm — 2 Comments

Fannie Mae's new outsource vendor VRM training

Congratulations! Your profile and application has been reviewed and approved by our Vendor Management Team. You are now an APPROVED VRM VENDOR.



Please be aware that this approval does not guarantee immediate asset assignments. Assets are assigned based upon a specific client need in a specific geographic zip code.



We look forward to working with you in the near future.
Thank you,…

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Added by Brandon Jordan on April 24, 2011 at 10:41pm — 5 Comments

AIG tries to payback the bailout money and the fed says no?

AIG tries to payback the bailout money and the fed says no?

Federal Reserve Bank of New York and BlackRock (BLK: 196.10 -0.95%) sold $1.3 billion of subprime mortgage bonds the Federal Reserve acquired from AIG upon bailing out the…

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Added by Brandon Jordan on April 24, 2011 at 10:37pm — No Comments

So who is watching the store?

The ACLU (The American Civil Liberties Union) filed a petition with a Florida appellate court this month.

The 20th Judicial Circuit Court in Lee County, Florida.They are trying to stop the court from pushing foreclosure cases onto a mass docket that was designed to quickly handle an influx of foreclosure cases.

I couldn't believe with the problems of the last year this could even be a thought in anyones mind. We have to make sure all the foreclosures are heard fairly that is…

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Added by Brandon Jordan on April 24, 2011 at 10:30pm — No Comments

PNC bank

I wanted to share my experience with PNC bank. I had a short sale listed for about 6 months. After getting my first offer PNC bank came back and said Fanni Mae needs 215k. Well the good realtor that I thought I was I got them their bottom line after commission. The negotiator told me we should be ok because we got the bottom number. The bpo came back at 257. Our offer was 231 which covers bottom line taxes commission and all expenses. Well good enough after 6 months of negotiating, PNC bank… Continue

Added by Irfan Moten A-REO, SFR on April 23, 2011 at 5:24pm — No Comments

Anyone Home?

I

've been working with my client for over a year now through B of A with no luck at all. First, we tried the short sale route that went the length of the listing period with no acceptance of the offers or counters. Then, the client moved from the house and into his grandmother's house in fear of getting set out on the curb and decided upon the 'Deed in Lieu Of' which to date has had no action from B of A at all. I've called many times only to get the response of: 'The bank hasn't…

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Added by Jim Callihan on April 23, 2011 at 12:37pm — No Comments

Reflections in the Mirror

Reflections in the Mirror (edit/delete)…

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Added by Mike Cooper on April 22, 2011 at 8:50pm — No Comments

Sunnyvale Short Sale: HAFA Limbo

Today I got a call from the listing agent on a Sunnyvale Short Sale where my buyer is waiting patiently. The agent said that the file went into HAFA limbo. A new wrinkle in short sale submission is HAFA elegibility testing.  When a short sale is submitted many banks are automatically sending the file for HAFA review, to see if the owner qualifies. the problem…

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Added by Marcy Moyer on April 21, 2011 at 10:30pm — 4 Comments

Can not Get a Responce and the B of A V.P on Tape....

 I have recently had some problems with B of A up  including upper management.  They tell us that they are working in good faith to close short sales and then want more than market value. WE CAN NOT SELL FOR MORE THAN MARKET... I have many such cases of this.  I have several problematic files that they have ignored and I can not bring attention to even after being escalated.

 

The standard of stay on the phone till you get a favorable answer has failed.  Even e mails to the…

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Added by George Kenner on April 20, 2011 at 10:56pm — 26 Comments

I'm Firing My GPS!

I'm Firing My GPS! (edit/delete)

 

                                                     …

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Added by Mike Cooper on April 20, 2011 at 10:16pm — 2 Comments

Here's Your $4.00 Fine! Now, stop that!

Here's Your $4.00 Fine! Now stop that! (edit/delete)

The local…

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Added by Mike Cooper on April 19, 2011 at 8:27pm — No Comments

Identifying Distressed Homeowners 30, 60, 90 Or 120 Days Past Due On Their Mortgage Payment

There are a plethora of sources to obtain pre foreclosure lists, but what they generally have in common is they are public record information, compiled after the lender has served the Notice of Default (NOD) or Lis Pendens, legal instruments which begins the foreclosure…

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Added by Jim Gaddis on April 18, 2011 at 8:51pm — 1 Comment

Disclosing a Death in a Mountain View Trust Sale

California has a lot of disclosure laws for the protection of all parties in a real estate transaction, particularly buyers. There are buyers who do not want to buy a home where there has been a death on the property, and there is a disclosure obligation to disclose if there has been a death in recent years.  This works very well if the seller has to fill out the Seller's Supplemental Disclosure or The Seller's Property Questionnaire and Supplemental and Contractual Disclosure forms. But…

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Added by Marcy Moyer on April 18, 2011 at 4:00pm — No Comments

My Mother Left Me 2000 Square Feet of Stuff in Her Atherton Home

Memories can be housed in stuff, especially as people gets older and they find that objects are needed to jog their memory.  The problem is that very often when it is time to leave the place that has been home for 30, 40, or 50 years, there is wall to wall stuff. The plate on the wall that was handed down by great grandmother is probably not going to be wanted by great grandchild number 1. However, with the normal tensions that arise in settling an estate, and the enormous popularity of…

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Added by Marcy Moyer on April 17, 2011 at 4:00pm — No Comments

Is Your Seller the Expert?

So I asked myself that very same question today and today again.

I have an investor seller that just built a brand new duplex and I got lucky to be able to list it for him.  Or was I? First off it was a FSBO that I ran into by accident  one day while I was shopping for another investor buyer.  I called the number and left a message.  Later that night , he called me and he grilled me about my real estate experience....he was open to listing with me  and I thought it was…

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Added by John Accornero on April 17, 2011 at 2:03am — 1 Comment

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