Short Sale Soundoff: BofA refines process for valuation disputes

Bank of America has refined the process for settling valuation disputes during a short sale.

The value of a property is established by independent third-party vendors shortly after a short sale is initiated. Occasionally, however, a listing agent may wish to contest that value. When that occurs, there is now a revised process for reconsidering the value.

Process Steps

1. Tell your short sale specialist that you would like a reconsideration of the value.
2. Receive an investor-specific, easy-to-complete form from your short sale specialist that specifies all requirements for a successful value dispute.
3. Fill out the form and attach specified evidence.
4. Stay in touch with your short sale specialist for results.
5. Expect a value dispute review within 10-12 business days once all required information has been received.

When contesting a home value, make sure you have compelling evidence to support your claim.

Do not reference property pricing amounts in the narrative on the form. This violates appraiser independence policy and is against industry standards. Any reference to pricing will disqualify the dispute.

Provide comparables that are recent, proximate (nearby) and similar to the property in question.

• “Recent” means sold within 90 days of the actual value document date.

•  “Proximate” varies by location. In a rural area, for example, a home five miles away could be considered proximate.

• You will be able to provide additional notes to highlight characteristics of the comps.

When the dispute centers on property condition or hazards:

• Provide an itemized estimate from a licensed contractor on the contractor’s letterhead.

Provide photos to illustrate the repair, condition issue, or hazard you want to highlight.

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com

Your Napa Valley Broker Extraordinaire, selling Real Estate here from its heart, Yountville

My website & blog: www.NapaValleyAddress.com

Finally, proof about how long it takes to get short sale approval from lenders from C.A.R. Newsline. Are Fannie Mae’s and Freddie Mac’s new guidelines, which take effect June 15, possible given their performance to date? These loan providers will then have 30 days to review and respond to short sale offers or requests,  If they need more than 30 days, they must provide the borrower weekly updates and a final response within 60 days. So I guess there will be many such updates going out.

Short Sale Soundoff: Lenders with fastest short sale response times

RealtyTrac has compiled a list of data revealing which lending institutions tend to move through the short sale process the quickest.  According to the data, Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA) had the shortest timelines at 193 days in January 2012, a decrease compared with a year ago when short sales averaged 248 days.  Ally Financial came in second at 321 days, reducing its timeline as well from 393 days a year ago.

PNC Financial Group was third, taking 353 days, though the bank takes longer than it did a year ago when it took 206 days.  Wells Fargo came in fourth at 385 days, followed by Bank of New York Mellon, 402 days; Bank of America, 403 days; and Sun Trust, 404 days.

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com

Your Napa Valley Broker Extraordinaire, selling Real Estate here from its heart, Yountville

My website & blog: www.NapaValleyAddress.com

HAFA Short Sale Events

C.A.R. and the U.S. Department of the Treasury, HOPE NOW, HUD and NeighborWorks America are joining together to bring several events in Sacramento and Los Angeles to help REALTORS® better understand and navigate the complex short sale transaction and help struggling homeowners find solutions to their mortgage problems.

For more information or to register for a webinar.

Short Sale Workshops and Webinars

The short sale workshops and webinars, open to REALTORS® only, will cover everything real estate professionals need to know about executing short sales in today’s market.  Servicers will be on hand to explain the most effective ways to get short sale offers approved, show how to navigate the process more smoothly and help with difficult cases.  Additionally, the U.S. Treasury will give an update on Making Home Affordable’s HAFA program, which has been extended until December 2013.

* In-person short sale workshops (Registration is not required.):
Sacramento – Sacramento Convention Center, Tuesday, March 20, 9:30 a.m. – 11:30 a.m.
Los Angeles – Los Angeles Convention Center, Thursday, March 22, 9:30 a.m. – 11:30 a.m.

* Live short sale webinars (open to all REALTORS® statewide, pre-registration is recommended, telephone line required for audio portion):
Tuesday, March 20, 9:30 a.m. – 11:30 a.m.
Thursday, March 22, 9:30 a.m. – 11:30 a.m.

