I am not a tax professional nor an attorney. I am posting this because he IS, and gives a very clear, concise understanding of the tax non-implications of a Short Sale for both Primary and Investment properties. Check it out!
http://www.youtube.com/embed/6901YZhzqII
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Just Listed !!! Check out this new Short Sale Listing in fabulous Bermuda Dunes Country Club! A little TLC is needed on this home, particularly the outdoor living areas, pool & spa and landscaping.B of A gives principal reductions???
Bank of America NEVER “gives” anything away for nothing. So..I suspect the devil will be in the details with this new little gig. Part of the 26 billion dollar governement settlement, Bank of America is offering 200,000 lucky homeowners that qualify principle reductions. Isn’t that nice of them???
Unfortunately, alot of things must happen…
1. The borrower has to receive, open and read their letter that they are sending in the mail. I would suspecst that many of these “select 200,000 borrowers” have already jumped ship. If they are still there, they are pretty much hiding from their Lender and are OVER getting mail from them. Wonder how many will even open the letters?
2. You have to qualify. We all know about the qualifying process with B of A for Loan Mods and Short Sales. I suspect the paperwork is huge and the negotiator numbers are not.
3. They will write off up to $100,000..yippee! That will help some, but in my area of the Palm Springs Valley, $100,000 isn’t much..in ANY price point.
Let’s see if this program is a little more efficient that Bank of America’s 48 hr. buyer substitution program is. That is a complete disaster. But..I’m an positive thinker and I choose to believe this one is “going to work!” Good luck to all!
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81-375 National Dr. short sale
Seller just accepted an offer on 81-375 National Dr., La Quinta, CA. Now the work begins in ernest for your Short Sale Listing Agent.
1. Seller receives list of required documents including financial docs, hardship letter and lender specific documents..all of which they already have a list of. Now it’s time to gather them up!
2. Buyer’s Agent receives copies of relevent docs.
3. Lenders packages are put together (two loans here..two packages)
4. Lenders packages are scrutinized and then submitted. One is online, one is via dinasour fax.
5. Follow ups are scheduled and relentlessly held to..
Remember that the Listing Agent in a Short Sale is your key to success. Both for the Short Sale seller as well as the new Short Sale buyer. We need to be organized, tenacious, and of the “never say die” mentality.
And the ride begins!
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Check out new Short Sale Listing in Mission Lakes Country Club Desert Hot Springs, this one is a Slam Dunk . . . a very clean short sale.
This is an outstanding opportunity with a golf course location and magnificent Southern mountain views . . . what an outstanding location for this beautifully maintained single family home – approximately 2500 sf including a 3bd/2 ba main home + a detached Casita with a full bathroom! Just gorgeous!
On an over-sized lot, this Short Sale home sits on just under 10,000 sf . . . and there is only one neighbor as there is a berm on the West side of home. The West side yard has a shuffleboard court and the yard is entirely landscaped with low maintenance desert scape. A high wall has been added in the back yard in one corner of the covered porch to block the wind and create a calm, entertaining space.
In the beautiful gated community of Mountain View Country Estates within Mission Lakes Country Club in Desert Hot Springs, the affordable HOA is only $98/mo. This includes a community pool, tennis court and basketball court. Owners here may “pay as you play” at the adjacent golf club or buy a membership.
This Short Sale is offered at $275,000, is a Primary Residence with only one Note with GMAC. Originally sold for almost $495,000 in 2006. Seller only one month delinquent, NOD is not filed.
Don’t miss the Open House on 5/12 12-3 pm for viewing. Keep an eye out on the price !!!
Just another Short Sale opportunity presented by the Palm Springs Valley Short Sale Closer, Kimberley Joy Kelly… I list, work and CLOSE my short sales, and I’ll CLOSE this one too!
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Most Banks say, "Wasn't me!"
..but will they have any impact? The reality is that these programs are always coming up with something new such as..
