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Finally a break through mobile app that works seamlessly on Apple’s iOS, Android and more. This browser based app works flawlessly on your smartphone or tablet device.
Bradley Group Realtors announces the launch of its Mobile MLS Search. Nothing to download at all. Just point your mobile browser to our short cut URL at www.gotoBGR.com and start checking out those great homes.
Search Prince William County, Fairfax County and the surrounding areas on your mobile smartphone or tablet.
Access to the Mobile MLS and all homes for sale in Northern Virginia, Washington DC and Maryland.
FindHomes, myHomeSeeker, HomeSeekerApp, Northern Virginia Free Home Search, Best Free Northern Virginia Home Search, Live Northern Virginia Free MLS Home Access
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It’s time to cool off – Million Dollar Properties with Pools in Northern Virginia
Wow is all we can say. While not completely unexpected after the complete collapse of the housing market across the U.S. but a tough pill to swallow. FHA won’t state when only that it is in fact going to happen. The FHA Private Mortgage Insurance that is currently paid until the loan-to-value drops to 78%, typically taking about 10 years for most homeowners, will eventually change to be paid through the life of the loan.
Interested buyers need to act quickly to avoid this life of the loan payment which is typically a few hundred dollars a month on top of the Loan, Interest, Property Taxes and Homeowners Insurance. If you are a first time home buyer or other buyer looking to use an FHA loan to get in with the least money out of your pocket, waiting too long may add 10’s of thousands of dollars to the cost of your loan across the life of the loan.
NEW VIRGINIA AGENCY LAW REQUIREMENTS :: July 1, 2012 the New Virginia Agency Law becomes active.
Designed to protect buyers and sellers and no longer an option all Realtors® are required by Virginia State Law to have a Signed Brokerage agreement prior to providing ANY licensed real estate services. Licensed activity means doing anything for a consumer you represent that only someone holding a real estate license is permitted to do. Some examples (and this is obviously not a comprehensive list): Showing a property to a prospective client. Providing homes data and listings from the MLS for review. Giving any opinions or advice about a property’s condition or what repairs to make or ask for. Negotiating rent, purchase price, or other purchase or lease provisions.
WHO? Every Real Estate Professional engaging in licensed real estate activities with a consumer.
WHAT? A signed written Brokerage Agreement must be in place to protect the consumer and define fees, terms of service and responsibilities.
WHEN? It is the LAW starting July 1, 2012. Must be signed PRIOR to any licensed real estate activity.
WHERE? Commonwealth of Virginia. Other states have similar requirements.
WHY? A majority of law suits and complaints from consumers where related to not understanding who truly represented them. In addition it was unclear to the consumer what their Real Estate Agent was required to do based on this relationship.
Bradley Group Realtors Comments
- There will undoubtedly be Realtors that are not informed of the law or willing to ignore it. Would you want to work with anyone that either through lack of education or willingness breaks the law? This puts you directly in harms way.
- The misconception for most buyers is that this traps them or unfairly has them commit to a Realtor before knowing if this is the Realtor they wish to work with long term. (see our next comment).
- We love this finally being instituted for several reasons. First from a business standpoint we want a professional commitment between all parties well defined so there will be no confusion on fees (often paid by the seller) and terms of service. We can create a Brokerage Agreement for 1-day or even for showing 1-property.
- It must be signed before showing a single home so it will be clear up front if we are working for the buyer. It also must be signed prior to our searching the MLS and forwarding listings for review.
- Bradley Group Realtor’s will not show homes to consumers represented by other Realtors(r) or those refusing to sign the Brokerage Agreement. It is unlawful for us to do this and we will not risk our licensing due to someones discomfort with a required document. But we will spend as much time as you need explaining the short document and helping you have comfort with being represented by our brokerage.
Our local MLS (Metropolitan Regional Information Systems (MRIS)) has completed the application process with Fannie Mae and we are now live. This new partnership gives local Real Estate professionals access to Fannie Mae’s Short Sale Assistance Desk (SSAD) through our secured MLS login access.
The SSAD for Fannie Mae is there to assist in delays on short sale negotiations where the 1st lien is backed by Fannie Mae. There are some qualifications for access and use to this system.
