What starts in California often spreads east across the country. Will that be the case for California’s new short sale anti-deficiency law? On August 19, 2010, the California Legislature approved Senate Bill 931 (SB 931) which added Section 580e to the Code of Civil Procedure (CCP §580e). It expands existing anti-deficiency laws regarding loans secured […]
Archive for the ‘Everyone’ Category
Becoming Liable for the Impossible: FMV Certifications in Short Sales
Are sellers, brokers and buyers in a short sale transaction being set up by the big banks? Most lenders routinely require that the seller, listing agent and often the buyer and their agent sign some kind of certification, representation, or declaration/affidavit that the short transaction is being conducted at “fair market value” (FMV) or “market value” […]
Short Sales Negotiations – A Navigable Quagmire of Agency, Duty and Compensation
Until two or three years ago, short sales “negotiation” was the purview of a small niche of real estate agents, attorneys and investors. Depending upon the particular market, real estate agents advise me that anywhere from 30–50% of the properties on the market (which includes properties which are not on the MLS) at any given […]
Freddie Mac: Fighting “fraud” or “crying wolf”?
Here we go again. Freddie Mac is out lumping legitimate resale transactions in with the fraudulent ones in order to deflect accountability for its massive loan losses due to buying loans it had to know were bogus. I’m tired of exposing their fallacies and lack of effective reasoning, but apparently they aren’t tired of exposing themself. Maybe […]
Flip, Flop or Hold – A Tale of Three Myths
There’s a lot of discussion and warnings in residential real estate circles regarding various forms of “short sale fraud.” Unfortunately, too much of it neglects realistic market analysis and results in labeling legitimate business practices as “fraud.” Usual disclaimer: this is a lengthy post because it provides in-depth analysis of complex issues. It’s not just […]
August Webinar Comments?
Did you watch the webinar today, August 25? Was it too deep? Was it helpful? Do you have differing views? I appreciate hearing from you below. This is about reasonable discussion. Disagreement can sharpen minds.
July Webinar Comments?
Did you watch the webinar today, July 28? Was it too deep? Was it helpful? Do you want to see more like that? I appreciate hearing from you below.
Wed. 7/28 Webinar: Understanding Fraud in Short Sales
This topic might not sound sexy, but if an orange jump suit doesn’t flatter your figure, then you will want to be sure to make this webinar. http://bit.ly/cslXD0
Wells Fargo Claims Agents Owe It Fiduciary Duty
Obviously, I receive bank documents for review from clients involved in short sales. Wells Fargo Bank Home Mortgage (WFB) has revised important documents. Since at least the fourth quarter of 2009 WFB has provided a “Short Sale Listing Addendum” and a “Purchase Contract Addendum” to be executed in the traditional short sale process. (I don’t […]
Stand With Freddie Mac Against “Strategic Defaults”
Freddie Mac has received a lot of attention lately from short sale investors. Today I write to endorse their position on “strategic defaults” dated May 3, 2010. Freddie’s Executive Vice President Don Bisenius offered “A Perspective on Strategic Defaults” that I commend to every serious investor’s reading at http://bit.ly/9bxSf7 Bisenius cogently discusses this disturbing trend […]