Fannie Mae & Freddie Mac offer quicker Short Sale Responses
Remember that in the short sale world, the Servicer is the entity that collects your monthly mortgage payment. The Investors are the entities that actually OWN the note. Fannie & Freddie invested in millions of loans and now are left holding the bag on underwater loans. I love that they are offering these timeline guidelines. Let’s hope they actually ACT on them!!!
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short sale just listed in La Quinta
Short Sale at the Norman Estates in PGA West, La Quinta. 81375 National Dr. $1,200,000. This is a killer house! Southern Fairway views from the back yard which has a large pebbletec pool/spa and built-in outdoor entertainment area. There is a circular driveway in the front of the home which leads to a hand-carved wooden front door. Enter the door to a huge great room with 3 sets of french doors that open to the interior courtyard with it’s private fireplace, then continue on to the lovely backyard. Both wings of this entertainers’ home open to this party courtyard through French Doors and accented with stone floors.
The home has 5 bedrooms + 5.5 baths on an almost 18,000sf, corner home site. Inside the main home is a chefs’ kitchen with Wolfe/Sub-zero stainless appliances, Fisher/Paykel dual dishwashers, custom granite slab counter tops and an eat counter to seat 4 easily. The dining area and wet bar open to the interior courtyard large french doors as well. The entire home is centered around the interior courtyard that is accessed through multiple sets of french doors.
Attached Casita, Master retreat with fireplace in each, 2 more ensuite guest rooms and a laundry room that is enormous! Then we go outside to the couryard, take the stairs up to the enclosed sky deck. A special place, with it’s private bathroom and balcony. What views! Up Fairway to the lakes and mountains beyond. Imagine sipping a glass of wine and watching the sun set from this vantage point!
Two notes. First with B of A and second with Chase. Sellers have all docs in order. Purchased in 2006 for $1,400,000 plus all the upgrades, this home is a steal. I list, work and CLOSE my short sales, and I will get this one CLOSED too!
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short sale at Mountain View Estates
Beautiful Short Sale home in Mountain View Estates in Desert Hot Springs. Adjacent to Mission Lakes CC, Mountain View Estates is a gated community of single family residences with spectacular Views! A short drive North of Hwy 10, this is a golf course community without the high HOA’s because it’s not REALLY on the golf course.
Beautifully maintained, this 2500+ sf home has 3bd/2ba in the main home + a detached Casita with a full bath. South facing, corner lot with no neighbor to the West, this home offers privacy. Located on one of the 55+ streets in the community, one owner must be 55+ years or over.
This home sold in 2006 for $495,000 and is now offered at $275,000. Only one note with GMAC, and a primary residence for the Sellers, this Short Sale should be relatively painless. The lot is over-sized at approx. 9600 sf with desert scape for easy maintenance, two covered porches in the back and spectacular South mountain and fairway views. Owners may play golf at the Club on a “pay as you play” game or they may join Mission Lakes CC.
HOA’s are a low $98/month and include a community pool, tennis court+ basketball court..great deal! Another Short Sale listed with the Short Sale CLOSER!
MoreBank of America; short sale lemon
Just read an article in the New York Times called Banks Always Win. How serendipitous when I am encountering that very thing with my now year long Short Sale with B of A. I have been writing of this journey because it is so unbelievable to me and the Sellers, that it deserves the written word.
When you see a Short Sale listing that has been sitting for hundreds of days and the List Price keeps going up, then back down, it’s because the appraisal came in too high, the Investors believed it, and their counter was so far over what the property is worth that the Buyer walks, shaking their head in disgust. Does B of A really think that because they have a higher value in their little pea brain it is the Reality of the homes’s value? Buyers set the value you ding dongs. It’s called a Buyers’ Market for a reason. Your property is worth what a Buyer will pay..period!
