New Bank of America Short Sale Process and Documents

Posted on April 27, 2012 by Leanne

They must be having a busy week at Bank of America since moving to the “new” short sale process because I am having MORE trouble getting files moving and getting answers than I was before!  Seems to me that this new process was designed to make things easier and faster by allowing the negotiators at B of A to complete more than one task at a time instead of in a linear fashion as they were before.  Something tells me that it’s not as great as it sounds.

So far I have had to escalate two files where I was not able to get an answer in the 2-business days turn time “required” from either the Negotiator or the Team Leader. And, interestingly enough, when I called the Short Sale Customer Care line I was told that the Team Leaders really don’t know what is going on in a file, they just monitor the Negotiators and make sure they are completing tasks – so, how is escalating to a Team Leader supposed to help me (the “valued” real estate “partner”) get an answer as two why my file has been stuck in “valuation” for more than month AFTER the BPO was done?

The answer to that question is – no one knows BUT Customer Care has requested a REVIEW and that is sure to get the file moving again in 24 to 48 hrs – 72hrs later – NOTHING. Wait. That’s not exactly right, the negotiator finally emailed me back to say “I have no answers but I can assure you the file has been escalated”… well, H_E_Double Hockey Sticks – I KNOW that, I am the one who escalated the file!

So…let’s see, the new process is obviously having trouble getting out of the starting gate. How about the new Paperwork Requirements…

Two Page Authorization which now requires the Agent License Number and signature – okay fine.

Buyer’s Addendum to show that Buyer is in now way affiliated with Bank of America or it’s subsidiary companies – more ARMS LENGTH stuff… fine.

Licensee Certification – now here’s where things get interesting. This is the document that is going to cause all kinds of arguments from agents, attorneys, e&0 companies and even homeowners and quite frankly… it should.

I could go on here but I think it’s been said pretty well by Ron Ballard, the California Short Sale Lawyer(TM). Not sure about you but, as a parent, I have often remarked that I’m “Not a Mind Reader, Ya Know!” … so if I can’t do it at home… not sure how I will do with the monster now known as BANA.

 

 

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Omni Real Estate Solutions Is Growing!

Posted on March 27, 2012 by Leanne

Are you a hardworking buyer’s agent looking for a better way?

How about new leads almost every day?

How about built in Transaction and Contract Management?

How about built in marketing and advertising?

How about we do all the “stuff” you hate and you just go sell homes?

Call us today for a no-obligation, private interview! 480-621-6828 and ask for Stacey!

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4709 W Annette Circle – Glendale, AZ 85308 – BELLAIR!

Posted on March 11, 2012 by Leanne

This place just came out great and now all it needs is a great new owner!

  • 1479 sf, 3 bedrooms, 2 bathrooms, den, 2 car garage, cul de sac lot
  • New 18″ Tile
  • New Carpet in bedrooms
  • New cabinets and granite counters in kitchen and bathrooms
  • Fresh Paint
  • New light fixtures and ceiling fans
  • Backyard completely redone with fresh sod

Fabulous buy in a highly desirable Glendale subdivision for $129,900 – make us an offer today!

 

Posted in Buying Real Estate, FOR SALE | Leave a comment

2030 W Marlette Ave Phoenix, AZ 85015

Posted on December 6, 2011 by Leanne

NOT BANK OWNED OR SHORT SALE!  Renovated 3 bed, 2 bath home in Central Phoenix – close to Phoenix Baptist Hospital, Washington Park, Light Rail, Cristown/Spectrum Mall, Washington High and Maryland Elementary schools, and easy access to I-17 – quiet neighborhood with no thru-street traffic and an excellent block watch group!

The home features:

  • All new 18″ Tile
  • New Carpet in Bedrooms
  • Renovated Bathrooms
  • Granite Counters
  • French Doors to back yard
  • Large eat-in kitchen/family room
  • NEW – HUGE 2-car garage w/Epoxy Floor
  • Large Back yard with room for pool, play area, bbq, garden… limitless possibilities
  • NEW covered back patio
  • 1232 sq ft
  • Indoor Laundry
  • Gorgeous stone fireplace
  • … ALL for $109,997 ($500 buyer credit when you work with our preferred lender: James Rodriguez of AmeriFirst Financial – 480-495-9095) (Pre-Qual REQUIRED)
Posted in Buying Real Estate, FOR SALE, Investors, Lending, Real Estate | Leave a comment

Investors Continue to Get Creative

Posted on October 4, 2011 by Leanne

As the real estate market continues to writhe around like a snake with a concussion, Realtors and investors are learning new ways to get deals done.  In the last entry we talked a bit about how to help homeowners stay in their homes with a Short Sale Buyback Program.  Today we’ll talk about a way to keep Realtors in their deal when bank negotiations fail and the short sale is headed for foreclosure.

