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Cross Your T’s, Dot Your I’s

Jeffrey — Tue, 15 May 2012 16:47:10 +0000

Short Sales have been around for years. All the banks deal with them and almost everyone knows how long they can take. Over the past 5 years or so there have been these announcements about faster turn around times and easier approvals.

The banks are swamped. The major lenders get over a thousand new short sale requests a day. So with 1000 new short sales coming in everyday, how does one speed up the process without removing any of the steps? They systematize it. How do they systematize it? By adding more paperwork for the Realtors and homeowners, and requiring it to be precise before anything moves forward.

This paperwork is crucial. If one signature isn’t in the right place or you skipped a line, that can delay or even close out your short sale. Don’t believe me? Try it. During your short sale, skip a line on a form. The bank might not catch it right away or they might. Either way that one mistake could be a one week delay or more.

By the time it takes to get a hold of someone to review that document, then they have to find the mistake, then you have to refill it out and start over, it could be awhile.

So remember, with short sales, cross your T’s and dot your I’s.

Thanks for reading.

Sincerely,

Jeff Buettner

NEW Short Sale Guidelines From Freddie Mac And Fannie Mae

Jeffrey — Tue, 01 May 2012 17:07:55 +0000

As everyone knows, short sales can be a pain. Patience is needed as a bank can draw out the process and provide vague unclear answers as to why the process is taking several months. Now, Freddie Mac and Fannie Mae take a step forward to shorten the short sale process.

Starting in June of 2012, all Fannie Mae and Freddie Mac backed short sales will be processed within 30 business days. If this is not completed, a weekly update will be provided as to what the hold up is. If this is not done, monetary fines will be given to the lender.

This is done as an attempt to hold the lenders accountable for the long wait times, unclear updates, and obvious delays.

If you have any questions about the Arizona short sale process, please don’t ever hesitate to contact us.

Sincerely,

Jeff Buettner

Great Video On Mortgage Tax Debt Relief Act

Jeffrey — Wed, 04 Apr 2012 22:41:52 +0000

Here is a great video on the mortgage tax debt relief act which expires at the end of 2012. Please remember all of the California Specific Laws don’t apply in Arizona. All in all, still a very informative video.

Thanks for reading (or watching)

Sincerely,

Jeff Buettner

Mortgage Forgiveness Debt Relief Act Ends With 2012

Jeffrey — Tue, 27 Mar 2012 16:40:03 +0000

The Mortgage Forgiveness Debt Relief Act has been around since 2007. Believe it or not, it has also been utilized and talked about since 2007. The Mortgage Forgiveness Debt Relief Act has helped a lot of homeowners who were faced with a 1099 after going through a short sale or foreclosure.

Well, there is some unfortunate news. This bill expires at the end of 2012. Right now, at the start of 2013, this bill is set to disappear. All the homeowners who go through foreclosure or a short sale will be stuck with the 1099.My recommendation, if you see yourself heading down the wrong path, is to start the short sale process now. We will, more than likely, be able to close before the end of 2012.

For those of you who aren’t sold on the short sale yet, you can wait. There is a possibility that the Mortgage Forgiveness Debt Relief Act will get extended we just aren’t quite sure yet.

Let me know fi you have any questions.

Thanks.

Sincerely,

Jeff Buettner

Arizona Short Sales And Real Estate Market Are HOT Right Now

Jeffrey — Fri, 23 Mar 2012 00:38:43 +0000

If you need to sell your home, now is the time to do it. Things have been going crazy this week. We put a listing on the market and within 6 hours, we had a handful of contracts. It is definitely a seller’s market right now! Who knows how long it will stay this hot.

We can help. We specialize in short sales but we love to help buyers and traditional sellers as well.

If you have any real estate related questions, please don’t ever hesitate to contact me.

Thanks.

Sincerely,

Jeff Buettner

Short Sales And Strategic Default (Great Video)

Jeffrey — Tue, 28 Feb 2012 23:24:10 +0000

Take a look at this great video talking about strategic default, short sales, and foreclosure.

