Comments for Distressed Property Expert http://distressedpropertyexpert.net Emerald Coast resource for Investment Properties, Distressed Properties, Foreclosures, Bank Owned Property and Short Sales Wed, 01 Feb 2012 00:24:33 +0000 hourly 1 http://wordpress.org/?v=3.3.1 Comment on WaterColor REO 194 Spartina Circle for Under 1 Million by Craig Baranowski http://distressedpropertyexpert.net/watercolor-reo-194-spartina-circle-for-under-1-million/#comment-2466 Craig Baranowski Wed, 01 Feb 2012 00:24:33 +0000 http://distressedpropertyexpert.net/?p=3166#comment-2466 194 Spartina in WaterColor had approximately 9 contracts in 24 hours. I predict that the final price on this foreclosure will be well over the $900K list price. 194 Spartina in WaterColor had approximately 9 contracts in 24 hours. I predict that the final price on this foreclosure will be well over the $900K list price.

]]> Comment on Bank of America formerly Countrywide New Short Sale Policies and Guidelines by Craig Baranowski http://distressedpropertyexpert.net/bank-of-america-formerly-countrywide-new-short-sale-policies-and-guidelines/#comment-2409 Craig Baranowski Sun, 15 Jan 2012 03:49:53 +0000 http://distressedpropertyexpert.net/?p=1128#comment-2409 AVH, Unfortunately this is a very common problem. Oftentimes the sellers are in such financial distress that they are numb and do nothing to help move the short sale process along. I have had a few of these myself and they literally bring the process to a standstill. If you add unmotivated Realtors or Realtors that are inexperienced with short sales you end up getting strung along while nothing happens. I would try to get some concrete answers as to where the short sale is in the process. You need to find out if the seller has submitted all of his financials and if a complete short sale package has been submitted to the bank. This would include seller financials, tax returns, hardship letter, preliminary HUD, buyer's proof of funds, listing agreement, executed contract, arms length disclosures and etc. If the seller is trying to stay as long as possible in the house then you may be wise to move on to another property. They could delay the process right up until foreclosure...if it forecloses then you have to start over and risk losing the property to another buyer. Let me know how it goes. Craig B. AVH,

Unfortunately this is a very common problem. Oftentimes the sellers are in such financial distress that they are numb and do nothing to help move the short sale process along. I have had a few of these myself and they literally bring the process to a standstill. If you add unmotivated Realtors or Realtors that are inexperienced with short sales you end up getting strung along while nothing happens.

I would try to get some concrete answers as to where the short sale is in the process. You need to find out if the seller has submitted all of his financials and if a complete short sale package has been submitted to the bank. This would include seller financials, tax returns, hardship letter, preliminary HUD, buyer’s proof of funds, listing agreement, executed contract, arms length disclosures and etc.

If the seller is trying to stay as long as possible in the house then you may be wise to move on to another property. They could delay the process right up until foreclosure…if it forecloses then you have to start over and risk losing the property to another buyer.

Let me know how it goes.

Craig B.

]]> Comment on Bank of America formerly Countrywide New Short Sale Policies and Guidelines by Craig Baranowski http://distressedpropertyexpert.net/bank-of-america-formerly-countrywide-new-short-sale-policies-and-guidelines/#comment-2408 Craig Baranowski Sun, 15 Jan 2012 03:40:38 +0000 http://distressedpropertyexpert.net/?p=1128#comment-2408 Dani - That is fantastic news! Enjoy your new home! Craig B. Dani – That is fantastic news! Enjoy your new home!

Craig B.

]]> Comment on Bank of America formerly Countrywide New Short Sale Policies and Guidelines by Dani http://distressedpropertyexpert.net/bank-of-america-formerly-countrywide-new-short-sale-policies-and-guidelines/#comment-2406 Dani Sat, 14 Jan 2012 01:22:32 +0000 http://distressedpropertyexpert.net/?p=1128#comment-2406 Good News - after 8 months we closed on our home this afternoon! Dani Good News – after 8 months we closed on our home this afternoon!