As you may be aware, short selling lenders often reduce the allowed commission amounts on these transactions – which has been tough enough for agents working in an already challenging market. So when the banks (often second lien holders) won’t “play ball” to close a short sale – well, then everyone loses – the banks, the seller, the buyer and the agents on both sides of the transaction.

What if there were a way to close that deal anyway?  The seller will still be foreclosed upon, by the time the clock is running out on these deals, there is really no way to avoid that unhappy reality.  But there is a way for the agents, who have been working so hard to get this deal closed, and the buyers, who have been waiting so LONG to get this deal closed, to still get what they all want – commissions and the property at the price they were willing to pay.  All of this a no additional cost to anyone in the transaction. It’s being called one of the most creative and winning transactions of the current market and it’s really quite brilliant.

All that is needed to make these work are the following ingredients:

1. A short sale that just cannot be negotiated to close and will be heading for foreclosure in the next three months or less (up to about 7 days out from the foreclosure date is best).

2. A buyer that is purchasing with Cash or Conventional Lending and who still wants to purchase the property for the price already agreed upon in their purchase contract. Unfortunately, FHA and VA are just too difficult to work with in these situations.

3. A listing and selling agent that would still like to earn a commission on this deal that they have been working so hard on.

4. A minimum, previously agreed to purchase price of $300,000

5. An open mind but not an open wallet – no new or additional costs are incurred or required

To learn more about this program and how it can help save your deal – contact me at info@EagleFirstRealty.com or give me a call at 480-323-8076.

3.

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A REAL “Home Retention” Program

Posted on September 29, 2011 by Leanne

As a licensed agent in Arizona – I deal with short sales, pre-foreclosure, and bank owned properties every day.  The saddest thing to see is a family that wants to stay in their home, would be happy to pay their mortgage if they could afford it but the bank just can’t work with them.  Foreclosure and Short Sales are often the only option for many due to the very poor job market. But there are so many like the first family I described and there has been no real options for them …. until Now.

I am pleased to now be offering a HUD Certified Short Sale Buy-back Program.  The U.S. Department of Treasury, in June of this year (2011), published an update to the HAFA Short Sale guidelines which include a special but mostly unrecognized provision to allow non-profit entities to purchase, lease back and sell back a home to the home owner – effectively removing the generally understood “arms length transaction” overlay.

Supplemental Directive 11-02 March 30, 2011
Except as stated herein, this Supplemental Directive is effective June 1, 2011; provided,
however, servicers may begin to implement the changes outlined herein immediately.
Sales to Non-Profit Housing Organizations
Section 7.3 of Chapter IV of the Handbook requires that a short sale be an arm’s length
transaction. This Supplemental Directive amends this restriction to al-low servicers the discretion to approve sales to non-profit organizations with the stated purpose that the property will be rented or resold to the borrower, so long as all other HAFA program requirements are met.

So how do you qualify for this program? The two biggest qualifying factors before any paperwork is done are: 1. Is the home VALUE at least $100,000 in it’s current condition (and it must be in “marketable condition”) and, 2.  Is the homeowner able to pay market rent for the same home – plus a little on top?

Now you may be thinking – “shoot, if I could pay rent I would pay my mortgage!” But what you are not thinking is that your mortgage is going to go-away AND so is all that NEGATIVE EQUITY – you will be paying a rent that is just a bit higher than market but you get

1. To STAY in your home. And the entire thing can be done discreetly – there are never any showings and you don’t even have to put a sign in your yard (although we do like to let others know that they can be helped too).

2. To get rid of the oppressive mortgage and negative equity, and

3. You can buy the home back as soon as the day after the sale to the non-profit and for up to 3 years after that.

This program requires HUD Certified Counseling which will include a financial review, budget review, and counseling/training on how to manage a household from a financial standpoint.  The goal is to help do what loan modifications have failed so miserably at: keep you in your home at a payment that is based on current value and get rid of the negative equity so that you have a chance to realize some level of future appreciation by buying your own home at market value again.

