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 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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How to effect the BPO on your short sale

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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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 $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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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 Valley where that number is closer to 62%.

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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 probably closing on the buyers side. On the selling side we see higher, but those we can control.

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End of tax credit: Home sale numbers are deceiving

All the news for the homebuyer tax credit is sales are way down, but those numbers are so deceiving, at least for the East Valley. Those numbers are for new home builds and no one was buying new builds anyways.

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Two lessons in one, short sales for buyers and home inspections

So you are a patient buyer who waits around and puts your life on hold for 3-4-5 months while your short sale is being negotiated. Then after finally getting approval you do your home inspection and find out this house has way to many issues. Now what? Back to shopping

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Lowball offers on short sales do not help anyone

You may think you are pulling one over on the bank by putting in a lowball offer on a short sale, but all you are really doing is wasting your time. A bank is not going to give the house away. If the house is worth 135k, the bank is not going to sell it to you for $84k. Any lowball offers are a waste of time for the banks, negotiators, agents involved and the home buyer and seller.

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Should you buy a house together before you are married?

It is not a good idea to buy a house together with anyone if you are not married or don’t have a formal business agreement. For every one success story there seem to be a dozen disasters.

You may say, but we are engaged and in love, it will work out for us. That is what the couple who was engaged and living together said too, before they they sent me an email that said help, get me out of this situation.

No one will change my mind, they have tried. I would never advise a couple or even friends to buy a house together unless they are either married or have a formal business agreement with an exit strategy.

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You need a good loan officer at a good company

I talk a lot about having a good lender. Someone who has in house underwriting and in house docs so they can get deals done quick. But when one of my lenders recently left a company like that for another company like that I realized that a good company is not all you need.

We had a deal in the works and that deal stayed there after he left for his new office. I was used to getting deals done in two weeks with this company, but now dealing with a new loan officer it is taking longer. Not only is it taking longer but I cannot get him to return emails or phone calls unless i keep sending them.

So lesson learned, not only do you need a good company, you need a good loan officer at that company.

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