Short Sale Banks

How to Dispute Values on Bank of America Short Sales

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If you have completed more than a handful of short sales, then you have no doubt faced the music with respect to property value.  During the course of the short sale, the short sale lender sends out another Broker to complete a Broker Price Opinion (BPO) for the short sale listing. The bank then, in [...]

May 14, 2012 3 comments CONTINUE READING THIS POST →

Late Breaking News for Short Sale Sellers in 2012

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If you are considering working the short sale market and listing short sales, 2012 may be the year for you. First off, the Mortgage Forgiveness Debt Relief Act of 2007, which protects certain short sale sellers from tax liability, is set to expire at the end of the year. The Treasury has amended the HAFA [...]

April 23, 2012 5 comments CONTINUE READING THIS POST →

Bank of America Short Sale Policy Changes – A Bad Omen?

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We all know that Friday the 13th is considered to be bad luck according to western superstition. Yet, ironically, this coming Friday, April 13, is a day in which Bank of America plans to make a few changes that may make our short sale processing times more efficient.  Will these changes be a bad omen [...]

April 9, 2012 6 comments CONTINUE READING THIS POST →

New Bank of America Short Sale Policy

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Hot off the press (who actually receives a paper newspaper anymore?) is this latest news alert with respect to short sale processing at Bank of America. It seems that Bank of America has now decided that they would like to use their own third-party authorization form when processing a short sale. According to Bank of [...]

March 28, 2012 2 comments CONTINUE READING THIS POST →

Number #1 Question for Short Sale Listing Agents

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Everyone short sale seller to know the answer to the following question: “Is it true that I can short sale my house and purchase again with no waiting period?” The answer is “yes” and “no” and “maybe.” According to the excellent chart that I’ve shared below (courtesy to my friends at American Capital Home Loans), [...]

March 21, 2012 2 comments CONTINUE READING THIS POST →

Bank of America Offers Principal Reductions – Fact or Fiction?

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Inquiring minds want to know all about this new principal reduction. Maybe you have heard about it on television, or read about it in the news. Bank of America is offering principal reductions of up to $100,000. Sounds great, right? I bet you want to know where you can sign up to get yours. But, [...]

March 19, 2012 1 comment CONTINUE READING THIS POST →

How to Submit a Backup Offer in Equator

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First off, I guess everything really depends upon your definition of a backup offer. After reading the guidelines, I’d surmise that Equator and the average agent probably have a very different definition of the term backup offer. For me, a backup offer is any offer that I receive and ‘hold’ after I have a fully [...]

January 25, 2012 6 comments CONTINUE READING THIS POST →

Can a Deed-in-Lieu Ruin Your Short Sale?

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One of my favorite clients and a very prolific short sale agent contacted me because she has a bone to pick with our mutual friend, Fannie Mae. You see, this agent has taken a short sale listing. We have a buyer. The short sale package has been submitted to the bank and we have already [...]

January 11, 2012 0 comments CONTINUE READING THIS POST →

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