Obama Proposes Mortgage Refinancing Plan to Aid Millions of Homeowners
The Obama administration announced its latest plan to help troubled homeowners, enabling an estimated 3.5 million underwater mortgage holders to refinance at today’s historically-low interest rates.
However, experts speculate the proposal—which is expected to cost up to $10 billion and would be paid for by imposing a fee on major banks—could have a difficult time getting Congressional approval.
This proposal follows a string of government-initiated programs that have had mixed success, including the Making Homes Affordable Program. The difference is, Obama’s latest plan would assist borrowers with private (non-government backed) loans.
Under the current proposal, to be eligible borrowers must:
Have not missed a mortgage payment in the past six months, and have no more than one late payment in the six months prior;
Have a credit score of 580 or higher;
Have a current mortgage balance within loan limits for FHA-insured loans in their communities; and
The property must be your primary residence
It’s important to understand the details and restrictions of the program so you can effectively understand your options. This proposal is already getting a lot of attention by the media, and distressed homeowners may view this as a viable solution to their problems.
However, it’s important to remember that this program would require Congressional approval, which may never happen. If you have clients who are on the edge, if they are facing foreclosure and desperate for help, don’t let the media talk of this proposal distract them from finding a real solution.
Feel free to check with your local GoodBuy Homes NJ Realty Agent for the latest news and events surrounding everything that is Real Estate
U.S. Government Settles with Banks on Robo-Signing Scandal
Yesterday, the Justice Department and 49 out of 50 state Attorneys General announced a settlement agreement with 5 of the nation’s largest banks in the Robo-signing and Mortgage Service Fraud scandal that first came to light in late 2010.
The settlement, worth $25 billion dollars, was the largest government negotiated industry settlement since the Tobacco Industry settled in 1998.
In the Settlement, $5 billion is earmarked for $2000 payments to be distributed to borrowers who were illegally foreclosed on between January 1, 2008 and December 31, 2011. The remaining $20 billion will be used to help homeowners who are currently in danger of losing their homes by helping with loan modifications, principle reductions, refinancing, short sales, relocation assistance and other alternatives.
Fannie Follows Freddie’s Lead in Extending Forbearance Period for Unemployed
Fannie Mae revealed its new Unemployment Forbearance Program, which mortgage servicers are required to implement by March 1 for all Fannie Mae-owned and backed loans.
Servicers can now provide up to six months of relief for eligible unemployed borrowers without Fannie’s review and approval. Borrowers may also apply for an additional six months of forbearance, for a total of 12 months.
Fannie’s announcement follows a similar move by Freddie Mac.
To find out if your loan is backed by either GSE, use the “Fannie Mae Loan Lookup” or “Freddie Mac Loan Lookup” tools on the Useful Links section of the CDPE website.
Foreclosures expected to rise in 2012
The Office of the Comptroller of the Currency released its latest report, which shows delinquencies remained elevated during the third quarter of 2011. The number of new foreclosures increased by 21 percent during the quarter, partly due to servicers lifting the voluntary “foreclosure freeze” implemented in late 2010 as a result of the robo-signing scandal. The overall increase has resulted in the number of foreclosures in process increasing to 4.1 percent of the overall portfolio, or 1,327,077 loans, at the end of the third quarter of 2011. This supports RealtyTrac’s latest data, which also predicts increased foreclosure activity in 2012. “November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs (bank-owned homes) or short sales sometime early next year,” said James Saccacio, co-founder of RealtyTrac, in a statement. Agents can help stem the tide of foreclosures in their market by educating distressed homeowners on alternatives, such as short sales. Contact your local GBH Realtor for help on avoiding foreclosure.
Foreclosures expected to rise in 2012
The Office of the Comptroller of the Currency released its latest report, which shows delinquencies remained elevated during the third quarter of 2011. The number of new foreclosures increased by 21 percent during the quarter, partly due to servicers lifting the voluntary “foreclosure freeze” implemented in late 2010 as a result of the robo-signing scandal. The overall increase has resulted in the number of foreclosures in process increasing to 4.1 percent of the overall portfolio, or 1,327,077 loans, at the end of the third quarter of 2011. This supports RealtyTrac’s latest data, which also predicts increased foreclosure activity in 2012. “November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs (bank-owned homes) or short sales sometime early next year,” said James Saccacio, co-founder of RealtyTrac, in a statement. Agents can help stem the tide of foreclosures in their market by educating distressed homeowners on alternatives, such as short sales. Contact your local GBH Realtor for help on avoiding foreclosure.
Fannie Mae & Freddie Mac Announce an “Eviction Moratorium” for the Holidays
The holiday season should be a magical time of year. However, for a growing number of families, the usual holiday celebrations are trumped by financial troubles, foreclosure and the looming threat of eviction.
Fannie Mae and Freddie Mac offered some relief to such families by announcing an “Eviction Moratorium” through January 2, 2012. During this time, families living in foreclosed homes will not be forced to leave, though legal proceedings may continue as scheduled.
Undoubtedly, Fannie and Freddie’s efforts will prove comforting to homeowners who find themselves in this situation. However, the relief is short lived.
Remember, the “eviction moratorium” is only a short reprieve, so we urge you to continue reaching out to homeowners during the holiday season. Simply knowing that options exist can provide them with peace of mind. And during the holidays, a little peace of mind is an invaluable gift.
67 Revere Ave Union, NJ 07083 Lovely Union Cape Cod for sale!
Just pack your bags and move right in! this home has it all!!
Incredible
value at this price!!!!
rooms, 4 beds, 3 Full baths, Nice Size EIK w/Granite Countertops & Ceramic
Tiles. Also includes a Fully Finish Basement w/Full Bath & Large Master
Suite Oasis upstairs equipped with Private Bath & Sky Light. Plenty of
Closet Space, New Windows & Roof. This Lovely Cape has Beautiful Hardwood
floors thru out and is Move in Ready!
| Modern Kitchen Equipped with SS app & Granite Countertops |
| Exterior View |
| Front View |
value at this price!!!!
26 Orchard rd Maplewood, NJ Location, Location, Location! great rental
GREAT RENTAL PROPERTY IN MAPLEWOOD NJ
LOCATION, LOCATION, LOCATION!
