Another SHORT – SHORT SALE Story

March 17th, 2015

Today I get call and here how it goes

Phones Rings
Me: Hello this is Alison Creamer
Caller: Hi my name is (xyz) and I need you to come list my home.
Me: OH WOW Hi, so did someone refer me to you ?
Caller: No I googled CDPE and short sale and your name came up as an agent for the area. Im here for a few more days and I know I owe more on this house then what I can get. Its going to be a short sale Im sure.
Me: okay can we meet in the am say 9:54 am?
Caller : Yes that would be perfect !

I met the client, toured the home and already have the paper worked signed for a FRIDAY input! Now for the fun part , marketing, showing the home and following up with the short sale process and the banks.

Thanks to Scott Coleman and Coleman and Coleman for taking this one on as the legal representative for the seller.

New short sale listing coming in Coleman Place Norfolk VA

New short sale listing coming in Coleman Place Norfolk VA

Move in Ready Chesapeake home

March 3rd, 2015

Are you about to PCS to Hampton Roads? Are you looking to buy a 4 bedroom home in the Chesapeake school district? Do not overlook this home it is move in READY and perfect for the buyer who does not want REPAIRS or have to update things right after buying. Located on a BIG lot in Great Bridge community on the city of Chesapeake. MLS#1503737 Great Bridge home with 4 bedrooms for sale. Move in ready ,Carpet, Appliances, paint, flooring all updated. Full listing infromation can be seen here

This is an amazing home. Move in READY and perfect for the buyer who does not want REPAIRS or have to update things right after buying. Located on a BIG lot in Great Bridge community on the city of Chesapeake. MLS#1503737 Great Bridge home with 5 bedrooms for sale. Move in ready ,Carpet, Appliances, paint, flooring all updated. Located off Mt PLeasant rd this home is in the heart of Chesapeake. If you are military and need to commute to most bases this is a GREAT location. DO you like to STAYCATION ??? Not far from the VA/NC line and you can easily enjoy Outer banks in the summer. Make this a must see on your home shopping tour soon. WE don’t expect it to last to long in this spring market!

Chase Shortsale – APPROVED !

January 14th, 2015

Here is a recap of events on this 1+ year listing that CLOSED this week.
Condensed process of my recent SHORTFALL with CHASE SHORTSALE with Carrington Mortgage for the buyer

Listed 12/13/13
12/31/13 1st offer
2/26/14 Release 1st buyer
3/1/14 2nd offer
5/18/14 2nd offer release
5/19/14 3rd offer
6/2/14 Release 3rd buyer
10/20/14 4th offer
11/17 Bank APPROVED SS
Multiple time SSA expired
3+ extensions on the approval trying to get the buyers loan approved

Th last 2 weeks of this process the buyer bank ( Carrington) and SS bank ( CHASE ) played hardball slashing CCA for the buyer on the hud and refusing to give PRELIMS ( Carrington or an extension to the SS (CHASE) until on or the other give in. Chase would not submit a new SS approval letter with an extended date until Carrington gave a Prelim HUD. Arrington would not do a PRELIM hud with out the extended SS letter. It was a CHICKEN and EGG feeling ……who is going first.

The Chase negotiator seemed to have it out for us and was not playing fair. Asking for some things that were already giving as well as slashing terms from a previous approval.

We had been added to an email loo for the buyers bank. I had access to them as was communication trying to assist in getting all the updated doc and extension. The unbelievable thing was when
Carrington mortgage the buyers bank called me and was giving us run around, even said he was pulling the loan because I stated I was TIRED AND DONE… Mind you IM NOT THE CLIENT for them.

There were up to 75 emails to all parties trying to resolve details to get the Hud approved by Chase ( shortfall Bank) and Carrington ( buyers bank)

Friday 1/9/14 we had what we thought was a HUD approval from the SS bank but at 4:55pm the negotiator approved the hud and neglected to send the new SS approval letter with an extended date. Buyer bank refused to release the closing package. All banks were closed and we were not able to speak to anyone about it.

