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A Division of Richard Realty Groups, Inc 6986 El Camino Real, Ste. H,
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A Division of Richard Realty Groups, Inc 6986 El Camino Real, Ste. H,
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A Division of Richard Realty Groups, Inc 6986 El Camino Real, Ste. H,
Q. What is worse than waiting for months to close
a short sale and having it fall through?
A. Closing a short sale that comes back like a boomerang two or three years later to explode your world.
Risk management experts are telling REALTORS® that the short sale lender-prepared documents that are required to close a short sale often include a requirement for the seller to agree to be responsible for the deficient balance - even on loans that would normally not be recourse obligations.
How does this affect you as a REALTOR®? If you encourage a seller to sign the Short Sale Lender Approval Agreement to get the transaction closed more quickly, it could be considered “practicing law without a license”- a violation of Article 13 of the NAR Code of Ethics. Beyond the ethical ramifications, if the seller later learns that they signed an agreement which commits them to a debt that they might not have had to pay if they had not closed the short sale and just went into foreclosure, their attorney could come after you for damages.
It’s not a great situation to wait months and then find out the short sale lender is requiring the seller to agree to terms that may be quite disagreeable. The smart agent will refer the seller to a local attorney with a lot of experience in these matters who may be able to negotiate the term off the agreement or perhaps advise the seller not to go through with the short sale.
Gov Hutchinson, C.A.R.’s Assistant General Counsel, advises that some short sale lenders who do not require the deficiency clause in their agreement might still be able to come back against the seller for recourse obligations. A specific waiver of deficiency responsibility would have to be negotiated with the lender.
Risk management experts recommend that a seller should consult with an attorney prior to listing a short sale property to review their loan documents, financial situation and the possibility of a deficiency balance responsibility before deciding whether a short sale or foreclosure would be best.
Be smart. Don’t take risks today for something that could boomerang back tomorrow. Make sure your short sale seller clients are getting expert advice before they sign Short Sale Lender Approval Agreements.
A Division of Richard Realty Groups, Inc 6986 El Camino Real, Ste. H,
How can buyers and sellers make sense of it?
Bidding wars. Moratoriums. Foreclosures. Short sales. Rising and falling median home prices. Over-reported home sales in May.
How are San Diego buyers and sellers supposed to interpret it all?
This much is certain. Something very strange is happening in the San Diego home market as a result of natural market dynamics and artificial government regulation.
On one hand, we hear about the diminishing number of foreclosures because of the government imposed moratorium on lending institutions. The government is saying to banks, “Since we've saved you with public money, we are going to make it harder for you to foreclose on peoples’ homes.”
We also hear about the difficulty of successfully navigating short sales. These deals seem to frustrate nearly all involved as they wait for lenders to agree to reasonable terms.
Meanwhile the banks have investors demanding that something be done with the non-producing home loan assets. The foreclosure inventory diminishes and bidding wars ensue on the relatively few available properties while pressure builds within the banks to get rid of the many (and growing) delinquent loans.
This conflict of market economics and government regulation has created some truly strange symptoms.
A case study of the confusion
This week I heard about a foreclosure (REO) “sale” to an enthusiastic buyer who needed FHA financing and who had excellent credit. The only problem for everyone involved in the deal was that the accepted offer was 20% higher than the appraisal. (Had the bidding war had gone amok?)
The reactions of various parties to the transaction became sort of a case study of frustration and of how bizarre the current real estate market is in San Diego.
After receiving the lower appraisal, the bank’s REO asset manager indirectly told the buyer to just “cancel” the purchase. The appraisal was simply “unacceptable” (even though a larger comparable had sold in the neighborhood for less).
Yet this is where things get really interesting.
The REO bank and the buyer’s lending bank were the exact same institution. In other words, the REO asset manager couldn’t possibly hope for a more balanced appraisal (Furthermore, FHA rules require that the appraisal stick with the property for six months after the appraisal so there was no way for the asset manager to "escape" the appraisal.)
The reaction of the buyer’s agent was quite peculiar (and a quite frankly embarrassing). The agent plead with the mortgage broker of the bank for a higher appraisal.
This is disturbing on at least two levels. First, the agent should have seen this as an opportunity to be the hero and negotiate a better deal for the buyer. Second, the agent clearly didn’t understand the futility of the request for a better appraisal. Who could possibly be more impartial than an appraiser representing both sides of the deal (i.e. the REO asset manager of the bank and the lending side of the same bank)? Also, FHA lending rules simply do not allow you to "shop" for an appraisal.
So what are we to learn from experiences like this?
Time will tell but in a market of increasing loan delinquencies and high unemployment, the reactions of some real estate players seem to be quite confused and contradictory at times. Patience and professionalism is needed on both the buying and selling side of any home sale in San Diego.
Meanwhile, the pressure of investors on their banks’ boards of directors increases daily to take decisive action on their non-producing loan assets.
Author: Brian Flock
A Division of Richard Realty Groups, Inc 6986 El Camino Real, Ste. H,
I decided to share with you some vital information to help dispel some of the myths about getting rich quick with foreclosure homes.
Slogans such as “Make $600,000 in less than a year! Buy houses for pennies on the dollar!” are common in the business of marketing the ‘foreclosure industry.’ They may also have you believing that you can just take a seminar or buy a book and you'll be on your way to millions in no time.
Sometimes the best investment is the one that no one is looking at because of the flexibility it gives you (these days everyone is looking at foreclosures!)
e diving in:A Division of Richard Realty Groups, Inc 6986 El Camino Real, Ste. H,
A Division of Richard Realty Groups, Inc 6986 El Camino Real, Ste. H,
I been an iphone user for a little over a year and I've hated that phone.
I could not understand the adamant follower and why people loved it.
I had trouble with the speaker volume, the camera and most of all the keypad. No matter how hard I tried I couldn't strike that "A" or the "J" or the enter with somehow getting the letter beside it or above it.
Here I am thinking my finger is too fat. My eyes are really going. I don't have any co-ordination.
Well, sometime this week, I had a light bulb moment. With all the other phones, people use their thumbs to type. Sure enough, I tried it and low and behold I hit the correct type 90% of the time.
Why didn't anyone tell me?
A Division of Richard Realty Groups, Inc 6986 El Camino Real, Ste. H,
