Last week was a very busy week for us at IamShortSales but I want to take this time to thank Vianey Ojeda from Keller Williams Realty for allowing us to negotiate a successful Short Sale and close escrow
The very first approved Short Sale and approved Lease back. Tell me what are your thoughts on this. I see it as a win-win. The seller is getting to stay in the home probably for less than what their
MLS#: T11011540Listing Date:01/28/2011COE Date: 03/25/2011Only two weeks before auction, I started negotiations & successfully got Trustee Sale canceled, got approval, opened escrow and closed transaction,
I agree with you 100%. Unfortunately, there's been an ethical shift in the country over, perhaps, the past 20 years. It's a shift away from responsibility and toward "me at all costs."
At least with short sales, there's supposed to be a "backstop" in that it's presumed that lenders need to see some "hardship" before approving a short sale. It seems that many people's "hardship" is that they bought a property and it's declined in value. That's it.
Some folks have decided to do what's called a "strategic default." Same idea, except it's a foreclosure. They owe (only on paper) more than the property is worth. They don't want to live up to their obligations, so they stop making payments. They typically live rent-free for a year or more, at which point they walk away . . . with a lot of money in their pocket from all the mortgage payments they didn't make. They stick the bank with the shortfall, and their neighbors with an ugly foreclosure in the middle of the neighborhood.
The ultimate irony is that their situation was totally manageable, as you describe in your question. And owing more than the house is worth? It may be an uncomfortable situation, but only temporary. Every month, they're paying the mortgage down. And, longer-term, maybe 3 years, maybe 5 years, the market will recover enough so they will owe less than the house is worth.
But they they're considering their purchase to have been a no-lose situation. Heads they win. Tails they win. If the market had gone up, they'd have made money. If the market declines, they can just walk away, with money in their pocket and sticking the bank with the loss.
That wouldn't have happened 15 or 20 years ago. Something about the American psyche has changed.Your parents grew up in an era when you didn't walk away from your obligations. And it sounds as if they passed their beliefs along to you.
Hope that helps.... more
That is a major foreclosure website that is out there and it is probably the one you signed up with because it is linked with Trulia.
If you need any real estate help in the future, please feel free to give me a call.
Next Level Realty
Because the Banks/Lenders/Outsourcers demand the education and training to be proficient in the REO Industry! REOCertified® National Designation is being conducted in Upland, CA on June 20th. Increase
Is where I get a lot of my REO business. And here is my main list to share with you
Diane Wheatley, Broker
(909) 815-4499... more
Raise your hand if you live in a condo, town home, or any complex that has a home owners association dues (HOA). OK, now put your hand down because your office mate will think there's something wrong
A: When he helps the banks foreclose on you.If you're weird and enjoy feeling sick to your stomach, or you want to see what blind greed,arrogance and profiteering look like, have a look at this video:Click
Because the blame game can be so easily re-written to suit a politicians needs, "flippers" have become the scourge of the earth. While as a real estate/mortgage broker, I'd like to thank them for taking
So there you are. You're on the phone, discussing your short sale progress with the lender. You know the call. The one that requires you to use the restroom first, have back up snacks at your desk, plenty
No. Not strange at all.
That's how it's done. What it means is that the house you bid on probably is worth more than your bid.
What would have been bad is if the appraisal came back for less than you offered. But it's very, very, very unusual--especially in today's market--for an appraisal to come back higher than the offering price.
And, really, it's been that way for years. Don't worry about it. It means you'll get the loan for the amount that you need--based on the appraisal.
Hope that helps.... more
Hello Home Buyers and Home Seller,It looks like Short Sales are going to be the way to go or the next few years as less foreclosures are taking place in favor of Short Sales.Did you know about the Federal
I had a very interesting and somewhat enlightening day today. But that is not to say that I may need some additional clarification from other agents and brokers who deal with REO properties and their
Here is my answer to another person who found themselves in the same situation as you appear to be in. Before you read it, is there a reason you are not considering options other than allowing your home to go through to auction? Please contact me directly (call or e-mail me through my profile). It would be wonderful if we can identify some help that could make the answer below immaterial. I have specialized in this area for many years and want to make sure your decision to let your home go to auction is based on all the available facts.
How long do you have to leave your home?
It really depends on the ultimate buyer. I have heard of people who were visited by the Marshalls and the new owners on the same day as the auction, and escorted out of the property. I have also heard of people who remained in the property 30 - 90 days after the foreclosure. And then there is the new, cash to walk offers being made by some lenders, if your home is ultimately returned to the bank at the auction, that might lighten the pain of eviction.
Of course, if you are tenant and not the owner, then local and state rent laws protect you. Proper eviction procedures must be undertaken to remove a tenant from the property (although there are some banks and new owners that appear to bully tenants into moving sooner than the law requires).
My recommendation, check with a lawyer who specializes in foreclosures and tenant rights and get an understanding of what your rights are under the law.
Hope you come through this process with minimal stress and damage, and Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty... more