short sales: Growing Frustrations with Chase in Reference to Short Sales - 04/16/13 11:33 AM
You'd think after 13 years of working short sales, watching the industry evolve a bit, that we'd have a brightening picture when it comes to communication, time frames, approvals, etc. However... I'm not finding that to be the case. When I did my first short sales years ago, I'd have to fight constantly for my commission, have to have the same conversation over and over, but I actually had a person I could reach on the other end of the phone, someone for whom you could leave messages, someone to whom you could even send an email. Now, that's not always … (2 comments)

short sales: My Solution to Short Sales - 03/01/13 11:28 AM
I have the best solution ever for short sales.
How about if the banks incentivize the system? They could award incentives to their processors and negotiators who get short sales done efficiently AND quickly.
Those people tend to be underpaid and overworked but are grateful to have a job. 
Give them the ability to be truly rewarded and get the short sales processed in a timely manner. 
Wouldn't that be amazing?
 
 
(0 comments)

short sales: Is the Buyer of your Short Sale an LLC? - 01/30/13 01:33 PM

Bank of America sends out short sale guidelines on a regular basis. Today's email was a reminder that if the Buyer of your short sale is a Limited Liability Company (LLC), there are additional documents that are required in order to complete the sale. Getting these (and all) documents in quickly helps ensure a smoother short sale.
 
LLC required documents include:
* Fully executed Articles of Incorporation/Organization AND Operation Agreement (contains Members Agreement which lists Officers and their ownership interest in the company)
* Proof of funds in the LLC's name
* Proof of the Buyer's connection to … (6 comments)

short sales: Short Sale Restrictions - Be Informed! - 01/21/13 08:39 AM
Attention Real Estate Investors: 

If you purchase a short sale and the Seller's investor is Fannie Mae or Freddie Mac, be aware that you, as the buyer, are prohibited from selling the property for any sales price for a period of 30 days from the date of the deed.


After a 30 day period, and until 90 days from the date of the deed the buyer is further prohibited from selling the property for a sales price greater than 120% of the short sale price.

Note: The above restrictions will run with the land and are not … (2 comments)

short sales: Name That Document! - 10/18/12 02:15 PM
Name That Document!
 
 
In our technologically-driven field, the need to transmit documents electronically is constant. When you send something, be sure to name the document and to specify the subject in your email.
It's challenging when you scan something and the computer or printer assigns the file a long-stringed numeric code. The first thing I do when I receive the transmission is to rename the file. I usually name it with the property address and then the specific document name. For example, "123 Main St - Seller's Disclosure." Whenever I send that document, it's easy for me to … (2 comments)

short sales: BPOs... If Illegal, What's the Alternative? - 02/12/12 10:08 AM
Are BPOs Legal in Your State?
 

Broker Price Opinions (BPOs).
Many of us have done them.
But a word to the wise... in some states, such as Delaware, they are illegal if the property is listed and/or if the property is under contract.
And it doesn't matter if you call them a CMA either. If, as a REALTOR in Delaware, you're giving a valuation of a property that's listed, you're going behind the sign, and that's illegal. If the bank wants to determine the value of the property, for whatever reason, and the property is already listed, in … (5 comments)

 
Monica Hill, the Realtor to help you discover Delaware (RE/Max Associates) Rainmaker large

Monica Hill

the Realtor to help you discover Delaware

Wilmington, DE

More about me…

RE/Max Associates

Address: 3302 Concord Pike, Wilmington, DE, 19803

Office: (302) 477-3900

Mobile: (302) 563-5637

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog