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Old 12-10-2014, 06:32 PM
 
Location: Native of Any Beach/FL
35,351 posts, read 20,714,667 times
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I posted same on other thread- BPO is the banks appraisal of the property- its a deep dark secret deal- so I am told- so now either it goes OK lets move forward or a jacked up counter offer-tic toc

If the FED budget is passed- the banks just got an OK to do their swapping of mtg paper etc again--- even though that was part of the recession -not sure if the changes affects how this processes gets decided? they might want to unload all these homes to swap??
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Old 12-11-2014, 10:52 PM
 
8 posts, read 35,076 times
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Well...a month went by and nothing yet, the only thing i heard is that they needed (not sure who) the proof of funds for the down payment.

so many people involved, hard to know who is quicker on getting things done...

I agree with what someone here said, if I am going to pay full market price, then heck why wait...

i didn't low ball but the realtor might have had, well it is what it is, I won't sweat about if it doesn't workout.
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Old 12-12-2014, 09:12 AM
 
3,826 posts, read 5,764,837 times
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One of the short sales we were waiting for ended because bank asked for full market price for a house that needs a lot of work inside and outside and were sitting empty with no water and power for a year. Funny part is they are looking for exact amount people owe them and the reason to call this transaction a short sale is to get realtors fee. Basically without realtors involvement it could be straight sale. We said good luck selling it at market price and no thank you

By the way I am not sure it's local, but I was tracking couple short sales, banks came back pretty much asking market value if not more, refused to negotiate, foreclosed the house and instead of selling it as bank owned property they are renting it now!!! And it happened in 8 out of 10 cases I was tracking. Something tells me banks are willing to wait with selling their inventory and at some point in the near future all this homes will hit the market again.
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Old 12-12-2014, 09:53 AM
 
Location: Native of Any Beach/FL
35,351 posts, read 20,714,667 times
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well if the FED- budget is passed- the new ruling will again give them a bail out-- HOW convenient! not sure how it will play out in the market- they may clean up the old foreclosures n double dip and sell everything- on the books
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Old 12-12-2014, 11:32 AM
 
Location: Southwest
147 posts, read 229,045 times
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Another new federal regulation came out this month Dec 2014 that says the banks will now work with the underwater homeowner to allow them to buy the house at today's market value with a new loan at the lower rates. Your opportunity time is waning. I tried to tell you the banks make ZERO sense when it comes to low ball short sale offers and they rarely respond or negotiate on any of it because the bank people are inexperienced under-qualified and usually have a very high turnover, so the stacks of paperwork just sit there in a pile. Nobody seems to know who is authorized to sign off on stuff. btw, I also have personal knowledge of how zany this is because I bought an reo and lived in it when I sold it 4 yrs later (it was not a flip) the title company had a very difficult time determining if the reo bank officer who signed the sale documents to us on auction dot com was truly authorized to sell that house. So beware, it is not a big money-making operation by any means. Run and go buy a new construction home.
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Old 12-12-2014, 11:36 AM
 
Location: Southwest
147 posts, read 229,045 times
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http://dealbook.nytimes.com/2014/12/...meowners/?_r=0
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Old 12-12-2014, 05:10 PM
 
Location: Native of Any Beach/FL
35,351 posts, read 20,714,667 times
Reputation: 14122
Quote:
Originally Posted by barbiloo View Post
Another new federal regulation came out this month Dec 2014 that says the banks will now work with the underwater homeowner to allow them to buy the house at today's market value with a new loan at the lower rates. Your opportunity time is waning. I tried to tell you the banks make ZERO sense when it comes to low ball short sale offers and they rarely respond or negotiate on any of it because the bank people are inexperienced under-qualified and usually have a very high turnover, so the stacks of paperwork just sit there in a pile. Nobody seems to know who is authorized to sign off on stuff. btw, I also have personal knowledge of how zany this is because I bought an reo and lived in it when I sold it 4 yrs later (it was not a flip) the title company had a very difficult time determining if the reo bank officer who signed the sale documents to us on auction dot com was truly authorized to sell that house. So beware, it is not a big money-making operation by any means. Run and go buy a new construction home.
They should have done that years ago ! grrrrr
hope someone can benefit from it now,, i keep ms warren in view she is the Joan of arc against banks
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Old 12-12-2014, 07:37 PM
 
Location: Rural Michigan
6,343 posts, read 14,599,319 times
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Quote:
Originally Posted by tinytrump View Post
They should have done that years ago ! grrrrr
hope someone can benefit from it now,, i keep ms warren in view she is the Joan of arc against banks
I disagree wholeheartedly. If you can't or won't pay you need to move. Nearly every mortgage out there is effectively insured by the taxpayers, 30% of whom rent, another 30% own their homes free and clear, and in the worst downturn in at least fifty years, most everyone who *had* a mortgage paid it.

