Short Sale Soundoff: BofA to accept back-up offers on short sale listings
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July 14th, 2011 by 
Michael Crawford in 
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Short Sale Soundoff: BofA to accept back-up offers on short sale listings
Bank of America announced this week it will accept back-up offers on short sales and will allow the back-up offer to take over if the first buyer does not complete the transaction, without requiring the process to start again.
Under this new guidance, agents will no longer have to initiate a new short sale in Equator if the original buyer walks away from the transaction. Instead, the agent can continue with the original transaction in Equator and work with the same short sale specialist. The file will remain open and the paperwork that has been submitted will remain active. However, the buyer’s qualification and the offer price will need to be reviewed again if a back-up offer is used.
This new process applies only if there’s an available back-up offer when the original buyer does not follow through with the transaction. If a back-up offer is not ready to be submitted, the short sale will be declined. In that case, agents should return to marketing the property and initiate a new short sale in Equator once another offer is received.
In December, C.A.R. leadership met with representatives of Bank of America and asked the lender to accept back-up offers without starting the process over again. C.A.R. also has raised this issue with Fannie Mae, Freddie Mac, and Wells Fargo, and hopes they will follow Bank of America’s lead with this process.
Fast Facts
Posted on July 14th, 2011 by Michael Crawford in Uncategorized No Comments
Fast Facts
Calif. median home price: May 2011: $$291,760 (Source: C.A.R.)
Calif. highest median home price by region/county May 2011: San Mateo: $810,000 (Source: C.A.R.)
Calif. lowest median home price by region/county May 2011: Merced $113,000 (Source: C.A.R.)
Calif. Pending Home Sales Index: May 2011: 118.3, an increase of 1.6 percent compared with prior month. (Source: C.A.R.)
Calif. First-time Buyer Affordability Index: First quarter 2011: 53 percent (Source: C.A.R.)
Mortgage rates: Week ending 7/7/2011 30-yr. fixed: 4.560 fees/points: 0.7% 15-yr. fixed: 3.75 fees/points: 0.7% 1-yr. adjustable: 3.01% Fees/points: 0.6% (Source: Freddie Mac)
5 Reasons Why You Should Write the Offer Today
Posted on January 2nd, 2011 by Michael Crawford in Uncategorized No Comments
5 Reasons Why You Should Write the Offer Today
Do you really need to write the offer today? As an experienced real estate agent, I must confirm that I have seen people lose the house of their dreams because they hesitated just one day. Yes, just one measly day. I hate that this market demands that buyers make decisions so quickly, but it is my job to let you know what the market is actually like. The last thing I ever want to do is to rush any client. But I’ve also seen the disappointment that can result when someone misses out on a truly exceptional home. And, in almost any kind of market a well priced desirable home will move FAST.
So, you should be aware that Read the rest of this entry »
Protect yourself in ‘as is’ purchase
Posted on December 5th, 2010 by Michael Crawford in Buyers (7) Comments
Q: From what I have read, “Sold As Is” can cover anything from minor defects/repairs that the seller is unable/unwilling to do or can be major problems. What can a prospective buyer do to protect themselves?
A: Fabulous question. So, here’s the deal: An “as-is” sale really does only this: It informs the buyer that the seller has no intention of doing any repairs to the property, and puts the buyer on notice that he/she should have the property inspected exhaustively, as the buyer will be taking possession of the property in its current state. Read the rest of this entry »
I JUST RECEIVED AN OFFER BUT I REFUSE TO COUNTER
Posted on August 27th, 2010 by Michael Crawford in Uncategorized (69) Comments
Have you ever been involved in selling a home where an offer was made and you refused to counter the buyers offer? Here is some advice for sellers to consider, especially in today’s economic environment.
If a buyer has taken the time to put an offer on paper and submit it to your listing agent, I think you would agree that this is a good sign that they are interested in purchasing your home. Read the rest of this entry »
Biting the Inspection Bully – Prep Your Buyers From Step One
Posted on August 24th, 2010 by Michael Crawford in Uncategorized (5) Comments
I know that inspections can be confusing for a buyer. It’s hard to look at a 30 page report of blemishes and not be overwhelmed. It is even harder when a contract is written on a home being sold ‘as is’. I try to help my buyers avoid this confusion by sharing the following three points during our very first meeting. Read the rest of this entry »
California Mortgage Defaults Hit Three-Year Low: Report
Posted on July 26th, 2010 by Michael Crawford in Uncategorized (36) Comments
The number of California homeowners entering foreclosure dropped to its lowest level in three years during the second quarter of 2010, according to the San Diego-based real estate research firm MDA DataQuick.
Lenders filed a total of 70,051 notices of default (NODs) with county recorder offices during the April-to-June period, DataQuick reports. NODs represent the first step in the foreclosure process in California.
Summer Home Maintenance
Posted on June 14th, 2010 by Michael Crawford in Uncategorized (14) Comments
Summer is a season full of many activities. Pool-side barbecues, family vacations, and children’s backyard campouts are just a few. But there’s another activity that sometimes gets overlooked, and that is summer home maintenance.
This season presents some prime opportunities to make sure your home is in good working order. Let’s examine a few areas you should add to your activity list. Read the rest of this entry »
Selling Your Home to Escape Foreclosure
Posted on May 9th, 2010 by Michael Crawford in Uncategorized (13) Comments
If it is that important to you to escape foreclosure there may be some options that you had not considered. It is important to assess what your focus is. In some cases the best approach may be to protect yourself from debt. In other cases the better approach may be to prevent foreclosure from occurring. There are even some instances when entering bankruptcy may be the best option.
Home Price Index Posts First Annual Increase in Three Years
Posted on April 27th, 2010 by Michael Crawford in Uncategorized (44) Comments
In yet another sign of stabilization within the housing market, national home prices increased on a year-over-year basis for the first time in three years in February, according to the LoanPeformance Home Price Index (HPI) released Monday by First American CoreLogic.