Enjoy the benefits of Maplewood Living in this lovely space that is move in
ready. Enjoy a cozy 2 Bedrooms, 1 bath, formal Dining room and nice size kitchen
in this Orchard rd Rental. This unit comes with an assigned garage parking spot,
Jitney bus just steps away from the front door & Heat is also included in
the rental price, this is a MUST see!
if your moving in the near future you may want to consider Moving Insurance
Being a Real Estate Broker in NJ; I work with many people who have to move. Sellers who have just sold their homes or buyers who are finally out of that tight rental and geared up to move into their spacious new home.
Either way moving can be a hassle. 
If you are like me; you are a DIY’r and you will pack every box, wrap every dish and place every box neatly into that truck before you consider hiring a moving co. (the hard headed, need more convincing…lol) but I will say if you can afford it; hiring a Moving company could save you money, time, energy and piece of mind. 
I recently assisted a home buyer with some useful information and now I am sharing it with all my followers who are preparing to move. After you have selected the Moving company or a few buddys to help you with your move and you have made sure that the hired help is insured and bonded, then the next step is moving insurance.
Yes I said Moving insurance! 
Insurance companies like Geico have moving insurance through a company called Assurant. If you were renting then hopefully you already had renters insurance and it might already come with your moving insurance as apart of the package. If you do I suggest you increase your protection from 5K to 10K (just to be extra safe), it can also include additional coverage for earthquakes, floods, etc. Cost is about $200 annually (Not bad). Its better to be safe than sorry and no reason why your move should get you out of the great mood you had when you decided that your new place is now home. Just think for a small fee you can protect your valuables from damage or atleast be covered if they do.
As far as Movers: 
I say select someone who is organized, prepared, on time and professional. Check there Online profiles to see if their reviews are good or bad and also make sure that they are properly insured and bonded. Some movers charge hourly rates with about 3 hour minimums, while others charge flat fees, or by the miles and hours; so make sure you do your homework. 
Whether you do it yourself or hire help; make sure you are protected. The last thing you want to do is destroy your valuables because you opted not to protect yourself in advance. 
GOOD Luck Moving folks!
If you are planning to buy or sell your home; moving is the final step so we feel its important to make the right first step which is to contact a GOOD agent, to help you list and sell your home or to help you find the right home for the right price! Remember A GOOD Agent matters; how can we help you?
Buying a Home in New Jersey,Check out our 20 steps to a GOOD closing.
Thank you for choosing GoodBuy Homes NJ Realty as your REALTOR to help you find your dream home.
If you have made the decision to purchase a home in New Jersey then you may want to know what the process will entail in order to ensure a smooth transaction. Many buyers enter the buying process without any knowledge of what to expect. We here at GoodBuy Homes NJ Realty feel that an informed Buyer is a Happy Buyer which makes us Happy Agents; with that said here is a detailed explanation of the home buying process so you know exactly what to expect when you are ready. Now it’s time to turn your dreams into reality and we can help!
Important date #1: 2nd Deposit (if any) most times it is written in days after Attorney review or an actual date when this is due. Important date #2: Mortgage Contingency date; this date will be the date that you and your Loan Officer must provide a commitment to lend from your bank for the purchase of this house. If you are unable to meet this date because your loan is declined you will be able to back out of the deal without penalty, however if you allow this date to pass without being granted an extension; you will run the risk of losing any deposit monies that have been placed in escrow due to a breach in the contract. Important date #3 Inspection Contingency date This is generally around 7-10 days after the conclusion of Attorney Review where you must get the property inspected (if you choose too, remember this is optional) and negotiate repair credits etc.. (if needed) Important date #4: Closing date, this is the day that will serve as the physical closing date on the current contract; this date may be subject to change because of many factors but must always be in writing and approved by both your Attorney and the Sellers Attorney in order to be granted.
this usually cost between $350-$500 (which is a cost that you must pay out of pocket the day of the inspection.) This report is being conducted so you as the buyer understand the true and accurate condition of your dream home so there are no surprises. The home inspection will likely also check for Termites and conduct a Radon Test. To find out more about Radon Test please CLICK HERE. Usually these cost will be apart of the total fee given to you by the inspector. This is also the time where (if necessary) you would order an Oil Tank Sweep. Oil Tanks in New Jersey can be an expensive fix so if there are no records available then you may want to conduct a sweep to ensure there are no abandoned tanks below the ground that may have leaked; which is when it gets really expensive. CLICK HERE to get some information about Oil Tanks in NJ.
If all goes well with the home inspection your lender will proceed with your loan application and want to order an Appraisal; the Appraisal is a cost that you must also pay upfront and this will give the bank the opportunity to determine what’s the fair market value of your new home. This is done to avoid buyers from buying a home for more than its worth and also provides the lender with a report on the property and all it’s specs; Here is an example on why this is needed; Lets say you agreed to buy your dream home for $300,000 and is only worth $150,000, then the bank would not provide financing for this purchase because you will be upside down on the property and will be over leveraged. Now of course you could make up the difference; in this example $150,000 but why would you that do that right? An appraisal can cost between $300.00-$500.00.
your loan approval may come with a few conditions so be sure to speak with your Loan Officer about items that may be needed in order to obtain a clear to close status for your loan.
One of your conditions will be to obtain Home Owners Insurance; you will have to contact an Insurance Provider (We have some options available on request) to provide you with a quote and once you have decided on the carrier you will need to purchase an actual policy that needs to be valid for one year (it should be valid from the day or two before or the day of closing and valid for a year going forward from that date.) Once obtained you will have to provide your lender, Agent and Attorney with a copy as it is needed in order to close on the property. This is the final upfront fee that you will have to pay prior to closing. Cost vary but I think its safe to say you should budget between $800-$1000 for this expense.
This is done the day of closing to ensure you as the buyer that you are still buying the same home that you fell in love with a few weeks/months ago. This is done because often times buyers will go weeks without seeing the house which could be a mistake come the day of closing. Prior to this practice there were some Buyers who have actually closed without a final walk through and went to the house after receiving the keys and realized that the home was stripped of items and destroyed. At that point there is no turning back so its always best to conduct a formal walk through prior to closing and if anything is not right; take pictures and bring with you to closing as proof (Your word we will not be enough). As a precaution we advise our clients to flush toilets, turn on/ sinks & tubs faucets, turn on/off light switches and check for water leaks in the basement and Attic to ensure all is in tip top shape before you sign on the dotted line.
New Jersey Residents are fighting the good fight against Mosquitoes!