Dani

]]> Comment on Most Expensive Short Sales and Foreclosures Sold on 30A and Destin 2011 by Most Expensive Homes Sold On 30A in 2011 http://distressedpropertyexpert.net/most-expensive-short-sales-foreclosures-sold-on-30a-destin-2011/#comment-2404 Most Expensive Homes Sold On 30A in 2011 Sat, 07 Jan 2012 20:19:16 +0000 http://distressedpropertyexpert.net/?p=3121#comment-2404 [...] Most Expensive Short Sales and Foreclosures Sold on 30a for 2011 [...] [...] Most Expensive Short Sales and Foreclosures Sold on 30a for 2011 [...]

]]> Comment on Most Expensive Short Sales and Foreclosures Sold on 30A & Destin for 2010 by Most Expensive Short Sales and Foreclosures Sold on 30A and Destin 2011 http://distressedpropertyexpert.net/most-expensive-short-sales-foreclosures-sold-30a-destin-2010/#comment-2403 Most Expensive Short Sales and Foreclosures Sold on 30A and Destin 2011 Fri, 06 Jan 2012 10:57:22 +0000 http://www.distressedpropertyexpert.net/?p=2724#comment-2403 [...] 30 and Destin with 25 of these homes being either a foreclosure or a short sale. Last year’s Most Expensive Distressed Property list 2010 was dominated by Destin and Miramar Beach. This year you have to go down to the 9th spot to find a [...] [...] 30 and Destin with 25 of these homes being either a foreclosure or a short sale. Last year’s Most Expensive Distressed Property list 2010 was dominated by Destin and Miramar Beach. This year you have to go down to the 9th spot to find a [...]

]]> Comment on Home in Retreat 143 St. Lucia Lane as Craig’s Top Distressed Property Pick December 4th, 2009 by Most Expensive Short Sales and Foreclosures Sold on 30A and Destin 2011 http://distressedpropertyexpert.net/home-in-retreat-143-st-lucia-lane-december-4th-2009/#comment-2402 Most Expensive Short Sales and Foreclosures Sold on 30A and Destin 2011 Fri, 06 Jan 2012 10:50:40 +0000 http://distressedpropertyexpert.net/?p=1537#comment-2402 [...] St. Lucia was a top distressed property pick in December 2oo9. It was originally listed for $4.29 million and then reduced to $3.3 million. Built in 2001 this [...] [...] St. Lucia was a top distressed property pick in December 2oo9. It was originally listed for $4.29 million and then reduced to $3.3 million. Built in 2001 this [...]

]]> Comment on Bank of America formerly Countrywide New Short Sale Policies and Guidelines by avh1284 http://distressedpropertyexpert.net/bank-of-america-formerly-countrywide-new-short-sale-policies-and-guidelines/#comment-2401 avh1284 Thu, 05 Jan 2012 16:59:31 +0000 http://distressedpropertyexpert.net/?p=1128#comment-2401 Craig, I put an offer in on a short sale (B of A house) on or around November 18th. We gave them six weeks to respond and that deadline came and went with no response. We extended it for another 30 days hoping something would happend given that it was originally submitted around the holidays. The listing agent seems very unmotivated as our agent has to call her to get any updates and when she does we get "haven't heard anything yet". I have read that the seller's agent needs to be very motivated and dilligent and clearly that is not the case here. My agent is not willing to be even the slightest bit agressive and put some pressure on the seller's agent. As of right now I have no idea where the offer sits. From reading some of these posts there seems to be a stepped process and people knew where in the process their offers were, but I have not a clue about that. I assume I can thank the seller's agent for that lack of knowledge. I have sent a request to my agent to have a meeting with the seller's agent and the sellers to discuss where this thing is and what is going on. The two agents seem to be very passive about this which is driving me crazy because this is the house that I want to buy and live in for a very long time. It is not a minor decision and I wish they would not treat it as such. I am beginning to think that the seller used a short sale as a scam to stay in the house. The house has been for sale for over a year and B of A refused the last offer from another buyer, which was over 7 months ago and haven't had any offers since I put one in in November. I am so unbelievable frustrated but I refuse to give up without a fight. What can I do to move this alond given that I have to unmotivated agents? Thanks. AVH Craig,
I put an offer in on a short sale (B of A house) on or around November 18th. We gave them six weeks to respond and that deadline came and went with no response. We extended it for another 30 days hoping something would happend given that it was originally submitted around the holidays. The listing agent seems very unmotivated as our agent has to call her to get any updates and when she does we get “haven’t heard anything yet”. I have read that the seller’s agent needs to be very motivated and dilligent and clearly that is not the case here. My agent is not willing to be even the slightest bit agressive and put some pressure on the seller’s agent. As of right now I have no idea where the offer sits. From reading some of these posts there seems to be a stepped process and people knew where in the process their offers were, but I have not a clue about that. I assume I can thank the seller’s agent for that lack of knowledge. I have sent a request to my agent to have a meeting with the seller’s agent and the sellers to discuss where this thing is and what is going on. The two agents seem to be very passive about this which is driving me crazy because this is the house that I want to buy and live in for a very long time. It is not a minor decision and I wish they would not treat it as such. I am beginning to think that the seller used a short sale as a scam to stay in the house. The house has been for sale for over a year and B of A refused the last offer from another buyer, which was over 7 months ago and haven’t had any offers since I put one in in November. I am so unbelievable frustrated but I refuse to give up without a fight. What can I do to move this alond given that I have to unmotivated agents? Thanks.