This program is not offered everywhere yet and it is not widely available through every agent so if your agent does not offer this service, we are happy to work with your agent to make sure that they get compensation for the referral to us.

For more information or to find out how you can participate in this program and stay in YOUR home – please send an email to: Info@RealHomeRetention.com and be sure to include your: Name, Best Phone Number and Best Time to Reach You!

Don’t delay – this is NOT a foreclosure prevention program – if you already have a foreclosure date we may be able to help you postpone that date through another program.

 

Posted in Home Retention, Real Estate, Short Sales | Leave a comment

Where do our electronics go to “die”?

Posted on September 8, 2011 by Leanne

Images like the ones at the right are are real – it’s not a Hollywood mock-up for dramatic effect.  And it is images like these that companies like Global Electronic Recycling, are working hard to avoid according to GER Account Manager and sometime tour guide, Patrick O’hara.

My husband and I had the unique experience of meeting Patrick and touring  the facilities of GER in Phoenix, AZ.  To say that it was eye-opening is an understatement.

Now wait a minute.. this blog is supposed to be about real estate, right?  Well, I am carrying that theme out a bit because what we do with real estate, ours and in other countries, matters. And the real estate used by GER in Phoenix, AZ is helping to make an impact on the real estate pictured here in India and China.

Global Electronic Recycling is offers a true “green” solution to the ever growing problem of e-Waste – that which is cast off when our TV’s, Computers, Home Electronics, Home Appliances and Cell Phones become out-moded or simply updated by the manufacturer or replaced by the IT department of a company that is upgrading.  In fact the sources of e-Waste are as varied as the kinds of wast on palette after palette in the warehouses and sorting  areas of the GER Plant on Deer Valley Rd.

First there were the “hard to sell” items – OLD desktop computers, home electronics – stuff that some of the younger employes here probably never even saw in action.  Then there was the results of community outreach initiatives – huge tube televisions, old CRTs, even an electronic typewriter that was bigger than a microwave oven!  These items are taken in, free of charge and in some cases even cost the company money to recycle – but it’s all part of the process and mission, “To develop a world class operation that is mutually beneficial to our clients, while acting environmentally responsible by optimizing recovery and reuse opportunities and generating zero waste.”

Patrick explained to us what sets GER apart from other electronics recyclers is that GER shreds waste that cannot be otherwise recycled. Other companies will take in the same stuff, part it out to what can be re-sold but then the “true e-waste” is just shipped out, often ending up in places like India and China – creating the landscape pictured above.  There is no regulatory body watching over this stuff there either – it ends up in drinking water sources, farming fields and more.  Impoverished locals take to scavenging for the much harder to get materials that are leftover by melting items over open flames to separate metals from plastics – all the while breathing in noxious gases and further poisoning their own environment.

What GER does is different because there is no waste.  What can be recycled whole, is – many things can be re-sold by the company through their e-bay outlet. Other things are broken down for parts and metals which are then sold out to manufacturers.  Items that must be destroyed (proprietary OEM components other such sensitive items) or cannot otherwise be parted out – are shredded through beastly looking machines which separate plastics from metals and then these remains are sold to companies that will melt them down and turn them into something else.  It’s not as romantic as the Disney “Circle of Life” but it is just as important given that we are becoming an ever increasingly electronic world.

It is estimated that 50 Million Metric Tons of e-Waste is generated world-wide every year and Patrick tells us that currently, only 20% of that is being recycled.  “We receive anywhere from 5 to 15 semi’s per day… in 2010 we processed 20 Million Pounds…” O’hara stated. Global Recycling not only offers the environment a respite from e-Waste, they also provide specialized solutions for companies, ‘[We offer] an auditable, documented End of Life (EOL) management solution that minimizes landfill use, while creating win-win value.” This in turn, provides the company disposing of the materials a community advantage to add to their own  public relations.

So, before you just toss out your old laptop or as you walk through your company’s offices and look at all the computers, monitors, keyboards, cell phones, televisions, projection equipment and more… take a moment to think about recycling. Ask your IT director if they know where all the stuff they get rid of goes – and ask if it goes to a “green” recycler – if they don’t know – consider sending him or her to the Global Electronics Recycling website to learn more.

