Not every short sale is going to close, no matter how good you are. Often times issues like PMI are going to get in the way. But you should be taking the fight to the bank for your client to get the deal done and sellers when interviewing agents make sure you ask them what they are going to do when the bank says no.
So you purchased your East Valley home with a 80/20 loan so you would not have PMI. Now you need to sell your home and you find out the PMI company is asking for a cash contribution or a note for $10,000 to be signed. Why is that?
Well it turns out that investors who purchased your mortgage didn’t trust you so they purchased PMI for them. That is all well and good, and allowed, but that PMI company is not allowed to ask you for a contribution. Well they can, but they are not supposed to.
When they do this it is called 3rd party bad faith. The problem, even through you are right it is going to be more expensive to fight it than just pay it. I think this is going to end up leading to a class action law suite.
National real estate numbers almost mean nothing to your local real estate market, and even local real estate may have more than one market. Dont read to much into numbers they dont always tell the whole story. And what is up with Fannie Mae not allowing more time to work on short sales? This does not cost them money, it cost US money. Either allow time for the deal to be worked on or work on it a lot quicker.
Short sales are hard, short sales when the seller and the listing agent don’t have great open communications is even harder. A recent Tempe short sale experience showed that. The home owner did not communicate about some financial circumstances and the agent negotiating (me) was hit from no where by banks negotiator.
This Bank of America short sale problem was resolved because when they said no, we heard KNOW. Many people hate short sales because they say no to often and many people hate Bank of America because they are slow to respond. When you get the two issues together it could create a problem.
Many times when [...]
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 [...]
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 [...]
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 [...]
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 [...]
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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