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BGS3 will be at the National Association of Realtors Expo next month from November 13-16. We will be at booth 725, with two Realtors who have a lot of experience in short sales as well as a firsthand look at our client center. This will be a great opportunity to see our product in person and speak directly with agents who have worked with us.
As with all the events we attend, there will be some excellent offers for those who come by and visit us. You will not want to miss this opportunity!
The most crucial component of a short sale transaction is having a successful closing. All of our time and compensation is worth more than the potential headaches that can result from neglect during the closing process. Dealing exclusively with short sale closings, I see major differences between conventional closings and short sale closings. As Closing Coordinator at BGS3, I would like to offer a few tips that could help you and your title companies execute a smooth short sale closing:
1. Educate your buyer. Communicate to all parties clear expectations of the entire process as soon as an offer is presented. Be sure the buyer and their agent understand that this is not a typical transaction and that patience is crucial. The buyer should be given a realistic timeframe for how long the short sale process could last.
2. Open escrow as soon as the Purchase & Sales Contract is submitted. The Title Company will then prepare for the closing by ordering title, ordering the appraisal, and contacting the buyer's lender to make sure the buyer is prequalified not simply preapproved. Most lenders will grant up to 30 days to close from the date of the short sale approval. Opening escrow as soon as possible will ensure the buyer's preparation once the short sale approval is received.
3. Maintain communication between your Transaction Coordinator (TC) and their team. Once the short sale approval has been received your TC will contact you to discuss the agreed to terms. Your TC will give you the breakdown of fees that have been approved, the realtor commission, any seller concessions being paid, etc.
4. Make sure your title/escrow company follows the instructions on the approval letter verbatim. The approval letter must be followed exactly as written. Remind your title company that the final HUD must be faxed for approval in the timeframe stipulated on the approval letter. Keep in mind the lender is holding BGS3 accountable for fulfilling all stipulations published in their short sale approval letter.
5. Send your Closing Coordinator a copy of the final HUD prior to the Title Company sending it to the lender for approval. As the processing party throughout the transaction, it is our job to confirm all lender guidelines have been met on the settlement statement since it is ultimately our reputation on the line, should the property fail to close. There can be no changes or additional fees after the fact. If this happens, we run the risk of having the wire rejected and losing the deal. The wire, or certified funds, must be received by the lender along with a signed and certified copy of the final HUD prior to the expiration date indicated on the approval letter. Once all of these stipulations have been met it is safe to say you have had a successful closing.
As a real estate professional working with short sales, you should be committed to assisting homeowners and making the most of their situation. It is imperative that you not only submit clean files to the lender but that you close in the exact same manner. Failure to do so may result in the file being rejected and the homeowner being foreclosed on.
Although the media reports gloom and doom for the real estate and banking market I am optimistic about the future of our industry. Working at BGS3 provides me with a unique perspective on the current market, its challenges, and what it will take to rebuild the economy. At the risk of sounding naïve, I believe a good old-fashioned pep talk on hard work-like the ones dad used to give us growing up-is in order for all those involved in short sales and distressed homeowner specializations. The time is now to be proactive and learn the "old ways" of Real Estate 101, taught by the 20-30 year real estate veterans you rub shoulders with on a daily basis. These real estate sages have not stayed in the game as long as they have without their ability to network, market and develop new and better ways to serve their customers. Glimpses of this kind of work ethic are creeping back into the industry as stories of agents knocking door to door in distressed neighborhoods to find homeowners in need, networking to establish themselves as the premier short sale expert in the community and seeking alternative ways to generate leads begin to surface. These strategies have been around for ages. Ask your office veterans or, better yet, watch them do it. Following their example will help all of us adapt to today's market and stake our claim in the direction of progress and change.
Anyone involved in real estate in today's market has come across the opportunity to represent either a buyer or a seller looking to purchase or list a distressed property. The National Association of Realtors (NAR) released a statement a couple of weeks ago saying that nearly one-third of all home sales over the past few months involved a foreclosure or a short sale. First American Core Logic reports more than 15.2 million U.S. mortgages, or 32.2 percent of all mortgaged properties, were in negative equity position as of June 30, 2009.
The demand for real estate agents with experience handling distressed property transactions is impossible to ignore. Thousands of agents are doing their best to become better educated on foreclosures and short sales by seeking distressed property certification programs, NAR sponsored designations, and short sale processors to handle a higher volume of listings. Most of the programs I have investigated provide excellent value and will increase your relevance as a reliable source of information in your respective community.
BGS3 has received an overwhelming response over the past few weeks from real estate agents registering for webinars on "How to Expedite Short Sales." The webinar is a five-part series presented free of charge to all attendees by Program 3648. Program 3648 is a nationwide initiative created by BGS3 last year to inform homeowners of their rights and options when facing foreclosure. The first 15 minutes of each presentation is purely educational, while the last 45 minutes of each forum is dedicated to answering each attendee's specific short sale questions.
The first few weeks of presentations showed signs that real estate agents working with distressed properties are thirsty for knowledge. The webinar is designed to create an outlet for agents who need information; plug in, receive information. If you are interested in attending the presentations, please send a request to blog@bgs3.com to have registration information sent your way. Agents from all disciplines, certifications and designations are welcome.
