One year after a VHDA short sale

June 26th, 2014

A great agent can get you out of a bind and get your home sold IN A SHORTSALE process. An amazing agent continues to follow up to see how it affected your life and your future.
Here’s a follow-up after one year of the seller having to do a short sale.
Hello,

I do hope this finds you both well.

I am writing to do a follow up on the short sale and how things worked out for you this past year. I was hoping to do a blog about the process and the results or effects after the closing. If you can send me a summary or a follow up that I can share ( I wont say name or address) it would be very helpful for me.

I hope all turned out well and the residual effects are minor

1. What kind of loan did you have
VHDA
2. How much was forgiven
+/- $65,000
3. Was there any tax issues when filing this year?
My short sale qualified under the “Mortgage Debt Forgiveness Act” so I was not taxed on my deficiency balance.
4. How did it show on the credit report?
points drop The first mortgage showed up as “account settled for less than balance owed” and the second mortgage showed up “foreclosure”. I filed a correction with all three credit bureaus for the second mortgage and it is now reported as “charge-off”. My score was mid 700s and after the short sale my score dropped to the low 600s.
5. Did you miss any payments during the process?
I was able to keep current with my second mortgage payment, but I missed several payments for the first mortgage payment.
6. Was there any communication from the bank after?
I have not been contacted by the VHDA since the sale was finalized.
7. Was there any negative effects with work ?
This had no effect on my work.

If you are looking to do a short sale I would love the opportunity to speak with you. I have systems to keep everybody informed weekly on the status. I find excellent communication is what really helps if you still done.

ASC and Ocwen Shortsale

June 24th, 2014

ASC and Ocwen short sale process. One of the most difficult task when doing a short sale is having 2 lenders to deal with. The juggling process between the first and the second leinholders is the delay. With approvals expiring then needing extension and updates it can delay the process. We started this short sale and listing with the buyer in place from day one. We expected it to go rather soon since this was a PCS out of the country for this military member. As you can see it took nearly 6 months to get through this process.

Started the process with a buyer from the listing agreement

November 25th

American Servicing Company- A division of Wells Fargo. Short Sale Number:

Documents Needed for Short Sale

Set the loan up in EQ
Hardship Letter, signed and dated
Financial Worksheet, signed and dated
30 day pay stubs
60 day bank statement
2011- 2012 tax returns
Listing Agreement
Purchase Agreement
HUD1
Preapproval or POF
3rd Party Authorization
By 12/9

Additional documents were sent to Ocwen via fax. and we requested in EQ to open up in Short Sale for ASC.

12/19 were in communication with Wells to start gather more details such at the Listing agreement, RMA and the sellers taxes from previous years.
12/23 Ocwen still is not receiving the authorization forms so they are being resubmitted 2nd time
12/31 More documents were needed Wells Fargo:
From agent:

A name change affidavit that stated the buyer Stephen Long is also Stephen S. D. Long. ( It states both names on the contract)
Buyers POF for Down payment amount
A clearer copy of the purchase agreement signatures and initials. Bank will not accept electronic signatures and initials.
From sellers:

Mortgage Request for Assistance Form ( RMA)
Complete 2011 and 2012 tax returns
Bank Statement for NFCU account 11/11-present
Bank Statement for USAA account 11/28 to present
Dec pay stubs
Ocwen:

Ocwen Package
1/9 Bank appraisals came in and all docs were received by Ocwen

1/9 Wells fargo task in equator were being uploaded.

1/13 Well replies and wanted more information or updates •They need the buyers name change notarized. Stating all of the names he goes by (NAME STRICKEN ) Those are all the names it shows he goes by on contract docs and pof. I have attached a name change affidavit that can be used to do so.

They are also in need of an updated pre-approval letter, within the last 30 days.
Initials on the purchase contact need to be flip flopped on all pages of the contract
Form the sellers they need a clearer copy of the Dec NFCU account. 1st page is cut off.
1/13 Ocwen is still just being processed

1/14 Ocwen approves the shortsale for the 2nd mortgage

1/15 need up dated buyer approval letters and more bank statements from the seller

2/6 File is in review with the 1st mortgage 2nd mortgage approval letter will expired 2/13 multiple calls to follow up with process on the 1st approval

2/21 received the 1st wanted to COUNTER the offer up for a higher net to the bank

Needed to clean up contract docs per wells fargo ,address, Id # ect..

Asking for the PRELIM HUD

2/24 Increase was agreed on and now starting to ask for the Extension for the 2nd mortgage approval.

2/26 Contract dates, listing date and buyer loan letters need to be updated and extended

3/5 Ocwen receives updates fro the PCS and finances and is reviewing to determine if they will extend the approval on the 2nd mortgage shortage

3/11 STILL needing the approval on the 1st mortgage calling for follow up

3/24 Wells negotiator replies they needed a buyer cost work sheet for the seller concessions.