If you are from New Jersey I am sure you have notices that the Mosquito activity has seemed excessive over the past few weeks. I thought it was just me when I was out on Friday showing houses to a client and each time we approached the front door we were hit with a swarm of Mosquitoes.
This continued all weekend long as I took my Dog Bella for a walk; it seems like everywhere I turn there is more and more annoying and possibly deadly Mosquitoes.
The state departments of Environmental Protection (DEP) and Health and Senior Services (DHSS) are urging state residents to take precautions to protect themselves from mosquito-borne West Nile virus by taking some simple steps to reduce populations of the insect on their own properties.
Concerns are elevated this year because many areas of the state are still wet as a result of excessive rainfall, severe flooding (Hurricane Irene and Tropical Storm Lee) and higher than normal temperatures at the moment as summer comes to an end. Wet areas serve as breeding grounds for mosquitoes and home owners are advised to take some precautions in hopes of limiting exposure.
Trust me I am not any kind of insect expert; but here are some things that you can try to help yourself and your family avoid these annoying and potentially dangerous insects.
- Buy insect repellent and use to protect areas of the body that have the most exposure.
- Limit Outdoor Exposure (if possible)
- Wear Protective Clothing
- Try non toxic chemical treatment Garlic Mosquito Barrier (I hear it’s pretty good) it’s a very strong liquid garlic made from very potent garliccloves.
- If outdoors for a longer period of time try to utilize those smoke repellents; some say they help limit the amount of Mosquitoes that swarm the area.
- Try Bounce Fabric Softener Sheets, from what I hear if you wipe and go it does serve as a repellent to Mosquitoes.
- Remove still water from garbage can lids or flower pots.
- Clean clogged roof gutters; because leaves from surrounding trees have a tendency to plug up the drains and often time gets overlooked but can produce millions of mosquitoes each season.
- Clean and chlorinate swimming pools that are not being used. Be aware mosquitoes may even breed in the water that collects on top of pool covers.
Those are just some ideas to help deal with this problem; from what I read the Mosquito problem should be around till mid October so these precautions are not just for today or tomorrow but for weeks ahead. I also found these numbers if anyone feels that there problem is a little more severe than usual.
If you have problems controlling mosquitoes, contact your county mosquito control agency by calling 888-666-5968.
For more DEP information visit: www.nj.gov/dep/mosquito
Visit the State Department of Health and Senior Services: www.state.nj.us/health/cd/westnile
Do I have to start all over After the Approved Short Sale deal dies?
The short answer….YES, WITH A TOUCH OF NO
KEEPING IN MIND THAT A SHORT SALE APPROVAL IS GENERALLY BASED ON A BUYER WITH A SPECIFIC NUMBER FOR A PERIOD OF TIME; SO IF THE DEAL DIES THEN PREPARE YOURSELF FOR ANOTHER JOURNEY AHEAD. AT OUR OFFICE WE PRACTICE THE 3 R’S WHICH IS TO REDUCE TILL YOU RECEIVE A NEW OFFER, RE-SUBMIT FOR A NEW APPROVAL AND REMEMBER BANKS ARE NOT THE SHARPEST KNIVES IN THE DRAWER. WHICH BRINGS ME TO THE HIDDEN 4TH R WHICH STANDS FOR RELAX! BECAUSE GETTING THEM TO UNDERSTAND WILL TAKE SOME PATIENCE
Now lets back track a little…
This question was asked by a new agent who has been working a file for about 5 months and still has no offer despite having the property approved by the lender a few months back.
Often times it is difficult for home owners to actually make the tough decision that they are in over their heads when it comes to their mortgages. A home is the biggest investment that most of us have and to see it all drift away can sometimes be very hard to accept.
Once home owners have come to terms with the situation; they usually reach out to a reputable Realtor who hopefully has knowledge on Short Sales and lists the property for sale on the MLS. Depending on how well it is priced it could take days, weeks or even months to secure an offer. Once received the Agent will forward the Short Sale packet to the lender for review and hopefully approval. The lender then does some preliminary things which includes a full review of the Sellers financial records, income documentation (if any), hardship letter etc…and they also order a BPO (Broker Price Opinion) to determine the properties true market value so they can gage the offer that has been presented. If the numbers make sense you should receive an approval notice from the lender which will give the Green light for the everyone involved that it is a solid deal that has the ability to actually close. But in many cases the buyer backs out before the actual approval arrives or the buyers decides that they are no longer interested in the property; no matter what happened, no matter the reason…the reality is the deal is dead
So now the Realtor/Sellers are stuck with an approved price and no buyer. The Sellers Agent then places the home back on the market as an approved short sale in hopes of securing a new purchaser…but what happens if no one comes right away?
I see homes on the market almost daily that are being marketed as an Approved Short Sale with a quick closing possible; now is that is really accurate information? if you received an approval from the lender in March can you safely say that the number still stands in September? I am sure it may with the bank, but how about potential buyers? How about the Market value today? I also see homes that were approved at one number and the list price is substantially less; for example: short sale approved for 150k, list price 99k…Wouldn’t this lead to attracting buyers that are looking for homes under 100k calling you only to be surprised later on? do you call this lead generating or misleading; what do you think?
In my business, I market homes until an offer is received and if that deals dies, my notation in the MLS reads “Short Sale was approved at list (or specific number) but further review will be needed upon securing a new offer” Lets be honest value in some towns change almost daily, so doesn’t that make it hard to determine the amount that the lender would accept? especially if time has lapsed and that approval date is long behind you? The way I see it no matter how you look at it; its back to the drawing board for this house.
So prepare yourself and your clients as well as cooperating agents that this short sale has made it to the promise land but has since returned and hopefully will be back there again reeal soon.
To all of my short sale agents…Keep up the GOOD fight!
Eventhough Irene has come and gone the affects in some New Jersey towns are still being felt…
Eventhough Irene has come and gone the affects in some towns are still being felt…
I have many friends and family that live in areas that were and still are directly affected by Hurricane Irene; many friends are still without power, while others have no phone/cable or internet service and most are on a boil water advisory.
Even my office’s water pressure and supply was restored late yesterday but in some towns the damage is unimaginable. In case you are not aware; here are are some updates on local areas affected by this disaster.
ESSEX COUNTY
• The township of Fairfield has been devastated, with the Passaic River still rising and moving faster than anticipated, according to Essex County Sheriff Armando Fontoura.
The county is putting together a rapid deployment team made up of officers from throughout the county, Fontoura said earlier today. About 30 members of the National Guard are helping with the emergency response, he said.
