Monday, April 27, 2009
1. According to The Daily Record, Maryland's home sales are showing some signs of life. Decreasing inventory and an increase in the number of houses under contract (but not yet sold) in March are some pretty good indicators of a market that may have reached bottom and is improving.
2. The National Association of REALTORS just put up a new page on Realtor.org which explains the 2009 First-Time Home Buyer Tax Credit. This is a straightforward and simple explanation of a very important development in the real estate world. Thanks to Todd Carpenter (@tcar on Twitter) for sharing this link.
3. Lastly, Marc Pina (@MarcTheRealtor on Twitter) from Coldwell Banker Residential Brokerage shared this NY Times article (A New Website Helps Borrowers) and website link (MortgageReliefOnline.com). Mortgage modification help is out there for those who need it, and this should help cut through the noise and determine if modification is right for borrowers/homeowners.
Friday, April 24, 2009
This is a contract position for a project that is expected to last anywhere from 8 to 18 months. We need a bunch of folks. Information and posting instructions can be found here. Please note you can ONLY apply for this contract position through the Aerotek link I provided above.
Title Service Representative (TSR)
This is a full-time permanent position, and is essentially a sales/settlement officer role in the Carroll and Frederick County, Maryland areas. HR is still working on getting the final paperwork together and the job description posted, but I don't want to delay a request for resumes. If you or someone you know is interested, please send a resume to Meredith[dot]Bloom@TRGC.com or Daniel[dot]Coleman@MASettlement.com. More information to come on this position.
One more thing: At Mid-Atlantic Settlement Services, we only hire truly remarkable people for truly remarkable settlements!
Wednesday, April 22, 2009
So you get your short sale approval letter and you get that euphoric feeling as if it’s your last day of school or the boy or girl you have a crush on just asked you out!! Then, you may see it or you may not, but there in black and white, provisions inserted in that approval letter that essentially just killed! the same deal the lender just approved. What happened?
Well let’s start by looking at a couple of these strange problematic provisions, they can look like this:
“There are to be no transfers of property within 30 days of the closing of this transaction. Escrow instructions must contain a clause that if such a transaction takes place then the title/escrow company must notify __________(lender)
So let’s understand this, the lender just approved the short sale but says that the property cannot be re-sold within 30 days from the date of the short sale transaction. Ok, so far so good, but now the lender wants to hold the settlement agent responsible for notifying them if that takes place!! As you could imagine, not many title insurance companies would be interested in insuring this transaction. So unless your buyer is paying cash and does not want an owner’s policy (yikes) your deal is dead.
“If the property was acquired by any means of fraud, _____________(lender) reserves the right to pursue any and all actions available to it to pursue any and all actions available to it to offset its losses. If it is determined that Sellers and/or Buyers participated in any way to the fraud, this short sale will be void, and the Note and Security Instrument will remain in full force and effect.”
Just so we are clear, what the lender is saying here is that if the seller committed fraud either at the origination, acquisition or selling stage, the lender may come back and undo the sale that just took place. Sorry Mr. and Mrs. Buyers, you’re out of luck!! Once again, not too many underwriters will be interested in that deal.
These are just two examples, there are many more. So what are we to do? Simply read the letter very carefully, if you see any language in there where the lender says they can come back and “undo” the transaction for any reason, that is a problem.
Fortunately this issue is isolated to just two or three lenders and it is my understanding that discussions are taking place between title insurance companies and lenders to address the issue. So just when you thought short sales could not get any more complicated, here we are. The saga continues….more to come soon!
If you have any questions, please feel free to contact me on Facebook, Twitter or firstname.lastname@example.org
Thursday, April 9, 2009
Three leaders will also be on site for most of the day, so any issues that require immediate attention can be handled. Feel free to email us at info[at]MASettlement.com and someone will get back to you shortly.
Thanks, and have a wonderful holiday weekend!
Monday, April 6, 2009
People are investing a lot more time on the internet these days. According to Nielsen's people are averaging 3 hours 10 minutes per person on Facebook alone. That is up 566% from the same time last year. [ I am not certain that I spend that much time on Facebook, but I can tell you that I find myself investing more time on Facebook and less time watching TV. Could Social Media replace traditional forms of media like TV? My behavior has been changed. Interacting with friends and family members is always better than the TV. I have reconnected with friends from elementary school to college and it is like we never missed a beat. When it comes to social media you can be as engaged as you want to be and it is at no cost. Business-minded folks have said for years "that you can't make money by watching TV reruns." Professionally, I have made great connections with past colleagues and I have been introduced to some of my best new customers by using LinkedIn, Facebook and Twitter.
Web 2.0 is changing our lives by building and rekindling relationships. This is just the beginning...
Saturday, April 4, 2009
In this video, Harry Yazbek discusses current trends in short sales. What's the biggest change from 6 months ago? Are short sales getting approved more quickly now or are they taking longer? What's the #1 delay in getting short sales approved?
Should you have any additional questions regarding short sales, Harry can be reached via phone (703-946-4470), email (Harry[dot]Yazbek[at]MASettlement[dot]com) or Twitter (@HarryYazbek).
Legal: We are not a law firm nor a CPA firm. This particular post was created to aid real estate agents on the mechanics of short sales, not to provide buyers or sellers with any advice as to whether to buy or sell a property involving a short sale. Please seek the advice of an attorney or an accountant for those questions.