Mark's Blog On Distressed Property Sales

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Mortgage and Lending - RE/MAX Star
Short Sales are not short but should be and REO's are the latest trend with buyers. Read my opinions and my own experiences.
RECENT BLOG POSTS
Good advice for Sellers!!!This past weekend I was at a soccer tournament and was having a nice time chatting with a number of other parent's there.  One of them suddenly mentioned she had given my name and phone number to a friend of hers who needed to sell her home.  She had the home listed prev...
06/21/2010
Great Info. We all fight the banks on many of our transactions. This article points out some things I was not even aware of.I was talking to my primary lender the other night. Just catching up on some transactions and in office chit chat before heading off for home. Transactions going just fine a...
06/21/2010
I keep hearing that Bank Of America has improved its short sale process with Equator. While there finally is a trail of e-mails and uploaded docs to follow, the response time on e-mail requests and turn time on tasks leave a lot to be desired. In January, Bank Of America stated that it was still ...
04/28/2010
The Webster's definition of Equator is: "a circular band dividing the surface of a body into two usually equal and symmetrical parts". Well, Bank of America's through their Equator is equally as dividing...between the real estate agents and sellers. It's a much faster system...no doubt...that is ...
04/26/2010
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I just completed and closed escrow in a short sale with IndyMac and overall it wasn't a bad experience. However, in the end, it was an appraiser that caused a delay in the COE and cost the buyer $300 in moving cancellation fees and pro-rated rent for extra days spent in their apartment. The home ...
04/22/2010
I am sitting here...bored... on perpetual hold with Wells Fargo Bank to get an update on a short sale. The time I have been on hold is 1 hour 37 minutes and counting. I am just curious...What is the longest any of you out there have been on hold with any bank? So far, this breaks my record. The g...
02/18/2010
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If a client gave you his sensitive financial and personal information in order to qualify for a loan and you lost it, you'd expect to be severely disciplined and even fired from your job by your broker or manager. That sensitive information that you lost could fall in the wrong hands and cause al...
02/16/2010
A few weeks ago, I sent a letter to my local Congresswoman...I am not sure it was ever read...I have not heard back...but I felt good writing it. My experience below was with Bank Of America. BOFA has since initiated Equator as its portal for short sale submission. I sent my first Short Sale to t...
02/04/2010
Earlier this week, I wrote about how my short sale denial from Chase that defied any rational thought. The most unusual aspect of their denial was this e-mail I received from a negotiator... "The investor has stated that they are not comfortable with the buyer, and since there is no law stating t...
02/03/2010
I was just given orders by Bank Of America to have the buyer and seller sign and notarize an Arms Length Transaction Affidavit for a short sale. I am OK with that...and in retrospect, that kind of document should be filled out up front...just in case. Realtors, learn from my experience. It's good...
02/01/2010
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Mark Palermo

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Thoughts and viewpoints on Short Sales and REO's.