“People are going to be on an island for a couple of days,” Fontoura said. “It’s going to be devasting. The worst is all to come.”
UNION COUNTY
• Springfield sustained heavy flooding and downed trees and power lines in various areas within the township, prompting road closures and the evacuation of residents from low-lying areas adjacent to the Rahway River. As of this afternoon, many major roadways bisecting the township are still impassible.
— The eastbound and westbound lanes of Morris Avenue are still closed at the bridge over the Rahway River on the border with the Township of Union.
— The eastbound side of Route 22 is closed at the Springfield-Union border where the Rahway River crosses the highway. The west bound side of Route 22 had been closed down earlier at the Hillside Avenue intersection but 22 West now open.
— Springfield Avenue at the border with Union near the Route 78 highway bridge is closed in both directions but the Route 78 highway is open but the on and off ramps are not accessible to vehicles due to the flooding of the Rahway River. Police had to use a large front end loader from the Springfield DPW to deal with either stranded motorists or to reach the Villa’s apartment complex at 200 Springfield Avenue.
— Meisel Avenue by the Union County Meisel Park is completed shut down between the intersections of Meisel Avenue & Laurel Drive to Meisel Avenue & Riverside Drive. The roadway is completed flooded with large trees down as well.
— Riverside Drive is closed between Meisel Avenue to Morris Avenue due to severe flooding with side streets off of Riverside Drive (South Maple Avenue, Joanne Way, Battlehill Avenue and Washington Avenue being impassible due to flooding).
— Smithfield Drive is closed between Milltown Road and Evergreen Avenue also due to flooding from the Rahway River. Laurel Drive is closed due to heavy flooding between the Redwood Road intersection and the Dogwood Terrace intersection.
— Mountain Avenue is closed in front of the municipal building at 100 Mountain Avenue due to flooding along with South Trivett and North Trivett Avenues
• A state of emergency is no longer in effect for Union County, and although some towns are up and running just one day after Hurricane Irene, other areas are much worse off and are still heavily affected by flooding and power outages.
An estimated 60,000 residents were without power as of this morning. Power to Scotch Plains and Fanwood was shut off due to water damage at electrical facilities.
More than 130 police rescues were performed — many of which by boat — in Cranford, Rahway and Springfield.
• The flooding left behind by Hurricane Irene continued to engulf parts of Union County, where the Cranford Police Department had to flee its headquarters and set up a mobile command unit.
Cranford was the hardest hit by the flooding in Union County, county spokesman Sebastian D’Elia said. The storm has left the municipal building without power or email service, and phone service is sporadic, according to the municipality’s website.
The police department has been forced to set up a mobile command unit near the firehouse on Springfield Avenue. The downtown “was like a river,” where people could be seen kayaking, D’Elia said.
“That’s just plain stupid,” D’Elia said. “It’s an uncontrolled waterway. You don’t where youre going to get dragged.”
Elsewhere in Union County, 50 people had to be rescued on West Grand Avenue in Rahway, D’Elia added.
Union County on Sunday night lifted its restrictions on non-emergency travel, allowing people to drive around. In the densely populated county, getting around remains the biggest challenge, D’Elia said.
D’Elia urged people to exercise caution on the roads.
“Now people can get around, but they have to use their discretion,” D’Elia said. “Don’t be on the roads for the hell of it. Theres a lot of people that want to go around to see the damge in their communities.”
Manville, NJ
9:00 AM]
MANVILLE — The New Jersey National
Guard is not taking disciplinary action against the five soldiers who drove into
floodwaters in Manville Sunday morning and narrowly escaped drowning,
authorities said today.
A task force commander spoke with the two
drivers, and there is a “formal inquiry” into the incident, but that is routine
procedure for all events that are considered vehicle accidents, said Chief
Warrant Officer Patrick Daugherty, a spokesman for the New Jersey National
Guard.
The incident was seen on a YouTube video that went viral after the
storm.
“Based off the facts of the inquiring officer, if disciplinary action is
necessary, they will take whatever appropriate actions are necessary,” he
said.
Daugherty said the soldiers did not know the depth of the
floodwaters. They were dispatched from the Morristown Armory and to Netcong to
aid local law enforcement when they received another mission and were diverted
to Manville.
The soldiers attempted to ford the newly formed river at the intersection of
South Main Street and Kennedy Boulevard, but as they did the engines and
electricity of their two vehicles stopped functioning, Daugherty said.
“At the time they entered the water, they believed they were fine until
everything turned off. At that time they panicked a little bit,” he said.
People MUST be careful and think about their safety first. It has been stated that Irene may end up being the most costliest storm in U.S. History.
It’s just me, myself and Irene…New Jersey DAY 1 Morning/Afternoon update
So I woke up this morning (a little late) grabbed a snack and made it just in time to my Martial Arts class with little to no signs of Hurricane Irene. As I started to leave at around 10:30am it did start to rain (off and on) but nothing to serious. By the time I got home it had started to get a little rougher, BUT hardly a Hurricane. It is said that everyone in the Greater New York Area will feel this storm, with rain falling on us all. This storm is likely to drop between 6 and 12 inches of torrential rainfall, starting on Saturday morning and continuing until Sunday evening. Some spots may receive up to 15 inches.
In one way this storm is a BOOST to the economy; as consumers have been buying groceries, hardware store supplies and gas at a extremely high rate, which I am sure store owners are not complaining about it, especially in this economy. I personally went in to the local Pathmark and there was not 1 bottle of water or bread available…crazzzzzzy! the lines were so bad that I could not even wait, I just left.
*Also there has been 2 reported deaths (a surfer died and a man in North Carolina was struck by a tree branch) so people please be careful, stay indoors; especially folks in expected hard hit areas.
It is important to understand that many State and private companies have closed there doors so I figured I’d provide some information about what to expect.
GoodBuy Homes NJ Realty: will be closed until Monday morning at 10am if weather permits, we advised all of our staff and clients to stay away until all is clear from Irene.
NJ Road Closures: The southbound lanes of the Garden State Parkways from Exit 98 in Wall Township to the southern end of the state were closed in order to facilitate northbound traffic. No traffic was allowed into Atlantic City after 6 p.m. Friday. Casinos and hotels will close at noon Saturday, some started closing from Friday night.
