September 29, 2010
Roanoke Virginia homeowners contemplating a short sale, Don’t Bank Where Your Loan Is!
About a month ago I re-blogged a blog about Right of Offset. Since that time it seems that the winds are changing for Roanoke Va Short Sales and some local lenders are starting to exercise that right. Evidently the Right of Offset goes so far as to allow a bank to take a vehicle that was bought with a cash out refinance or an equity line and sell it to satisfy any defeciencies. Many Roanoke Virginia Homeowners fail to read all of the fine print when signing the lending documents.
Not only do Roanoke Virginia Short Sale Listings have to worry about the Right of Offset, but now we are running into local (to be named later) Credit Unions that are refusing to cooperate in Roanoke Virginia Short Sales and loan modifications! These Credit Unions that fail to cooperate in Roanoke VA Short Sales and Loan Modifications are the very lenders who allowed (encouraged) borrowers to borrow 100% or more of their home’s equity with a Stated, No Document, Loan….with no Appraisal! Poor lending practices to say the least, but when you have a borrower who is trying to do the right thing and Short Sale the property or modify the loan, the lender refuses to cooperate! Their answer? Foreclose!
Do the math, short sale and take a $10,000 to $12,000 hit on the house or…….Foreclose….the buyer removes the kitchen cabinets, the HVAC, the Toilets, Vanity’s, Sinks and Doors, the bank spends thousands on attorney’s and the foreclosure process.
Drum Roll Please? The Grand Finale? I am told that if my client does foreclose, the bank will sue my client for the difference if they file for bankruptcy for loan fraud? You see, my client did a stated income loan…..and my client actually did make the money stated….at the time! Since that time my client has lost the original job and has a new, lower paying job.
So, lessons for today…..don’t bank where your loan(s) are, don’t use a credit union for a second mortgage or an equity line!
September 20, 2010
Today is Short Sale Monday for Roanoke Virginia Short Sales!
I started the day early today working my Roanoke area short sale files for my Roanoke, Botetourt County and Smith Mountain Lake Short Sale Listings. To work short sales you have to have patience, patience and more patience…..I only have two of the three! Anyway, 5 hours on the phone today working the files trying to get some progress. I had the pleasure of chasing a file all over Suntrust land only to find out that they really just don’t have their act together.
It took me almost an hour to get Bank of America to save the third party authorization where it belonged instead of the “Listing” file. When one person doesn’t do their job right it makes it more difficult on everyone. My other Roanoke City Short Sale with Bank of America is moving along nicely and is scheduled to close in 3 weeks.
The easiest Short Sale today was with Wells Fargo. So far it seems that they want to get the file closed and they are working with me.
To be a successful Short Sale Real Estate Agent in Roanoke Virginia, Botetourt or Smith Mountain Lake, you have to have the above noted patience, but you also need persistence and a support system. Lucky for me I have Short Sale Superstars! These guys are phenomenal and they really are my lifeline, I would have quit working Roanoke Virginia Short Sales without these guys to help me out and back me up.
If you, or anyone you know needs help with a Roanoke Valley Short Sale, send them to someone who works short sales, send them to me!
September 19, 2010
Roanoke Valley area Short Sale Listings seem to be on the rise. Lately more banks are suggesting short sales to sellers who are behind on their mortgage payments. I know that my last two short sale listings have both come as a result of lenders suggesting to their mortgagee that they should attempt a short sale listing.
Roanoke Virginia Short Sale Listings are not guaranteed successful. They are just like any other Roanoke Virginia Real Estate Listing in that they need to be well cared for, clean, staged appropriately and priced to sell. The most important aspect of a Roanoke VA Short Sale is the continued cooperation of the seller in getting me the documentation that the bank continually requests. This is the part where many Roanoke Virginia Short Sale Sellers lose sight of the goal.
Unfortunately it does not matter to the bank that you already gave them all of the requested documents 3 months, 3 weeks or 3 days ago….they want it again and they are not doing anything until they get it. I wish I could tell you differently but we are dealing with banks here not real people. In reality, the Roanoke Valley VA Short Sale Seller is asking the bank to “Lose” anywhere from a couple of thousand to tens of thousands of dollars on a home, so I do think jumping through a couple of hoops is entirely reasonable. Actually I think the number of hoops that a Short Sale Seller has to jump through is less than a current buyer has to deal with. It is a process that every Short Sale Seller has to go through but in the end it is ultimately worth it.
In conclusion, when attempting a Roanoke Virginia Short Sale, be prepared to provide a multitude of different documents in a timely manner and your short sale will go much smoother. Don’t be upset if the bank wants the same documents over and over, please just go with the flow and we will get there.
Fore more information or a Short Sale in the Roanoke Valley are of VA, give me a call or shoot me an email.