Help for Homeowners Events

REALTORS® who are working with homeowners struggling with their mortgage payments should attend this event with their clients and meet face-to-face with their servicers and HUD-approved housing counselors to explore foreclosure options and find solutions to their mortgage problems.  (Please, no solicitation of homeowners during the event.)
Sacramento – Sacramento Convention Center, Tuesday, March 20, 1 p.m. – 8 p.m.
Los Angeles – Los Angeles Convention Center, Thursday, March 22, 1 p.m. – 8 p.m.

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com

Your Napa Valley Broker Extraordinaire, selling Real Estate here from its heart, Yountville

My website & blog: www.NapaValleyAddress.com

Short Sale Soundoff: Freddie Mac to increase short sale incentives

Freddie Mac soon will increase incentives paid for completed short sales, according to a spokesman for the government-sponsored enterprise.

Through HAFA, the Treasury currently provides $1,500 for servicers and up to $2,000 for investors who allow up to $6,000 of the short sale proceeds be paid to subordinate-lien holders.

But servicers completed only 27,600 short sales and deeds-in-lieu of foreclosure through December. Of those, only 1,600 were for GSE-backed mortgages, according to Treasury Department data released Monday.

Private investors approved more than 18,300, and the rest were held on the servicer portfolio.

Nearly two-thirds of HAFA activity occurred in three states. Roughly 43 percent of these transactions occurred in California, followed by 15 percent in Florida and 6 percent in Arizona.

According to the Freddie spokesman, the upcoming incentive changes are being constructed with the hope of boosting short sale volumes. Whether these higher payments will go to servicers, investors, or the subordinate-lien holders is unknown.

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com

Your Napa Valley Broker Extraordinaire, selling Real Estate from its heart, Yountville

My website & blog: www.NapaValleyAddress.com

Continued Tracking of Napa Valley Distressed Properties in the $800,000 to $2M Range, now 7 of 53

This is the continued tracking, started in July 2009, of the number of distressed sales (in foreclosure, a short sale or a bank owned property) for homes priced from $800,000 to $2,000,000 in the up valley region of the Napa Valley. By up valley I mean the Cities of St. Helena, Calistoga, Angwin, Deer Park, Oakville, Rutherford and the Town of Yountville and only those listed in BAREIS, my MLS. Today there are 7 distressed sales of 53 active listings in this price range with two of these in escrow, compared to 8 of 58 on January 1 st. Three of these distressed sales are REOs and four are short sales. Of the seven, only three are in the Napa Valley, one is in Pope Valley and the other three are in the surrounding mountains. Next look March 1st.

We're sorry, but we couldn't find MLS # 21108193 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # 21129872 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # 21114182 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

MLS # 21126343 in St. Helena, CA 94574

St Helena Estate nestled high on the hill! Maison de Joie is a nearly 2 acre wooded escape, private, overlooking Napa Valley vineyards. Just moments from the charming town of Saint Helena, restaurants, wineries & more. Napa Valley Views capture the essence of Napa Valley living. The expansive 4600 sf home offers 5 bedrooms, plus a lower level suite with its own parlor & 2 addt'l rooms.

Property Type(s): Residential, Single Family

Last Updated	12/21/2011	Tract	n/a
Year Built	1986	Community	St. Helena
Garage Spaces	n/a	County	Napa
Total Parking	n/a	Walk Score ®	8

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listing provided by Martha Rodman, Pacific Union International

(view all details for MLS #21126343)

We're sorry, but we couldn't find MLS # 21132078 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # 21118405 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # 21131488 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com

Your Napa Valley Broker Extraordinaire, selling Real Estate here from its heart, Yountville

My website & blog: www.NapaValleyAddress.com

Short Sale Soundoff: BofA shortens backup offer period

 
Bank of America has made a change to its short sale process in regards to backup offers.  According to BofA, based on agent feedback and to reduce overall cycle times, the bank is reducing the window agents have for submitting a backup offer on a short sale.  Instead of 14 days, backup offers must now be submitted within eight calendar days after the initial offer becomes invalid.

