I started a SS last January 7th, 2009. The offer was submitted at that time, in April when I was assigned a negotiator the original buyer left, I had in my hand a Back up Offer and was told it would I have to start all over. This is July still no contact other that e-mails, last week I submitted current financials for the seller and waited the 7-10 business days and after contacting B of A this AM was told they stopped the SS in order to offer the seller a loan mod. I have stated on behalf of the seller THREE TIMES the seller has moved out and is not interested in re-in-statement or a loan mod. Mind you I call B of A twice a week and have since January.

My only assumption is B of A is not interested in doing SS PERIOD! In the mean time I have over 100 hours on the phone with buyers, seller, buyers agent and B of A. The mojority of listings in my area are SS with only 15% being REO and maybe 4% standard sales.

I will show SS to my buyers but educate them on the length of time a Short Sale can take and at times it is worth the wait. Maybe they should call the LOOOOng Sales? I will fight for my cliemts that have found themselves in Short Sale Pregatory and update them with the daily changing rules. The biggest one is now the promissory note for the differance in the Short Sale or the 1009 that comes the following year. Talk to your tax person they can better tell you which is better for your situation.

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Neighborhood Stabilization Programs
<!-- Start_Module_2307 --> Notice of Funding Availability (NOFA) In response to the drastic increase in foreclosures and the impact of the subprime lending environment on housing, Congress authorized the Neighborhood Stabilization Program (NSP) under Title III of the Housing and Economic Recovery Act of 2008. The new entitlement program is provided to currently funded grantees and states of the U.S. Department of Housing and Urban Development (HUD) that receive Community Development Block Grant (CDBG) funds. As a direct recipient of other HUD community development entitlement programs the County of Riverside was awarded $48,567,786 in federal NSP funds. On March 17, 2009, the Riverside County Economic Development Agency (EDA) is inviting applications for NSP funds for the following NSP activities: (NSP-1) Acquisition, Rehabilitation and Resale to First-time Homebuyers. Eligible applicants include public and private non-profit organizations. Allocation: $20,000,000. View Applications and Forms (NSP-2) Acquisition, Rehabilitation and Rental of Affordable Units. Eligible applicants include public and private non-profit organizations. Allocation: $1,855,000. View Applications and Forms (NSP-3) Neighborhood Stabilization Homeownership Program (NSHP). Down-payment assistance and home repair to qualified first-time homebuyer families for the purchase of foreclosed homes throughout Riverside County in designated Target Areas. Allocation: $9,700,000. View Applications and Forms (NSP-4) Acquisition, and Rehabilitation of Foreclosed and Vacant Multi-Family Properties, or the Construction of New Multi-Family Rental Projects. Eligible applicants include public, private non-profit and for-profit organizations. Allocation: $12,157,000. View Applications and Forms Applications for funding will be considered on an "over-the-counter" basis until available funds are exhausted. Applications will be accepted from March 17, 2009 until such time that EDA has received what it determines to be a sufficient number of applications to reasonably use all currently available funds. EDA will give notice on this site when funds are no longer available.

Interest rates are at an all time low, buyers are coming out in droves and the REO's are at a all time 3 month low. First the Banks flood the market, drive the prices down and now there is a slow trickle of available homes here in Riverside County, Ca. The few that are coming out have multiple offers over and above list price some as much as $30-40,000, cash buyers are at the head of the line. Banks are accepting the Highest and Best then have to renegotiate because the appraisal numbers are still low. Then buyers are having a hard time getting the loans because of this. Catch 22 in action.

Houses that have gone thru Trust Deed sales it the last four months, have been sitting vacant and are being vandalized. Further pushing down the values and the Banks will have to spend money on repairs in order to sell. The existing REO available are either in need of major repairs or still priced higher than current market value.

The buying season is here now and yet we don't have available inventory. If the Banks wait until September to list the current REO inventory, will the buyers still be there? Most want to buy in the spring and summer and be moved in by the time school resumes. This is the time for Banks to disolve their Toxic Assets and a chance to help stablize the RE economy. If they would start to clear off the books take deficits and start moving on.

Currently Short Sales are the majority on the MLS REO's are second and third are regular sales. Regular sales are priced at market value and are SELLING! I have several Short Sales with offers I am waiting for a response from CW/BofA word is out they are not going to Foreclose but neither have they accepted offers since Febuary. So what is the master plan? I guess this is the $64 TRILLION DOLLAR question.

Ok, like a lot of RE Professionals wading thru today's Market anomalies. Each day is a day of enlightenment. Today after 4 months of submitting a valid offer for a Short Sale, of which that buyer has since lost interest, I have to submit another offer, I learn the process must start over. In other words I must wait for another 4 months, for an acceptance or at the very least a consideration. So mean time the house sits empty, weeds grow higher, further pushing the home into a declining state of neglect and value.

