Shortsalenurse's HAFA Blog

September 17, 2012

Foreclosure Numbers for 91915 and I HAVE A BUYER THAT WANTS A HOME in this zip

This video will give a quick overview of the state of Distressed Property in the 91915 Zip code as of September 17, 2012.  Plus we have a Buyer that is ready to buy but has not found the right property.  He is more than willing to wait for a short sale.  His “Roots” will have him in this area for what will likely be a long Government Career.  Yes, he is a very stable buyer.    Give us a call if you are ready to discuss selling your home in a short sale to already approved buyers.

Here is the link to  91915 foreclosures for SSN Blog   PDF that I mention would be posted to support the numbers that I give in the video.  If you need to see how the numbers effect you please call me.

George Kenner , Broker Associate – Keller Williams Realty  Chula Vista – East Lake 

2060 Otay Lakes Road, Chula Vista  Calif.  91915


Lic. 01229951


September 13, 2012

Is this a case of Freddie Mac vs. Common Sense or NOT ????

Filed under: Uncategorized — shortsalenurse @ 8:00 pm


M. W. (Loss Mitigation officer’s name deleted for privacy) sent to him and others at Wells Fargo in blind copy.
I want to first say that I have no personal ax to grind with you however the processing of this “Short Sale Transaction” for the investor “Freddie Mac” has lacked logic. Were I to use “street language” I would call this STUPID with a capital “S” Logic has been totally lacking as has reasonable time periods.
But Mr. W, I must respond to your last comment and I will quote it here (blue font)
“I have been informed by the investor that they will not provide any further extensions on this approval for the HAFA program. If you would like to proceed under the traditional short sale program as I discussed earlier in this email chain, please provide the fully completed Short Sale Affidavit that I provided you with in my last email.
As you know a delay was created by having Wells Fargo / Freddie Mac refuse to allow for “buyers” closing cost credit in this transaction. This is the first “STUPID” thing that took place. Freddie Mac allows for closing cost credits when you buy a home and obtain a loan from “Freddie Mac” but will not allow for this when they sell a home. Really?
This practice does not allow for the advancement of prices in fact it logically suppresses them. Also it denies the local tax base the opportunity to collect at just a slightly higher price. Real good for the local economy! NOT! And of course there is some convoluted logic for this but if it is “valid logic” why would they allow for the practice when Freddie Mac is making loans? Again “Stupid Systems” do stupid things.
We are now at a point of needing an few days extension to this short sale approval. The loan docs are in escrow being signed today and I can not get an extention to close for a few days without this form, and I have to wait to move to a new system? Really? I have been asking for over an extention for over a week (while you were on vacation) WHY does Freddie Mac have more than one system? What is the penalty my buyer will be expect to take? I am attaching this newly required form to this correspondence for others to see, as it appears that Freddie Mac has made you powerless to do it any other way.
You will notice that the form must be signed and notarized by all parties. This is no easy task. The buyer is in Law Enforcement and can not just drop his “public safety duties” at the drop of a pen. We are fighting things like loan rate locks. If you do not know the importance of rate locks ask FREDDIE MAC or your mortgage division as they can explain them.
Also this newly required form the “Short Sale Affidavit” largely contains the same terms of the HAFA transaction and that paperwork is already done! To me this is no more than busy work, duplicating items already done. How is this in any ones best interest? You place this as a condition to obtaining the extension of the approval, or move this transaction to a new program instead of making it a closing document. This means everyone , Buyer and Seller (husbands and wives), Both Brokers, and about anyone else including closing agents sign this file. Let me ask Freddie Mac this question. How does this form change the value of this home and thus protect the loss they will take by short selling? Does Freddie really want to foreclose so they can do another bulk sale that Realtor Associations and Congressman in California are protesting. It needs to be noted that Freddie Mac reviewed the price (value) of this home twice once at approval and once when we tried to obtain a closing cost credit which would have allowed for “value growth” and increased tax revenues. BUT NO!
I am going to post this correspondence on my Blog at it is high time that the public know what all Realtors go through. Our clients think that we are not doing our job. They are presented with non sensical form after none senceical form and think we do not know what we are doing. Just my opinion but it is not Realtors it is Freddie Mac or large servicers that are purposely frustrating the system, or they would change it! Tell the public that is not the truth!
A video follow up to this will be done and posted at the Blog and I plan on sending a notice of the posting to a few thousand Realtors is San Diego. I am also going to ask that the Ca. Association of Realtors and National Association of Realtors do all they can with “Freddie Mac” liaisons to bring the current stupidity to an end. Freddie Mac is still controlled by the FHFA and with practices like this, I would say there are good reasons for them to still be supervised.
As a note to potential audience for this correspondence, I want it known I have asked for the contact point at Freddie Mac to discuss this directly but to this point, it was denied by Wells Fargo Bank. This of course makes one wonder where the real disconnect is. If Freddie Mac is doing this to Realtors, Buyers, Sellers and everyone else in the home buying process, are they doing it to Wells Fargo Bank? If so, that is also unfair. Making this a victim perpetrator situation is not my goal, the goals is to come up with reasonable systems that make sense. To this point, as a Community of Real Estate Professionals we have failed to see the effects of the current system and how foolish it really is.
I think many people may be interested in this most recent study of the situation by the Federal Reserve, seems I am not the only one still seeing major problem. Let’s fix this for my clients and the community!
Anyone that is trying to get ahold of me.. it maybe difficult, I am out trying to meet the needs of Freddie Mac and get this foolish document signed. But this could take days to get everyone to a NOTARY, while the loss just keeps getting bigger. It is not just signatures, this is proven signatures. Really!
George Kenner
Broker Associate
Keller Williams Realty / Eastlake -Chula Vista, Ca.
2060 Otay Lakes Road
Chula Vista, Ca. 91915
Lic. 01229951

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