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Thesa Chambers, Principal Broker

Contact Us Today At (541) 771-7064
thesa@centraloregonbuzz.com

70 SW Century Dr #110 Bend, OR 97702

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Could This Be Why Your Loan Modification Is An Issue?

In the world of real estate today many of us are hearing terms we have not heard before and even seasoned agents have not heard them in years.  Loan Modification, short sale, foreclosure and cash for keys are a few of these terms.  Today we will be discussing the loan modification and short sales.

Many of the properties you will find in Central Oregon are bank owned homes or short sales.  Short sales up until recently were not often closing.  The house would end up in foreclosure before we could get bank approval of the contract.  The frustration was endless, sellers would think they had a offer, buyers would get tired of waiting and buy a bank owned home and the real estate brokers would be spinning their wheels trying to keep everything together while the bank passed documents from desk to desk – department to department and never returning a call.

Today a short sale is not nearly as frustrating as it was once before.  Today the average short sale is getting bank approval in 45 to 60 days, this may sound like a long time but in the past it could have been 5 to 6 months and sometimes longer.

One of the reasons short sales are moving better is that banks are better prepared for them.  Many banks have set up departments for the short sale or hired a third party to put everything together for them.  Agents have gotten the education needed to understand the short sale process and both buyers and sellers are working hard to gain the education to know what to expect.

Many of the banks that were taken over during the fall of the real estate market were purchased by other banks. These banks paid pennies on the dollar for loans and then came the notorious bail out money – it is rumored and many believe it is true that banks are working short sales and foreclosures because the bottom line to them is better than completing a loan modification

Loan Mods Not Working?? I May Have the Answer! – The funniest videos clips are here

If you did not click the link above you really need to – because I have simply one question – if this is the case with this particular bank – is this the reason why just over 1% of the home owners requesting a modification have actually received a modification?  Sound in folks, would love to hear what you are seeing out there – what is your bank offering you – are you succeeding at a modification?

Posted in: Foreclosure, Short Sale Information Tagged: banks, Central Oregon, central oregon short sale, foreclosure, indy mac, Loan Modification, notice of default, short sale

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About Thesa

As your real estate agent, I understand the value of providing the best possible service to every buyer and seller. Listening carefully to fully identify not only your desires but also your needs. Then work diligently to ensure that both are accommodated to the best of my ability. We will stay abreast on changing market conditions, trends, developments and research all factors that could affect the purchase or sale of your property.  My success and your happiness greatly depend upon the quality of the relationship we achieve.  Through personal redefinition of the professional standards set by most agents, I hope set myself apart from the rest and become the first person that you think of for all of your real estate needs.

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Contact Thesa

Thesa Chambers, Principal Broker West + Main Homes
thesa@centraloregonbuzz.com
(541) 771-7064
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The data relating to real estate for sale on this website comes in part from the MLS. Listing broker has attempted to offer accurate data, but is not guaranteed accurate. All information presented is deemed reliable but not guaranteed.

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