AVH

]]> Comment on Investment Property in Panama City Beach 735 Lake Powell by Craig Baranowski http://distressedpropertyexpert.net/investment-property-in-panama-city-beach-735-lake-powell/#comment-2398 Craig Baranowski Wed, 04 Jan 2012 08:37:35 +0000 http://distressedpropertyexpert.net/?p=2934#comment-2398 Pat - 735 Lake Powell has not hit the market yet as an REO. I anticipate that it will happen in the next week or so. Pat – 735 Lake Powell has not hit the market yet as an REO. I anticipate that it will happen in the next week or so.

]]> Comment on Investment Property in Panama City Beach 735 Lake Powell by pat weisz http://distressedpropertyexpert.net/investment-property-in-panama-city-beach-735-lake-powell/#comment-2392 pat weisz Fri, 30 Dec 2011 23:52:42 +0000 http://distressedpropertyexpert.net/?p=2934#comment-2392 any word on lake powell drive 735 any word on lake powell drive 735

]]> Comment on Investment Property in Panama City Beach 735 Lake Powell by pat weisz http://distressedpropertyexpert.net/investment-property-in-panama-city-beach-735-lake-powell/#comment-2390 pat weisz Wed, 28 Dec 2011 21:35:43 +0000 http://distressedpropertyexpert.net/?p=2934#comment-2390 craig Im emailing from oklahoma again to check on house on lake powell dr saw it went from short sale. I have a friend from tulsa in panana city now will be driving by tonight. is unit next door occupied I would like to check out condo,but price is not working. Before I plan trip down on this unit is offer in 40-45,000 range going to work. I know you need written offer but its 15 hr drive just to see if this offer in ball park? he drove by today ,but wants closer look I would like to bring my wife down next week if in ball park pweisz@cox.net 918 2619663 craig
Im emailing from oklahoma again to check on house on lake powell dr
saw it went from short sale.
I have a friend from tulsa in panana city now will be driving by tonight.
is unit next door occupied
I would like to check out condo,but price is not working.
Before I plan trip down on this unit is offer in 40-45,000 range going to work.
I know you need written offer but its 15 hr drive just to see if this offer in ball park?
he drove by today ,but wants closer look
I would like to bring my wife down next week if in ball park
pweisz@cox.net
918 2619663

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Joel Ross http://distressedpropertyexpert.net/bank-of-america-implements-hafa-on-equator-for-short-sales/#comment-2376 Joel Ross Mon, 05 Dec 2011 22:59:40 +0000 http://distressedpropertyexpert.net/?p=1972#comment-2376 Another factor is that, if the loan is a Fannie Mae or Freddie Mac, backed loan they are not subject to, or do not participate in, the HAFA program. So if you have a BofA loan say, but the loan is backed by Fannie Mae, it can be sold at auction and HAFA won't have any authority to do anything, because Fannie and Freddie don't participate. Check on the Fannie Mae or Freddie Mac website to see if your loan is backed by Fannie or Freddie. If so, even if BofA offers the HAFA program and you think they won't foreclose because you are in HAFA, think again. Another factor is that, if the loan is a Fannie Mae or Freddie Mac, backed loan they are not subject to, or do not participate in, the HAFA program. So if you have a BofA loan say, but the loan is backed by Fannie Mae, it can be sold at auction and HAFA won’t have any authority to do anything, because Fannie and Freddie don’t participate. Check on the Fannie Mae or Freddie Mac website to see if your loan is backed by Fannie or Freddie. If so, even if BofA offers the HAFA program and you think they won’t foreclose because you are in HAFA, think again.

