Archives for November 2011

This could be HUGE!

Last week I watched a web cast with an executive at BofA and he stated that they expected to increase the number of short sales they do in 2012 by 60%.  It looks like they are finally realizing that short sales are more beneficial  to the banks as well as the seller.  There is just one small problem…

They are not set up to handle that.

So I thought…

Cooperative Short Sales

As an alternative to the HAFA short sale option, BofA has rolled out a Cooperative Short Sale that promises to get approvals in 10 days.  You can submit an application at the time the home is listed and market a pre-approved short sale.  This looks to be very similar to HAFA without a huge amount of forms to fill out. Streamlined paperwork and less financial disclosure means this process can really be done quickly.

Imagine a world where short sales closed as fast as traditional home sales. [Read more…]

The Short Sale Grind

The influx of new business into Northwest Debt Management has caused some unique scenarios to crop up on a daily basis.  This past week has been particularly interesting with Lenders finding new and creative ways to make the short sale process more difficult than it needs to be.  Below are 3 examples.

Not Quite the Digital Age

A dream scenario for anyone selling a distressed property is a full price, cash offer.  We received one this week.  Buyer and seller signed via Docusign.  For those of you who don’t know, Docusign is a company that allows you to sign contracts electronically through email and the internet. Gone are the days of faxing 10-20 page documents over and over, or having to drive all over town to get signatures or initials on pages.

These electronic signatures are easy, clean, green, and totally legal according to the Electronic Signatures Act passed in 2000.

Try telling that to Chase. [Read more…]