Bradley Oliver

There are many types of short sales in the Treasure Valley and many different banks involved. Not one short sale is exactly like another. Hopefully that will change somewhat very soon.

There is a huge push from the Obama administration to help folks stay in their homes through loan modifications and short sales. Banks are getting "kickbacks" incentives to do these things to avoid foreclosures.

But why is it taking months to get an approval on my short sale?

Some banks are literally overwhelmed with short sale offers across the country. Most banks are understaffed in these departments. Bank of America (Countrywide) is one that comes to mind. The average time frame to hear back from a short sale offer from B of A is about 3-4 months. During that time, most buyers walk away and look for another property. So then another offer comes in for the same property and can take another 3-4 months to approve that offer. Hopefully this will change very soon.

Bank of America has signed up with a company called REOTrans soon to be called Equator. B of A has been using this company on a trial basis to do short sales through. This is in a way "streamlining" the short sale process. So far, I have heard that it has been working much better! So be on the look out for this. If you have not signed up yet for REOTrans, I highly suggest that you do. Their website is http://www.reotrans.com

Wells Fargo and Wachovia have really streamlined there approval process that can take less than 10 business days with less paperwork! So if you have one of these banks, things can go very quickly and smoothly.

So as you can see, short selling your home is not always a slow and painful process. In some cases it is a simple process and other times, not so simple. But in some cases, it might still be better than a foreclosure. Read my blog about "Life after a short sale" http://bradoliver.wordpress.com/

Call me or email me today for a free consultation and free information.

Brad Oliver

Century 21 1st Place Realty

208-284-5697

Bradley@Century21.com

I recently come across some really great information about life after a short sale. For most sellers, selling their personal home as a short sale has meant for the most part, they cannot finance another home for at least 2 years. Some even say that a short sale is just as bad as a full foreclosure, where the bank takes back the property via a auction. This is of course not always true. There is some really great news! read on.

In a foreclosure, when the bank takes back the property through an auction, you cannot finance another home for at least another 3-4 years. Your credit score drops 100-200 or more points. In a short sale, your credit score may only drop slightly. Also if you sell a home via a short sale, you might be able to buy another home the following week! You cannot do this if you let the bank take back the property.

There are no FHA guidelines for a short sale or pre-foreclosure. FHA does not for the most part look at a short sale as the same as a foreclosure. I have recently found some banks that do FHA loans that will loan money for another home, even if you just recently sold your home through a short sale. This is great news for those who really need to sell their home because of a job transfer, a sudden drop in income, a divorce, and so on.

To find out more about this new FHA program, call me or email me today for a free consultation and free details.

Brad Oliver

Century 21 1st Place Realty

208-284-5697

Bradley@Century21.com

This is a call to all churches of the Treasure Valley. If you know a person or a family that needs help either keeping their home from going to foreclosure or need to sell their home before it goes to foreclosure, please let me help them.

I have access to a group of professional approved loan modifiers that in most cases can help the homeowner stay in their home by doing a loan modification with their mortgage company. These are Idaho State approved loan modifiers. These are folks that are ready to help those in OUR community during these rough times.

And if they cannot help them stay in their homes, then that is where I would like to help. I would short sale the home for them to save the homeowner's credit. And this would cost the homeowner no money at all. The bank will pay for all fees, and in some cases, liens that are attached to the property!

By doing a short sale, the home owner will have a chance to buy a home again in 24 months. If they let the bank take the home back, it can be 5-7 years before they could buy a home again. Plus, if the home owner does a short sale, their credit score would only drop 50-70 points unlike a full foreclosure would be 200-300 point drop. This will affect the home owner getting insurance and other items that look at credit scores.

So let us come together to help people in OUR community during these difficult times.

Short Sale Agent

Brad Oliver

Century 21 1st Place Realty

208-947-4659

Bradley@Century21.com

Follow me twitter@BradinBoise

Calling all distressed homeowners!

Do you need to sell your home before foreclosure?

Have you tried to do a loan modification already and it wasn't approved?

Do you have to relocate and really need to sell your home?

If any of the questions relate to your situation, please call or email me today. I can help. And it will not cost you a penny!

Most properties that are selling in the treasure valley are distressed homes. Short sales and REO or bank owned homes. They are usually priced below the lowest regular priced home. That is why they are selling. And many times with multiple offers. Which can be frustrating at times for buyers looking for a good deal.

If you are needing to sell your home, let me help sell your home. I can even sell your home without putting a for sale sign in the yard or having a bulky lockbox hanging on your door! Or multiple realtors calling to schedule showings. If you would like to sell your home without all the hassle of cleaning and getting the home ready for a buyer who is not even qualified to buy your home, you no longer need to!

Call me or email me today!

Short Sale Realtor

Brad Oliver

Century 21 1st Place Realty

208-947-4659

Bradley@Century21.com

Late last week the WSJ.com reported a 7.2% rise month-over-month increase in more than ten years!

Most of the sales were distressed homes including short sales and bank owned homes. It is very important to get these distressed homes off the market and get back to a regular market which might not be until 2012 most experts suggest.

Prices of homes will continue to drop until the distressed properties are mostly sold. There is still at least another year of inventory of bank foreclosures. Some of the bank owned properties are being held by the banks waiting for the market to get better.

The interest rates for home mortgages are still very low. The average 30-year mortgage rate fell to 5.22% in July from 5.42% in June.

Thanks

Brad Oliver

Century 21 1st Place Realty

208-947-4659

Bradley@Centuy21.com

http://www.BradleyOliver.net