New properties are going into foreclosure every month at an alarming rate. Despite the frequent news of government help and assistance, at any given time approximately 2% - 5% of all mortgages in America are in default. The amount of distressed seller leads (DSLs) BGS3 receives increases daily however there are many others that are never reached who are waiting to be found. The daily pursuit of multiple lead streams plays an integral part in reaching as many distressed sellers as possible in your area. Are you relying on a single form of marketing to gather DSLs? If you are like most successful business owners, you know never to put all of your eggs in one basket! If one is to be successful in the short sale/ real estate business, the ability to incorporate diversified marketing strategies and create multiple lead streams is imperative.
BGS3 provides one lead source to its partners of homeowners who are 30 days, 60 days, and 90 days late on their mortgage payments. Using the leads provided by BGS3 can supplement your short sale business with more home appointments, but relying solely on these leads as your only lead source is not recommended. Are there other leads you can tap into besides your monthly DSLs? Yes! To get your minds thinking about some possible avenues, I would like to present a few marketing ideas that are working for me.
I hope you are already taking advantage of the lis pendens leads at your county courthouse. They are free, plentiful, and very lucrative if used properly. I have been very successful with newspaper ads offering help and information on "Three Things Your Lender Doesn't Want You to Know," and a variety of other titles. Have you thought about advertising in the Yellow Pages in the Foreclosure or Bankruptcy sections? I am still getting phone calls on an ad I placed in the Yellow Pages two years ago! Does your email signature say that you are a Certified Program 3648 Representative? Your clients need to know where you specialize!
I am more than willing to take your phone calls throughout the week to assist you as you experiment with these alternative lead source options. If you would like additional training on any these topics, please set up an appointment with my department at clientrelations@bgs3.com to get started.
Hello, and welcome once again to the official blog of BGS3, the National Processing Center for Short Sales... rapidly becoming one of the most relied-upon foreclosure solutions in America!
BGS3 believes in assisting and enhancing the short sale process for all parties involved. BGS3 is continually finding more ways to speed up the entire process from all angles, and communication has consistently proven itself to be one of the most important factors in this goal. Technology has aided BGS3 in this effort tremendously, but it is by no means a "cure-all" to miscommunication. It is with this in mind that BGS3 posts here on the BGS3 blog, for all the Internet to see, the information requirements for pre-foreclosed real estate through BGS3. BGS3 invites Realtors to feel free to use this BGS3 blog post as a quick reference, insuring that BGS3 has all the information that BGS3 needs to facilitate the short sale process and enhance the experience for everyone.
Here is the list of the forms BGS3 requires to be filled out:
Contract Submission Form New Listing Activation Form Mortgage/Lien Information Form Authorization to Release Information (signed by the Borrower and Co-Borrower)
The Contract Submission Form contains a checklist of documents to fax to BGS3 with the New Closing File Form. These are the documents on that checklist:
Executed Purchase and Sales Contract Listing History Printout Net Sheet or Preliminary HUD-1 Buyer Pre-Approval Letter Buyer Discount Fee Agreement All Documents Listed on the "Homeowner Document Checklist", which include: Financial Information Form Hardship Letter Last Two Years of Income Taxes or Written Statement of Explanation Last Two Bank Statements or Written Statement of Explanation Last Two Paycheck Stubs or Written Statement of Explanation
The Listing Activation Form also contains a checklist of documents to fax to BGS3 along with it. This checklist includes:
Mortgage Information Form Estimated Repairs Form BPO Form 7% Listing Agreement Authorization to Release (separate one for each lien) Short Sale Agreement/Acknowledgment/Waiver
Please fax all documents to your BGS3 Loss Mitigation Team at 1.800.896.0709 or 1.800.567.1081.
In addition to updates, the BGS3 blog also serves as an opportunity for feedback from you, the reader. BGS3 often receives messages from raving fans, and will occasionally use the BGS3 blog to post comments and testimonials.
"There is a huge difference in Short Sale companies. BGS3 is responsive, keeps the lines of communication open, allows you to track the progress of any transaction online 24/7 and strives to create win/win situations." -Marcia Jarvis
Hello, and welcome once again to the official blog of BGS3, the National Processing Center for Short Sales... rapidly becoming the most relied-upon foreclosure solution in America!
The BGS3 management team meets frequently to stay ahead of the growth curve. From left to right - Cindy Thompson (Administrative Director), Ryan Richins (Client Realtions Mgr.), Street Russell (Floor Mgr.), Jim Donovan (Territory Development Director), Charles Cease (Chief Operations Officer) Freddie Mac and Fannie Mae have recently changed their policies regarding foreclosure, bankruptcy, deeds-in-lieu of foreclosure, and pre-foreclosure sales (or "short sales"). These new policies make it very clear that a short sale is much better for the credit-worthiness of the homeowner than any of the other options when facing a foreclosure. Of the four possible outcomes listed above, short sale has the shortest time period for credit reestablishment. It is also the only outcome with no additional requirements. BGS3 makes this outcome much easier to achieve, and BGS3 is still helping homeowners all across the country. BGS3 had a press release on this subject, and it can be found here: http://www.marketwatch.com/news/story/bgs3-lessens-credit-damage-homeowners/story.aspx?guid=%7B604A8592-A51F-49C8-885E-754B4DFF6BE8%7D&dist=TQP_Mod_pressN
In addition to updates, the BGS3 blog also serves as an opportunity for feedback from you, the reader. BGS3 often receives messages from raving fans, and will occasionally use the BGS3 blog to post comments and testimonials.
