Were you or a client in foreclosure at anytime in 2009 or 2010? You need to read this blog.
As a result of a consent decree between federal bank regulators including the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS) , and the Board of Governors of the Federal Reserve System, Home owners who had their homes foreclosed on from January 1, 2009 through December 31, 2010 will have the opportunity to have the foreclosure reviewed regardless of the fact that the home has been resold to another owner.
Calls by us to the toll free number 888-952-0105, netted mostly information also found on the website www.independentforeclosurereview.com and uncertainty as to how foreclosed homeowners are to apply for a review.
The person we spoke to stated that they ( The Independent Foreclosure Review Group) were selected to provide an independent review of the foreclosure process. Foreclosures found to have the following "problems" could be eligible for assistance although it is not clear what that assistance would take.
When we asked for information on how to apply, we were directed to the Financial Services Roundtable ( www.fsround.com for additional information. The Financial Services Roundtable is a trade association which includes loan servicers.
Servicers participating in this program include the following (from the www.independentforeclosurereview.org ):
Click image to view video.
100% success rate with short sales
“How can you stand to do short sales with all the frustrations?”
That was the question another agent asked me as we were walking into our office from the parking lot this morning. In essence, I told her we do them because we are successful at them. What I didn’t say was how much pleasure we derive from helping people solve what is a really big problem in their lives or the pleasure we get from overcoming the bureaucracy the banks have created to make these difficult.
She then told me that she lost a listing to an agent who claimed “I have 100% success rate with short sales” My response was, “that agent’s done very few and was very lucky or they are flat out lying.”
How do I know this? Although our close rate is better than 90% over the years representing dozens of sellers, there are occasionally:
Our experience is confirmed by top short sale agents in our network that we work with around the country who have done literally thousands of short sales.
The agent from my office then told me that the other agent didn’t netgotiate the short sales, she had them done by an attorney. So in other words, the agent didn’t actually do short sales at all.
The agent from my office said, that apparently, this other agent just withdraws the deals that don’t get approved from the market and essentially pretends they never happened.
So if any agent tells you they have 100% success rate with short sales, I’d be highly skeptical and demand proof by getting a list of all the properties they’ve listed in the last 4 to 5 years.
Odds are virtually 100%, that their track record won’t support their claim of “I have a 100% success rate with short sales.”
In fact, it is quite likely that they don’t actually do them at all.
Click image to play video.
VA Appraisals and Short Sales
Hi, I am Michelle Resnick. I am talking to you today about a short sale that we had with Wells Fargo. There were two VA Appraisals done. The buyers bank was able to get the VA appraisal done before the short sale bank, Wells Fargo, was able to issue their evaluation of the property. VA actually ended up with two appraisals and they were $20,000 apart. The buyer only qualified for the lower of the two values so we did dispute with VA After many, many phone calls, and lots of dialog going back and forth we were able to obtain a short sale approval for the buyer at the lower of the 2 appraisals. If anyone ever tells you, that when an appraisal comes in higher than the property value, you cannot dispute it, they are wrong. We did, we can, and we will. We are successful in getting these short sales done. If you would like us to help you please contact us today at (410) 224-0667 or at davisresnick.com. I am Michelle Resnick with the Davis Resnick group. We are your bridge to a brighter future.
Amazing. The Federal Trade Commission actually repealed the non-sensical disclosure requirements tailored toward loan modification, but required for a while for short salling real estate agents. Click here to see the FTC's statement.
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Annapolis Short Sales Anne Arundel MD, Waterfront Homes Annapolis/Baltimore County. Waterfront Houses for sale in Anne Arundel MD, Annapolis, Historic Annapolis, Eastport/Edgewater/Ft. Meade
The DavisResnick Group specialize in Annapolis Short Sales & Waterfront Short Sales Annapolis, Anne Arundel MD, Baltimore County, Southern MD.
For Residential Real Estate in any of the following or surrounding areas, let us help you to maximize the value of your real estate dollars spent: Annapolis, Edgewater, Ft. Meade, Crownsville, Arnold, Pasadena, Crofton, Glen Burnie, Severn, Odenton, Glen Burnie, Baltimore, Shady Side, South Anne Arundel County and the nearby Eastern Shore.
The DavisResnick Group also specializes in short sales in the greater Washington, D.C. - Baltimore Suburban Area. We believe that unless, as an agent, you plan to focus on these, you are better off referring them to others for two reasons: 1) they do require specialized knowledge and training to be proficient with them, and 2) most real estate agents focus on marketing and selling real estate and don't want to spend their time on endless hold dealing with lenders.
Compare Davis-Resnick's close rate for short sales is approximately 90% vs. industry averages for real estate agents which are cited as low as 20%.
About Davis-Resnick Group's Principals
Mike Davis has worked in Real Estate most of his adult life. Having spent 10 years doing commercial real estate focusing on land, industrial and investment property and has closed transactions as far afield as Las Vegas. He also founded, operated telecommunications based real estate and construction oriented businesses and sold a real estate based fiber optic company in 2006.
Michelle Resnick has 20 years of experience in Sales, Administrative Managment and Cusotmer Service.
Short Sales in Annapolis, Anne Arudel MD, Baltimore County, Southern MD, Foreclosures & Sales and Lender Negotiation in the Greater Washington, D.C. - Baltimore Suburban Area.
Residential Real Estate in Anne Arundel County.
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