NJ Transit: All NJ rail service will shut down beginning at 12 p.m. on Saturday. Station waiting rooms controlled by NJ Transit will remain open throughout the weekend. Bus, Light Rail and Access Link service will be suspended as of 6 p.m. Saturday. The Path Train Service has been suspended until further notice.
The MTA: which is NYC transportation service (subway & Buses) have suspended services as on noon today in all directions.
Bridges and Tunnels: Governor Andrew Cuomo’s office said major bridges in the city and lower Hudson Valley and the state Thruway will close if sustained wind speeds top 60 mph. Cuomo suspended tolls at the Cross Bay Veterans Memorial, Marine Parkway-Gil Hodges Memorial Bridge, Verrazano-Narrows, Throgs Neck and Bronx-Whitestone bridges.
Banks & ATM: Many banks and ATM have closed early and will not be accessible until Monday or Tuesday.
Airports: Newark International and Teteboro Airport will have many cancellations as a result of the storm. Do not to be surprised if all flights are cancelled in the event we get extreme high winds mixed with the rain. The five main New York City-area airports closed to arriving passenger flights beginning at noon
I hope this info helps the residents of NJ & NY as this storm heads our way, I am one of those people that don’t believe this storm will be as bad as predicted but that’s just me, so I did not run to the stores and stock up on groceries and supplies but if you did; I understand and I wish everyone the best!
Remember people be smart…be careful and be safe…See you on Monday! If you get bored at home (and you have power) check out Me, Myself and Irene starring Jim Carey, its a pretty funny movie. 
House Flip…More like House Flop! how an Investor becomes a distressed property owner!
As a Maplewood NJ Real Estate Broker I work with all kind of buyers in my day to day activities. I work with move up buyers who are looking for a little more space
, downsizing buyers who just sent the kids off to college and now need less space
and let’s not forget the first timers who are soooo excited to purchase their first home, those couples add a little something extra to our lives don’t they
But recently, I have met with investors who are looking to climb that property ladder and invest in rehab and resale properties in our area.
In our area we have homes that range from 250k-1 million+ so its not your typical 50k purchase, 50k rehab and resale for 250k, its a much higher risk involved.
I met one investor in particular who purchased a home in Jan. 2011 with what I found out to be “hard money” later on. If your unfamiliar with hard money; here is a quick explanation. A hard money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by the value of a parcel of real estate. Hard money loans are typically issued at much higher interest rates than conventional commercial or residential property loans and are almost never issued by a commercial bank or other deposit institution.
So this investor purchased the home for 285k with hopes to renovate the property for around 50k and thought that he would be able to resale for around 450k, so if you were keeping up with the numbers that’s a potential profit of 115k (now that’s a great incentive to take the risk) but here’s the problem; The housing market continues to be on a slight decline and he has been on the market for 160+ days and to make matters worse, now the real investor (the one supplying the actual money) is calling and looking to collect. Not to mention the monthly carrying cost, taxes, insurance and budget overages which has not only sunk his bottom line but has caused the investor to go into his own pocket to make due. He got in over his head and with no more money left…he has went from an investor to a distressed property owner.
This investor now has an unfinished property that sits vacant and now has requested our firm (GoodBuy Homes NJ Realty) to list and short sale the home, but here is the problem; a short sale is always subject to the lenders approval and in this case the lender is a private hedge fun investor and does not seem interested in any reduced payoff of the amount due. This story is to be continued…
Here’s some tips for Agents/Home owners dealing with Investors:
- Make sure you double check the proof of funds letter (we prefer bank statements so we know that it is the investors money and not someone Else’s)
- Be weary of Transactional funding investors; they are usually looking to buy, hold for one day (sometimes a few hours) and resale a day or two later. (not saying that I disagree with this practice but you must be careful) Some states shy away from this practice all together, so check with your local board and State laws. One more thing about transactional funding; do not participate in the back to back closings, some investors will offer you 3 sides of the transaction (dual agency on A to B closing and listing side on closing B to C side) bad idea…really bad idea
- Be careful with Investors who want you to write offers on multiple properties at one time. We feel that this “throw mud at the wall and hope it sticks” approach is not healthy for business because if they all get approved, will they be able to perform and close on them all. My suggestion, try one first and then another, this way you build confidence and see how it goes.
- Lastly Do not make promises on resale values; some investors will ask you what could I resale this for? be careful because some investors take your words as law and we all know values change almost daily. So what I am saying is practice the age old rule of
I work with a lot of investors as well as regular buyers and I have been victim of a lot of things in my time. So if I could help another Agent avoid some of these pitfalls then I have done something. In this market we are all working longer hours and it takes much more effort to get a deal closed so be weary and make sure your working both harder and smarter! and stay away from the
In Newark, NJ if you leave your property Abandoned, be prepared to pay!
The city of Newark has finally figured out a way to slow down the amount of abandoned properties within the city; charge home owners a fine for those actions.
Take a look at these pictures,
Abandoned houses now sit on almost every block of what is New Jersey’s largest City and officials have simply had enough. Overgrown weeds, debris and in some cases active signs of drug and alcohol abuse can be found on a daily basis. These Abandoned and neglected properties have the potential to become public safety and health hazards and are bringing property values down across the city. And now, Newark officials are going after their owners with a $500 registration fee and fines as much as $1,000 for each violation if they don’t comply. These fines may force home owners to maintain some order on their properties and hopefully have a positive outcome on the community.
Newark’s Director of Housing and Real Estate says the city has almost 1,500 vacant residential properties. Michael Meyer says the foreclosure crisis hit the city hard.
“We have seen that the number of properties owned by banks themselves has increased substantially, 40 to 50 percent over the last two to three years. Currently, there’s estimated to be about 800 to 900 bank-owned properties across the city.”
As a New Jersey Broker who is working with many city officials & home owners to tackle this problem head on; I feel this is a positive step in the right direction of what needs to happen for Newark to become one of NJ’s most desired places to live. The question remains will they be able to actually find the home owners and create a way to enforce the fines, because if they can’t it will just be a waste of man hours handing out fines and wasting paperwork because no one will pay and the problem will continue to grow.
Another way to fight this head on is to take preventative measures and stop home owners from Foreclosing on their homes and help them find alternative options to what has become a growing problem nationwide. If you or someone you know is in need of help, please contact us today!
To be continued…
Maplewood/South Orange Home Owners Facing Foreclosure, we can help!