So my fourty-six hours plus of phone calls, printing offers and submitting them, answering phone calls from agents that want to show and sell are now a total waste of my time and theirs. So by the time I get this sold if that actually happens I figure I am making about $1.65 an hour or less. OK, so now what, why would anyone want to participate in this exercise in futility?

Kind of makes it real clear why the Lending Institutions are in sooo deep. How can the Banks run a business like this and expect to succeed. The topper was reading an article in the local paperhttp://www.pe.com/localnews/inland/stories/PE_News_Local_S_backlog16.4501ccf.html confirming my analyst of what the Banks plan of action would be when Mr. President offered money from the tax payers for FREE. The Banks didn't have a game plan other than how much money they could get to supplement an obviously failing business plan they refer to this as "TOXIC ASSETS".

Anyone with common sense knows what is really needed to pull the housing market out of this tail spin. In the above article which is no surprise to any professional RE agent working in the trenches, The Lending Institutions are now holding back the homes they have already foreclosed on in hopes of bottoming out the declining values, but instead are in reality causing further decline in values and prolonging the misery. And to top it off with interest rates at an all time low, those that are ready willing and able to purchase a home are finding it difficult to get the loans because of gun shy appraisers not wanting to put their name on a home that may or may not be of the current value in a week or two. This is the dog chasing it's own tail. The demand for these homes is here, we are coming into a season when buyers are ready to make a move, but with Banks only trickling out the inventory, bidding wars are prevalent. Bidding wars will not drive the home values up. That was yesterday (2004-2006). Today if you are going to offer low interest rates deliver the available goods, and make the loans!!! How else will the Banks be able to rid themselves of their "TOXIC ASSETS". The time is now!! Hello, anyone out there?

In my never to be humble opinion, now in the next six months the RE market can turn around, first the Lenders holding all the "TOXIC ASSETS" need to get off the crying couch and start putting houses on the market and making the loans, accepting Short Sale offers in 60 days or less! Lenders then could quite possibly help turn this economy around. But first they have to cut loose of the apron strings (Tax Payers Money) and take their lumps. They are running a business, take the loss, and get on with business! Let's roll with what we have, and please, stop whining.

Ok, like a lot of RE Professionals wading thru today's Market anomalies. Each day is a day of enlightenment. Today after 4 months of submitting a valid offer for a Short Sale, of which that buyer has since lost interest, I have to submit another offer, I learn the process must start over. In other words I must wait for another 4 months, for an acceptance or at the very least a consideration. So mean time the house sits empty, weeds grow higher, further pushing the home into a declining state of neglect and value.

So my fourty-six hours plus of phone calls, printing offers and submitting them, answering phone calls from agents that want to show and sell are now a total waste of my time and theirs. So by the time I get this sold if that actually happens I figure I am making about $1.65 an hour or less. OK, so now what, why would anyone want to participate in this exercise in futility?

Kind of makes it real clear why the Lending Institutions are in sooo deep. How can the Banks run a business like this and expect to succeed. The topper was reading an article in the local paperhttp://www.pe.com/localnews/inland/stories/PE_News_Local_S_backlog16.4501ccf.html confirming my analyst of what the Banks plan of action would be when Mr. President offered money from the tax payers for FREE. The Banks didn't have a game plan other than how much money they could get to supplement an obviously failing business plan they refer to this as "TOXIC ASSETS".

Anyone with common sense knows what is really needed to pull the housing market out of this tail spin. In the above article which is no surprise to any professional RE agent working in the trenches, The Lending Institutions are now holding back the homes they have already foreclosed on in hopes of bottoming out the declining values, but instead are in reality causing further decline in values and prolonging the misery. And to top it off with interest rates at an all time low, those that are ready willing and able to purchase a home are finding it difficult to get the loans because of gun shy appraisers not wanting to put their name on a home that may or may not be of the current value in a week or two. This is the dog chasing it's own tail. The demand for these homes is here, we are coming into a season when buyers are ready to make a move, but with Banks only trickling out the inventory, bidding wars are prevalent. Bidding wars will not drive the home values up. That was yesterday (2004-2006). Today if you are going to offer low interest rates deliver the available goods, and make the loans!!! How else will the Banks be able to rid themselves of their "TOXIC ASSETS". The time is now!! Hello, anyone out there?

In my never to be humble opinion, now in the next six months the RE market can turn around, first the Lenders holding all the "TOXIC ASSETS" need to get off the crying couch and start putting houses on the market and making the loans, accepting Short Sale offers in 60 days or less! Lenders then could quite possibly help turn this economy around. But first they have to cut loose of the apron strings (Tax Payers Money) and take their lumps. They are running a business, take the loss, and get on with business! Let's roll with what we have, and please, stop whining.