]]> Comment on Grayton Beach Short Sale 268 Garfield Street by Craig Baranowski http://distressedpropertyexpert.net/grayton-beach-short-sale-268-garfield-street/#comment-2372 Craig Baranowski Fri, 02 Dec 2011 19:16:57 +0000 http://distressedpropertyexpert.net/?p=3022#comment-2372 This home in Grayton Beach went back under contract in 24 hours and just sold on December 1st, 2011 for $900K! This home in Grayton Beach went back under contract in 24 hours and just sold on December 1st, 2011 for $900K!

]]> Comment on Bank of America formerly Countrywide New Short Sale Policies and Guidelines by logicdude http://distressedpropertyexpert.net/bank-of-america-formerly-countrywide-new-short-sale-policies-and-guidelines/#comment-2368 logicdude Sun, 27 Nov 2011 18:16:19 +0000 http://distressedpropertyexpert.net/?p=1128#comment-2368 Is there any way of pushing Bank of America for an answer? I am the buyer that put a cash offer on a countrywide Florida loan back in August. it is now November and they have asked the seller for paperwork 3 times and proof of funds three times. After I sent an email to the Texas based level 2 Bofa associate which she never responded directly to me, but she contacted the realtor and asked for all of the paperwork to be resubmitted yet again, this was the first of the month. My question is that if it would help speed the process to send emails to the same person in Texas, Her supervisor and all supervisors all the way up to the top of Bank of America Management?? I know it has only been 3 months now, but I was originally told 30-45 days for answer. Maybe they are working on it, but hearing back from the realtor is impossible as well. I would be happy to send a series of emails out to Bank of America Management if that would be advisable. I read on another blog that a seller send a complaint into BBB, OCC, and FDIC against Bank of America, then send emails to Senior VP, Chairman, CFO, and VP or REO Sales. She seemed to get a valid and quick response. Please advise. Thanks Is there any way of pushing Bank of America for an answer? I am the buyer that put a cash offer on a countrywide Florida loan back in August. it is now November and they have asked the seller for paperwork 3 times and proof of funds three times. After I sent an email to the Texas based level 2 Bofa associate which she never responded directly to me, but she contacted the realtor and asked for all of the paperwork to be resubmitted yet again, this was the first of the month. My question is that if it would help speed the process to send emails to the same person in Texas, Her supervisor and all supervisors all the way up to the top of Bank of America Management?? I know it has only been 3 months now, but I was originally told 30-45 days for answer. Maybe they are working on it, but hearing back from the realtor is impossible as well. I would be happy to send a series of emails out to Bank of America Management if that would be advisable. I read on another blog that a seller send a complaint into BBB, OCC, and FDIC against Bank of America, then send emails to Senior VP, Chairman, CFO, and VP or REO Sales. She seemed to get a valid and quick response. Please advise. Thanks

]]> Comment on 180,000 Foreclosures and Counting by Craig Baranowski http://distressedpropertyexpert.net/180000-foreclosures-and-counting/#comment-2367 Craig Baranowski Sun, 27 Nov 2011 15:18:24 +0000 http://distressedpropertyexpert.net/?p=3068#comment-2367 Hi Sherry - That is a great point. When I sift through the data I always base my opinion on marketable and non-marketable properties. We still have a glut of properties that are not marketable in this environment...which means they are priced too high. For example, we have 2 bed with bunk gulf front condos at Calypso selling in the $270K to $305K range. However, there are a few marketed at $435K and up to $500K+. To me this is junk inventory that is not marketable. This inventory will never fly off the shelves. However, properly priced real estate is selling faster than we can market them...and to me that is flying off the shelves. - Craig B. Hi Sherry – That is a great point. When I sift through the data I always base my opinion on marketable and non-marketable properties. We still have a glut of properties that are not marketable in this environment…which means they are priced too high. For example, we have 2 bed with bunk gulf front condos at Calypso selling in the $270K to $305K range. However, there are a few marketed at $435K and up to $500K+. To me this is junk inventory that is not marketable. This inventory will never fly off the shelves. However, properly priced real estate is selling faster than we can market them…and to me that is flying off the shelves.

- Craig B.

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