Short Sales & Foreclosures 
This is a category about Short Sales and Foreclosures.
There are currently 6 blog entries related to this category.
Bank of America streamlining short-sale procedures
Thursday, April 12th, 2012 at 10:12am. 266 Views, 0 Comments.
Decisions on offers may be trimmed to 20 days or less.
Bank of America says it's making changes to its short-sale procedures that will shorten decision times on short sale offers to 20 days, down from 45 days or longer.
The new task flow in Bank of America's short-sale management platform, Equator, will enable short-sale specialists to conduct tasks like document collection, valuations and underwriting simultaneously. When buyers walk, agents will have five days instead of 14 days to submit a backup offer.
Bank of America is requiring a new third-party authorization form for short sales initiated beginning April 14.
When the changes to Equator take effect Saturday, five documents will be required to process short sales initiated with an…
Bidding on an Overpriced Home
Thursday, January 19th, 2012 at 9:46am. 884 Views, 0 Comments.
Today's real estate market is saturated, and there are plenty of homes in foreclosure. These statistics make the market one of the best for buyers in a long while.
Still, it's very possible for you to find a home that's over priced and be unsure how to handle the situation. Don't write off the home that's over priced. There are a few legitimate reasons that the price might be a bit high.
- The homeowner (and their realtor) has not kept up with the comparable sales in the market. Home prices have fallen very rapidly very quickly in some areas. If the seller and his or her realtor haven't kept pace, they may not realize that their price is out of the ballpark.
- The homeowner is under water on their mortgage. If the homeowner purchased the home…
6 Tips for Buying Distressed Properties
Tuesday, August 16th, 2011 at 1:17pm. 6519 Views, 0 Comments.
If you're shopping for a new home in Central Florida, you've no doubt realized that many of the properties out there are "distressed", meaning they're either in foreclosure or being listed as a "short sale". These properties can offer great value, but there are some things that are specific to buying them. Here are some things you should know.
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When a property is in foreclosure, the bank will take multiple offers on the property. This means that you may be in competition for the property. It also means that you may not hear back from the bank right away once you've made an offer. In some cases, the bank will have an "offer period" at the end of which they'll respond to all offers. This can be frustrating for potential buyers, since you may…
Foreclosures in Orange County FL Still High
Wednesday, February 23rd, 2011 at 2:30pm. 10051 Views, 2 Comments.
Foreclosures in Orange County Still High The housing market is definitely beginning to show signs of improvement, but Florida still ranks as one of the hardest hit states. And, Central Florida is one of the harder hit areas in the state, though we're seeing this area recover faster than some other areas.
Central Florida has a lot to offer real estate investors, whether they're purchasing a home for themselves or purchasing long term or vacation rental property. Because of Florida's popularity as a vacation destination, you really can't go wrong by purchasing a rental property in any one of several beautiful and popular vacation areas. You will, however, have to endure dips in the marketplace like the recent one. But, investors who can stay in their…
Foreclosure Buyers: Get the Documents!
Wednesday, January 19th, 2011 at 1:43pm. 8110 Views, 0 Comments.
There are quite a few things addendums cover these days in Fannie Mae and Freddie Mac deals. Most importantly, they have to do with the as-is nature of all of the sales. One of those things you should directly understand is how condo and home owner association documents. Most bank addendums place the burden for obtaining documents and financials on you the buyer. You need to locate these documents to make a wise investment. The problem however, is that many management companies will not release the financial information to non-owners or to a title agent. It can definitely create a problem where you can't get something you need until you're starting the closing process.
If you can't find this information, then you're accepting more risk in some…
Bank of America Halts Foreclosures
Monday, October 11th, 2010 at 3:31pm. 8279 Views, 0 Comments.
Bank of America's decision to halt foreclosures across 23 states will now include the entire United States. They originally focused on stopping foreclosures in states where they are processed in court, but now they're on hold indefinitely across the country. Bank of America has also stopped sales of all bank owned properties while the process is being reviewed. Representatives have been quoted as saying it needed to review procedures used and the foreclosure documents themselves for potential errors. This has already had a major affect on Seminole County Real Estate and Orange County real estate as the number of available listings is affected, however it will help those in interested in marketing their Central Florida short sales. As the short term…
