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- Short Sales Continue to Become More Common than Foreclosures
- Foreclosures Avoided with 422,000 in Short Sales and 850,000 in Loan Modifications in 2012
- Obama Administration Reports on Loan Modifications and Foreclosures in January
- Freddie Mac’s New Short Sale Process Has Begun to Take Hold
- U.S. RMBS (Residential-Mortgage Backed Security) Delinquencies Dropped in Q4 2012
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Tag Archives: lender
Do Loan Modifications Work?
When you are behind on your mortgage the first thing your lender will do is push you to get a loan modification. Let me explain why as a borrower a loan modification does not work in your best interest. There … Continue reading
Banks Continue to Tighten Mortgage Lending Standards
A dramatic increase in the demand for residential mortgage loans has led banks to tighten lending standards once again, according to a new report by the Federal Reserve. In light of the uptick in demand, some banks have further tightened their lending standards Continue reading
Posted in Housing Trends
Tagged bank, down payment, Federal Reserve, FICO score, home values, homeowner, housing prices, lender, lending practices, lending standards, mortgage, mortgage loan, refinance, Senior Loan Officer Opinion Survey, short sale
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Realtor Tip 13: Short Sales and Property Taxes
In a well-negotiated short sale, the lender should pay all the property taxes, including back taxes. If the homeowner did not escrow their property taxes and has not been paying them, in some cases the bank will have already paid them Continue reading
Posted in Short Sale Realtor Tips
Tagged approval letter, back taxes, closing, HUD-1, lender, net sheet, property taxes, realtor, short sale, taxes
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Realtor Tip 12: Selecting the Right Title Company for a Short Sale
If you are working with a client on a short sale, you should be aware that the process is unique and may force a title company to step outside the norm In our experience, title companies often can cause more problems than they help resolve in the closing of a short sale Continue reading
Posted in Short Sale Realtor Tips
Tagged attorney fees, escrow fees, HOA fees, home warranty, HUD-1, lender, settlement statement, short sale, short sale agent, short sale lender, short sale process, title company, title report
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Realtor Tip 11: Communications in a Short Sale
As a short sale realtor, you are the primary point of contact between the seller, the lender, and the buyer’s agent The other key to effective communication during a short sale is to talk to the lender that is being shorted at least twice a week Continue reading
Posted in Short Sale Realtor Tips
Tagged BPO, broker's price opinion, buyer's agent, communication, lender, negotiating a short sale, negotiation, seller, short sale
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Realtor Tip 10: Negotiating a Short Sale with the Bank
The bank is just the servicer – it collects the mortgage payments, distributes them, and negotiates any short sale or foreclosure activity The decision-maker on the approval of the short sale is the actual investor who holds the note and not the bank. Continue reading
Posted in Short Sale Realtor Tips
Tagged lender, lender negotiator, short sale, short sale negotiation
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Housing Prices Expected to Increase Next Year
If the latest forecast by the Urban Land Institute (ULI) is correct, the Dallas area will see a turn around in housing prices as soon as 2013 Similarly, housing price increases may be more modest in our area Continue reading
Posted in Housing Trends, News, Short Sale Market News
Tagged Dallas housing, GDP, housing construction, housing prices, housing starts, lender, mortgage, Real Estate Consensus Forecast, short sale, ULI, unemployment, Urban Land Institute
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Realtor Tip 8: Getting a Positive Short Sale BPO
As the short sale agent, you are not allowed to directly influence the BPO’s price For example, you cannot ask the BPO agent to come back at a specific price to meet your short sale Here are tips for getting a positive outcome with the BPO: Continue reading
Posted in Short Sale Realtor Tips
Tagged BPO, BPO agent, broker's price opinion, evaluation, lender, property value, repairs, short sale, short sale agent
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Realtor Tip 7: Understanding the BPO Process
The overall purpose of the BPO is to make sure that the bank is getting as much value on the house as possible in the short sale process As the selling agent, understanding the BPO process can help you know what information to provide the BPO agent and better prepare for the negotiation with the bank. Determining the BPO Continue reading
Posted in Short Sale Realtor Tips
Tagged bank, BPO, BPO agent, broker's price opinion, FHA loan, home inspection, HUD, lender, selling agent, short sale
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Realtor Tip 3: The First Short Sale Meeting at the Seller’s Home
A short sale can make the difference between foreclosure and a brighter future for the homeowner, but the short sale process can be laborious Completing a successful short sale demands a great deal of time and attention from the realtor Continue reading
Posted in Short Sale Realtor Tips
Tagged bank, deadline, documents, foreclosure, forms, lender, paperwork, planning, short sale
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John Anderson