The Short Sale Specialist

Hello, I am Mark Peek with Keller Williams Real Estate, California’s premiere short sale specialists. I need to talk to you today about Bank of America. Lots of people think that doing a short sale with Bank of America is an uphill battle. I’ll tell you that I’ve closed a number of short sales with Bank of America and lots of people do not know there are literally three other ways to close a short sale with Bank of America.

Update 2010: Short Sales Are Tough To Close

Why are they so tough?The easy answer to that question is there are “many factors involved”.

Things such as:

• Local market conditions – High foreclosure rate and lack of buyers
• Condition of the property – Is it attractive to buyers in the “as is” condition
• Buyer fails to close – Buyers often back out
• Lender delays – Drives away buyers
• Mortgage insurance – Lender may gain more with foreclosure

Many experienced Realtors would pin the #1 reason for short sale failure on the buyer’s failing to close. Most often it’s the result of two things:

What is the #1 reason why short sales don’t close?

Well, many factors including local market condition and the condition of the property. However,  a very large percentage of short sales DO NOT close because the buyer dropped out of the transaction.

This article is about considering an offer from a Short Sale Buyer who can bring a lot of things to the table for a homeowner.

If you’re trying a short sale then you probably talked with a Realtor.Next time you talk with a Realtor just ask about the #1 reason why short sales fail.

My lender, Wells Fargo Home Mortgage, has bumbled and fumbled with my situation for over 4 months. I send faxes with paycheck stubs, personal financial information, etc. ….twice they “lost” everything, repeatedly transfer me from department to department, and I am still attempting to set up a repayment plan with them.
They have refused any payment I have tried to make at this point, saying it would be simply not be accepted and sent back. I’m pretty sure all of this is intentional as my home has tripled in value since I bought it 5 years ago…they’d love to have it.
Additionally they have more than doubled what I owe them in fees and they keep adding.
If I secure an attorney to settle a repayment, how does that work?
Obviously I’m not in good enough financial shape to pay an attorney above and beyond the amount extra I owe my lender and I do want to stay in my house.

Over a year ago I found Monica Main‘s program and bought it. I had no idea she had a record. Monica went to prision. However, she does know her apartment investing stuff. Her record isnt really that scary, just messed up and sold trading software, that wasnt smart. The software she sold that she got sent to prision for was for stocks.

I have a townhome in Miami and need to sell it since Countrywide has increased the payments from 2,500 to 3,400. I just cant pay this property and now I have to sell it ASAP. I havent been able to pay for over 4 months and now that I finally have a buyer Countrywide is sending a payoff of over $326k when it was suppose to be $295k!!! They want to charge me penalties and other stuff but I am trying to avoid a foreclosure .. why cant they work with me here and waive some of the penalties or costs ??? Somebody help me … any advice?

I was forced to work part-time because of a tick bite and I was striken with Lyme dieaease. I didn’t think a small insect could do some much harm. Any way, my husband works 24/7, but that is not enough and now we might loose our home. We tried to talk with our mortage co., and we even tried for a hardship loan which was suggested by our own company. They told us NOT to pay our payments for a couple of months and that way it would look even better for the hard ship loan. Then they turned us down and now we are 4 months behind. Little did we know that, I guess some mortage co. will do that so you get behind and loose your house to them. That’s awful!! Anyway, if any one knows of someone that could help either stop the foreclosure (with no money down) or of another way to save our home I would really appreciate it. Thanks!