google-site-verification: google371c76c00eff6427.html

FANNIE MAE ANNOUNCES NEW SHORT SALE GUIDELINES

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 affect 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.

You cannot negotiate a short sale PERIOD without being compliant with new laws!

I’ve spoken to quite a few of the Realtors that refer to us and there are so many that were unaware at how this affected them. Let me preface this blog by stating I’m not a lawyer, but I’ve spoken with 3 independent attorneys in the last month all who have reviewed the MARS FTC ruling and the ONLY EXEMPTIONS are for attorneys (in particular cases) and even attorneys negotiating short sales have to make some changes. I have YET to see New Hampshire or Massachusetts come forward with a public statement OR any assistance with forms. Considering the extremely conservative approach New Hampshire took with their bulletin on the SAFE act, I’m shocked they weren’t on top of the MARS FTC compliance issues. NAR, MAR and NHAR seem to be asleep on this subject.

Should homeowners participate in a HAFA short sale?

SECOND lenders do not have to participate in the HAFA program so even though it’s Chase or Wells or whoever the second lender is and they independently participate in the HAFA program as a second lender on the property they do not have to comply with the HAFA program. The agent’s going into these short sales didn’t realize that. Not only were the agent’s furious about the homeowners, the lenders in both cases CUT the commission to get an approval. Imagine that? A short sale lender cutting an agent’s commission? Well THERE’S something you don’t see every day right? WRONG!!