"Nick Curcio and BGS3 are sincerely committed to homeowners, and to working with Seller's Realty Group in securing debt forgiveness from lenders in this difficult economic climate." -Yolande I. Nicholson, Esq.
Hello, and welcome to the first official blog post of BGS3, the National Processing Center for Short Sales!
BGS3 continues to be one of the fastest-growing short sale and loss-mitigation companies in the country. Through Program 3648, BGS3 is halting the foreclosure process for thousands of homeowners across the nation, and helping mortgage lenders clear their books of non-performing assets. Because BGS3 has created this win-win situation for all parties involved, BGS3 is currently processing nearly a quarter of a billion dollars in mortgage debt. You can visit http://www.bgs3.com/ and http://www.program3648.org/ to learn more.
This BGS3 blog exists primarily for BGS3 clients or those interested in doing business with BGS3. The goal of the BGS3 blog is to give regular updates about some of the exciting activities going on here at BGS3 and the effects those activities have on BGS3's Realtor partners, homebuyers, lenders and homeowners.
Recently, BGS3 relocated to a new location in Louisville, Kentucky. This 10,000 sq. ft. facility takes up the entire 2nd floor of the Irwin Union Bank building so the security is top notch. The new BGS3 location includes five times the previous number of workstations, GE certified networking, and voice-over IP call center capabilities. It was imperative to make the move as BGS3 production has been essentially doubling month over month. The move was announced on July 29, and the press release can be found here: http://www.reuters.com/article/pressRelease/idUS264767+29-Jul-2008+PNW20080729
On August 14, BGS3 officially announced the appointment of Charles Cease to the position of Chief Operating Officer (COO). His extensive background and successful track record made him a perfect fit for handling the complexities of operating a company with a growth curve as large as BGS3's. The staff and board of directors at BGS3 have welcomed him with open arms. His appointment to this position has been critical to the mission of BGS3 to be the most relied upon foreclosure solution in America. The press release can be found at http://www.pr-inside.com/bgs3-announces-new-chief-operating-officer-r756184.htm
BGS3 now offers a series of WebEx webinars for Program 3648's nationwide network of Certified Program 3648 Representatives (CPR's). Prepared by Street Russell (Productions Management) and Ryan Richins (Manager, Client Relations), these webinars get into the nitty-gritty and best practices of BGS3's top producing CPR's nationwide. This Q&A mentoring forum has proven to be an effective supplement to BGS3's online certification and training module library.
In addition to updates, the BGS3 blog also serves as an opportunity for feedback from you, the reader. BGS3 often receives messages from raving fans, and will occasionally use the BGS3 blog to post comments and testimonials.
Marcia J., Realtor, most recently had this to say about BGS3:
"Your personal service is great! While I felt good enough about BGS3 to be making changes in our organization to match your services before we spoke, you just gave me a new level of confidence. I look forward to a long and profitable association."
Program 3648 is BGS3’s nationwide campaign to certify qualified real estate professionals to assist homeowners facing a potential foreclosure. Program 3648 was announced on January 29, 2008 by Chief Administer John W. Davis, stating, ``President Bush has provided a much needed solution to the national foreclosure problem in signing H.R. 3648 -- The Mortgage Forgiveness Debt Relief Act of 2007, but the sub-prime mortgage problem continues to affect most markets nationwide. The critical next step is locating and certifying a ground army of concerned professionals who can reach out to the multitude of homeowners who desperately need relief.”
There has been a substantial increase in numbers of families affected by adjusting interest rates on sub-prime mortgages. Subsequently, foreclosure rates continue to rise. Program 3648 Certified Representatives have been working to educate homeowners and their families on their rights and options.
Kenn Lewis, Co-founder of BGS3 and Program 3648, states, ``While much has been said in the media to further educate the public about their options when facing foreclosure, the vast majority of individuals in this situation simply don't know where to start. Program 3648 was enacted to handle the processing for qualified homeowners to either keep their home or go through a short sale.”
BGS3 understands that homeowners facing foreclosure are usually very concerned about their credit, and will sometimes not seek out help because they think it will cost too much. Lewis addresses this issue.
“There is no cost for the program, and the homeowner never needs to worry about future billing. With caring, well-educated, experienced professionals administering the program on a national scale, our mission is to help thousands of homeowners avoid foreclosure.''
The author Kenn Lewis is Co-founder of BGS3 and Program 3648. He writes here about the Program 3648 and how BGS3 understands and addresses the concerns of homeowners. Visit www.bgs3.com for more details.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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