When a backup offer becomes necessary, agents should contact their short sale specialist immediately, and let the specialist know if they have a backup offer to submit.

Within eight calendar days, resubmit the listing data, submit the short sale offer, and upload the offer documents and supporting documents.  Any backup offer will require analysis and investor approval, regardless how similar it may be to the previous offer.

If no backup offer is available, the short sale will be closed in Equator by the short sale specialist.  The agent should return to marketing the property and may initiate a new short sale in Equator when a new offer on the property is received.

from C.A.R. NewsLine

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville

My website & blog: www.NapaValleyAddress.com

]]> http://www.napavalleyaddress.com/bank-of-america-reduces-short-sale-back-up-offer-submission-period-from-14-days-to-8-days/feed/ 0 http://www.napavalleyaddress.com/january-1-2012-continued-tracking-of-napa-valley-distressed-properties-in-the-800000-to-2m-range-now-8-of-58/ http://www.napavalleyaddress.com/january-1-2012-continued-tracking-of-napa-valley-distressed-properties-in-the-800000-to-2m-range-now-8-of-58/#comments Mon, 02 Jan 2012 17:51:26 +0000 Curtis Van Carter http://www.napavalleyaddress.com/?p=4829

This is the continued tracking, started in July 2009, of the number of distressed sales (in foreclosure, a short sale or a bank owned property) for homes priced from $800,000 to $2,000,000 in the up valley region of the Napa Valley. By up valley I mean the Cities of St. Helena, Calistoga, Angwin, Deer Park, Oakville, Rutherford and the Town of Yountville and only those listed in BAREIS, my MLS. Today there are 8 distressed sales of 58 active listings in this price range with two of these in escrow, compared to 6 of 74 on December 1 st. Three of these distressed sales are REOs and five are short sales. Of the eight, only three are in the Napa Valley, one is in Pope Valley and the four in the surrounding mountains. Next look February 1st.

We're sorry, but we couldn't find MLS # 21132078 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

MLS # 21126343 in St. Helena, CA 94574

St Helena Estate nestled high on the hill! Maison de Joie is a nearly 2 acre wooded escape, private, overlooking Napa Valley vineyards. Just moments from the charming town of Saint Helena, restaurants, wineries & more. Napa Valley Views capture the essence of Napa Valley living. The expansive 4600 sf home offers 5 bedrooms, plus a lower level suite with its own parlor & 2 addt'l rooms.

Property Type(s): Residential, Single Family

Last Updated	12/21/2011	Tract	n/a
Year Built	1986	Community	St. Helena
Garage Spaces	n/a	County	Napa
Total Parking	n/a	Walk Score ®	8

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listing provided by Martha Rodman, Pacific Union International

(view all details for MLS #21126343)

We're sorry, but we couldn't find MLS # 21129872 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # 21131488 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # 21118405 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # 21114182 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Sale Pending

4625 Lake County Hwy Calistoga, $1,000,000, 3 br 3 ba, 3,697 sf

2659 Lower Chiles Valley Rd Pope Valley, $999,900, 4 br 5 ba, 7,500 sf

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville

My website & blog: www.NapaValleyAddress.com

With 9,145 completed short sales, the Los Angeles area had more short sale transactions than any other metropolitan statistical area (MSA) in the second quarter of this year, according to a recent blog post from RealtyTrac.

These short sales came with an average discount of 32 percent and at an average price of $350,237.

Phoenix ranked second in number of short sales for the second quarter with 8,434 short sales, which came with an average discount of 27 percent and an average price of $133,793.

According to the RealtyTrac blog post, the metros with the highest numbers of short sales in the second quarter were:

1. Los Angeles

2. Phoenix

3. Cape Coral – Fort Myers, Florida

4. Oxnard – Thousand Oaks – Ventura, California

5. Reno – Sparks, Nevada

6. San Francisco

7. San Jose

8. Portland

9. Atlanta

10. Milwaukee

From C.A.R. Newsline

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville.