Friday 5pm 1/9/14 I started tweeting CHASE begging for someone to call me.
Monday 1/12/14 in the later afternoon I get a call from the person who monitors TWITTER. He asked what the situation was. He looked in Equator and saw the SS approval extension and was confused at why the negotiator would approve the HUD and not send the letter. THIS WAS MY POINT …. we felt that this negotiator was new, or had it out for us. He uploaded the letter to equator for us to review.

Close 1-13-15- BUYER CLOSED at 5pm !!!!!!!!

This deal was SAVED impart by Social Media in my opinion. Thanks to reaching out to Chase on TWITTER and FACE BOOK we were abel to explain the issue and get someone to take a second look.


Shortsale Follow up 1 year after Story 3

November 25th, 2014

Shortsale Follow up 1 year later client 3.

What happened 1 year later after a shortsale was completed ? What were the effects ? This client was a divorced couple who needed to settle the sale of the home. In this case both sellers were ACTIVE Military. When handled properly the security clearance was not effected. If you are Military and are getting relocated PLEASE don’t wait. HIRE ME so we can work a plan to get your home sold and the debt forgiven if needed.

Everything went great for the short Sale no problem with getting the process done working with a hard charger realtor made it very easy.

My credit score it start to increase as the month gone on… HAPPY THANKSGIVING!! 

1. What kind of loan did you have and with what lender ? CONV LOAN

2. How much was forgiven ?ALL THE AMOUNT WE OWED ON THE LOAN

3. Was there any tax issues when filing? NO

4. How did it show on the credit report/points drop? NO

5. Did you miss any payments during the process? YES

6. Was there any communication from the bank after? NO

7. Was there any negative effects with work ? NO

Don’t loose your home to a Bankruptcy or  foreclosure. Let me help you navigate a short sale. I have 5+ years experience working for sellers just like you . I have 13 years Real Estate experience. Its not impossible you just need a good advocate and someone to help you through the process .

Shortsale Follow up 1 year later story 2

November 24th, 2014

Shortsale Follow up 1 year later story 2 What happens after a short sale to the home owner. Did the worst case happen or was it a better outcome then expected. Here is a few replies from a seller who completed a shortsale 1 year ago. Im a shortsale listing agent with 5+ years of experience working for home owners who cannot sell their home for what is owed on the loan. If your in a situation that you need to sell but you have not equity I CAN HELP.

How did we meet – Through Heather (don’t know last name)

Did we stay in touch – Yes

Was I easy to work with – Very

Was Alison professional – Extremely

What was the biggest reason for hiring an agent – Having to do a Short Sale

What would you do different – Would have gone through Alison in the first place

Would you recommend me to others who need an agent to buy or sell – Yes

On a scale of 1-10  10 being the best how do we rate me – 10

Was the use of TECH helpful – Yes, it made the signing of all the documents very easy. 

May I use these answers as testimonial on my site – Yes

May we add you to a client call list for others to ask you about my services – Yes

Market conditions 10-14

November 22nd, 2014

Here are the Market Conditions for Va. Beach 2012 to 2014

2012 $219,900 Median list price and $273,842 Avg. List
2013 $240,000 Median list price and $312,098 Avg. List
2014 $259,000 Median list price and $339,716 Avg. List

The Median sale price has risen by 14.99% and the Average list price has risen by 7.92%

It would appear the city is recovering nicely from the “bubble”. If you are currently looking to sell a home the spring of 2015 I would like to offer you a no obligation report. This can help you determine basic value and repairs that could be done to improve your sale. I watch the Market Conditions Monthly to better help you pick the right price.

Alison Creamer, Realtor
Keller Williams Realty
One Columbus Center 1100
Virginia Beach va 23464

Real Estate Market report

Real Estate Market report

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.

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
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
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 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
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 !