Recent content by sugarspunZ_IHB

the information you listed is pretty darn easy to find if you know where to look. its not rocket science. it amazes me how most realtors are looked so down upon on this board. i must admit however that most are idiots at best who stumble through their transactions.

http://online.wsj.com/article/SB1259...tsNewsSecond The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%, threatening prospects for a sustained housing recovery. Nearly 10.7 million households had negative equity in their...

exactly. the bank is just positioning itself to foreclose on the home owner as soon as legally possible if the deal falls through.

unfortunately renbac your story is very common. when i have a short sale listing i only submit one offer to the bank and then keep one additional offer for back up if the fist buyer falls through. when other agents ask to submit an offer or do submit an offer i call them and explain i am not...

^ PM sent.

and remember this is only for FANNIE MAE loans which are only of conforming ($417,000 max) size. correct?

http://www.fanniemae.com/newsreleases/2009/4844.jhtml?p=Media&s=News+Releases November 5, 2009 Fannie Mae Announces Deed for Lease™ Program WASHINGTON, DC -- Fannie Mae (FNM/NYSE) is implementing the Deed for Lease™ Program under which qualifying homeowners facing foreclosure will be able to...

from submitting the deal to getting an approval will take about the same amount of time even for a cash offer however once the offer is approved then the time to close is obviously much faster. however the lenders will usually take a much lower offer if it is all cash. i have heard some of the...

from our experience it takes about the same amount of time regarding of what the difference is of what is owed and what the offer is for. as long as the offer is a fair offer that is. again there are a ton of variables to give a definitive answer.

if that is literally what they are telling you then they have absolutely no idea what they are doing and are totally blowing smoke. when processing a short sale the listing agent or "specialist" deals with the loss mitigation department of the bank which has nothing to do with first time buyers...

^ it sounds to me that the listing agent and the "specialist" really are not on the ball. verbally approved is not approved and it should not be advertised as such. i wish there were some sort of rule or checks and balance as to what can be written on the MLS regarding the status of a short...

from my experience once the 2nd lien holder gives a verbal approval it usually takes at most a few days to issue the written approval then once the 1st lien holder gets the 2nd lien holders written approval it usually takes at most 2 weeks usually 5 business days to issue the formal written...

There are just way to many variables to give my assessment of the situation. Are you the buyer or realtor or what? Typically a verbal approval can be made once a BPO has been completed by the 1st lien holder or the listing agent could just be blowing smoke. The 1st lien holder can not issue...

To anyone who has attempted the short sale process themselves, they know it’s tedious, frustrating, complex and sometimes, a complete misallocation of precious time. For the novice, this is all too well understood. In essence, the short sale is a re-underwriting of the loan though for the...

The term "Short Sale Specialist" is starting to become the new "Loan Mod". Unfortunately the ex-loan modders are jumping into the short sale pool and muddying up my waters. I am a listing agent and I specializes in short sales and I will be the first to admit that it is a very scary...