- The real estate professional must be an MRIS customer.
- The real estate professional must be the listing agent for the property.
- The property must have a first-lien loan owned by Fannie Mae. Access to the SSAD allows you the opportunity to confirm this. Or simply stop by the Fannie Mae loan look up tool at http://www.fanniemae.com/loanlookup/
- Only post-offer issues can be submitted. The servicer must be in receipt of a valid offer for the property.
- The real estate professional must obtain a signed Borrower Authorization Form (BAF) from the homeowner(s) and submit it to MRIS through the online form found under the External Links on the Matrix homepage.
The real estate professional must first make a reasonable effort to resolve the issue by working through the servicer.
- The real estate professional may submit the case in the event the servicer has not provided:
- an initial response within 20 days,
- a final property valuation within 30 days,
- a final decision or specific direction to facilitate a decision within 60 days from the original offer submission date,
- or, if the real estate professional has received an approval from the servicer for the transaction, but either the mortgage insurer or secondary lien holder has imposed a closing condition that is not possible for the borrower to meet.
The real estate professional must address all “actionable” requests from the servicer before submitting the issue.
Where additional documentation is requested, servicer response time will be calculated starting on the date the real estate professional submitted the final documentation.
If you are part of the MRIS as a Realtor® or a member of an MLS association that is partnered with Fannie Mae this can be a great tool. But one thing needs to be clear. This is not a resource for escalating an issue that is not a delay from the servicer or Fannie Mae side. For example you submitted your offer two weeks ago and now your buyer wants to walk already. This would not be a reasonable escalation request. If for example you have a file that has been in process for 60 days and no BPO (Broker Price Opinion) has been ordered or a negotiator is not yet assigned to your file, this would be cause to request a review from Fannie Mae.
We need to be careful not to abuse the system or it will fail. But I am a big fan of pushing the limits within some degree of reason. As they say, you never know until you ask.
Best of luck and if you are a Realtor® new to short sales or a home owner with questions on your options we are always available to help answer your questions.
Congratulations to our home owners! Today they received a full approval in less then 45-days. This went very fast but not without its challenges. CCO initially requested a $63k promissory note be signed by the home owners in order for the approval to be supplied. Thankfully after reviewing the home owners finances with the bank they acknowledged that this request was not supported by the home owners available finances. CCO removed the request for the $63k promissory note and released the home owner of all responsibility to repay any of the uncollected balance, the deficiency.
Congratulations go out to the home owners as they are able to now start the rebuilding process, to the buyers getting a wonderful home and to Celia Rivera on our team for doing a superb job negotiating this for everyone involved.
If you know anyone needing help with a short sale or they just need someone to talk to about their options please keep us in mind. We are always available to work with home owners needing information about their options.
After four months of negotiating with GMAC we have closed another short sale. This one closed under HAFA and as such the seller was released from all of the unpaid balance, the deficiency and received $3000 in relocation assistance at the closing table.
If you or someone you knows needs reliable information on short sales and what their options and exposure truly are have them contact us directly. We are always happy to share our knowledge and experience with others to help them make informed decisions about their home.
A special Thank You goes out to Alicia King from Southern Trust Mortgage. After two failed attempts with the purchaser’s original lender Alicia stepped in and literally saved this deal. We worked so hard to get this sale approved only to have the buyer’s loan fall apart twice. Alicia King stepped in, got it approved in just over a week, provided better terms and saved this one from foreclosure. Thank you Alicia, you helped save this home owner from a foreclosure and provided the buyer with an amazing new home!
If you need a mortgage lender we think you would do yourself a great service to reach out to Alicia directly at 703-624-7006.
It’s been a long road in Northern Virginia and the ride is not over yet. Short sales are everywhere and lending giant, Bank of America is always a challenge when negotiating for a home owner. Bradley Group Realtors continues to succeed where others are not. Recently they were able to deliver the good news to home owners they were working with.
Success with selling a home in our local market is challenging. Add to that the complexity of negotiating a short sale and the potential success appears impossible. Great work ethic and a drive to push through all the red tape at Bank of America proves Bradley Group Realtors were the right choice for these local home owners.