4/9 Approval on wells for the short sale. Now negotiations again on the 2nd mortgage. Updated docs requested again .Ocwen needs:

Approval letter
Purchase contact
HUD
RMA
Updated financials
4/22 Ocwen wanted more information ..They have requested the updated ocwen pkg 19 pg. to be completed by the h/o. (attached)

They have also requested the following:

corrected Hud
Bank statements
Pay stubs
Sales contract addendum with an updated settlement date.
21 pg. ocwen pkg.
4/29 All requested docs are sent in to Ocwen

5/5 confirmed with a call Ocwen has everything

5/9 Ocwen request Non-Owner Occupant Certification/ Now requesting a EXTENSION for the 1st approval that is about to expire

5/14 Wells said send the approve on the 2nd when we receive it.

5/16 and 5/19 and 5/20 multiple calls to Ocwen trying to get the approval letter

5/23 All approvals issued clear to close

5/28 CLOSED file

Shortsale that took 2 Years & 2 months

February 28th, 2014

December 21, 2011 I sat in the kitchen at this house and signed the listing with the seller. This was going to be shortsale listing and we expected a few bumps. I prepared the seller for a 6-8 months process. The seller had a Bank of America loan and we all knew this bank was as slow as a snail in processing shortsale offers. We received our first offer but of course it was rejected by the bank. Now a 2nd offer comes in CASH no broker fee and no closing cost. I figured we would have an answer pretty quick and prepped the seller for a move.

Tick toc, Tick toc, Tick toc, Tick toc fast forward a YEAR. I move companies twice, I have a baby who is now a toddler. We finally get full approvalto close and now the buyers needs time to process his loan. We asked for one more extension and finally closed. It still amazes me this sale finally made it to the closing table.

2/21/14 It CLOSED !

I know there is not much details in the story but there is not much to say except we updated loan docs, financials, appraisals time and time again. Im grateful I had a seller who did not give up and a buyer who was willing to wait. LESSON LEARNED never give up, and keep all parties informed!

If your a seller looking at a potential shortsale dont give up hope. Until the home is “taken” from you there is always hope to get it closed. 60-70% of what I do are shortsale listings. I have learned there is nothing 100% from the contract to the bank to the buyer. This is an ever changing process and all you can do it ride the coaster and take deep breaths !

Hampton Roads Realtor

The most amazing Real Estate story

July 19th, 2013

I have to share with you all this wonderful story.
I was contacted in April by friend of my daughters who wanted to look at moving back to the beach to be close to family. They recently had a baby and being close to her mom would have been such a help.
I did a buyer consultation with her and her mom who was helping them buy a home. We had a home targeted for them just 2 doors down from her family. My buyer thought this was the PERFECT home and she was set on getting it. We called the listing agent and wouldn’t you know it , there was an offer on the house. My client was devastated. This was the dream home she had hoped for. We calmed her down and said ” lets just see what else there is”. After a few more internet searched we had a list of some wonderful options. A day in the car hoping in and out of homes we walked in to this charming brick ranch and that was it. She was in LOVE again ! This home was a renovated home with hardwood floors and a wonderful updated kitchen. My client was in love with the new cabinets, granite countertops , tiled glass back splash and new appliances. We just knew this was the right one. The home was locate only 3 miles from mom as well.

We wrote the offer and it was accepted. The sales price was a bit higher then what they wanted but was still with in budget. Next was loan process and home inspections. This is where is gets interesting. Since my client owns a business there was a TON of details research to have to do. The list of documents are UNREAL when proving income and asset now. As the loan process was moving along the home inspections came up with very little to fix. We were well on our way and my client was very happy.

First road block ! Time for the appraisal. Our offer price was 199k and the appraisal came in at 183k. We had to ask for a price reduction on the offer and to my surprise the accepted it !
Second Road block ! When it came to verification of loan docs this was a business that required certain docs that had to be refiled and a new tax transcript. We just knew the seller would release us from the offer but to our surprise they said they would wait.
Third Road block ! The IRS request was taking so much longer then expected we were now 30 days past closing and again to our surprise the seller did not kick us to the curb
Fourth road block ! We needed a 2nd appraisal because this was a renovated home and flip. Again we just knew we would loose this house.

After all this and about 45 days past the original close date WE FINALLY got the clear to close.

Can you agree this was a nail biting experience !

Bzibee Real Estate Team- Featured Listings !

March 6th, 2013

Our team has a few great listings that need to get sold ! Here is a direct link to them so you dont have to search

Address of homes we have for sale

1. Laural Green Condo under 90k
2. Old Colony Brick single family home Shortsale Price dropping ASAP
3. Decatur Duplex in Portsmouth 70k
4.Conway Single family in Virginia Beach Shortsale approved 140′s

Let our team help you buy one of these GREAT homes today. Nowt what your looking for Log on to our site http://www.BuyHamptonRoadsHomes.com and create a search !

Sequestration what will it do to Hampton Roads Real Estate

March 6th, 2013

I really don’t even understand the term so I googled the diction term. HUMMM so how in the heck does this apply to the spending and what in the world does it mean for our area and market ?

