B of A Short Sale Time Lines Shortened...Fingers Crossed

Most of us have been through or heard of the old B of A paper short sale system where short sales could take 6-9 months, files disappear and homes just seem to go to auctions that have been "postponed". Then the great Equator happened and honestly it has been fabulous. I know there are those out there who would disagree with me, but personally I find it a great tool and it has made short sales so much faster with B of A. Well, guess what? It is being improved again and B of A is claiming that shortsales will be approved in 20 days. REALLY? I am extremely excited about this, but am also a realist and will wait and see. For more info click below.


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URGENT SHORT SALE TIME LINE

We know that all of you have heard more about short sales than any of us ever wanted to. Unfortunately, they have become an everyday part of our Real Estate world. However, something that we are realizing is that not everyone realizes that in order to get THE MOST HELP FROM A SHORTSALE you need to react soon.

Bush's Debt Relief Act that was put into effect to help homeowners who have to shortsale or end up losing their homes in foreclosure. It provides tax relief on the deficiency amount to those who find themselves in this situation as long as it is their primary residence. However...THIS ACT EXPIRES ON DECEMBER OF 2012. That means that a short sale or foreclosure must BE COMPLETED by this deadline in order to realize the benefits.

If you or someone you know needs information about a shortsale please pass this information on, as time is running out. We must get started soon in order to have time to compile info, review options, market the property and negotiate with the banks. Please don't be one of the ones who waits and misses out. There has to be something positive about all of this. You can get more info at www.spokaneshortsaleinfo.com

We are not tax accountants and can not give tax advice. Please consult your accountant to see how this may individually affect you and your tax situation.

Home Value Insurance - A new angle

Home value insurance is it right for you?

In 2008 we thought the party would never end, and the value of our homes would climb to the
heavens. Then the recession hit and our investment lost its value and many of us lost our homes or were unable to sell them because we were upside down. So welcome to the world of Home value insurance.

It's an insurance policy that will pay you the difference if your home drops in value from when you bought it to when you sell it. Home value insurance has some fine print. The first two years are the hardest to recover losses and it uses a complex system to determine value of your home but as we have all been touched by crashing home prices the peace of mind this insurance offers may be just the extra comfort we need when we purchase our new dream home.

Chase short sale incentive could mean cash to you

Most banks figure they're doing homeowners a favor simply by agreeing to a short sale and forgiving the amount they owe. But in some cases, Chase borrowers are getting that and cash.

Chase, one of the nation's largest lenders, is quietly offering some homeowners a deal many distressed homeowners think is too good to be true (we get calls all the time!).

Chase is giving borrowers $5,000 to $30,000 if they’ll agree to short sale of their house. A Short Sale is selling the home for less than they owe on the mortgage.

The program launched last fall, and information on who qualifies and who doesn't is still an insider secret as Chase is mum on the details. Chase is aggressively targeting its problem loans as some homeowners receive a letter before their property is listed on the market. By using our successful transactions in dealing with Chase, we have compiled a list of Chase's target loans. Here are a few of the common ones:

The homeowners have a Chase "portfolio" loan, or a loan owned by Chase but not serviced by Chase.

Or the homeowners have a bad loan (adjustable rate is too high), maybe they tried a loan mod, or did a quickie refi.

Investment property gets the nod as well.

The official name of the program is a mystery as well; some say it's the "Chase Incentive" program, while others call it the "List Assist".

What we believe has happened is that the original loan was bought by Chase (from companies that have dissolved such as WaMu, Countryside, IndyMac), and it was bought out for pennies on the dollar. Now the banking industry is being legally challenged to prove it has the right to foreclose. When asked to present original documents on these bought out loans they cannot produce them. So a quick and profitable fix is offer cash to distressed homeowners. Chase will make more money if a property goes away fast in a short sale vs. attempting foreclosure and being legally challenged to produce documents they will never find.

Bottom line so far is a win for everyone; homeowners are assisted with CASH, no soft notes, no risk of judgments, less paperwork. Chase cleans up its banking mess. Transactions are fast.

Call us and we will help you to see if this program will work for you.

Footnote: Wells Fargo just launched this and Bank of America is expected to go public this fall with a program as well.

Help for Our Idaho Clients Seeking Loan Modification or Worried about Foreclosure

Beginning September 1, thanks to a new law, Idaho homeowners will enjoy further protection when seeking loan modification. With a loan modification you take the mortgage you now have and change the interest rate and payment requirements.According to the Better Business Bureau,

"The new law also allows homeowners to request a meeting with their lenders to discuss foreclosure prevention options."