June 1, 2010
Want to save over $20,000 off of comparable homes in this new neighborhood? This home is listed at $259,950 whereas the next cheapest house in the neighborhood is $279,950! Not only is this home $20,000 cheaper but the lawn in established, there has been additional square footage finished AND it has a fenced back yard! This is a Short Sale in the Vinton are of Roanoke County Virginia.
My client’s misfortune could be your blessing! This home is loving cared for. Even though this Roanoke County Home is now a Short Sale, the home has been updated since new and it has a completely fenced backyard for children or pets.
Save money and time with this Roanoke County Virginia Short Sale Listing! View all of the neighborhood listings by clicking this link.
May 10, 2010
2935 Grand Ave NW Roanoke, Virginia Short Sale- Pre-Foreclosure Sale, Roanoke Virginia Listing
This home is a Roanoke Virginia Short Sale. This home is in good shape and would just need refinished hardwoods and paint to be in great condition. Priced to sell very quickly—Over $10,000 less than tax assessment. This Roanoke VA home is a solidly constructed brick home in an established Roanoke Virginia Community.
Call Today for your personal tour! Priced at only $73,000 Call for more information.
If you are interested in a great deal on 2935 Grand Ave NW Roanoke VA, call me and we can work out a special deal with the seller!
Follow my Active Rain Blog Here
May 8, 2010
Roanoke VA Seafood…..BBQ Shrimp Anyone? Awful Arthurs Seafood Restaurant, Towers Mall, Roanoke VA.
After work last night I walked next door to Awful Arthurs Seafood Restaurant next door to my office at Towers Mall in Roanoke VA. Awful Arthurs Seafood Restaurant is one of my favorite restaurants for many reasons and food happens to be one of the. I have failed to mention in some of my earlier blogs one of the main reasons I love Awful Arthurs Seafood Restaurant at Towers Mall. This reason? Six reasons wrapped up in one actually, Whitney, Amber, Ivy, Brooke, Travis and Barry. You see, Awful Arthurs Seafood at Towers realizes something that most business don’t anymore. They realize that I have many choices of where I will spend my money. They realize that I spend my money at their restaurant not only because of the good food (good food is everywhere) but because of how Barry (old General Manager and now new owner!) and Travis (Manager) manage the restaurant, the kitchen and the waitstaff.
There is rarely a time when I walk into Awful Arthurs at Towers Mall that Barry or Travis don’t stop by the table and greet me. Many times you will see them cleaning tables, bringing food out or just working the restaurant making sure that everyone was enjoying the food! My absolute favorite waitresses in the world are Whitney, Amber, Ivy and Brooke! They have all been there since the first time I walked in the door over two years ago and they make my dining experience truly enjoyable. I can’t say how much these girls make the experience at Awful Arthurs more enjoyable.
I guess while I am at it I need to make sure I mention that Ed, the Chef, is constantly changing specials and walking out to the table making suggestions of what I should try.
Ah….back to the BBQ Shrimp! When I visited Awful Arthurs on Monday, Barry suggested I try the BBQ Shrimp on the special menu. They were more than GREAT! I have been trying to get him to put them on the regular menu instead of just the special menu! Boy, if he would have those mashed potatoes every day instead of just Friday and Saturday evening….AND add the BBQ Shrimp….I would be in heaven!
So, if you want BBQ (and you should) you need to go before they are gone! I don’t know how long they will have them on the special but they are really, REALLY GOOD!
April 3, 2008
It really never has been a better time to buy a home. Whereas we do not have a market that is depressed (selling for 20-25% less than asking price) like the markets in Florida, Northern VA, DC, New York, Chicago, Las Vegas or California, our “Buyers Market” means that there is a ton of inventory for the buyers. Buyers have more choices now than they have had in the last 5-10 years. Sellers in the Roanoke market are not backing off of their list prices much but if the agent has priced the home correctly then the houses are selling. There has been a lot of inventory moved in the past 3-4 weeks and if this week is any indicator of the spring market, it should be a good one!
Loans are a little more sensitive right now than in the past 5 years but there are plenty of loan products out there for most any buyers. The banks are making more common sense loans right now, they are not making the riskier loans that they should not have been making in the first place. FHA is still the go to loan if there are any credit issues or if you don’t have 5-20% down. We have some great programs available right now for first time home buyers. FHA just raised their lending limit to $280k in the Roanoke market.
Every week I meet people who think they cannot buy a home, but can! If you or someone you know think you cannot buy, please do yourself a favor and check with a Mortgage Specialist who can take the time and look at your credit and tell you. It only takes a couple of minutes to find out but there are a lot of people renting who could be owning. I have a great Mortgage Specialist that I deal with who is easy to talk to and who does a lot of work with credit repair also. Feel free to call Sue at 540-278-1430.
As always, feel free to comment or ask questions.
Until next time……