First appraisl one year ago (4/15 marks 365 days with this listing and four qualified buyers). Anyway, first appraisal comes in at $980,000. At that time, I tried to convince them that my offer of $850,000 was fair. No offers came in until the List Price had been reduced to that number from my original list price of $1,050,000. Buyer of course walks.
I raised the LP to $980,000 and began reductions. Again..no offers until I hit $850,000. B of A counters at $980,000 again. Buyer #2 walks.
I get Buyer #3 at $850,000. B of A does a new appraisal. Must’ve been closer because they counter at $865,000. Buyer accepts with a conventional loan. Lender appraises the house at $825,000. Buyer #3 walks.
I List the home at $865,000..the “approved B of A price” per the approval letter which was set for a March 15,2012 close. I get an offer of $865,000 and this time I call the Lender. Local woman and she guarantees that she will fund this loan. OK..I submit the offer. Darned if the B of A negotiator doesn’t tell me “this file is aged,” so we close and re-open it once again. New appraisal is ordered. Yippee! Surely, this time it will come in at $865,000! Not so fast…
This appraiser has decided that over the past year, the home has gone up in value to..drumroll..$1,050,000!!! Hey, wasn’t that my original List Price? Why yes it was! Sure wish I could get them that number and make more money. I get the file escalated and send in the ONLY THREE COMPS that have SOLD in this SAME NEIGHBORHOOD over the past 6 months. All support this offer..maybe a little less in fact. I’m sure this time they are going to approve this offer. But no…
B of A in their wisdom, have countered at $925,000. Now, if this home was EVER worth $925,000 we would have already received an offer at that number. Well, they say..your 3 comps are very close indeed, but the comps our appraiser sent us are higher and we are choosing to use those. REALLY???? Why go outside the exact gated community for comps? Across the freeway puts you closer to the beach..values are different. A neighboring community is valued higher because of the builder.
Did B of A hand our a booklet for their appraisers that changes the rules? Since when does using DIRECT sold comps not hold any merit? I thought the BEST comps were what give you true value for that home in that neighborhood.
Oh, the best thing. I just received my first back up offer. Agent says his clients don’t see the value of $865,000 because another Short Sale just closed in the community a couple months ago for $850,000, so they are offering $815,000 since values are declining.
Who wants to take bets that B of A runs off my Buyer #4 at $865,000 and ends up with at least $50,000 LESS when they do finally accept an offer. Hee-hee..why the banksters continue to decimate property values…
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Bank of America appraisers..dazed & confused
The appraisers for the Servicer in a Short Sale can make or break the acceptance of the offer. If they are not familiar with the area, the development, the price trends in the neighborhood…your deal could sink like a HUGE stone. That’s what happened to me..more than once. Each Lender is different (Lender being the Servicer here.) Bank of America has more bad notes than any other bank so the numbers of bad appraisals tilts to them.
In the Laguna Niguel home that has been the longest, most ill-handled of any I’ve had with Bank of America, the latest appraisal is so far over market value that it defies common sense. But..common sense and Lenders/Investors is not in the same sentence..EVER!
My offer is for $865,000. Fair Market Value. Their appraisal came back for this Buyer (#4) at $1,050,000. As I mentioned before..this just happens to be the List Price I started at almost a year ago. I suspect this appraiser came in at an easy number, never did the appraisal at all..just put the $ in their pockets. A whopping what..$50 or so? I don’t know, but they don’t make much…part of the problem..but that’s another story.
The Bank of America Social media contact did escalate my file and I was contacted yesterday to fill out a form and submit my best supporting comps. There are only 3 SOLD homes in the same gated neighborhood so that wasn’t hard to track down. All 3 of them support my price/sf. Where did that appraiser come up with that inflated value. Hmmm…very interesting and suspiscious that their appraised value just happens to match original list value. Really smart and creative of the appraisal company.
Should we all hold our breath and see if Bank of America over rules the high valuation? I’m not going to..that would take some common sense. If they do however, I will fall off my chair and then hit the blogs..
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