atlanta short sales: “This House Has Not Been Stigmatized As a Foreclosure” (Yet): - 06/15/10 06:01 AM
In the past 6 months, I have found more and more cases where the BPOs and Appraisals that Loss Mitigation Departments are receiving are higher than foreclosures in the same area - and even in the same subdivision.
I have a client who is working on a Short Sale with one of the Big Banks.  The bank sent me an appraisal on the property, after I submitted the one and only offer I have received for this property in six months.  The negotiator came back and countered the offer asking for $35,000 more than the buyer was willing to pay.  Not … (3 comments)

atlanta short sales: Short Sale Testimonials: the Good and the Bad - 03/25/10 01:50 AM
"What I have to say is that Ms. Adriana West was very efficient and attentive to all my questions since I signed my contract with her until the closing.  Thanks."
The feeling I enjoy every time I close a Short Sale and receive this kind of feedback is wonderful. I know for sure this Seller is going to be able to re-build his financial future.  This is one of the more important reasons I started working in Short Sales in the first place.
I would like to know how to give this kind feedback (the good and the bad) to a … (0 comments)

atlanta short sales: Are you positioned for the new Short Sale Guidelines? - 01/05/10 01:04 PM
It has been great to see how Short Sales are taking an important place in the Real Estate Market over the last 4 years.  When I started to negotiate Short Sales back then, nobody in my office knew or understood this type of transaction (I don't think this has changed all that much since then...) and one of my brokers even said to me: I don't understand this transaction, why don't you find "normal" clients and "normal" transactions?  Now she calls me for advice. 
Well, the time came.  Agents wanted to get involved in Short Sales in order to survive, and … (3 comments)

atlanta short sales: The Top Ten Simple Rules - 12/02/09 02:13 AM
Yesterday was Foreclosure day in GA. For the 5th time, I saved one of my listings that has been going through a Short Sale process since April 2009.  I spent over 4 hours calling Bank of America and then arriving to extreme measures to be able to beat the incompetence that we Agents live with every day with the people who answer their phone.
I was asking the person who answered the phone for the 6th call in two days if she can tell me a number, just an estimate number, of the Foreclosures they have every month because their Departments … (1 comments)

atlanta short sales: My house was foreclosed and I did not know… - 10/23/09 01:17 AM
In the last week I have received many responses to the last blog that I wrote (Do They Really Know What They Are Doing?).  The majority of the people (who happened to be homeowners) have told me that after working a short sale with Bank of America for months, and having strong offers, the bank foreclosed and never gave a response to any of the offers.
One of these was a homebuilder who had more than $200,000 equity in his house, and even so the bank foreclosed. Well, BOA clearly shows the it has no feelings involved with these processes. I … (16 comments)

atlanta short sales: Do They Really Know What They Are Doing? - 10/01/09 04:56 AM
A couple of weeks ago, I contacted Bank of America to try to stop 3 foreclosures on different properties where I had submitted offers about 4 months ago - and all this time they had not "had time" to assign a negotiator.  Usually, I need to call three or more times before I am lucky enough to find a person who really wants to help me and make the best of his/her time for the company they work for.
The first person who answered the phone told me that there was no way to stop the foreclosure unless the negotiator said … (10 comments)

atlanta short sales: Proactive Sellers and Realistic Agents... - 09/15/09 01:16 PM
Two closings I had a couple of weeks ago were Short Sales where I represented the buyer for a change.  Interestingly enough, both sellers were proactive.  They knew all the parties involved wanted to achieve the same goal: Close.  That is why they allowed me to talk with their lenders on their behalf during the final stages due to the fact that their Listing Agents were not familiar with Short Sales.
Both of these short sales took less than 2 months to complete and close, and the attitude of one of the Listing Agents was great.  He knew that the only … (6 comments)

atlanta short sales: What’s Important in Your Life - 07/07/09 02:00 PM
Now is the moment to really understand what is most important in our lives...
In speaking with various people I've found it interesting that for us human beings these moments are going to be a new history in many areas.  One of them is changing our idea about pride and what success means.  Having to decide between trying to do a Short Sale or lose your house in a foreclosure, many people opt to ignore their situation until it is too late.  In their eyes, it is shameful, and their sense of loss of confidence is very high for many of … (4 comments)

atlanta short sales: Do Your Clients Get Deficiency Notes? - 07/02/09 02:08 AM
A couple of days ago, I was talking with one of my colleagues about Short Sales.  I was astonished when my colleague told me the story of one of her clients in Woodstock, GA.  The client had a first mortgage and a line of credit with one of the banks that was saved from collapse by being bought out during the crisis.  During the Short Sale process, the second lien holder said that the only way the Short Sale could happen was if the client signed a deficiency note - because when they signed the papers for the line of credit, … (8 comments)

atlanta short sales: What are you looking for? An Agent or an Advocate? - 06/20/09 09:14 AM
Last month, I closed on a property located in Loganville, GA, representing the buyer.  The property was brand new construction; the bank had foreclosed on over one-third of the subdivision.
Even though it was a foreclosure, the bank agreed to pay for:
$5,000 in closing costs$   480 for a home warranty$   330 for HOA transfer and assessment fees$   300 to install two new windows that had been broken$   400 for a termite bond
As we were closing, the attorney saw those numbers on the HUD and told my client that he might have had a good advocate in the process, and my … (3 comments)