As an active member in the Maplewood/South Orange community; I have to admit that I love these towns, I live here, enjoy its parks and restaurants and I also have my Real Estate Office in town (GoodBuy Homes NJ Realty), so of course as a Broker in the area I often check market trends & sales as a way to stay on top of my market. Over the past 6 months have seen an alarming trend of more foreclosure & pre-foreclosure properties entering the market and the site is quite scary. Many homeowners just don’t know where to turn.
I just reviewed the pending Auction Sales for the Towns of Maplewood/South Orange and we have approx. 40+ homes pending sheriff sale as of today and that number continues to grow. These numbers are alarming to us because we pride ourselves on helping the residents of our area by providing home buyers/sellers seminars, blogging, not to mention our informational websites and of course face to face consultations with home owners in need; but these numbers makes me feel like we are not doing enough.
For anyone out there in cyber space that are unsure about how a Short Sale can help them avoid foreclosure; here’s a quick recap of what it is and how it works.
Short Sale
If a homeowner owes more on their property than it is currently worth, then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship in order to qualify. Hardship can be simply be defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, just to name a few.
· Benefit: A short sale allows the homeowner to avoid foreclosure and salvage some of their credit rating. This also keeps foreclosure off the individual’s public record, and in many cases will allow the homeowner to avoid a deficiency judgment (repayment of the balance of approved sales price and balance owed). The Borrower may qualify for another mortgage in as little as 24-36 months (as opposed to five-seven years for a foreclosure) and also avoid the 10 years that the Foreclosure will be on the credit profile of the borrower.
· Drawback: Short sales can be a trying process in which a homeowner is best served by contracting with a qualified real estate agent to guide the way. Trying to attempt a short sale without proper guidance can be a daunting task and much help is needed in order to get through the red tape that most lenders have set in place.
This represents only a summary of a short sale; keep in mind there are other solutions available to homeowners facing foreclosure. What is sad about most foreclosures is that on average 60% of home owners foreclose because they did not have enough information regarding their options. We want to change that, one home owner at a time. No one can guarantee a 100% success rate when attempting a short sale, but if you simply avoid the issue you are a 100% guaranteed that the bank will eventually foreclose.
The State of New Jersey has some of the toughest Foreclosure proceedings in the United States so you may still have time left on the clock 
Don’t waste it listen to friends and co workers, contact us for a free consultation to discuss your options so that we can formulate a game plan to help you avoid Foreclosure.
The towns of Maplewood/South Orange & surrounding towns are great places to live;
they features good schools, tons of entertainment, outdoor excitement and most of all great people. Unfortunately these town are not immune to the decline of the Real Estate market and home owners in these areas as well as surrounding towns need to know that help is available in the event a Foreclosure is looming. contact us today. We understand how hard it is to come to the realization that you cannot make your monthly mortgage payments, but it’s not the end of the world, we want you to know that you are not alone and we are here to help!
You sure can tell a lot about a buyer by their Pre-Approval Letter
For House Hunters who are looking for a home on their own and Agents that are working with Buyers, I cannot stress enough the importance of being pre-approved for aa mortgage before starting the process. In our office we stress the ” Power of the Pre-Approval” 
I make it a necessity to explain to buyers the importance of a pre-approval letter and how it helps tell the story to the seller of who they are and what they are capable of doing. The days of presenting offers directly to the seller are just about completely behind us; so besides the contract and its contents the pre approval is very important.
Now when we are representing sellers and are reviewing potential offers the thought process remains the same; after reviewing the contract and its fine print, we check out the pre-approval letter and (who it is from) because it may warrant some investigation.
In most cases we contact the loan officer directly that issued the pre-approval and discuss briefly “The Deal” some call it a bit much, but we call it being extra thorough.
Now some buyers come with Pre-qualification letters and we stop them before starting the house hunt and explain the difference to them. Because we feel that before a buyer can understand the importance; they must first understand the difference between a pre-qualification letter and a pre approval letter. Now without getting all technical; here is the nuts and bolts 
of it all.
A Prequalification is an unofficial estimate of how much house you can afford. A loan officer will make an educated guess about your ability to buy a home based on your verbal or written submissions of income, finances, and credit history. This is not the route to go if you are serious about buying, especially if its the home of your dream.
On the other hand, a Pre-Approval is a review of your financial documents (tax returns. W’2’s, pay stubs, banks statements etc…) and determine the likelihood of a buyer being able to successfully purchase a particular property.
I often find that buyers come with pre-quals or pre-approvals from loan officers that we just are not familiar with and it actually creates a situation where we request a 2nd opinion because the worst thing to do is to place a house under contract, pay for inspections, appraisals, order title only to find out that the loan officer cannot close the deal. Been that road too many times before, so we ask that buyers as well as our agents be very informed about the value of being pre-approved so that they can house hunt with confidence. For us its not an option, but a policy.
Here is some quick advice for all:
Buyers: whether working with an Agent or not get a pre-approval from a reputable Lending institution so that your home buying dreams do not become a nightmare later on down the line
Sellers: Even if your Agent does not emphasize on it, review the pre-approval and make sure some due diligence is done to hopefully put out a fire before it starts
Buyers Agents: DO NOT put anyone in your car unless they have been pre-screened, its not only dangerous but can be a huge waste of time if you come across a window shopper
Sellers Agents: Review that pre-approval and consider calling the source to make sure it’s official, last thing is you want to take a house off the MLS because you think it’s sold only to find out that the buyer was never qualified to begin with.
Remember everyone gets hurt when deals die…we all know that many factors can kill a deal 
but when its something that could of been prevented; if only someone exercised a little more due diligence then we must do a better job of bullet proofing our transactions.
FORECLOSED?? I didn’t even know the house was for sale!!!
I just got a new listing in a Maplewood, NJ and I was talking to the home owner about my plans and how quick I was going to sell her home (yadda…yaddda…yaddda) and we got to the discussion of the list price and we ran into a little issue.
I followed my normal routine and we went over the CMA and I explained to her what I thought the list price should be and the number I gave her was somewhat of a shock to her…(not the normal shock that we all are used to seeing), I mean utter horror movie shock…
you see the house next door was just listed as a REO and is currently listed at about 20+% less than what it would normally be for this style of home. She said “Foreclosed? I didn’t even know the house was for sale“, I explained that a lot of people are struggling to hold onto their homes and sometimes they allow emotions and pride to affect their better judgement and never seek help. She said that the previous owner moved out in the middle of the night.
