Comments for Distressed Property Expert http://distressedpropertyexpert.net Emerald Coast resource for Investment Properties, Distressed Properties, Foreclosures, Bank Owned Property and Short Sales Thu, 17 May 2012 21:40:48 +0000 hourly 1 http://wordpress.org/?v=3.3.2 Comment on Rosemary Beach REO 102 Round Road Hot Property Alert! by Craig Baranowski http://distressedpropertyexpert.net/rosemary-beach-reo-102-round-road-hot-property-alert/#comment-2592 Craig Baranowski Thu, 17 May 2012 21:40:48 +0000 http://distressedpropertyexpert.net/?p=3207#comment-2592 102 Round Road had multiple offers as a bank owned property. It went under contract very quickly and had a quick close. Sold for $1,450,000 on May 10 2012. 102 Round Road had multiple offers as a bank owned property. It went under contract very quickly and had a quick close. Sold for $1,450,000 on May 10 2012.

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Kym McClimans http://distressedpropertyexpert.net/bank-of-america-implements-hafa-on-equator-for-short-sales/#comment-2577 Kym McClimans Sun, 29 Apr 2012 02:05:07 +0000 http://distressedpropertyexpert.net/?p=1972#comment-2577 How many appraisals do they need? We just got word yesterday that they have ordered the "final appraisal". They did an appraisal in January and in march - both actual appraisals, not just BPO's. Aaaannnnnddd, we were told that we were most likely going to have to apply for a variance because the sellers loan is a FHA and they will only pay for 1% instead of the 3% which we asked for in closing costs. So now I am really confused because I didn't think FHA loans were eligible for HAFA! What are our chances of getting a variance? Is it worth the time or are we better of to just say we will pay the other 2% and save ourselves the time and frustration of being told no anyway. How many appraisals do they need? We just got word yesterday that they have ordered the “final appraisal”. They did an appraisal in January and in march – both actual appraisals, not just BPO’s. Aaaannnnnddd, we were told that we were most likely going to have to apply for a variance because the sellers loan is a FHA and they will only pay for 1% instead of the 3% which we asked for in closing costs. So now I am really confused because I didn’t think FHA loans were eligible for HAFA! What are our chances of getting a variance? Is it worth the time or are we better of to just say we will pay the other 2% and save ourselves the time and frustration of being told no anyway.

]]> Comment on Bank of America formerly Countrywide short sale process streamlined? by Craig Baranowski http://distressedpropertyexpert.net/bank-of-america-formerly-countrywide-short-sale-process-streamlined/#comment-2575 Craig Baranowski Fri, 27 Apr 2012 21:35:52 +0000 http://distressedpropertyexpert.net/?p=779#comment-2575 Tori - Looks like your agent is doing all of the right things. I know in our area short sales tend not to move as quick as buyers do not want to deal with them, thus the lower sales prices and longer days on market. When they foreclose and come on the market as REOs it is like a shark feeding frenzy and they sell well over the list price. I don't know your area, but I could guess that $315K is still an excellent buy for the property. You do not want to fight it out as an REO and/ or wait for BofA to put it on the market as an REO. I have clients that passed on the short sale for a similar situation and now they have been waiting 12 months for the property to come on the market as a BofA REO. In the meantime, prices have increased and the competition for REO properties is at an all time high. I also have many clients that chose to pay over appraisal on short sales and are very happy that they did. They thank me every time I speak with them. So my final 2 cents is to really evaluate the price vs time invested vs available inventory before you walk away. Craig B. Tori – Looks like your agent is doing all of the right things. I know in our area short sales tend not to move as quick as buyers do not want to deal with them, thus the lower sales prices and longer days on market. When they foreclose and come on the market as REOs it is like a shark feeding frenzy and they sell well over the list price. I don’t know your area, but I could guess that $315K is still an excellent buy for the property. You do not want to fight it out as an REO and/ or wait for BofA to put it on the market as an REO. I have clients that passed on the short sale for a similar situation and now they have been waiting 12 months for the property to come on the market as a BofA REO. In the meantime, prices have increased and the competition for REO properties is at an all time high. I also have many clients that chose to pay over appraisal on short sales and are very happy that they did. They thank me every time I speak with them. So my final 2 cents is to really evaluate the price vs time invested vs available inventory before you walk away.