“Homeowners in foreclosure or in danger of foreclosure should familiarize themselves with the rights this new law affords them,” Attorney General Wasden said. “To help homeowners and lenders understand the law, my office created a webpage dedicated to mortgage loan servicing and foreclosure issues. It is available at www.ag.idaho.gov.”

According to the news release, the law requires lenders to notify homeowners whether they qualify for a loan modification within 45 days of a modification request. Lenders may not proceed with a trustee’s sale during the 45-day period. Homeowners also will receive written notice of the date and time of a future trustee’s sale if a scheduled sale date is postponed.


This is good news. Imagine your frustration if, while trying to avoid foreclosure and all its implications, you request a loan modification and never hear back from your lender. Foreclosure proceedings appear to go on without your knowledge or understanding. What a feeling of helplessness!

Please take a moment to read the entire press release, courtesy of the Spokane Better Business Burea, which includes names of real estate reports that are offered for homeowners in distress, phone numbers for help obtaining a mortgage modification [(888) 995-HOPE.]and more.

For more information about avoiding foreclosure, exploring alternatives or short sales, please visit Spokane's Best Short Sale site or request a copy of Nine Alternatives to Foreclosure.

We Can't Make Our House Payment. Is Foreclosure Our Only Option?

Have you had time to visit our Spokane Short Sale Help and FAQs page? We offer some of the most useful resources in the industry!

Our team has been trained to successfully negotiate short sales and we're ready to answer questions like the one above.
So what IS the answer?

Absolutely not. The truth is, the bank really doesn't want your home back! You may not have to lose it. Know your options before you make a decision. Let us review each of these options with you.

Option #1 – Work with your current lender

Option #2 – Work with a new lender

Option #3 – Bankruptcy

Bankruptcy should be a last option and a professional opinion should be obtained before moving forward in this decision.

Option #4 – List the home to sell

Option #5 – Give up and let it go


For more specifics on each option, click here.

We think You'll Love this 1950's Charmer!

Comprehensive Short Sale Help from a Spokane Short Sale Expert

Well, we did it.

We built a simple, easy-to-use but still useful short sale site. Introducing SpokanesBestShortSales.com.

Included in the site is a simple explanation of a short sale; approval letters from short sale transactions we've successfully closed; expectations and a timeline for sellers listing a short sale; the short sale offer process; FAQs for real estate agents...

...and much more.

A Brief, Excellent Overview of Short Sales

This is a monthly service provided by Keller Williams Realty. Considering our expertise in closing short sales, we felt this was particularly appropriate.

Spokane Short Sales Are Hard Work, But They Don't Have to "Suck"

We've been doing some reading online about "why short sales suck."

In one example, a real estate agent writes that he represented two well-qualified buyers on a moderately priced short sale. The listing agent (who represents the seller) in the transaction obtained approval from the bank within ten days...then called and said a "better" offer was on the table, effectively backing out of the contract thanks to language found in addendum RE 44 (which is not, as a matter of fact, required by Idaho law).

This is bad news all around--it has little to do with the transaction being a short sale.

Here's how we would have handled things as the listing agent: Once the bank accepted the first offer, we would never have let our clients get into a bidding war. It might be said that it is the listing agent's job to get the most money for the house. However, listing agents represent the seller, not the bank. In a short sale, if a listing agent has been successful in getting the bank to accept something, they should not introduce potential time delays.

Whiles the rules and regs are constantly changing, at the present time, if multiple offers are received before they are presented to the bank, then it only makes sense to write up the highest offer. But once the ball is rolling, only backup offers should be considered.

The writer/agent advised his clients not to move ahead, and he concludes with two parting thoughts:

"You’re much better off to find a clean, sharp home offered by a motivated seller who has enough equity to negotiate a fair deal with you.

[snip]

If you want/need to buy a home and get moved in, short sales are a total waste of time and energy for all concerned."

There are two issues here. Firstly, short sales are a fact of the present real estate environment. With Idaho one of the leaders in foreclosures nationwide, short sales are a way for home owners to potentially avoid this nasty experience (and "ding" on their credit report).

Secondly, it's about being a trustworthy, well-trained agent who is going to work towards a win-win situation every time.

In a perfect world there are no short sales and no bad agents. Since it's not, we work with what we've got...and we do it with excellence.

We'll write more on how we've been trained to handle short sales by a career loss mitigator and why that training means we are closing short sales every month.