The Problem With Pricing a Bank of America Cooperative Short Sale

The problem with our recent elections is not really who won or lost. Well, maybe for some of you, it is. The problem, the way I see it, is we had too damn many things to vote for. Too many Propositions and Politicians. I mean part of the reason we have propositions on the ballot is because the men and women we send to Congress can’t seem to do their job so they have to take it to the people. Like we know anything. We’re just people. We’re a Sacramento short sale agent, or a Raley employee about to lose retirement health insurance benefits or a state worker hungover from furloughs. read more

How Many Short Sale Offers Go To The Bank?

Short sale agents and yes, even lawyers, sometimes struggle with proper protocol regarding the handling of short sale offers. If you’re new to the short sale arena, you might not even know who is a party to a short sale. You might think the bank is a party to the short sale. I’ve yet to see a spot in the purchase agreement for a short sale bank to sign. Banks are a component as a contingency but the short sale bank is not a party to the short sale.

Even sellers get confused. I’ve had sellers ask over and over if the bank is paying the costs of the sale. It can be argued that the costs of sale are reducing the net proceeds to the bank, and that part is true. But the bank does not own the property. This is the thing people forget. The seller owns the property, and therefore the seller is paying the costs of sale. The bank is interested and approves the costs of sale only because if costs can be reduced, the bank’s check goes up. read more

Death Qualifies for a Short Sale

I suspect you’ve landed on my blog with the thought she is NOT going to talk about death and a short sale. But you would be incorrect or maybe you just don’t know me very well yet. I’ll talk about anything I darn well feel like on my blog. If you’re not interested in matters surrounding death, all I’ve got to say is you are going to be very surprised one day. That old grim reaper is hanging around and not just around us old people. You can’t escape it. One day you’re laughing and joking with friends, and the next day, bam, somebody is dead. read more

Bank of America FHA Short Sale Approved

bank of america fha short saleWow, a Bank of America FHA short sale started in December of last year finally closed escrow in November. It took 11 months to close the sale of this Rancho Cordova home. And this was an escrow in which the seller hired and paid a lawyer to negotiate. They did this before they called me. I was hired solely to sell the short sale, not to negotiate, which is a little odd but OK. I do whatever my clients want.

A representative from the Sacramento law firm called the Bank of America negotiator at one point almost every single day. It’s not just a Sacramento short sale agent who struggles with the B of A FHA Short sale processes. Lawyers can fare even worse. read more

A Home Buyer Almost Lost Her Rosemont Home

I just closed escrow on Friday for an incredible couple of sellers of a Rosemont home who had moved to Florida. They had owned a rental property in which the tenant had vacated and it was now time to sell. An agent in Florida referred this couple to me. I think the agent found me through one of my blogs and noted that I sell homes all over the Sacramento area. Because I sell so many homes (100+ /yr), odds are I probably sell a lot in any one area, and Rosemont is one of those neighborhoods for me. I know it pretty well. And I knew this particular home might pick up comparable sales from a nearby subdivision, which has a higher per median square-foot-cost than the surrounding neighborhood. Which meant if we positioned this correctly, the sellers could probably get a bit more for this home than they would otherwise. read more

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