Bank of America HAFA Short Sale – Closed 1-27-2012

San Jose Short Sale Agent

Closes HAFA Short Sale with Bank of America on 1-27-2012

Don't Wait Until You Are Out of Time
Get The Help You Need NOW

 

 

Short Sale time frames will most definitely vary depending on the number of loans and who services the loans.

Below is an outline of the time frame for closing a short sale. This property qualified for, and was approved as a HAFA short sale.  The property is located in Milpitas, California.

San Jose short sale agent helps another homeowner avoid foreclosure with a Bank of America HAFA short sale.

 

 

  • List Date: 8/19/2011
  • List Price: $369,000
  • Price Reduced:  $358,888 on 9/3/2011
  • Sale Date: 9/15/2011
  • Number of Offers: 3
  • Days on Market: 27
  • Price Increase 12/2/2011:  $370,800 – mandated by AMS Servicing policy
  • Conditional Lender Approval 1st Lien with Bank of America: 12/22/2011
  • Lender Approval 2nd Lien with Wells Fargo: 1/6/2012
  • Final HAFA Approval with Bank of America: 1/23/2012
  • Sales Price: $358,888
  • Close of Escrow: 1/27/2012
  • List to Close: > 5.0 months
  • HAFA Incentive to Borrower: $3,000.00
  • Bank of America HAFA short sale servicer:  AMS-Servicing

Working with AMS Servicing was extremely challenging. Without Bank of America escalation support this file would not be closed today.

A proven strategy for a successful short sale is to require the purchase agreement time line to begin the day following receipt of the the first lien approval.  As shown on the short sale time frame above, the file was ready to be closed by the time the final approval letter was issued. The file was closed within 3 days of receiving the final approval.

You can save your home from foreclosure. Get the help you need now. Don’t wait until you run out of time. Call your local San Jose short sale agent who is trained, certified, experienced, with a track record of helping homeowners avoid foreclosure.

Call 1-800-972-1822 today!

San Jose Short Sale Closes on 1-6-2012

San Jose Short Sale Closes on 1-6-2012

Bank Of America Short Sales

Short Sale time frames will most definitely vary depending on the number of loans and who services the loans.

Below is an outline of the time frame for closing a San Jose short sale. This property did not qualify for a HAFA short sale. The property is located in the Evergreen Community in San Jose, CA.

Alternatives to Foreclosure

  • List Date: 10/15/2011
  • List Price: $399,999
  • Number of Offers: 1
  • Sale Date: 10/20/2011
  • Days on Market: 6
  • Lender Approval 1st Lien with Bank of America: 12/8/2011
  • Lender Approval 2nd Lien with Bank of America: 12/2/2011
  • Sales Price: $400,000 – Cash Purchase
  • Close of Escrow: 1/6/2012
  • List to Close: <3 months

You can save your home from foreclosure. Get the help you need now. Don’t wait until you run out of time. Call your local San Jose short sale agent who is trained, certified, experienced, with a track record of helping homeowners avoid foreclosure.

Call 1-800-972-1822 today!

San Jose Short Sale Agent Closes Another HAFA Short Sale

San Jose Short Sale Agent Closes Another Short Sale

HAFA Short Sales

Short Sale time frames will most definitely vary depending on the number of loans and who services the loans.

Below is an outline of the time frame for closing a San Jose short sale. This property qualified for, was approved as, and closed as a HAFA short sale.

Alternatives to Foreclosure

  • List Date: 10/2/2011
  • List Price: $368,888
  • Number of Offers: 3
  • Sale Date: 10/12/2011
  • Days on Market: 10
  • Lender Approval 1st Lien with Bank of America: 12/9/2011
  • Lender Approval 2nd Lien with Bank of America: 12/10/2011
  • Sales Price: $370,000
  • HAFA Incentive to Borrower: $3,000.00
  • Close of Escrow: 1/6/2012
  • List to Close: 3 months
  • Bank of America HAFA short sale servicer:  UTLS

Working with UTLS was extremely difficult.  Thankfully Bank of America is now managing their HAFA short sales in-house provided there is an offer on the property at the time the short sale is initiated. 

You can save your home from foreclosure. Get the help you need now. Don’t wait until you run out of time. Call your local San Jose short sale agent who is trained, certified, experienced, with a track record of helping homeowners avoid foreclosure.

Call 1-800-972-1822 today!

