I am currently representing a Buyer client on the purchase of a Short Sale. The Seller's first mortgage is a Fannie Mae backed loan with Wells Fargo. The second is with US Bank. This is a traditional short sale, not HAFA.
Wells Fargo has issued their approval, with no Seller contribution at closing or promissory note. They have allocated 10% to the second mortgage, per their investor guidelines, and will permit no more - to the exclusion of additional funds/promissory notes from the Seller or the Buyer that those parties would be willing to bring to the closing table. US Bank has rejected these investor terms.
Now, you're thinking, "so what's so unusual about any of this?" What's my point?
My point, a question really, relates to the listing agent's ethical responsibility given this situation (per the Realtor Code of Ethics). Since the second mortgage has rejected participation in the short sale, shouldn't the listing be removed from the MLS? Or is it acceptable to let it languish, as part of an already bloated inventory, until it dies a natural death as an expired listing?
I'm looking forward to reading your comments. Please post!
I read an article earlier today that made me gasp (which in the new vernacular means that it was compelling enough for me to hit the "share" button and comment). The US Government has filed a lawsuit against Deutsche Bank. That's the good news. The bad news is that it involves $1.274 BILLION that HUD - that's us - has paid, or in the process of paying, this ONE bank, for bad loan insurance claims.
The heartbreaker is that this is really about bailing out a bank, not for mortgages that it originated (which would legitimize the HUD compensation), but for a bad investment decision Deutsche Bank made in 2007 when it bought a subprime/Alt-A lender, MortgageIT.
How did a lender who "specializes" in subprime/Alt-A mortgages EVER get approved to originate HUD insured loans? From my brief internet foray into researching MortgageIT, it doesn't look like they did. They simply bought HUD backed loans from "small to mid-sized banks, credit unions and mortgage bankers" to enhance the marketability of their own portfolio. The one that Deutsche Bank bought off on.
That being said, I know that Deutsche Bank is not stupid. I know that Deutsche Bank did their due diligence. I know that Deutsche Bank got burned. Wait, did they?
Deutsche Bank Posts Best 1st Quarter Since 2007
Executive Summary? Deutsche Bank Net Profits Up 17%
Shame on us ...
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I know that this video is a little long, but my tour guide was so enthusiastic and "in the know" that I practically forgot that I was recording our conversation. The museum is located at 2000 W and 1700 S and is part of a larger complex that includes the Syracuse City Municipal Building, the Post Office, the Northwest Branch of the Davis County Library and the Public Safety Building.
The center consists of four individual buildings. The barn seems much more interesting than the displays in the main building, primarily because it is set up for more interactive learning. You can tell that it is a favorite field trip destination for elementary school children in Syracuse. The barber shop and pioneer home are curiosities because of their age, but are locked up securely to maintain preservation.
If you’re thinking about moving to, or from, the Syracuse area, please contact me!
A recent news article in the Standard-Examiner, Layton Sets Goals for 2011, highlights Layton City's state of readiness for tenant growth at the East Gate Business Park. Janicki Industries, currently first, anchor and only tenant, is moving quickly to achieve their late spring start up timetable.
East Gate Business Park is located just north of the intersection of HWY 193 and Fairfield Rd in Layton, Utah, adjacent to Hill AFB to the west and Sun Hills Golf Course to the east. Ideally located for any business venture looking to expand in or into Northern Utah.
Moving to Utah? For relocation and real estate information near Hill AFB, please contact me.
During 2010, there were 25,119 sales closed and posted in WFRMLS (Wasatch Front Regional Multiple Listing Service - Utah). There are currently 8,194 active agents. That's only 3 sales, per year, per agent.
When you're interviewing a Realtor® to represent your home buying or home selling interests, an important question to is, "how many clients did you, Ms/Mr Realtor, help achieve their homeownership goals this past year?"
This is an especially important question because there is and has been no room for error in pricing and negotiation, advertising and marketing, during this continuing housing crisis.
In order for you to be successful achieving your home buying or home sale goals, you'll need a Realtor® who is experienced in working through the challenges of THIS real estate market.
-- Thankful for 48 Closed Sales in 2011!
Kim Novak, RE/MAX Masters Broker Associate (About Me)
BSBA, ABR, CDPE, CRS, CSP, ePRO, GRI, SRES, 203k Specialist (My Resume)
RE/MAX Masters is an ERC: Employee Relocation Council Member
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email kimnovak@remax.net
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Experienced & Successful Real Estate Broker Associate - 500+ Career Sales - Home Buyers & Sellers - Relocation & Short Sales: BSBA, ABR, AHWD, CDPE, CHS, CRS, CSP, ePRO, GRI, SFR, SRES, 203kS
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