Craig B.

]]> Comment on Bank of America formerly Countrywide short sale process streamlined? by Tori http://distressedpropertyexpert.net/bank-of-america-formerly-countrywide-short-sale-process-streamlined/#comment-2574 Tori Fri, 27 Apr 2012 20:49:07 +0000 http://distressedpropertyexpert.net/?p=779#comment-2574 Hi Craig, Thanks so much for the quick reply. That is a good question, I have not seen the counter offer work sheet, did not know about that one. I will ask about it today.My agent did tell me there were no HOA dues for this property. The first BPO was done with out the agent present. So the second time the agent removed the lock box so she had to be contacted for entry into the property to complete the BPO, and yes this time she showed comps etc... She is very confident the BPO came in under 300K, so she was very shocked about the 315K counter. Like you said, she thinks that is the price the investors are sticking to for whatever reason. I am nervous about accepting the 315K, so I will stick with the 285K and see how that goes. it is just frustrating because I have been so patient and we have come so far and now this... I want to call the investor myself, but I know I can't do that. LOL!!! Thank you again for your input and advise. I will keep you posted. Tori Hi Craig,

Thanks so much for the quick reply.

That is a good question, I have not seen the counter offer work sheet, did not know about that one. I will ask about it today.My agent did tell me there were no HOA dues for this property.
The first BPO was done with out the agent present. So the second time the agent removed the lock box so she had to be contacted for entry into the property to complete the BPO, and yes this time she showed comps etc… She is very confident the BPO came in under 300K, so she was very shocked about the 315K counter. Like you said, she thinks that is the price the investors are sticking to for whatever reason. I am nervous about accepting the 315K, so I will stick with the 285K and see how that goes. it is just frustrating because I have been so patient and we have come so far and now this… I want to call the investor myself, but I know I can’t do that. LOL!!!

Thank you again for your input and advise. I will keep you posted.

Tori

]]> Comment on Bank of America formerly Countrywide short sale process streamlined? by Craig Baranowski http://distressedpropertyexpert.net/bank-of-america-formerly-countrywide-short-sale-process-streamlined/#comment-2573 Craig Baranowski Fri, 27 Apr 2012 19:56:23 +0000 http://distressedpropertyexpert.net/?p=779#comment-2573 Hi Tori - Sounds like you are caught in short sale purgatory. The big question I have is what property value is being presented to the investor? Have you seen the counter offer worksheet from the negotiator to ensure there are no items on it that are increasing the price? Such as cash contributions from the seller that could be tacked on to your side or excessively high past due HOA fees. Also, when the BPOs were performed did the agent meet with the BPO agent and supply them with listing history, repair reports and comparables to justify the $270K? At some point the investor draws a line in the sand and $315K may be the ONLY answer. In these situations you have three options: 1. Reject their counter offer and find a new property. 2. Counter with $285K - which you already did (this is what I would do). A counter will usually have a BofA investor move a bit on their price. 3. Accept $315K offer. If you are comfortable paying $315K for the house then this may be a viable path for you to take. If your contract is contingent upon financing, I would accept the $315K (assuming you exhausted all efforts on countering at $285K and etc) and see if the appraisal comes in at $315K. If the home appraises for $315K then you close for $315K. If the home appraises for less, then you will need to submit the appraisal and a new lowered purchase price to BofA. We have had success with strategy with Bank of America and their investors. Good luck and let me know what happens. Craig B. Hi Tori – Sounds like you are caught in short sale purgatory. The big question I have is what property value is being presented to the investor? Have you seen the counter offer worksheet from the negotiator to ensure there are no items on it that are increasing the price? Such as cash contributions from the seller that could be tacked on to your side or excessively high past due HOA fees.

