Great points msjv but... the bankruptcy attorney only makes money if you go BK...doubtful many of them will pass up business because they're as kind as realtors but you're right- we need to prospect attorneys, cpa's, and go back to the types of prospecting many of us that have been in the biz over 20 years used to do..short sales aren't going anywhere, imho they will just get streamlined and more user friendly/ like the reo side.
I heard Calif passed something today making lenders respond in 4 days if HUD is with package and 20 days if no HUD. I can't find anything on it to save my life but several realtors were buzzing about that earlier today..

Grandpa- I have a buyer that made an offer on a short sale (my market is dominated by SS) three days after the offer, I finally track down the agent and lo and behold the foreclosure sale was last week! Agent is upset with the bank, I say that seller knew the sale was coming!! The house has already been assigned to another agent as an REO. The first agent leaves it active in the MLS with remarks about contacting the REO agent. Not Right!!

Monty,
Our MLS has a "Report Data Error" button. First I would call their broker. Then I would call the MLS and your local board since the day it went to foreclosure sale the listing agent did not have a valid listing with the new owner.

Your state licensing board may have an ethics issue with it as well. We have has some agents where we have to call their broker to get them to take it out of active. So far we have not had to take it any farther than their broker.

We have a responsibility to police ourselves to try and change the perception of Realtors being the same in the publics mind as used care salepeople. No offense to those who sell preowned autos but the public perception is still there.

Seller knew it was going to sale as they have to be notified. Perhaps they thought, if they got the offer, the sale could be reversed (which it can't).

Call the New REO agent and let them know that you have a buyer. Then watch the MLS like a hawk. Most REO agents are too busy to make the call to you when they finally get the listing. The upside is that as an REO it will close a lot faster.
Good Luck

I agree about reporting this, it's just not right! I have had a conversation with the REO agent and already submitted an offer to him. We'll see what happens.

You are right Crazy 2, here is the link to the bill on expedited short pay off approval beginning 01/01/2010 in CA:

http://info.sen.ca.gov/pub/09-10/bill/sen/sb_0301-0350/sb_306_cfa_20090421_142810_sen_floor.html

New Housing Crash Looms as Shadow Inventory Climbs past 7 Million: Analysts

http://www.dsnews.com/articles/new-housi...ysts-2009-09-25

will there be a 4qtr wave ? ….
something has to give … the numbers are stunning or scary not sure which

I just got info from more than one (almost all) of our AMs that they are being told by their sellers to be prepared after the first of the year (and by that they said Jan & Feb).

We also got a nasty gram a while back from one of our biggest customers about divulging info being an immediate termination issue. Do not know if it was a blanket or if it was directed to us personally but it did not have a list of people that it was sent to, just us.

However, it is making me careful about what I share and this is not just one companys AMs telling me this. It is nearly ALL of them and they all advised within the same week.

Does it mean anything? Your guess is as good as mine but it has not happened before that so many from different companies are singing the same tune and in harmony. Also, nearly every one of them resent their listing requirements about signs, lockboxes, etc. etc. Also, within the same week.

As alway only time will tell.

Grampa

One can only hope.....Since June, I've gotten that same story from my AM's....each month was "get ready", "hold onto your hat", etc. I think most banks have held off on foreclosing, due to the fact how those numbers affect their books, at years end. I down sized my team, months back. It would be nice to know an actual month for increased activity....would make my job a bit easier when to increase the size of the team....

Could not think of a better place for this and did not want to start a whole new thread.

It is a Reverse Foreclosure and forces the bank to take title to the property.

Seems that HOAs and Condo Associations can force a foreclosure thus make the bank take title to the property. This is unique to FL law but could have an impact on our REO future as we have many that are being held off the trustees sale time and again. This could increase our REO inventory.

Don't know if other states have similar laws.

http://www.tampabay.com/news/business/re...on-fees/1078174

HOAs are very troublesome. They are mini-governments and like to say NO and to be in control of everything. Especially when someone like an agent calls to get HOA info and to find out if there are any delinquent dues owed on unit.

They won't give you the time of day. They create their own problems in the name of privacy and security.

With the approval of your AM, try sending the HOA/or their management company, one month's dues, with proof of the foreclosure/new owner, and this will trigger a statement to you of the delinquent dues.

not always ...

Amen!

I had just the reverse happen today. I have a cash sale due to close on the 19th. Escrow hasn't ordered HOA reports. They inform me it will take 10 days to receive the report from property management. I said that won't work.....buyers would be reviewing one day before we close. They said "there is nothing we can do". I get on the phone to the seller and explain the problem. She makes one call, and within 30 minutes I have docs emailed to me (10 days?). I then, in turn, email to selling agent and escrow......end of problem..... this is a good one......$350k sale. I guess that's why they pay me the big bucks....lol

yes, these HOA docs are problematic for short all cash sales. It's becoming necessary to pay the extra fee for "RUSH" orders but sometimes this can be as much as $200! And of course, the seller nor buyers want to pay this. If it's $100 or less, I just pay it out of my pocket and call it a day. It's worth the $100 to not have to fight with the HOA to get the docs out. But a $300k sale is low end in my area, so the extra fee out of my pocket is worth it to save the grief of delays from HOA. CA isn't a Super Lien state so HOAs are losing really BIG money. I'm beginning to think they are intentionally delaying on getting HOA docs processed in a timely fashioin, just to entice agents to pay for the RUSH fees!