Peace~
Leanne

 

 

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Interviews with Chad Conley of FirstCal Arizona

Posted on September 4, 2011 by Leanne

I met with Senior Loan Advisor, Chad Conley of FirstCal Airzona recently and was very impressed with with his passion and vision for the real estate lending industry.

An ASU Graduate by way of Ohio, Chad spent the first part of his career, honing his listening, communication and sales skills as an Account Manager for Digital Alliance Corporation.   The years dedicated to technical sales and management have uniquely prepared him for the challenge of the retail loan industry. Learning about lending is the “easy” part, knowing how to market yourself, create a client base and grow your business relationships – that’s the hard part and Chad has some incredible skills in this arena.

One the things that struck me, when I was speaking with Chad, was his interest in helping not only his borrowers but in helping Realtors and actually having a plan in place to do so.  Lots of mortgage professionals will offer “lip service” to assisting real estate agents in the growth of their business but Chad offers something tangible – real marketing assistance at NO COST – like: Individual Property Websites, Sign Riders using Text Message Marketing (also free), and something I have NEVER seen and this is fully integrated, interactive electronic communication with our buyers – truly, you have to see it to believe it.

Education has a special place in Chad’s heart; his wife is a local teacher. Several years ago, Chad identified a real need in the market for someone to help teachers and so he created the Teacher’s Advantage Program. “I originate loans in 11 states and my niche is working with professionals in the field of education. My wife is a teacher and through our relationship I have come across many teachers who want to be homeowners but believe they wouldn’t qualify or couldn’t afford the payments. I am passionate about helping these individuals with the home buying process and making their dreams real.”

As a Realtor and real estate office owner, my team and I work with a number of real estate investors. Institutional financing for real estate investors all but disappeared in the last few years with most investors now relying either on personal capital or private and hard money loan to keep their business moving forward.  As any investor knows, cash is king, and keeping as much cash liquid as possible is what allows them to continuously buy and sell properties – but what about holding?  While private or hard money can be good “gap” funding, being able to get “take out” loans is a big deal. Chad offers a solution for this as well.

Home buyers today are also faced with challenges that have not been seen in recent years. First time home buyers with fair credit and not much down payment funding used to really have one choice and that was to get an FHA loan.  Chad has programs that meet or beat the FHA loan but are funded as conventional loans accompanied with credit repair or credit counseling.

I will be covering these topics and more in a new video series that I have gotten camera-shy-Chad to agree to!  As each video comes out, I will post an update here on the blog so keep checking back to see what’s new – and remember, Phoenix Real Estate News updates weekly and we are always interested in story ideas and contributing editors so please drop me a line at Editor@PhoenixRealEstateNews.org

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Eagle First Realty on Headline Business Update

Posted on September 1, 2011 by Leanne

Mr. John Criswell - Headline Business Update

Today I had the distinct honor to be part of the Headline Business Update with Mr. John Criswell. We covered the topic of Real Estate Short Sales.

The segment will air on Thursday, September 8th at 12:32PM PST on Radio 550 KFYI – right before the Sean Hannity show – be sure to tune in on your radio (rather than via webcast). If you just cannot wait to hear it you can visit us on the web at www.EagleFirstPhoenix.com and look for the photo of Mr. Criswell on the right hand side!

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North Phoenix Chamber of Commerce

Posted on September 1, 2011 by Leanne

Eagle First Realty – Phoenix is now represented in the North Phoenix Chamber of Commerce (NPCC).

Serving the North Phoenix area for over 45 years, the NPCC has seen an absolute explosion of the area in the last 10 years. Not that long ago, Phoenix “ended” at Bell Road and today the NPCC coverage area runs from Northern Ave all the way up to Anthem and from 51st Ave and east to Scottsdale Rd.

Membership has it’s privileges but it also comes with wonderful opportunities to give back to the community in meaningful ways through the Chamber’s commitment to community outreach.  In addition to community outreach and working with local charitable organizations, the Chamber also offers something that every small business owner and entrepreneur needs and that is a fraternity to turn to for help, advice, and idea sharing with other business owners and entrepreneurs – after all, it can be a lonely place when you are in business for yourself.

I am proud to bring Eagle First Phoenix to the NPCC and look forward to not only growing in the community but also to giving back.

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