Here we discuss all matters Real Estate, with an emphasis on Tucson Arizona. We welcome your story ideas. Via Realty is a boutique real estate company founded on Jan 1 2000 by 2nd generation Arizonan Wayne D Anderson, a Realtor since 1989. www.ViaRealty.com 520) 327-1550. Equal Housing Opportunity.

Saturday, February 12, 2011

One Short Sale Experience with FNMA

Last year I listed a home in central Tucson which ended up with a contract for a short sale. (A short sale is a sale at a price that will not cover the payoff of the existing mortgage). The foreclosure process had begun.

Per the contract for a short sale, the inspection period would not start until we received a notice of approval of the short sale from the asset manager for the mortgage holder (investor). As a rule, buyers do not want to spend money on inspections and an appraisal if they do not know if they can actually buy the home, so that is a condition in a short sale contract.

The contract price was $185K.

Long story short, after about 2 months from receipt of the buyer's contract, the asset manager finally told us that FNMA approved the sale but would only give us one week to close, if not, the home would be sold at auction. The Buyer, with little time for inspections, appraisal, and title work, cancelled the contract. FNMA took the home back.

Almost four months later, the new owner, FNMA, put the home back on the market for 189,900. After languishing on the market for a few months, with several price reductions, it is currently priced near 170K, still without a buyer. This is almost seven months after the home could have been sold for $185K, in July 2010. Seven months of mortgage payments lost, seven months of interest lost.

In fairness, the bank asset managers and FNMA have a big job to do, and are clearly overworked and over-extended. There is not enough staff available to do this important job. But situations like this do avoidable damage to our market and neighborhoods. There have been steps taken to streamline the process but it does not seem too evident to me. Buyers should have a reasonable opportunity to buy a property from a distressed seller without unnecessary roadblocks and delays from the system.

It just seems too easy to take back a property and sell it for less, months later.

13 comments:

Anonymous said...

Hey terrific blog! Does running a blog similar to this
take a massive amount work? I have absolutely no knowledge of programming but I had been hoping to start my own blog
in the near future. Anyways, if you have any ideas or
tips for new blog owners please share. I know this is off topic nevertheless I simply wanted to ask.

Thanks!

my web blog; lipton tea manufacturer coupons

Anonymous said...

What's up, of course this paragraph is really nice and I have learned lot of things from it regarding blogging. thanks.

Here is my web page coupons for slim fast powder

Anonymous said...

Fine way of explaining, and fastidious piece of writing to obtain information about my presentation
subject, which i am going to convey in academy.

My blog ... silk flowers coupons

Anonymous said...

It is the best time to make some plans for the future
and it's time to be happy. I've read this post and if I could I desire to
suggest you few interesting things or advice. Maybe you could write next articles referring to this article.
I want to read more things about it!

Visit my blog Suave deo coupons

Anonymous said...

It is the best time to make some plans for the future and it's time to be happy. I've read this post and
if I could I desire to suggest you few interesting things
or advice. Maybe you could write next articles referring to this article.
I want to read more things about it!

Also visit my webpage; Suave deo coupons

Anonymous said...

Its like you read my mind! You seem to know a lot about this, like you wrote the book in it or something.
I think that you could do with a few pics to drive the
message home a little bit, but other than that, this is magnificent blog.

An excellent read. I will certainly be back.

Also visit my page: coupons for lean cuisine salad additions

Anonymous said...

carrera tag heuer has been about for an incredibly lengthy time and there
are numerous designs to select from. The suggestions under may be utilized
to start selecting out tag heuer carrera that is ideal for you personally.


my web-site: tag heuer carerra

Anonymous said...

Significant couponeгs can sаve adequate cash ωith
their coupon hοbby. However, with out the proper understаnԁing and undeгѕtanding from the grеаteѕt teсhniquеs tο make
usе of wingstop cupοns, a lot of peоple uncover it
to be rather tiresome.

Нere is my wеb page wingstop online coupon

Anonymous said...

Are you feeling like you do not have the car you deserve?
This is because the salesman is trying to get a great commission out of you.
Don't treat a salesperson like a friend. Continue reading for some valuable tips and information.

Also visit my web site; cars

Anonymous said...

Hеllo! Dο you usе Twittеr? I'd like to follow you if that would be ok. I'm definitеly enjoying your blog аnd look forward to new uρԁates.


my web blog http://careerassistance.org/phlebotomy-training

Anonymous said...

Fіrst οf all ӏ woulԁ like
to sаy grеat blog! I hаd a quick question іn ωhich I'd like to ask if you don't mіnԁ.
I was curious to find out how you cеnter yоurself
and clear your mind ρrior to wгiting.
I've had a difficult time clearing my mind in getting my thoughts out there. I truly do enjoy writing however it just seems like the first 10 to 15 minutes tend to be lost simply just trying to figure out how to begin. Any ideas or hints? Thanks!

Feel free to visit my web-site :: http://careerassistance.org/phlebotomy-schools/

Md Mamun Rana said...






The Mid-Valley Shopping Center and the Home Loan After Foreclosure, with
an assortment of quaint restaurants and shops, provide Valley residents
with both essential and unique shopping needs. The picturesque Home Loan After Foreclosure
flows through the base of the Valley and alongside many Home Loan After Foreclosure


Mortgage After Foreclosure
Mortgage After Short Sale
Home Loan After Foreclosure
Home Loan After Short Sale
Financing After Short Sale

joycelewis412 said...

There is a site that will help you determine if you can qualify for a refinance after short sale, foreclosure, or filing bankruptcy. Check out Whywaitbuytoday.com