Also, when the BPOs were performed did the agent meet with the BPO agent and supply them with listing history, repair reports and comparables to justify the $270K? At some point the investor draws a line in the sand and $315K may be the ONLY answer. In these situations you have three options:
1. Reject their counter offer and find a new property.
2. Counter with $285K – which you already did (this is what I would do). A counter will usually have a BofA investor move a bit on their price.
3. Accept $315K offer. If you are comfortable paying $315K for the house then this may be a viable path for you to take. If your contract is contingent upon financing, I would accept the $315K (assuming you exhausted all efforts on countering at $285K and etc) and see if the appraisal comes in at $315K. If the home appraises for $315K then you close for $315K. If the home appraises for less, then you will need to submit the appraisal and a new lowered purchase price to BofA. We have had success with strategy with Bank of America and their investors.

Good luck and let me know what happens.
Craig B.

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Craig Baranowski http://distressedpropertyexpert.net/bank-of-america-implements-hafa-on-equator-for-short-sales/#comment-2572 Craig Baranowski Fri, 27 Apr 2012 19:42:20 +0000 http://distressedpropertyexpert.net/?p=1972#comment-2572 Hi Kym - The HAFA process is really long on the front end for the seller to be approved under the program. Once approved, the process usually goes fairly quickly. If they have already established a market value for the property then it will go fast. If they have to get a formal appraisal then you will have an additional week delay. I would estimate that you should have approval by end of April, first week of May. Craig B. Hi Kym – The HAFA process is really long on the front end for the seller to be approved under the program. Once approved, the process usually goes fairly quickly. If they have already established a market value for the property then it will go fast. If they have to get a formal appraisal then you will have an additional week delay. I would estimate that you should have approval by end of April, first week of May.

Craig B.

]]> Comment on Bank of America formerly Countrywide short sale process streamlined? by Tori http://distressedpropertyexpert.net/bank-of-america-formerly-countrywide-short-sale-process-streamlined/#comment-2571 Tori Fri, 27 Apr 2012 17:02:55 +0000 http://distressedpropertyexpert.net/?p=779#comment-2571 Hello~ I made an offer of 270K (Seller owes 389K on home) on a B of A short sale 10/25/11 (listing price). Went through process, BPO was done, bank sent offer to investor, 12/19/11 investor countered at 315K! Everyone was surprised by the high counter. Waited 90 days for BPO to expire. Got new B of A negotiator and a new BPO 3/30/12, offer went back to investor on 4/17/12 investor came back with 315K again! The home is not worth 315K. Home has been vacant and on the market for over a year, no activity at 300K, 290K or 280K. No other offers, no other interest. I do not understand what the investors looking for Even if i wanted to pay 315K my bank will not finance that much because the house is not worth that much. We are working with B of A's negotiator to see if the investor will accept 285K. Have not heard anything... What are my other options, if any? Willing to pay for an independent appraisal to include with the offer (agent thinks the home will appraise between 280K and 290K). Thank you for your time! Hello~
I made an offer of 270K (Seller owes 389K on home) on a B of A short sale 10/25/11 (listing price). Went through process, BPO was done, bank sent offer to investor, 12/19/11 investor countered at 315K! Everyone was surprised by the high counter. Waited 90 days for BPO to expire. Got new B of A negotiator and a new BPO 3/30/12, offer went back to investor on 4/17/12 investor came back with 315K again! The home is not worth 315K. Home has been vacant and on the market for over a year, no activity at 300K, 290K or 280K. No other offers, no other interest. I do not understand what the investors looking for Even if i wanted to pay 315K my bank will not finance that much because the house is not worth that much. We are working with B of A’s negotiator to see if the investor will accept 285K. Have not heard anything…
What are my other options, if any? Willing to pay for an independent appraisal to include with the offer (agent thinks the home will appraise between 280K and 290K).

Thank you for your time!

