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FHA Short Sale November 30, 2009

Posted by orlandoshortsalefl in FHA short sale, Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, Stop foreclosure.
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Short sales and FHA, just how do they work? Part 1, the Value  

My husband and I get asked this question quite a bit. As you know FHA is a federally insured loan, so when it comes to FHA short sales you’re going to need an expert.  I am going to do the process in steps because the FHA Short Sale is very complex but completely doable. So make sure you check back tomorrow for Part 2.  

The first step would be to come up with a value for you home. This is a realistic price that will appraise and sell. This takes experience and skill. Here are things you shouldn’t do when seeking the value of your property. Don’t count on values from Zillow.com this doesn’t work nor will comparing a newly built home to your home.  Some home sellers ask a Realtor Relative or another Realtor they know for the value. The challenge with asking Realtors with little or no experience in short sales is they may not know how to arrive to the final value.  

Comparable’s are based on properties proximity, similarity, GLA (gross living area), bedroom count, age and amenities. As your Agents Scott and I prepare our own “BPO” Brokers Price Opinion Report before your property is listed. We work together, discuss and compare our values before we come to our final price.  Remember this price may have to be defended once the Lender has their individual Appraisal or BPO done.    Don’t worry we are ready willing and most capable of defending our values.

Scott and I have been completing these values for the Banks for over two years. Doesn’t it make sense to work with Realtors with this kind of experience?  Check back tomorrow for Part 2.

Remember Foreclosure is the last resort. Contact Scott and Wendy today at paganorealtor@gmail.com   and www.scottnwendy.com   or 24 hour recorded info line 1-866-647-8425 EXT 104

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8000 tax credit November 12, 2009

Posted by orlandoshortsalefl in 8000 tax credit, First time home buyer credit, Foreclosure, Orlando real estate, Orlando short sale Realtor, Tax Credit.
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This is a breakdown of the tax credit from the National Association of Realtors on your new tax credit extension. The extension is effective November 7, 2009 until April 30, 2010. However there is a binding contract rule. This means homes must be under contract by 4/30/2010 and close by July 1, 2010.

First-time Buyer Amount of Credit: $8000 $4000 married filing separate)

First-time Buyer Definition for Eligibility: May not have had an interest in a principal residence for 3 years prior to purchase.

Current Homeowner Amount of Credit: $6500 ($3250 married filing separate) Effective Date Current Owner: November 7, 2009. Current Homeowner Definition for Eligibility: Must have used the home being sold as a principal residence consecutively for 5 of the previous 8 years

Termination of Credit: Purchases after April 30, 2010. Binding Contract Rule: So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Income Limits: (Note: Increased income limits are effective as of date of enactment of bill-November 7, 2009) $125,000 – single $225,000 –married. Limitation on Cost of Purchased Home: $800,000. Purchase by a Dependent: Ineligible  Anti-fraud Rule: Purchaser must attach documentation of purchase to tax return.

This will help to eliminate more of the short sales and foreclosures on the market. The bill also includes existing homeowners. Your mortgage professional can explain this in further detail. I can help with your purchase or sale of your home.

Contact me at www.scottnwendy.com or paganorealtor@gmail.com or call my toll-free 24 hour recorded info hot line at 1-866-647-8425 Extension 104. Remember foreclosure is the last resort. I can help.

Suntrust Short Sale November 11, 2009

Posted by orlandoshortsalefl in Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, Stop foreclosure.
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I am still blogging about my experience with the various lenders, I have closed short sales with. Today is for Suntrust and also includes Suntrust HELOC. I will post about the other banks in the upcoming days.

The most difficult part about the Suntrust file is to get the file through setup. Suntrust bank is very efficient at receiving the documents, however the machine bogs down here. They will have access to imaging the file in 2 to 3 days, this is very good.

After this point on every call I was told the file is in setup and can take up to 90 days to get assigned to a negotiator. This is unacceptable and just causes more delays for the bank and you the consumer.

I have been able to get around this 90 day hurdle by having a supervisor at Suntrust that I can reach out to. He has helped me get a file out of limbo and assigned to a negotiator. These contacts take time to develop. Always ask any agent you interview if they have someone at the bank, they have worked with. This is important on getting your Suntrust short sale closed.

I also have worked with a VP at the HELOC division as well as a Supervisor within the charge off department. In the world of short sales it is who you know. Getting the file assigned to a negotiator is half the battle. I can get this done for you as I have with my other clients.