1. Secretary of the Navy released a memo detailing immediate cuts, including a directive to “announce intent to cancel” all Blue Angels shows scheduled for April.
So I guess no Airshows this year !
2. Across the fleet, thousands of sailors are unsure of when or even if they will deploy in the coming months.
Great for families who don’t want to be apart but what are we going to do with all the people standing around ?
3. We could lose more than 12,000 jobs this year if sequestration is not halted, Old Dominion University economic researchers said.
HOLY cow that is going to kill our regions economy ! source
3.Economists said, It will cost the region more than $2 billion in spending. Nearly $1.9 billion of that is defense-related, the Economic Forecasting Project said.Source
Read here about the impact on Hampton Roads

If you find your self in a position that your gong to loose your home PLEASE do not wait till its to late. Lets not have a destroyed credit report or a foreclosure. I can help with a shortsale. Many banks are open to this more and more over taking the home. Lets talk !

se·ques·tra·tion
(skw-strshn, skw-)
n.
1. The act of sequestering; segregation.
2. Law
a. Seizure of property.
b. A writ authorizing seizure of property.
3. Chemistry The inhibition or prevention of normal ion behavior by combination with added materials, especially the prevention of metallic ion precipitation from solution by formation of a coordination compound with a phosphate.

Hampton Roads Real Estate August 2012 recap

September 13th, 2012

August news for Hampton Roads Real Estate

Hampton Roads Real Estate

Hampton Roads Real Estate

* The number of residential homes listed for sale in the region has dropped 15.78% when compared to August 2011.
For the last 18 months this inventory has been shrinking. This is EXCELLENT NEWS and points to a stable market !

*The absorption rate (the average number of listings that have sold in the last 12 months) is currently 1599.92

*The region’s months’ supply of inventory is currently down to 7.04 months. A balanced market is said to be about 6 months supply

*Residential pending sales increased 23.28% in August 2012, when compared to August last year.

*Residential pending sales increased 23.28% in August 2012, when compared to August last year an increased 16.74%.

*The distressed homes market persists in showing signs of improvement based on August 2012
stats. Distressed homes, those that are bank-owned or short sales, accounted for 24.74% of all
residential active listings. Though this number is up slightly from last month, the overall number is down
by 1.27% since the beginning of the year. Distressed homes continue to account for less of the total
residential settled sales, measuring in at only 24.4% for August. This marks the 10th consecutive month
distressed homes have declined as a percentage of the residential settled sales.

Norfolk Light Rail Anniversary !!!!

August 17th, 2012

Norfolk Va has a reason to celebrate. The Norfolk light rail is celebrating 1 year anniversary and a big success ?

I love being able to relax when going to downtown Norfolk. Its a lot better then driving and dealing with gas, traffic and parking.
Here is a blog about the Norfolk light rail wrote sometime ago. I LOVE THE NORFOLK LIGHT RAIL

Hampton Roads Transit in Virginia will mark the first birthday of The Tide light rail in Norfolk on Friday, August 17, with a celebration at the MacArthur Square station.

Hampton Roads Transit figures shows the Newtown Road station is the busiest, accounting for 22% of daily ridership, followed by MacArthur Square’s stop with 16%. The least busy stops are York and Ingleside, according to the statistics.

CELEBRATIONS FOR THE NORFOLK LIGHT RAIN THIS AM ON YOUTUBE

MY FIRST RIDE ON THE NORFOLK LIGHT RAIL

The 3.8% Tax Real Estate Scenarios & Examples

August 5th, 2012

Many of my clients are emailing me about this new law efective January 2013. Do you currently own a home and could possibly sell that home after 2013 ? There could be some new taxes that effect you. Its best to plan and be prepared for this. I would suggest you talk to a tax planner and financial advisor on how to handle this if you do plan to sell. NAR ( National Association of Realtors) has a great booklet that could answer some of the questions you have . Find the PDF booklet here

Source http://discoverspringtexas.com/files/2011/04/Spring-Texas-property-taxes.jpg

Source http://discoverspringtexas.com/files/2011/04/Spring-Texas-property-taxes.jpg

Beginning January 1, 2013, a new 3.8 percent tax on some investment income
will take eff ect. Since this new tax will aff ect some real estate transactions, it is
important for REALTORS® to clearly understand the tax and how it could impact
your clients. It’s a complicated tax, so you won’t be able to predict how it will
affect every buyer or seller.

Another way of thinking about these new taxes is to think of the 3.8% tax as being imposed on a portion
of the money that you make on your money — your capital (sometimes referred to as “unearned income”).
h e 0.9% tax is imposed on a portion of the money you make on your labor — your salary, wages,
commission and similar income related to earning a livelihood.

Beautiful homes from 500k to 1 million

July 24th, 2012

Address and photos here.

Are you looking to buy a 5 bedroom home in the 23454 area ? Here are some gret options. Register and save the link to get updates when the list changes.