Homeowners in Sonoma County, California–here’s a “Concierge” telephone number you can call to escalate modification of your loan or perhaps a “Short-Sale”. 866-880-1232 This comes from a meeting we had with a VP of Portfolio Rention for Short-Sales. If it a shot but remember the following:
BofA has some 500 investors who purchased the loans they originated. If the loan is a ”NonDelegated” loan–it means BofA CANNOT modifiy the loan. Bof A will have to get approval from THESE investors. Now remember also, these loans were chopped up by the Wall Street folks and packaged into securities and sold off to the world! It’s kinda hard FIINDING your loan “owner” in order to get approval.
BofA is in the “Debt settlement business” and has NO interest (meaning ownership” in 70% of their loans.
They are stressing “Loan Modification” and have 20,000 employees who do nothing but work on Modifications, Short-Sales and/or REO’s (Bank owned-forclosed upon properties).
This is where YOU the buyer and/or Selling Agent need to INTERVIEW the Short-Sale Listing Agent BEFORE writing on their property! If they can’t answer these then you’ve got an uphill battle to get your offer BANK approved.
1. Is the Listing Still available? I know this sounds a bit DUH? But if they hem and haw they might be taking offers and stockpiling them or submitting them ALL to the lender!! NOT a good thing. You want YOUR offer to be the best and ONLY offer submitted to the lender for approval.
2. Do you have any offers on the property? Some agents, as above, collect offers and dont’ even have their SELLER sign them!! So NO ratified offer is being sent to the lender for approval. The Negotiator will KNOW he’s got an inexperienced agent on the other end and will then begin to wonder if they know anything about a short-sale!
Over twenty seven years in the lending industry, all in Sonoma county and with the EXCHANGE BANK since May of 2008. Maia has an extensive background in underwriting, approving and closing real estate loans. She has been in various positions in the lending industry and now brings her wealth of expertise and experience to the real estate lending department of Exchange Bank.
Exchange Bank, founded in 1890 in Santa Rosa, California, has a long history of supporting the community. Recognized as the Best Business Bank, Best Local Bank, and one of the Best Places to Work in the North Bay, Exchange Bank lives up to high standards of customer service. Exchange Bank offers a wide variety of products and services for all of your Business and Personal banking needs.
Frank Doyle, co-founder and second president, started a legacy of philanthropy with his support of the community after the 1906 earthquake, the funding of the Golden Gate Bridge, and his support of many other local organizations. Employees today continue the legacy that Frank Doyle started with involvement in numerous non-profit organizations.
RED DAY (Renew, Energize and Donate) is an initiative dedicated to celebrating KELLER WILLIAMS Realty’s year-round commitment to improving our local communities. This year our office is partnering up with Redwood Empire Foster Parent Association
(REFPA) and sponsoring “Blue Bags” for Sonoma County Foster Children. For more information on REFA see attached fliers. We are asking each agent to sponsor a blue bag in support of our RED DAY program. Marketing material will be available at a later day, look for weekly updates.
David Millar will be contacting all agents regarding participation of this event. He can be reached at 707-217-1786 or firstname.lastname@example.org
Goals set for worldwide expansion to add 75,000 international associates
AUSTIN, TEXAS (March 8, 2011)—Keller Williams® Realty Inc., announced today that it is now the second-largest real estate franchise in the United States based on the total number of sales professionals, surpassing Century 21, according to research conducted by REALTrends, a leading source of analysis and information in the residential real estate industry. The company claimed the number two spot with 77,672 U.S.-based associates at the end of 2010, just two years after claiming the number three spot from RE/MAX® International.
Short-Sales are up 37.5% over January! Hit 99 sales in Feb and only 62 in January. Median price has big swing though: Jan $306K, Feb $287.5K! Days on the Market (DOM) however is STILL way up there at 183 days!
The whole market DOM is 117 for February, 357 Sales total with Median price of $300K not changed from January. Sales are DOWN for the whole market from last year at this time but only by 3 sales but DOM was $104 days and median $328,475. So median is down about 8% over last year.
REO market still lethargic. Jan sales 127, Feb at 108! ?? Only 66 DOM with median though of $282,000 which shows the REO’s are upwardly mobile with resources drying up for those in the upper price points of the marketplace. Quick closes due to many buyers with cash. January of 2010 we saw 114 sales, 54 DOM and median price of: $248,450
SHOCKER: Our Median Price today for the “whole” market (all sales types, REO, Shorts,Normal) is $300,000. IN 2001 it was $333,000!!!