San Jose Short Sale Agents and Third Party Negotiators

Hiring San Jose Short Sale Agents who hire a Third Party Negotiator is much like drinking and driving. It’s a lethal combination that could be deadly in terms of a successful short sale. Prudent decision-making dictates … don’t do it!

I was talking with a buyer’s agent on one of my short sales. The buyer’s agent and I have a good rapport. He is very responsive to phone calls, emails and quickly returns documents that require signatures.  As a San Jose short sale agent, I appreciate a responsive buyer’s agent. 

The agent expressed his appreciation for how I manage my short sales.  I explained why I do not use a third party negotiator.  My reasons resonated with him as he experienced the same issues with the negotiator he hires to manage his short sales.  However, he simply does not like managing the short sale so he hires the task out.  I believe this practice ultimately compromises the sellers in exchange for his personal comfort.  

Short Sales are not Child's Play

I strongly believe San Jose short sale agents need specialized training in order to be effective. Unfortunately, training is not required by the California Department of Real Estate. One only need a real estate license to transact short sales.

Agents who are not trained and/or who do not want to negotiate the short sales should focus on non-short sale activity. I’ve been listing and closing short sales long enough to know what happens when an agent attempting a short sale does not know what they are doing. Ultimately, it serves no one except possibly the agent if they manage to get the approval and close the sale.

The Buyer’s asked me if I offered short sale negotiations as s service.  I explained the reason why I do not. It’s essentially the same reason I don’t hire out the service.  I have little control over the transaction when someone else is tasked with dealing with the lenders and servicers. Conversely, as a third party negotiator, I have no control over the sellers. Control meaning setting realistic expectations upfront, keeping lines of communication open, and ensuring full cooperation with the process.

My clients hire me to list, market, negotiate and close the short sale.

Hire an Experienced Short Sale AgentEven though I do not necessarily enjoy dealing with the lenders and/or servicers and their broken short sale process, I do not believe there is anyone who can do a better job than me.  My short sale success fully supports that statement.

If you need a San Jose short sale agent, then hire an agent qualified to do their job which is to help you avoid foreclosure and ensure your best interests are being served at all times. 

Call today for a free, no obligation consultation. 

800-972-1822

San Jose Short Sales – $300 buys Short Sale Approval

San Jose Short Sales – $300 buys Short Sale Approval

San Jose Short Sales kicks some Short Sales Bootie! When to going gets tough – the tough get going!

The Short Sale saga continues San Jose Short Sales – When Best Efforts Fall short

We got a third buyer into contract; submitted the offer to the new servicer (RCSI); and got the Trustee Sale date postponed for the third time.

RCSI declined the file and closed the file.

WHAT!?

We were told that the notes say that the offer needed to be at $XXX,000 to be considered. A message was sent to the negotiator to DISCUSS the file with us.  It’s so easy for them to just close a file and move on.  Negotiator did respond.

We just don’t give up. When the going gets touch … the tough get going, tough, tough.  When the going get tough, the tough get ready …

We escalated the file. We spoke with a manager whose brain activity measured above “brain dead.”  We got the file re-opened with a counter offer $50,000 over the offer price.  This was $30,000 less than the first counter offer which was $80,000 above market value.  Make sense? Of course is doesn’t make any sense. Add to that, prior to getting the trustee sale date postponed … the opening bid was over $120,000 LESS than the counter offer.

The buyers needed to come up $50,000 OR we needed to get an appraisal to support the buyers offer. No buyer would pay what the bank was demanding. If a buyer were “brain-dead” enough to offer that much, the buyers appraisal would, shall we say, have some issues.

We asked the sellers to pay $300 for an appraisal which was our only hope of getting the short sale approved and the sellers desire to avoid foreclosure.  The sellers agree to make the investment as their last hope to avoid foreclosure.

I called my appraiser who completed a rush appraisal on Saturday afternoon and had the written report to us that evening. It certainly helps to know appraisers who are willing to work weekends and do what is necessary knowing time is of the essence.  We uploaded the appraisal on Sunday so the negotiator would have it first thing Monday morning.

Sellers paid $300 for a full appraisal which did support the purchase price of $50,000 less than the banks counter offer.  Short sale was approved at the offer price.

Next phase of the San Jose Short Sales challenge – Will the Buyer stick and close?

