Current Short Sale Statistics From SVP With Bank of America

I just spent 3 hours listening and asking questions PERSONALLY with Matt Vernon, National Executive in charge of servicing (Short Sales) here in Las Vegas.

From his mouth to my ears, his “take charge” attitude with his entire national team is PRO-ACTIVE and they are VERY interested in helping realtor partners succeed in helping homeowners gracefully extract themselves from under water properties.

B of A actually NEEDS realtors on BOTH ends of the process…meaning, the short sale effort AND assisting them on the origination end. That’s why it’s considered a “partnership”.

Makes sense to me.

He also revealed some interesting statistics that are worth passing on…

In June, 2010 B of A originated 65,000 short sale requests.

They (B of A) holds (services) only 12.5% of its entire servicing portfolio…the balance is owned by 500 other investors…

B of a services 15 million customers…3.5M more than it’s closest competitor.

Currently there are 3,000 Short Sale negotiators nationwide servicing the workload. The end of 2010 will see a total of 4000 short sale negotiators.

At one time, the “rumor” of each negotiators case load hovering between 500-1,000… is TRUE.

Currently, files per negotiator hover at 127 per negotiator.

Strategic defaults will not be considered for approvals per internal and external servicing policies.

The Housing MELTDOWN is STILL COMING…

OK…I posted this over a year ago right after I saw it…and it bears posting again for those of you, your friends, families and associates who havent a clue where this whole thing is going…but WANT to have one…

*** Tony Robbins Economic Warning ***

Been awhile…trying to make a few bucks AND take some vacations…

BREAKING NEWS: Home Buyer Tax Credit Closing Extension..PASSES | Home Buyer Tax Credit, Close By Sept 30

Breaking News…The allowed time to CLOSE a transaction where the buyer is using the home buyer tax credit has been moved FROM the end of June…extended to Sept 30th 2010!

NATIONAL ASSOCIATION OF REALTORS must receive out collective gratitude for playing a part to make this happen.

WASHINGTON — Homebuyers would get an extra three months to complete their purchases and qualify for a generous tax credit under a bill overwhelmingly passed by the House on Tuesday.

Under current law, homebuyers who signed purchase agreements by April 30 have until Wednesday to close on the sale to qualify for tax credits of up to $8,000. The bill would give buyers until Sept. 30 to complete their purchases.

The extended deadline only applies to people who signed purchase agreements by April 30. The National Association of Realtors estimates that about 180,000 homebuyers who already signed purchase agreements are likely to miss the Wednesday deadline.

“We owe this to the people who have essentially followed the rules who are caught by a closing date,” said Rep. Sander Levin, D-Mich., chairman of the House Ways and Means Committee.

The bill passed 409-5. It now goes to the Senate, where Senate Majority Leader Harry Reid, D-Nev., has sponsored a similar measure.

The popular tax credit has helped to stabilize the nation’s slumping housing market. More than 2.6 million taxpayers claimed the tax credit through April — claiming $18.7 billion — according to the Internal Revenue Service.

The Realtors group says the tax credit has generated 1 million new home sales that wouldn’t have happened otherwise.

The tax credit for first-time homebuyers was part of President Barack Obama’s economic recovery package enacted last year. In November, Congress extended the credit and expanded it to longtime owners who bought new homes. First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.

The Realtors group has been pushing hard in Congress for the extension. Mortgage lenders, the trade group says, have been swamped with borrowers trying to get approved by the end of the month.

Delays with mortgage lending and appraisal companies have meant that home sales are taking far longer to complete this year.

“A lot of lenders weren’t able to handle the influx of loans that came with the tax credit,” said Lucien Salvant, a spokesman for the National Association of Realtors.

There have been particularly long delays for buyers of so-called short sales — ones in which banks agree to accept less than the total mortgage amount. In Las Vegas, for example, short sales made up nearly a third of all sales last month.

Many banks “just don’t have the process to the point where they can do it in a reasonable amount of time,” said Jack Woodcock, a real estate agent in Las Vegas. Extending the tax credit deadline, he said, would be a welcome relief to those borrowers, many of whom “made their decision based upon that tax credit.”

Source: Associated Press writer Alan Zibel contributed to this report.

Buying Bank of America Pre Foreclosures In Las Vegas & Henderson Using MERIT Realty

Pre foreclosures are known as properties that have reached the final stages before they get repossessed or taken back by the lender or bank.  The owner is still in complete control of the property or home, although the bank or lender will repossess the home if the owner doesn’t attempt to rectify the situation.  Normally, if the owner makes things right with payment, the pre foreclosure will settle and things will go back to normal. 

When buying real estate, there are several benefits to pre foreclosures.  Although there are several ways that you can buy a home, pre foreclosure is one of the best.  Even though it is one of the best ways to buy property, many people miss out simply because they aren’t familiar with pre foreclosures and all of the benefits that come with them.

The best thing about pre foreclosures is the prices that are associated with them.  In most cases, the owner has no choice but the sell the house, and therefore will listen to just about any offer that he receives.  Due to this very reason, you can find pre foreclosures for sale at nearly 50% off market value.  This is an ideal time to purchase, especially if you are looking to save a lot of money.

Along with the great prices you can get with pre foreclosures, you’ll also have the luxury of dealing directly with the owner – no third parties involved.  This is a great advantage, with buyers being in total control of pre foreclosure sales.  In the event that the home owner decides to turn down your offer and cannot find another buyer, he will lose everything.  Even if you offer the owner a small price, he will be able to make a little bit of money selling the home.

You can find pre foreclosures that up for sale pretty much the same way that you can find homes in which the bank already has control of.  You can look in the local newspaper, on the Internet, or by calling the lender directly.  There are several options that you have in terms of finding pre foreclosures, giving you plenty of options. Once you have found a pre foreclosure for sale, it’s up to you to seal the deal and get the home of your dreams at a very affordable price.

When you compare foreclosed properties with pre foreclosed properties, you’ll find that there is less competition involved with pre foreclosures.  Pre foreclosed homes are a great purchase, as they will normally come at a very affordable price.  Those of you who have been looking for a new home shouldn’t hesitate to check out pre foreclosed properties.  They are a great investment – and can indeed be very profitable in the long run.

To access the MOST CURRENT inventory in the Las Vegas & Henderson market, use my website: HowToBuyABankHome.com