My website & blog: www.NapaValleyAddress.com

I read this post from Carol Ann Palmieri on Active Rain, one of real estate blog groups i am associated with and felt it contains great info given the times we are in. There are many articles and posts about scams similar to this, but the 10 warning signs are right on.

Scam or not? Guilty or innocent?Where did all the money go?

I’m not sure if this is a sad story or simply a story of a man in court that was resisting the banks attempt to take his home.

I was in Court yesterday, sitting in the gallery.  They called a man up to discuss his case.   It appears his lender had the moving trucks in front of his home.  They had given him a move out order two days ago.  At first glance, it seemed simple enough.    He had fallen back on his payments and his lender was foreclosing.

But, not so fast!    He gets up at the podium and speaks to the Judge.  I don’t know if anyone believed his story, but I did.   He tells the Judge that he went for a loan modification and has been paying his money to the loan modification company that was “helping” him.

What happens?   He gets a foreclosure notice or rather several.   He ignores them.   Why?   He has been paying the loan mod company.     Seems the money wasn’t getting to where he thought it was.  Now the lenders moving trucks are at “his” house.   He’s in court up against the Banks attorneys and it doesn’t look good for him at all.

So, scam or not? Guilty or innocent?Where did all the money go?

I don’t know.   But if the answer is scam then where the heck are the authorities in all this?   Bad enough there are some Americans that are in such financial trouble that they are becoming homeless, but if there are American’s who are losing their homes due to scams then this is not acceptable and a crying disgrace.

How do we get ourselves in these situations? We hear and read of  loan modification programs.  We hear politicians talking about them.    This gives it credibility.   Well maybe there is some truth to tShat out there, but there are also folks who will take your money and then you lose your home.    When we are faced with extremely difficult and emotional decisions it can be easy to throw common sense to the wind.

10 Warning Signs You Could Be Dealing with a Scammer:

1. A company demands a fee in advance
2. Offers to negotiate a loan modification for a fee.
3. Makes unsolicited offers claiming they can help save your home.
4. Anyone Recommending you break off contact with the lender
5. Someone recommending you break off contact with a counselor you have been working with
6. Anyone advising you to stop making mortgage payments.
7. Someone telling you to send your mortgage payment to anyone other than your loan servicer.
8. Instructs you to transfer ownership of your property.
9. Makes verbal promises that aren’t put in writing.
10. Asks you to sign a document that has blank lines or spaces.

This man in court today is not going to get a loan modification OR his home back.  He did get 10 more days to try and find a place to live and move his stuff out.     Not really the banks fault here, but the man fell victim to a scam.   What a shame.

If you find yourself falling behind in your mortgage, pick up the phone and call the lender as soon as possible.   Call a Realtor.   My general rule of thumb is 30 days late, don’t wait.     Head this off at the pass.    Whatever you do, DO not lose your money to a Scam.   Folks, if it sounds to good to be true, it is!

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville

My website & blog: www.NapaValleyAddress.com

The story below was in this weeks C.A.R. Newsline. What it doesn’t say, this practice has been being used by other lenders for about six months. One lender I know has offered a seller a $35,000 incentive in their short sale. THE ONE MUST DO TO GET THE MONEY, THE SELLER HAS TO ASK FOR IT UP FRONT. So if you are in the unfortunate position of needing to short sale your property, please ask if they have an incentive relocation program and ask if there is a range. You will gain nothing if they don’t but could loose big if they do and you don’t ask.

Short Sale Soundoff: BofA begins pilot program in Florida

Bank of America has begun a pilot program in Florida, offering extra incentive payouts to distressed homeowners who agree to and successfully close on a short sale.

Incentive payments for relocation assistance range between $5,000 and $20,000. The program is being offered on a limited basis for investor-approved, pre-offer short sales.

Bank of America is calling it a pilot “test-and-learn” program. If successful in Florida, Bank of America says the “test-and-learn” could be expanded to other states.

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville.

My website & blog: www.NapaValleyAddress.com