San Jose Short Sales – $300 Buys Short Sale Approval – by Kathleen Daniels, San Jose Real Estate Agent

San Jose Short Sales – a Public Service

As a Certified San Jose Short Sale Specialist I see myself as a public servant as well as a San Jose Real Estate Professional.

Not only do San Jose short sales require that I spend significantly more time with a San Jose homeowner, San Jose short sales require significantly more time, effort and energy in collecting seller documents, processing the paperwork, following up with the short sale lender and negotiating the approval. Add to that the fact that once we actually have short sale approval, the buyer may elect not to move forward with the sale and the process starts all over again as we find another buyer.  This process can take six to nine months and longer!

Why do short sale lenders, banks, loan servicers and investors expect short sale specialists to accept significantly less than what we are customarily paid? They know what we will not jeopardize the sellers opportunity for a successful San Jose short sale. It’s a gamble any true short sale professional will not take.  The risk of creating a lose/lose situation is far too great! Believe me I would love to tell the negotiators to take a flying leap!

A Public Servant

What if we just said NO?

Where would the lenders be without real estate agents willing to do whatever it takes to help homeowners avoid foreclosure?

Lenders would certainly lose more money than what it would cost to pay a civil commission and yet they have no regard, concern or respect for what short sale specialists do to help San Jose homeowners avoid foreclosure and ultimately help lenders recover as much of their loss as possible.

This is why I see myself as a public servant as well as a real estate professional who specializes in San Jose short sales.  Helping San Jose homeowners avoid foreclosure not only helps the homeowner, it serves the greater good of the community as well. I will continue to do whatever it takes to help San Jose homeowners avoid foreclosure and serve the community in which I live and work.

If you are unable to make your mortgage payment(s) and do not know what to do, call Kathleen Daniels at 800-972-1822 today for a free consultation. Understand you have a choice. Foreclosure is not the only option!

San Jose Homes for Sale

Certified San Jose Short Sale Specialist

HAFA Short Sales SpecialistCertified HAFA Specialist

Copyright © 2010, All Rights Reserved by Kathleen Daniels, Certified Distressed Property Expert, Certified HAFA Specialist, RDCPro *Short Sales – a Public Service*

San Jose Short Sales – Show me the Money!

As a San Jose Short Sale Specialist I am often asked: “Why are we required to put in a good faith deposit BEFORE the bank approves the short sale? “This is often followed by: “No one else requires a deposit.”

My response is typically something like this: The reasoning is that buyers must have skin in the game. It’s measures buyer commitment.

Think about it … would you write an offer on a bank-owned REO without a deposit?

Would you write an offer on a traditional sale without a deposit?

My questions to you are:

  • Have you ever booked a vacation without a deposit?
  • Have you ever booked a hotel room without a deposit?
  • Have you ever been able to book a conference room, a church, a reception hall without a deposit?

In most cases, those deposits may be non-refundable. A deposit for a purchase of a short sale is refundable under the provisions of the Purchase Contract. We ask for a “good faith” deposit as a measure of a buyers’ good faith.

The homeowners listed their home as a short sale because they want to avoid foreclosure. The sellers are unwilling to essentially take their home off the market for a buyer who is unwilling to provide a small initial deposit. My years of experience working short sales tells me that buyers who are unwilling to put up a deposit are most likely buyers who are writing offers all over town and ultimately may walk away from their promise to purchase. If that happens, my clients are at a higher risk of foreclosure.

Therefore Mr. and Mrs. Buyer (and Buyers’ agent) as Jerry Maguire says:

SHOE ME THE MONEY!

Intero San Jose Ca

Certified San Jose Short Sale Specialist

Copyright © 2010, All Rights Reserved by Kathleen Daniels,San Jose Short Sale Specialist, RDCPro *San Jose Short Sales – Show me the Money!*

A New Foreclosure Bill – Senate Bill 1275

On Thursday, June 3, 2010, the California Senate approved a new foreclosure bill SB 1275. With a 21 to 12 vote, SB 1275 will be heard by the Assembly Banking Committee before it goes to the full Assembly for a vote.

Sen. Mark Leno (D-San Francisco) and Senate President Pro Tem Darrell Steinberg (D-Sacramento) are the authors of SB 1275 which has provisions that are intended to discourage careless, negligent, sloppy, laidback behavior from servicers … ultimately designed to prevent California foreclosures which would otherwise be avoidable.