I also had to be the bearer of bad news and explain that her neighbor that lives a few doors down is also listed as a distressed property (a short sale) and that will also affect her homes value. Some Agents do not subscribe to the idea that these properties affect overall values but they do. The sad part about it is my client is motivated as she wants to move further south and if we do not get close to asking she will either have to withdraw the listing or come out of pocket just to sell.
The story on this house is to be continued…
As a Broker that deals with the high end homes down to the boarded and distressed properties; I find it extremely important to educated my current clients to discuss buying and selling with not only them but there friends/co workers and family because its not just for the sake of a referral but there are some occassions where people are in need of help and are simply afraid to ask; so when its coming from a friend or family member; at times it can make all the difference in the world to get them to open up.
I hope my fellow AR members are talking with their clients and requested not just referrals but information on people who may be in need of your help, besides that’s really why we are here, right?
Helping or Hurting??? Why are Agent Scared to show Short Sale Listings?
As a New Jersey Broker that does not shy away from a challenge; I find it rewarding when I help someone buy or sale a home no matter where its located because it brings me great joy and its also the moment when I get paid…he he Now around 4 years ago I made a decision to not only work with regular equity sales but to also work in the distressed property market and thankfully I have helped many home owners avoid foreclosure by means of a short sale or DIL.
But I have found a trend in my area where Agents are either not sending Short Sales to their clients or buyers are just uneducated on Short Sales and are avoiding them all together.
In New Jersey Short Sales are increasing daily and hitting the market in record numbers but I am finding that more and more buyers are being shut out from their potential dream homes because some agents are choosing for them that the short sale purchase is not the best route to go down.
Why do I say that you ask? here’s my story…
I hosted an
a few weeks ago and had 13 people come out to see the property (a GOOD day right?) well I found it to be a success, especially in today’s market. Now the funny part about that is, I ask everyone who comes into the house (as part of our policy) to sign in and apart of signing in, is stating how you found out about the Open house (Internet, mailing, agent etc…) and 4 out of those 13 told me that they saw it online and wanted to see it, but their Agent did not send it to them. Quick disclaimer: I also make it a policy not to discuss the good or bad practices of another Agent because it doesn’t help any of us at the end of the day, so I just retain the info and write a blog about it later
. 
But I do find it a little weird that Agents are not showing their clients all that the market has to offer because of one reason or another. I wonder why? I know that in my area I am known for being pretty savvy as a Short Sale listing Agent; but is it me? is it the Short Sale stigma? or is it just the house itself? what could it be? I am no fool and I understand that some agents have Short Sale listings and do not have clue on what it takes to get it closed so I can understand that completely. I am especially curious because how could the Agents deselect the home and the buyer still make their own way to it just so they could see it, something may be wrong here.
Some Agents/Buyers fail to understand the short sale process and choose to skip over Short Sale listing because of lengthy time lines, cut commissions or issues that may arise that could prevent the home from closing, but lets be honest; things happen on most sales and is it right for the Agent to choose? I cannot answer that because as a Short Sale Listing agent I am somewhat bias to those types of listings but I wanted to see how others felt about it.
I will admit that I comb through listings in hopes of selecting some top prospects for my clients; but I do not deselect homes because of its status or the commission that is being paid, In my opinion I feel that I am over stepping my boundaries, what do you think?
Attn: NJ Buyers and Sellers Learn the importance of a Pre-Approval
For House Hunters who are looking for a home on their own and Agents that are working with Buyers, I cannot stress enough the importance of being pre-approved for aa mortgage before starting the process. In our office we stress the ” Power of the Pre-Approval” I make it a necessity to explain to buyers the importance of a pre-approval letter and how it helps tell the story to the seller of who they are and what they are capable of doing. The days of presenting offers directly to the seller are just about completely behind us; so besides the contract and its contents the pre approval is very important.
Now when we are representing sellers and are reviewing potential offers the thought process remains the same; after reviewing the contract and its fine print, we check out the pre-approval letter and (who it is from) because it may warrant some investigation.
In most cases we contact the loan officer directly that issued the pre-approval and discuss briefly “The Deal” some call it a bit much, but we call it being extra thorough.
Now some buyers come with Pre-qualification letters and we stop them before starting the house hunt and explain the difference to them. Because we feel that before a buyer can understand the importance; they must first understand the difference between a pre-qualification letter and a pre approval letter. Now without getting all technical; here is the nuts and bolts of it all.
A Prequalification is an unofficial estimate of how much house you can afford. A loan officer will make an educated guess about your ability to buy a home based on your verbal or written submissions of income, finances, and credit history. This is not the route to go if you are serious about buying, especially if its the home of your dream.
On the other hand, a Pre-Approval is a review of your financial documents (tax returns. W’2’s, pay stubs, banks statements etc…) and determine the likelihood of a buyer being able to successfully purchase a particular property.
I often find that buyers come with pre-quals or pre-approvals from loan officers that we just are not familiar with and it actually creates a situation where we request a 2nd opinion because the worst thing to do is to place a house under contract, pay for inspections, appraisals, order title only to find out that the loan officer cannot close the deal. Been that road too many times before, so we ask that buyers as well as our agents be very informed about the value of being pre-approved so that they can house hunt with confidence. For us its not an option, but a policy.
Here is some quick advice for all:
Buyers: whether working with an Agent or not get a pre-approval from a reputable Lending institution so that your home buying dreams do not become a nightmare later on down the line
Sellers: Even if your Agent does not emphasize on it, review the pre-approval and make sure some due diligence is done to hopefully put out a fire before it starts
Buyers Agents: DO NOT put anyone in your car unless they have been pre-screened, its not only dangerous but can be a huge waste of time if you come across a window shopper
Sellers Agents: Review that pre-approval and consider calling the source to make sure it’s official, last thing is you want to take a house off the MLS because you think it’s sold only to find out that the buyer was never qualified to begin with.
Remember everyone gets hurt when deals die…we all know that many factors can kill a deal but when its something that could of been prevented; if only someone exercised a little more due diligence then we must do a better job of bullet proofing our transactions.
WHAT IS A DEED IN LIEU (DIL) OF FORECLOSURE?
Many New Jersey Home owners are facing Foreclosure and are unsure about their options. Many are at the point of no return and have been in their homes in excess of 18-24 months without making a mortgage payment and are feeling afraid that the end is near. In most cases the lender will reach out to the borrowers and discuss a few options; one option is a (DIL) or Deed In Lieu of Foreclosure; also known as a ‘friendly foreclosure’, a deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. It is a voluntary process and Lender approval is required for this option. The homeowner must also vacate the property in most cases 60 days after the paperwork is completed.
