People love to rip Bank of America short sale department as being the worst. I myself have done some videos on the subject saying the same. But the truth is they are now probably the most improved. I recently talked to a lady looking to short sale her Tempe house and she was shocked when [...]
Vets: Be Careful Who You Take Mortgage Advice From
I’ve seen a lot of tips by so-called mortgage industry experts giving Vets advice on how to buy a house. So I’m here to set the record straight.
Tip #1:
The number one tip for a vet buying a house is to use a VA loan. Plain and simple.
Benefits of the VA loan, to name a few:
100% [...]
I actually enjoy Bank of America short sales
People love to rip Bank of America short sale department as being the worst. I myself have done some videos on the subject saying the same. But the truth is they are now probably the most improved. I recently talked to a lady looking to short sale her Tempe house and she was shocked when [...]
Read the full article →Is the bank to be blamed when a short sale is declined?
That short sale should have been approved, both agents know it, the buyer the seller, they all know it. Yet it wasn’t. Who’s fault is it? The banks right? Not always, often it is the listing agents fault.
I recently had a buyer interested in a house that was a short sale on the market for [...]
East Valley Housing Market: Real Estate stats lie
When you are watching the news and see those nightly national real estate stats, remember they are not relevant to you and your real estate market at all. When you hear only 31% of homes sold last month were distressed short sale or foreclosures, that doesn’t mean anything to you in Tempe and the East [...]
Read the full article →Should I buy a short sale?
Short sales seem to be changing for buyers, for the worse. Their are more agents doing short sales now and it seems the agents there are, the harder it is to find one who knows what they are doing and how to get the deal closed. We are seeing only 1-in-3 short sales right now [...]
Read the full article →People love to rip Bank of America short sale department as being the worst. I myself have done some videos on the subject saying the same. But the truth is they are now probably the most improved. I recently talked to a lady looking to short sale her Tempe house and she was shocked when I said I was looking forward to Bank of America deals.
Now every deal is different, but their times have been greatly improving. Just this last week I got approval on a deal in only 22 days. Bank of America deserves praise for what they have done to improve things and let’s hope they keep it up.
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Many short sales get declined because a BPO comes in bad. But that did not have to be the case. You can do things to effect the BPO. Watch this and see how I try to get the BPO to come in, not what I want, but what it should be.
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That short sale should have been approved, both agents know it, the buyer the seller, they all know it. Yet it wasn’t. Who’s fault is it? The banks right? Not always, often it is the listing agents fault.
I recently had a buyer interested in a house that was a short sale on the market for $146,000. The listing agent submitted a full price offer to the bank and started negotiations. It wasn’t long before the bank declined the offer and the deal went to foreclosure.
After the foreclosure costs, and the carrying costs for over a month and listing it with an asset manager, the house was finally listed on the market for $136,000. So why did this happen? Most likely the agent heard “no” when they should have heard “know.” The bank obviously did not know enough information to make an informed decision.
There are many things that could effect this, but in 9 out of 10 cases the agent should be able to fight this and get this house sold. I will discuss more about setting the tone with the BPO in my next video.
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When you are watching the news and see those nightly national real estate stats, remember they are not relevant to you and your real estate market at all. When you hear only 31% of homes sold last month were distressed short sale or foreclosures, that doesn’t mean anything to you in Tempe and the East Valley where that number is closer to 62%.
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