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Kym McClimans http://distressedpropertyexpert.net/bank-of-america-implements-hafa-on-equator-for-short-sales/#comment-2545 Kym McClimans Sun, 15 Apr 2012 01:43:44 +0000 http://distressedpropertyexpert.net/?p=1972#comment-2545 We made an offer on a B of A shortsale on Feb. 23rd, the seller accepted it on Feb. 24th, and it was loaded into Equator on Feb. 27th. On March 26th we were told that the bank was still requesting paperwork for HAFA approval. Apparently the seller decided to switch to a HAFA after our offer was submitted. Finally on April 11th (day 44) we got word that the seller got HAFA approval but the realtor has to resubmit our offer back into the system. So does this mean the whole process starts over and we are looking at 30 - 45 days (or longer.) We made an offer on a B of A shortsale on Feb. 23rd, the seller accepted it on Feb. 24th, and it was loaded into Equator on Feb. 27th. On March 26th we were told that the bank was still requesting paperwork for HAFA approval. Apparently the seller decided to switch to a HAFA after our offer was submitted. Finally on April 11th (day 44) we got word that the seller got HAFA approval but the realtor has to resubmit our offer back into the system. So does this mean the whole process starts over and we are looking at 30 – 45 days (or longer.)

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Craig Baranowski http://distressedpropertyexpert.net/bank-of-america-implements-hafa-on-equator-for-short-sales/#comment-2544 Craig Baranowski Sat, 14 Apr 2012 12:45:55 +0000 http://distressedpropertyexpert.net/?p=1972#comment-2544 Keith - That is awesome news! That was a very fast turn around on a HAFA short sale. Enjoy your new home! Craig B. Keith – That is awesome news! That was a very fast turn around on a HAFA short sale.

Enjoy your new home!

Craig B.

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Keith http://distressedpropertyexpert.net/bank-of-america-implements-hafa-on-equator-for-short-sales/#comment-2543 Keith Fri, 13 Apr 2012 18:50:23 +0000 http://distressedpropertyexpert.net/?p=1972#comment-2543 Great news...Our offer was accepted today.....so for us...this started on March 24th when we made the offer on the home....so 21 days from offer until Bank approval...This might be a record from what I've seen...we are doing the happy dance....Thanks again for the positive insight....looking to close within 30 days.... Great news…Our offer was accepted today…..so for us…this started on March 24th when we made the offer on the home….so 21 days from offer until Bank approval…This might be a record from what I’ve seen…we are doing the happy dance….Thanks again for the positive insight….looking to close within 30 days….

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Keith http://distressedpropertyexpert.net/bank-of-america-implements-hafa-on-equator-for-short-sales/#comment-2542 Keith Fri, 13 Apr 2012 15:41:25 +0000 http://distressedpropertyexpert.net/?p=1972#comment-2542 Thanks for the encouraging words...Our Realtor told us yesterday that our status in Equator has changed from Offer Submitted to Offer Being Reviewed...I'm assuming that all documents have been sent in and we should hear back fairly soon on our offer.... Thanks again, Keith Thanks for the encouraging words…Our Realtor told us yesterday that our status in Equator has changed from Offer Submitted to Offer Being Reviewed…I’m assuming that all documents have been sent in and we should hear back fairly soon on our offer….

Thanks again,

Keith

]]> Comment on About HAFA – Home Affordable Foreclosure Alternatives Program by What is HAFA? The Home Affordable Foreclosure Alternatives http://distressedpropertyexpert.net/resources/about-hafa-home-affordable-foreclosure-alternatives-program/#comment-2541 What is HAFA? The Home Affordable Foreclosure Alternatives Fri, 13 Apr 2012 15:18:00 +0000 http://distressedpropertyexpert.net/?page_id=1941#comment-2541 [...] About HAFA - Home Affordable Foreclosure Alternatives Program [...] [...] About HAFA – Home Affordable Foreclosure Alternatives Program [...]