Advantages Of A Deed In Lieu Of Foreclosure:
- A deed in lieu of foreclosure will benefit the lender by saving costs of a formal foreclosure proceeding and allowing them to resell the property and avoid further expenses and financial hardship.
- Eliminate or reduce your remaining mortgage debt, in most cases the lender will not pursue the balance owed on the mortgage and allow the home owner to simply walk away. In some cases cash incentives are offered to help home owners get a fresh start in moving on from the situation.
- Avoid the negative impact of a foreclosure, the Foreclosure can be the most devastating event to happen to a person, its important to avoid the embarrassment of a public auction, the destruction of the home owners credit and the stress that is created when you have to go through such a life changing event.
Drawbacks to a Deed in Lieu of Foreclosure:
- What is the Effect on credit? A deed in lieu will affect your credit report. Some sources say the affect on credit is identical to that of a full-blown foreclosure, but cannot be determined, until after it is all said and done. Remember each individuals situation is different, so Don’t believe everything you read online.
- In most cases it is almost impossible to obtain a deed in lieu if you have a second or third mortgage, home equity
loans, or tax liens against your property.
- Ability to buy another home. There is no such thing as giving a deed in lieu and turning around to immediately buy another home for at least 4 years . That is based on there guidelines regarding any applicant that has had a deed in lieu on file within that time period. There are exceptions (but I would not count on those) generally its 4 years without extenuating circumstances, 2 years with extenuating circumstances. They continually make changes to guidelines.
- Make sure you obtain a Release of liability; the deed in lieu should specifically state that you are being released from liability to repay the loan or the balance post sale.
If you or someone you know are facing financial difficulties for any reason and need help…contact us today! Remember
you are not alone…
you can visit us on the web at http://www.njshortsalehelp.info/ email us at: info@goodbuyhomesnj.com or call us anytime at 973.849.6907.
NEW info on short sales with CITI MORTGAGE
If you have a deliquent Mortgage with CitiMortgage, this news may be GOOD news for you! In an attempt to streamline the process and help more home owners avoid foreclosure by means of a short sale; Citimortgage is giving its borrowers an average of $12,000 to short sale, according to Justin Rand, Senior VP of loss mitigation at the bank. Not only are the timelines shrinking to complete these deals, but the incentives paid to qualifying borrowers – again only on loans owned by Citi – increased in recent years as well. If you have a Mortgage with another Bank and need help, please contact us today!
Things have changed for the better as In early 2009, Citi offered an average $1,500 to qualifying borrowers. That went up to between $3,000 and $5,000 in 2010 and finally up to an average $12,000 so far in 2011, Rand was quoted as saying in the interview.
As it is the case with all banks, the key to a successful short sale, just like modifications, is the timely collection of financial documents. Regulators helped move the process along with guideline changes to programs like the Home Affordable Foreclosure Alternatives initiative, which lessened the amount of documents required in order to see quicker results.
Do NOT work with unqualified “promise makers” or a “get out of foreclosure quick” company as it is such an important time right now! Remember a qualified REALTOR and/or Attorney can be the difference in a smooth transaction or a bumby road ahead
This News from CITI is big because now more than ever home owners in need of help need information and support and this is a step in the right direction.
Justin Rand, the senior vice president of loss mitigation at the bank, said servicers are putting more of an emphasis on streamlining the process and pursuing a short sale ahead of foreclosure. The short sale process in 2009 took an average 120 days from listing to close. But by reaching out to borrowers instead of waiting for them to ask the bank, short sales now take an average 83 days to complete, Rand said at a panel for the REO Expo Conference in Fort Worth, Texas, earlier this week
We have worked with a lot of home owners in Essex & Union Counties and enjoy helping people throughout New Jersey avoid foreclosure and find some relief from the stress of such a tough situation. HOW CAN WE HELP YOU??
Malik Crichlow
BROKER/OWNER , CDPE, SFR
GoodBuy Homes NJ Realty
1811 Springfield Avenue Suite 2Maplewood, NJ 07040
Office: 973.849.6907
Direct: 347.538.6864
Fax: 973.843.0277
Info@Goodbuyhomesnj.com
GO TEAM GREEN!!!
The gift and the curse of the “Approved Short Sale”
As a Realtor that engages in a lot of Short Sale business, I find that there are so many things that are needed just to get to the finish line of a deal.
- You have to Meet with the client
- Go through the process
- Collect what will eventually become the Short Sale package
- List the property
- Market the property
- Secure a Buyer
- Contact the Lender
- Pray the buyer holds on
- Negotiate the deal
- Pray the buyer holds on
- Get it sold
Now if you are an agent that list Short Sales; you know I left out about 10,000 other things that are needed and done by any qualified Agent but come on y’all (this is a blog, not a book report)
. Anyways, It’s truly a passion that you must have because sometimes the pay just doesn’t match up to the amount of work that is needed in order to get it done. But for me, I find small successes in all that we accomplish and I find that there is no better feeling than knowing you helped someone avoid a FORECLOSURE.
A problem that I have and have seen; is that after months of fighting with the lenders, Agents lose the interested buyer and now have “The gift and the curse of the Approved Short Sale”. You are fresh off of a victory when you got it Approved but now the question is how “ Approved” is it? If you can secure a buyer quickly after losing the initial one and before the commitment expires you have a legitimate chance, but what if you don’t?
Is there a Doctor in the house!!!
I think I need a Medic after pondering the idea of having to start all over again….
I’ve seen listing active 60-120 days after a deal had died and it is being marketed as an approved short sale, so I ask again…how approved is it?? The bank will likely want to order a new BPO, and want updated financials from the seller, so in reality aren’t you starting the short sale process over again (in a weird, twisted, sorry I have to say this) kind of way. The fact remains that values change all the time so if you have a short sale and you lost the buyer and you have an approved number, you better hurry!! because time may be running out on you…
Just so you know; I am not saying that I disagree with the practice; in fact I have a listing right now that was approved about 40 days ago, and I am marketing the property with the title of Approved Short Sale, but as I question myself, I might as well discuss it with the masses….what do you think?
After a certain period of time, can a short sale still be considered APPROVED?
Need HELP?…Reach out to us
And we Will reach back
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