The bank has to _________

Jeffrey — Tue, 21 Feb 2012 17:25:25 +0000

I speak with a handful of homeowners every week who are facing foreclosure or who are considering a short sale. There is a common misconception in regard to short sales/foreclosure. The general public feels the banks HAVE to do this or are required to GIVE that. At the end of the day, that is just not the case.

The short sale is at the bank’s discrepancy. Period. They can ask for whatever they want, take as long as they want, or , frankly, just never return your phone calls. Now, as we know, this doesn’t happen. Banks do want to get short sales done because it nets them more money but they don’t HAVE TO do anything.

Even states where the bank legally has to respond within 60 days, guess what, it’s not helping any. If they bank hasn’t done their calculations within 60 days, but they have to respond, that response is going to be a NO.

Just something to think about as we enter a new week.

Thanks for reading.

Sincerely,

Jeff Buettner

Short Sales And BPOs

Jeffrey — Tue, 07 Feb 2012 17:33:16 +0000

During the short sale process, the short sale lender will always want to try and decipher what “market value” is. They do this to determine whether they will net more money with a short sale or a foreclosure. They essentailly use this market value number as a basis for all of their calculations.

So, how do they determine what they think market value of the short sale is? They do this through something called a BPO. BPO stands for Broker Pricing Opinion. Essentially, the name says it all. A BPO is a pricing opinion or quasi-appraisal completed by a Realtor (sometimes referred to as a broker) for the lender in hopes of gaining additional information on a short sale property. That pricing opinion might include pictures of the home, pictures of the street, detailed description on the amenities, and various other items of importance. At the end of the day, they all include the “I think the property is worth ______” line.

What’s the issue with these BPOs? Well, frankly, there’s a lot. So much, in fact, I am not going to go into detail in this post. I will leave you with this food for thought though. As a lender using this BPO as a basis for calculation (those calculations influencing decisions that could make or break several to ten’s of thousands of dollars) you think they would act a little smarter about the whole thing. Think about it. A BPO is completed for less than $50 in compensation by a random real estate agent who filled out some application. There is no way to tell if said agent is part time or full time, lives nearby or knows the area, or even viewed the home.

And these BPOs are the basis for most of their yay or nay decisions.

Thanks for reading!

Sincerely,

Jeff Buettner

What motivates the lender?

Jeffrey — Thu, 26 Jan 2012 16:54:19 +0000

There is a flurry of information out there in regard to short sales, foreclosures, and just lenders in general. Before you can truly understand why these lenders do the things they do, you have to understand what motivates them. When you understand what motivates them, it is then, you can provide the correct facts to get your Arizona short sale approved or get a loan modification looked at.

So, what is it you ask? What motivates the banks? That’s right. You guessed it. Money. Money motivates the bank. At the end of the day, for a short sale to get approved or a loan modification to be looked at, all you have to do is show that YOUR OPTION nets the banks even one more penny then OPTION B.

This can be tough in some cases. Why? Because we don’t exactly know what the bank’s expenses are. Yes, we know foreclosure costs them money (maintaining the property, lawyer’s fees, etc…). But how much? We won’t really ever know the exact amount.

So what is our advantage? The bank doesn’t truly know everything about your property, you as a homeowner, or your situation. My rule of thumb is: Tell the bank something they don’t know. Present the numbers and give them a reason to truly look at the file. Maybe it is that your short sale property backs up to a road. Maybe it is the your considering bankruptcy?

These scenarios change the numbers and in some cases, changes the tide.

If you have any Arizona short sale questions, please don’t hesitate to contact us.

Sincerely,

Jeff Buettner

What is an Arm’s Length Transaction? How does it affect short sales in Arizona?

Jeffrey — Wed, 18 Jan 2012 23:37:41 +0000

An Arm’s Length Transaction has to do with the relationships between the parties involved in a particular transaction. More often than not, a short sale lender will require all parties of the short sale to sign an Arm’s Length Addendum.

Embedded below is a very good video about what makes up an Arm’s Length Transaction and how it might affect your Arizona short sale.

Thanks for reading our Arizona short sale blog.

If you have any questions, please don’t hesitate to contact us at the “Contact Us” page.

Jeff Buettner