SB 1275 would provide homeowners a means of recourse if the homeowner lost their home to foreclosure due to servicer errors. In addition, servicers would not be allowed to start the foreclosure process until a homeowner receives the final decision on the loan modification.

There is currently no means for a homeowner to seek recourse if their home is sold in foreclosure due to a servicer error. Senator Mark Leno and Senate President Pro Tem Darrell Steinberg intend to change this by providing recourse through a private right of action. Homeowners would be able to seek limited damages that relate to the degree of the servicer’s errors. This may include a homeowner’s right to reverse the foreclosure sale.

According to the Center for Responsible Lending (“CRL”), Bank of America executive Jack Schackett admitted during committee hearings that they “have not handled [their] customers to the standards Bank of America is accustomed to.”

Even when homeowners are following all the rules in applying for a loan modification and when they are making trial modification payments, servicers are still initiating the foreclosure process.

“Simple fairness dictates that no one should lose their home while they are in the middle of trying to save it,” said Paul Leonard, director of the California office of the Center for Responsible Lending. “A foreclosure that starts because a servicer’s left hand doesn’t know what the right hand is doing is the most preventable foreclosure of all.”

Will SB 1275 pass?

Servicers must do better at helping homeowners avoid foreclosure.

Intero San Jose Ca

Certified San Jose Short Sale Specialist

Copyright © 2010, All Rights Reserved by Kathleen Daniels,CDPE, RDCPro *A New Foreclosure Bill – Senate Bill 1275*

San Jose Short Sales – another success story!

Ever wonder why San Jose short sales “don’t close”?

We just closed another San Jose Short Sale! We received Short Sale Lender Approval on 5-3-2010. We closed in 19 calendar days. We could have closed sooner IF only the Listing Agent had timely performed. Because we were waiting for the listing agent to perform we faced unexpected delays in the San Jose short sale process. Delays can not only be costly, delays can cause a San Jose short sale transaction to blow up.

It’s not always the short sale negotiator as many inexperienced San Jose short sale listing agents claim. That certainly was not the case in this transaction. Despite the delays caused by the listing agent and the errors created by the Old Republic Title Escrow Officer … we did close on the San Jose short sale.

Congratulations to my Super Star client who understands the San Jose short sale process and played like a Champion.

A special thanks to my friend Julie for the referral.

I truly enjoy working with San Jose short sales and helping San Jose homeowners avoid foreclosure.

Certified San Jose Short Sale Specialist

Copyright © 2010, All Rights Reserved by Kathleen Daniels, San Jose Short Sale Specialist
*San Jose Short Sales – another success story!*

Avoid Mortgage Modification Scams in San Jose Ca

Only a select few homeowners facing the possibility of a San Jose Ca foreclosure actually qualify for a

Mortgage Modification

Most distressed San Jose Ca homeowners are so far behind on their mortgages that they can’t make their modified payments during the trial period. This means the modifications never become permanent. With so many homeowners shopping for a successful mortgage modification … and so few who actually qualify for a modification … there are massive numbers of struggling homeowners who are susceptible to false promises.

Government Involvement: The Obama administration has brought increased attention to mortgage modifications as an alternative to foreclosure. Among the range of foreclosure avoidance options, a mortgage modification can work for distressed homeowners who can afford an adjustment to their monthly mortgage payments.

The federal government has offered incentives for modifications through the Home Affordable Modification Program (HAMP). Many lenders are now responding to the incentives by adjusting their policies on foreclosure avoidance.

Homeowners are not the only ones looking to benefit from the market-wide push to increase mortgage modifications. Scammers and con artists have come up with new and innovative schemes to benefit from vulnerable homeowners. Since 2008, mortgage modification scams have been on the rise, and that rise is expected to continue.

The FBI is investigating more than 2,100 mortgage cases, up almost 400 percent from five years ago.” US Attorney General, Eric Holder in 2009

Scammers are all around us. Don’t let a scammer fool you, or someone you know, into an even worse financial situation by a predatory mortgage scheme. If you have questions about avoiding mortgage scams, or if you need legitimate, professional help with avoiding foreclosure, know that real help is available!

Call Certified San Jose Short Sale Specialist, Kathleen Daniels today @ 1-800-972-1822.

Intero San Jose Ca

Copyright © 2010, All Rights Reserved by Kathleen Daniels, San Jose Short Sale Specialist *Avoid Mortgage Modification Scams in San Jose Ca*

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