FANNIE MAE ANNOUNCES NEW SHORT SALE GUIDELINES If you are an agent in Massachusetts or New Hampshire that specializes in short sales you should be aware of new guidelines posted by Fannie Mae recently that affects the LISTING of your short sales.  Initially, I had some short sale investors up in arms, until I thoroughly […]

Trick Or Treat – Five Month Short Sale coming to end after THREE SUBMISSIONS

Now, five and ½ months is not historically long in short sale time lines, but it’s long enough for me considering I submitted the same file four times, three with the same buyer and ended up with the same negotiator ALL but this last time. This is the end of one of the most frustrating deals I’ve ever encountered, mainly because the STUPIDITY of the team at Chase astounded me. Now in case you’re not up to speed on this sale, check here for my BPO quandary. Yes, even getting a BPO ordered a second time around with the EXACT VALUE of our offer, miraculously, our file ended up closing as the NET to the investor wasn’t yielding them enough.

Bad BPO? Fight it.

I’ve learned some interesting things from the agents we work with. I can’t tell you the number of times I’ve had an agent call into the office after a BPO was finished only to learn the BPO agent was also an REO agent for the same lender. This is a BIG red flag. We try to do our homeowner FIRST and make sure the person valuating the property is NOT the same person who will get the listing if the property is foreclosed upon. Sometimes, they slip through the cracks.