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)
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)
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)
short sales: Going Back to Far Wells?
- 11/17/09 11:50 PM
I just received the most interesting phone call! I need to write this blog while the details are fresh in my mind. I had a couple of short sales where the second lien is a line-of-credit from a major unnamed lender (go figure... from the title). In both cases, the first lender was reasonable and responded within an appropriate timeframe with an approval. In both cases, this second lender refused to accept reasonable amounts, or the amounts dictated by the first lender (which in one case was THE SAME LENDER holding both loans). The negotiator from the Line of credit refused, … (8 comments)
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)
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)
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)
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)
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)
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)
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)
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)
short sales: No Deficiency Notes for MY clients
- 03/14/09 08:33 AM
Another Great Success Story for my client in Roswell, GA. I've been working with this client on a Short Sale transaction for 8 months now, and we had wonderful news this week. First, some background on the scenario. The market value of the property was $900,000. There were two mortgages with different lenders. As I noted in an earlier blog, in the beginning my client thought it would be easier for me if he hired an Attorney to negotiate with both lenders. In the earlier article, you can see why that made me decide never to let an attorney negotiate for … (0 comments)
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)
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)
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)
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.
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