Remember foreclosure is the last resort. I can help, contact me today at www.scottnwendy.com or paganorealtor@gmail.com

The next lender is Aurora home loans. The closing I had with them was very quick and the level 2 negotiator was a competent professional.

Bank of America Countrywide short sale November 9, 2009

Posted by orlandoshortsalefl in Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, Stop foreclosure.
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In the next few days I am going to Blog about my experience with the banks I am working with. I am hoping to give you some insight on how the different lenders short sales work from my point of view.

Some of you may have your original loan with Countrywide bank. As you know the bank has merged with Bank of America. My last few short sales have been Countrywide Short sales. I have heard complaints from other agents that the Bank of America short sale agents can not view Countrywide loans for short sales. I can not confirm this.

My negotiations with Bank of America and Countrywide have been very slow. However I have closed every short sale with these banks. This is by far the slowest company to work with. The reason is quite simple the bank is overwhelmed with short sales and understaffed.

You have to fax all documents in to BOA (Bank of America/Countrywide) This process is very slow. All the documents are sent to a central imaging area. Then they are converted into a computer file I assume a PDF. This can take any where from 5 days to 14 days. The reason again is quite simple, hundred of thousands if not millions of documents that enter into the system on a weekly basis. Then all of these uploaded into one imaging system. Talk about Major break down.

OK now comes the waiting game. This is where I call every three days and request updates and get told the documents are in setup to go into short sale. Now after a month I have a new strategy that gets the file moving again. Once I know the bank has all required documents I can reach out to my senior level supervisor.

She has been very helpful in the past on BOA file that get stuck in the broken down and overwhelmed machine called short sale. Bottom line is if you have a Bank of America or Countrywide short sale be prepared to wait. The average is now 4 to 6 months until closing. Don’t get frustrated, I have closed every short sale with Bank of America/Countrywide. I just want you to know that I have approvals from these banks. You must make sure the agent you interview for your listing has these as well. I can get the short sale completed.

Contact me today at www.scottnwendy.com or paganorealtor@gmail.com or call my toll-free 24 hour recorded info hot line at 1-866-647-8425 Extension 104. Remember foreclosure is the last resort. I can help.

The next blog is on Suntrust bank and the ins and outs of their system.

 

 

Regions Bank short sale November 5, 2009

Posted by orlandoshortsalefl in Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, Stop foreclosure.
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In the next few days I am going to Blog about my experience with the banks I am working with. I am hoping to give you some insight on how the different lenders short sales work from my point of view.

Regions mortgage is second only to wells Fargo for ease of use. They are superior in assigning a negotiator to the file. With Regions our negotiator was assigned within 2 weeks. All documents were faxed directly to the bank for setup.

The documents were in the system within 3 business days. This is perfect. The set up person actually contacted me by phone to let me know a bank statement was missing. This was fantastic and I only wish more lenders would take this extra step.

Our negotiator communicated by email and believe it or not by a direct phone line. The process from start to finish was under 90 days. If you are with Regions Bank you are in luck. I now have a contact at the bank who will handle our short sale.

My next post will be on Countrywide or now known as Bank of America. Not the quickest of all the lenders, however my contact is an upper level manager and Robin is awesome to work with.

Remember foreclosure is the last resort. I can help, contact me for a solution at www.scottnwendy.com or paganorealtor@gmail.com.

 

Wells Fargo short sale November 2, 2009

Posted by orlandoshortsalefl in Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, Stop foreclosure.
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In the next few days I am going to Blog about my experience with the banks I am working with. I am hoping to give you some insight on how the different lenders short sales work from my point of view.

I must say out of all the lenders Wells Fargo is by far the easiest to work with. Their approval process is very smooth. The reason for all of this is as follows. The documents can be sent by myself as well as the home owner. They do not have to be sent together. This way my client sends his or hers financials and I send the listing agreement, HUD-1 and the purchase contract, etc.

The documents are usually uploaded within 2 to 3 days as opposed to other banks of 7-14 days. The negotiator will still take 30-45 days to get assigned. However once we get a negotiator we actually have someone to speak with that will return your emails and calls. This is the key to their success.

I have closed multiple homes with Wells Fargo short sales and they are by far the best lender out there at this time. The close second is Regions bank. This will be my lender of choice tomorrow.

Please contact me and I will customize a Orlando short sale to fit your needs. www.scottnwendy.com or paganorealtor@gmail.com

Remember foreclosure is the last resort.