What? Short sales, still? Yes, still.
I often hear “aren’t we done with short sales?” Well compared to 2011-2014, we are certainly seeing less than the numbers we experienced then. However, there will always be short sales because that has become one of the primary ways to handle loans in default among the banks, loan servicers and investors. Today, if a
Read MoreSaying “NO” is Easier than saying “YES” in a Short Sale
The Loan Servicer (Wells Fargo, BOA, Mr. Cooper, Ocwen, SLS, SPS, DiTech, etc…) cannot get in trouble for declining a short sale. The Loan Servicer, however, can certainly get into what may become some rather expensive trouble for approving a short sale improperly. The file will likely be audited sometime in the future and the
Read MoreWARNING: Fannie Mae and Freddie Mac are starting to ask for more.
In the last several months we have seen a pattern emerge; first with our Freddie Mac files and now, predictably, with our Fannie Mae short sale files. As you know the requirement for most short sales is that the Seller must be at least 31 days late on the loan payments prior to being able
Read MoreWhat? BOA does not Play Fair? Say it ain’t So!
So according to several whistle blowers that used to work at BOA, it turns out that the BOA reps in the Loss Mitigation Department were paid cash bonuses to shut files down and move them on towards foreclosure. Shocked? I’m not. My staff just smiled and nodded when we read this. That is because we
Read MoreShort Sales are “Ugly” Law
I have heard real estate law described as “happy law.” That actually makes sense because in a normal real estate closing there may be some bickering over curtains but in the end the buyer is getting the house and the seller is receiving money. In a short sale, however, it is important to understand that
Read MoreWord to the Wise: Close as Quickly as You Can.
In a short sale it is always a good idea to close as quickly as possible. Just because you have an approval letter with a green light to close by a certain date does not mean that things won’t change. The bank will usually honor the terms of the approval as long as it closes
Read MoreLet’s Take a Ride
Sometimes a reminder is needed about an unfortunate fact that we all have to live with: The bank drives the bus, not us……not the seller, buyer, agent or attorney. We are asking the bank/investor to take a loss on this loan and for that they get the keys. Our job is to keep everything moving
Read MoreIf You are Serious About a Short Sale, Get a Pre-Inspection
I have already written about the buyer getting the home inspection done earlier instead of later. The absolute best way to handle the home inspection for a short sale, however, is for the Seller to get a pre-inspection before putting it on the market…or at least before there is an offer. If the Seller does
Read MoreHow Short Sales will Save the World!
Ok, maybe short sales won’t save the planet (does that mean that I don’t really need to finish designing my superhero outfit for Captain Short Sale, or maybe The Mighty Short Sale Warrior? I was kind of digging the yellow cape). Anyway, short sales may not stop a speeding train or fix our banking system
Read MoreHome Owner Associations and Short Sales
If you have not had to negotiate with a Home Owner Association (HOA) regarding past HOA dues in order to get a short sale closed, well you haven’t lived. It is, seriously, one of the more frustrating tasks that we have to handle. It seems that more than half of the HOAs have some hard
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