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Craig Baranowski http://distressedpropertyexpert.net/bank-of-america-implements-hafa-on-equator-for-short-sales/#comment-2540 Craig Baranowski Fri, 13 Apr 2012 01:53:59 +0000 http://distressedpropertyexpert.net/?p=1972#comment-2540 Keith - HAFA short sales are nice because the purchase price is an approved price. It eliminates any ambiguity on what they will or will not accept. The settlement terms with the seller are also pre-determined and extremely favorable for them, so they are highly motivated to go through with a HAFA short sale. The only downside is that the process is not perfect and their 10 day window does not always occur. I would highly recommend to stay patient and have confidence that the process with continue in a positive direction. Just make sure that the short sale is being handled by appropriate parties at BofA and that it is not lost in the system. Many of the HAFA short sales are being handled by sub-contractors of BofA. Oftentimes their responses are not as timely as promised. A few calls into BofA customer support will help escalate things very quickly if they have missed their promised deadlines and milestones. Craig B. Keith – HAFA short sales are nice because the purchase price is an approved price. It eliminates any ambiguity on what they will or will not accept. The settlement terms with the seller are also pre-determined and extremely favorable for them, so they are highly motivated to go through with a HAFA short sale.

The only downside is that the process is not perfect and their 10 day window does not always occur. I would highly recommend to stay patient and have confidence that the process with continue in a positive direction. Just make sure that the short sale is being handled by appropriate parties at BofA and that it is not lost in the system. Many of the HAFA short sales are being handled by sub-contractors of BofA. Oftentimes their responses are not as timely as promised. A few calls into BofA customer support will help escalate things very quickly if they have missed their promised deadlines and milestones.

Craig B.

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Keith http://distressedpropertyexpert.net/bank-of-america-implements-hafa-on-equator-for-short-sales/#comment-2539 Keith Thu, 12 Apr 2012 20:43:01 +0000 http://distressedpropertyexpert.net/?p=1972#comment-2539 Hi...I am in the Process of "trying" to purchase a home that is in the HAFA program....B of A sent the sellers a Pre-Approved listing price...and we actually placed an offer within a few days of the listing..we have offered the full "Pre-Approved" listing price...so I am assuming that our offer should be accepted...B of A also did a full appraisal to come up with what they wanted the seller to list the house for....Our realtor has submitted all of the paperwork through equator...that was 9 days ago...she did say that she had to re-submitted a few docs a couple of days ago....so I am wondering if we will actually receive a response by the 10th day...or if they will re-start the clock since they requested additional docs a few days ago...I have read quite a bit about everyones frustration with B of A....so just wondering if we will get lucky or just have to keep holding our breath..... Hi…I am in the Process of “trying” to purchase a home that is in the HAFA program….B of A sent the sellers a Pre-Approved listing price…and we actually placed an offer within a few days of the listing..we have offered the full “Pre-Approved” listing price…so I am assuming that our offer should be accepted…B of A also did a full appraisal to come up with what they wanted the seller to list the house for….Our realtor has submitted all of the paperwork through equator…that was 9 days ago…she did say that she had to re-submitted a few docs a couple of days ago….so I am wondering if we will actually receive a response by the 10th day…or if they will re-start the clock since they requested additional docs a few days ago…I have read quite a bit about everyones frustration with B of A….so just wondering if we will get lucky or just have to keep holding our breath…..

]]> Comment on Dune Allen Short Sale Dune Breeze Villas as Craig’s Top Distressed Property Pick for July 19 2010 by Craig Baranowski http://distressedpropertyexpert.net/dune-allen-short-sale-dune-breeze-villas-as-craigs-top-distressed-property-pick-for-july-19-2010/#comment-2538 Craig Baranowski Thu, 12 Apr 2012 17:48:43 +0000 http://distressedpropertyexpert.net/?p=2221#comment-2538 Dune Breeze Villas Unit 43B sold for $23)K in March 2011. Dune Breeze Villas Unit 43B sold for $23)K in March 2011.

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