If the government wants to start handing out "free ponys", those ponys need to go to those who pay their bills first.
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Old 12-12-2014, 08:13 PM
 
Location: Southwest
147 posts, read 229,045 times
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It was illegal for a homeowner or anyone who knew them or related to them to buy the ss homes yet a complete stranger could come in and buy it for half the price that the owner paid. I was a Realtor for 12 years, I saw the whole gamut. I only knew of one person who took advantage of the whole thing and was in it for the money, he should have been arrested and jailed, an investor who bought a bunch of new homes in the same neighborhood in FLA in about 2006, he never paid one mortgage pmt or hoa pmt, the lender finally foreclosed on one of them that I know of, and probably most of the others, he pocketed the rent money he collected and ran off. The real tragedy is for families that put down substantial down payments and bought homes with initial pmts that fit their budget and without realizing their pmts could double or triple or they would be losing their job or get transferred but they could not sell their home because of the value and negative equity, sometimes they had illness or death in the family, their income was affected by the economy. So many of them had paid up to $100,000 down payments for example and paid ALL of their mtge payments but they got transferred away and any rent they could charge would not cover their mtge and anyways they paid everything but they lost the house and you call them all "free ponys" just lumping everyone together into one group is ALWAYS dangerous, ALWAYS prejudiced, not against the color or their skin but just lumping any group of people together, you never know the whole story, Realtors got to know some of their stories, ones of a wife running off, a husband dying of sudden heart attack, person lost their job the day they closed on the house. You don't know all the stories, people keep things to themselves, people don't always tell their story. People ALL have a back story and just because you don't always know what happens doesn't mean it didn't. One person had to sell his/her parents home because the mom had alzheimer's and was in a care home, the cost of her care was astronomical (she was in the Bay Area of CA), her husband became an invalid in a wheelchair. Their home was paid off, he began to run out of savings money to pay for his wife's care so he pursued a reverse mortgage, the story with those is that an older couple could borrow against the value of their home and not have monthly payments, but when they pass away or move into a rest home the bank takes their "loan amount plus interest" back.. Well, what happened was this man got the money from his rev mtge and he was doing okay paying for her care but then the money ran out again AND the bank began to ask for monthly payments (I still don't understand this but his payments were over $1,000 a month on his "no pmt reverse mtge". The care home said they could not do a charity case so they were going to send her home for her wheelchair bound husband to take care of her (she wandered and was dangerous because she set fires etc). His back was against a wall so he comitted suicide in hopes that somehow his wife would continue to get care in the home if she was penniless? I don't know the full story, all I know is the daughter put the house up for sale and instead of approving the numerous short sale offers that buyers made on the home (at pretty much market value, it was in perfect shape in a nice 55+ neighborhood near an air force base (commissary) and lots of things). So his daughter ended up taking a DIL, deed in lieu of foreclosure which means she handed the bank the keys to the house if they would just not ask her for any more money. So the buyers (who had waited about 3 months for final approval) got no house, it went back onto the market in a few months for even more money as a bank owned house.
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Old 12-13-2014, 09:55 AM
 
Location: Native of Any Beach/FL
35,351 posts, read 20,714,667 times
Reputation: 14122
Quote:
Originally Posted by Zippyman View Post
I disagree wholeheartedly. If you can't or won't pay you need to move. Nearly every mortgage out there is effectively insured by the taxpayers, 30% of whom rent, another 30% own their homes free and clear, and in the worst downturn in at least fifty years, most everyone who *had* a mortgage paid it.

If the government wants to start handing out "free ponys", those ponys need to go to those who pay their bills first.
Well need to put on the tv. the bankers like CITI bank want their bailout clause and( its too early in the morning to see if anyone actually-signed the budget) but if it passes-- go yell at your rep. friends.
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