Great Starter Brick Ranch at Move-In Condition!

Westminster, CO - COMING SOON, is this great Starter Home in unincorporated Adams County!
Details of this home: Brick Ranch w/ a basement, 1-car detached garage w/ opener, new tile flooring in the kitchen and 2 bathrooms, hardwood floors on main level, large backyard with covered patio, new interior paint, and ready to move-in.

 

Great Brick Ranch at 7796 Turner Drive, Denver, Co. 80221

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HIRE A SHORT SALE TEAM THAT UNDERSTANDS THE RULES AND THE EXPERIENCE TO DEAL WITH THE PROCESS OF OBTAINING SHORT SALE APPROVALS TO ASSIST THE HOMEOWNER IN STOPPING A FORECLOSURE!!

Thanks for reading this,  Dan Hopper,
Your Real Estate Advocate:


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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
Thank you for reading, "Great Starter Brick Ranch at Move-In Condition!"

A Mental Breakdown or What?

  Westminster, CO -  Every now and then you get a strange request from a homeowner that finds your blog and needs to inquire about the short sale process!
Now, that's a good thing!!  We certainly want to assist someone that has a real estate need.

 A few weeks ago, I was approached via my email in regards to how a short sale works.  After a few emails back and forth to discover exactly why this homeowner was need of a short sale, and especially since it was ON THE MARKET, with another local real estate broker, she asked that I call her and come to her home.

With that invitation from the Seller, we proceeded and met to discuss and review all the real estate docs.  Prior to my visit, the homeowner requested the current real estate broker to stop marketing her home.  NOW, we all know what that really means to a real estate brokerage firm.... and we go on to discover what the heck is going on here. 

Once, I had the opportunity to review the current MLS of this property information and the documentation of the real estate docs, we have come to the conclusion that there HAD to be a real mistake during this process of marketing the home.

The current DEBT on the property was about equal to the value it had been placed on the market!!  Which means, that the homeowner would have to either, bring money to the table or negotiate a short pay-off (short sale) with the lenders!  There is a 1st and 2nd lien on this property.

The Title company had notified the homeowner that based on the current debt and selling costs, their estimated NET (Not so sure why this information was not disclosed to the Seller by the real estate broker - like during the CMA presentation), she would need to bring funds in excess of $11,000!!

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This of course has created a great concern from the Seller, and recognizes that she would be in a short sale situation!!  This was never addressed with her by the current real estate broker, nor are there any addendums (short sale addendum) addressing the shortage of funds to sell!

The Title company had provided her the information 3 weeks into the marketing process!! 

It appears that someone had NOT done their due diligence in listing this property, possibly by performing a proper O & E search you would have had a better understanding,  and if they had... why was this NEVER discussed with the homeowner??

Based on the real estate docs that the Seller had signed and had copies of, nothing discloses this short pay-off situation!!  The property has been withdrawn from the MLS!!

We shall see where this "sad situation" ends up!!

Thanks for reading this,  Dan Hopper,
Your Real Estate Advocate:


Search for homes, foreclosures, below:
    


FOLLOW DAN HERE:

HIRE A SHORT SALE TEAM THAT UNDERSTANDS THE RULES AND THE EXPERIENCE TO DEAL WITH THE PROCESS OF OBTAINING SHORT SALE APPROVALS TO ASSIST THE HOMEOWNER IN STOPPING A FORECLOSURE!!

Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.

Thank you for reading, "A Mental Breakdown or What?"

WESTMINSTER SHORT SALE SUCCESS ON A TRAILSIDE TOWNOUSE!!

  Westminster, CO -  It is very rewarding when accomplishing a successful "short sale"!!  Not ALL short sales are due to a distressed situation of a job loss, income loss, health related, divorce, or trying to Stop a Foreclosure!

In some situations, we have helped Sellers move on with their lives just for the simple fact they are upside down on the home, and need to sell in order to relocate.   Many times they are NOT in a default situation or worried about losing their home due to a foreclosure process!

Let's face it, although the Banks are to allow a Job Transfer or Relocation to another state as a "hardship", they do their best to make it difficult to work a short sale without the borrower being in default on their loans.

It is always up to the borrower how they must work their financial situation in order to move on with their lives!  One very important element in working a short sale is the Mortgage Debt Relief Act, that expires 12/31/2012, and we NEED Congress to extend this Act!!

This Westminster Townhouse short sale was necessary so that our retirees could relocate to Oklahoma!!   They needed to be closer to family and was upside down on their property.  This short sale, like a few of them,  had it's issues to get done.  It took about 5 months longer than it should have!!

Working the short pay-off with Wells Fargo will always have issues.  Lately, we have found WF to be so incompetent with their staff!!  They have a tendency to not work simple tasks in a timely manner.   In this case, the loss mitigation debt took approximately 6 weeks to review our short sale package with an offer, after the VA appraisal was done!!

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Then after we received the short sale approval with the buyer in hand, the buyer's lender failed to properly PRE-APPROVE this buyer!!   They had in excess of 12 weeks to have THIS buyer prepared to obtain a loan and close this transaction.  After 6 weeks of working the loan process AFTER our short sale approval, the buyer's lender DID NOT even have the buyer's 2010 or 2011 tax returns.  Of course, this is NOT Wells Fargo's fault... but the selling broker, loan officer, and buyer!



We terminated that contract for lack of performance and we were able to place another offer into the short sale with Wells Fargo in ONE WEEK!  This is where I will continue to criticize WF over again and again, is their LACK of competence to work a NEW BUYER into the short sale approval process in a timely manner!!

Wells Fargo took 6 weeks to review our updated buyer short sale package!  After weekly, contacts and being told that it was in review, over and over ... they HAD NOT reviewed anything.  On the 7th week of having our new buyer in their file, they discovered that there was only 2 weeks left before the VA appraisal was to expire! (This VA appraisal was done the 1st week of February).

We all know that there is NO way a loan can be worked by a buyer's lender in 2 weeks after receiving a short sale turn on.  Unfortunately, we HAVE not received an approval with this new buyer.  We had to let this process slide 2 more weeks, and have a NEW VA appraisal done.   Finally, we got the short sale approval at the end of August.  Yeah!!

So we had a new scheduled closing for this short sale on Sept. 28.  THEN, as we got close to the loan conditions deadline date, we had another APPRAISAL issue!!  The buyer's loan appraisal was filled out incomplete with missing pictures for THIS FHA loan.  It took the appraisal a week to get all the corrections done. (The appraiser issues will be another story to address in a future blog)

Yes, we did have a successful closing on 10/05.  



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HIRE A SHORT SALE TEAM THAT UNDERSTANDS THE RULES AND THE EXPERIENCE TO DEAL WITH THE PROCESS OF OBTAINING SHORT SALE APPROVALS TO ASSIST THE HOMEOWNER IN STOPPING A FORECLOSURE!!

Thanks for reading this,  Dan Hopper,
Your Real Estate Advocate:


Search for homes, foreclosures, below:
    


FOLLOW DAN HERE:

Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.

Thank you for reading, "WESTMINSTER SHORT SALE SUCCESS ON A TRAILSIDE TOWNOUSE!!"