Ralph Gorgoglione

After analyzing my past and current short sales for patterns I've noticed with the banks, I've come to the conclusion that they are up to something.

It's not making sense that organizations that have the ability to put something into action within a matter of weeks (like notifying credit card holders their rates will go up) have not developed a streamlined short sale system.

I personally think they're intentionally stalling now that the market has stabilized for the most part, thinking that foreclosures may see more of a profit for them if they can somehow avoid a current short sale.

I've been hearing the "staffing" excuse for 2 years now.

We need to have some new laws drafted that favor the seller of the property if the bank does not approve (or decline for a valid reason) a short sale in a specified amount of time.

If the seller with the assistance of his broker manages to bring a valid offer for the property in a timely manner, then they deserve the right for an expedient approval.

My local board just sponsored a seminar that was hosted by Wachovia Bank last week.

Wachovia explained their new streamlined short sale process.

It's AMAZING!

They have a 60-day guarantee closing, and they even offer a small amount of cash to the owner if they vacate the home by a certain date, AND guarantee no lingering debt to the owner once the short sale closes, so there are no worries of a promissory note being demanded that will ruin the deal!!

And they've dramtically reduced the amount of paperwork the seller needs to submit to the point where they can close a short sale in as little as 10 days!!

OK, now I am thoroughly convinced that all the other banks have definite hidden agendas for not making short sales quicker and easier.

If one bank can do it, the rest shouldn't need 2 YEARS to develop a short sale program that works!!

Conventional Loans:

30 Year Fixed Conforming---$417,000 and Below: 4.875% with 1 Point

30 Year Fixed High Balance Conforming---$417,001 to $729,750: 5.0% with 1 Point

30 Year Fixed Jumbo---$729,751 to $1,000,000: 5.625% with 1 Point

5/1 ARM Jumbo---4.875% with 1 Point-amazing for Jumbo product

FHA Loans:

FHA 30 Year Fixed---$417,000 and Below: 5.0% with 1 Point

FHA 5/1 ARM---$417,000 and Below: 3.75% with 1 Point

FHA 30 Year Fixed High Balance---$417,001 to $729,750: 5.25% with 1 Point

FHA 5/1 ARM High Balance---$417,001 to $729,750: 3.75% with 1 Point

You have to see this video of this couple playing the piano together at the Mayo clinic atrium.

They've been married for 62 years and he'll be 90 this year.

When I saw this video I thought it was so cool, I just had to share it with everyone

It must be such a great thing and such a blessing to be able to be with your significant other for this many years, and still be able to do things like this together.

Don't miss the part where the wife almost ate it on the piano bench and then just laughed it off................

There are many times when a home has a substantial amount of square footage that is not reflected on title information.

It could or could not be permitted, but the main issue is how to deal with it when appraisal time comes around.

I spoke to a few appraisers regarding this issue and the consensus is that if the extra square footage is not permitted, then they really cannot give it any value.

So in essence, the value has to come from the prospective buyer. If they love the home enough, they are more than likely going to have to come up with the extra cash deficit that the bank will not lend on that was agreed to on the purchase contract.

Either that or both parties will have to re-nogetiate price, if that's even possible.

As a listing agent, it's probably best to see if it's possible that the extra square footage is possibly permitted from county records.

Another approach is to disclose that the buyer will have to verify permits on their own.

But the best thing to do is discover as much as possible and put it all out on the table.

Non-disclosure is a recipe for disaster.......................