atlanta short sales: Stimulus package from Whom? - 06/16/09 02:19 PM
I love hearing that these blogs are helping people in one way or another, whether it be a seller in distress or an agent trying to make some Short Sales happen, to gain experience and make more transactions in this very difficult market.  But I don't think the lenders are getting the same message.
One of the longest transactions I've ever had over the years I've been doing Short Sales is with one of those lenders who "didn't need the Bailout money," they said, in order to survive.  But in the end, they decided to accept the government's money anyway - … (2 comments)

atlanta short sales: Playing with your financial future - 06/04/09 01:43 PM
An investor called me and told me that he was interested in buying all my Short Sales. I was thrilled, even though I thought it was too good to be truth. I met with him at my office and he gave me a contract that I would have to use to work with him.
In explaining his contract to me, he said that his "idea" to buy all my short sales that I had been working was that he would make an offer from the beginning of the process (with a rather ridiculous amount) and that I had to find another … (5 comments)

atlanta short sales: Lender: This file is not a top priority to review… - 05/08/09 11:39 PM
I was working with a client in Kennesaw GA.  He was convinced that the honest thing to do was to try to continue paying the mortgage as long as he possibly could, even when his wife had been fired and they need to use what little savings they had to try to make it.... Until a Short Sale was approved.
Eventually we received an offer and waited for over 3 months for an answer, with weekly phone calls to the Lender's Short Sale dept. Finally, I received an answer: This file is not a top priority for the Lender to review. … (8 comments)

atlanta short sales: Do Agents Really Need Help from a Third Party? - 02/07/09 09:54 AM
I respect the companies who negotiate Short Sale transactions for agents, but in my personal opinion, I prefer to handle my own negotiations.  Let me illustrate why.  A few months ago, one of my clients thought that it would be easier for me if he hired an attorney to negotiate his Short Sale with both lenders.
After three months of frustration, with my client paying ridiculous fees to this attorney, here is the settlement that he reached: - My client was going to have a deficiency note from the second lender in the amount of $160,000 - My commission would only be 1% - … (11 comments)

atlanta short sales: Reality Check #5: Are they giving houses away? - 12/26/08 11:58 PM
A week ago, I was working on a Short Sale in Sugar Hill, GA in which the Seller did not have any equity and the fair market value of the house is $140,000. This house had not did not need significant repairs and was in good condition.
I received an offer, which requested a reply.  The offer was for $40,000.  By law, I have to present this to my client.  But isn't it incredible that Buyers think that banks are giving away houses?  I had already begun the short sale process on this property with another, higher offer, and I'll tell … (1 comments)

atlanta short sales: Reality Check #4: Real Estate Agents and Short Sales - 12/19/08 06:45 PM
It is incredible how many times I get a call from an agent in Metro Altanta, and when they hear that the property is a Short Sale, they decide not to show it.
Ladies and Gentlemen, I would like to share with you that Short Sales are a great way to continue in this market as a Real Estate Agent, either helping a seller in financial distress or motivated buyers with their next dream home.
Sellers will become clients for life, when you are there at their side helping them through their toughest time ever.  Buyers are also going to be … (19 comments)

atlanta short sales: Reality Check #2: Stubborn Lender Aims for Full Price - 12/13/08 01:44 AM
During the first week of November, I received a call from a lender with whom I had been trying to do a short sale on a property in Gwinnett County, GA.  I shared certain interesting facts with the lender about the subdivision.
1. The subdivision, as originally planned, would have 45 houses.  Only 24 had been completed.2. The last 3 builders in that subdivision filed for bankruptcy.3. Three brand new houses were for sale as foreclosures between 50,000 and 70,000 lower than their original price because the builder gave up and they still have not sold.
I had given them an offer from a … (6 comments)

atlanta short sales: Reality Check #1: Stubborn Lenders and Short Sales - 12/07/08 04:32 AM
Some months ago, I had been working on a Short Sale for several months in Lawrenceville, GA.  After investing many hours of work, and finally finding a buyer, the lender who owned the loan told me that their system was so SLOW that there was no way to stop the foreclosure process and make the Short Sale happen.
My client was a senior citizen who did not have work, and could not afford where he was living.  As I mentioned, we had a buyer willing and able to buy.  The offer I received in July was to close "As Soon As … (8 comments)

atlanta short sales: Is a Short Sale the Right (or only) Option For You? - 11/23/08 11:39 PM
As a Short Sale Specialist in the Atlanta area, I run across all kinds of people in a variety of hardship circumstances.  The first thing I need to do is figure out if a Short Sale is right for them.  It is not for everyone, and I only take on the Short Sale if it is right for the client.
After hearing what has caused the current hardship, I try to help the client understand their options.  Each situation is different, and there are no clear lines to which option is best.  Generally, though, there are seven different options.
Refinancing.  Can … (0 comments)

atlanta short sales: Government Plan B: Refinancing for All Those Facing Foreclosure - 11/09/08 09:20 AM
A few days ago, talking with a loan officer about the government's plan to give a stimulus for the lenders to refinance the loans that are in default, and the government would commit to buying them.  This loan officer told me that "the government does not obligate the lender to do this, it is only a suggestion that they make to the lenders, but they are not obligated to do so."
Now, let's look at the reality: in order to refinance any property, the first thing that must happen is an appraisal.  It is no secret that in several states, people … (0 comments)