short sales in daytona beach: Stopping Forclosure Train
- 03/15/12 04:02 PM
We closed the short sale. Sigh of relief. We beat the foreclosure by a couple of weeks. We did well. Now it is over and we can move on.
And I do… until the Buyer calls me. No, not to say “thank you”, she had already done it… She is calling me to say that the property she bought is still scheduled for foreclosure. She said that she went to the court and spoke to somebody, and now she wants me to call somebody…
We check the records, yes, it is scheduled for March 14. I call the attorney’s … (14 comments)
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short sales in daytona beach: Happy End Story. And It Is Not Christmas Yet.
- 09/21/11 05:48 PM
In Florida (and in Colorado) we are presumed acting as Transaction Brokers unless stated otherwise.
On AR I noticed the attitude that transactions brokers are sort of half-a$$ agents or brokers as we do not have to offer full fiduciary and that makes buyers we work with not clients but customers.
The belief that a piece of paper signed will make me half a$$ is very foreign to me. I am sure there are half-a$$ agents in any state. By the same token I am sure that there are good agents in Florida and Colorado.
Like so many others, I try to do a good job. … (24 comments)
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short sales in daytona beach: Terri, I Miss You, Too
- 09/20/11 04:36 PM
I posted The War & Peace of Short Sale a couple of weeks ago. It was at a time when I thought that all the hurdles were over, and we were sailing uneventfully to the Closing.
Wrong. The documents were sent to the Seller but the Buyer's Lender did not send the package to the Title Company because of the insufficient insurance on the condo building.
And in the evening on Thursday last week the Closing set for next day, Friday, looked dead in the water, and then the stars lined up in the last moment and we closed.
It was my … (16 comments)
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short sales in daytona beach: Love Your Tenant... or It Can Cost You
- 09/04/11 04:58 PM
Some situations when you describe them sound unreal. We were working on a short sale. After we got a contract, we thought it was now OK for the seller to rent it to tenants, as she desperately needed money.
She rented it to guys. However, because she was not paying any maintenance fee for a very long time, the management told them they could not use the pool, Jacuzzi, gym…
So she was charging them nearly half of the regular rent in the building. The problem was that she did not want to pay the maintenance fee, so she most probably … (14 comments)
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short sales in daytona beach: The War & Peace of Short Sale
- 09/04/11 03:42 PM
Cinnamon Beach in Ocean Hammock in Flagler County is one of those gorgeous new coastal developments that came at the peak of the market. We are working on a short sale there, and it is so far our longest. We are at 2.5 years mark. Yep…
First it was a sub for the Servicer, who negotiated the deal, but when they sent it to the Servicer, they refused to honor it. The Buyer walked away.
Then we went through court mandated mediation. The seller, hoping to ease the issue, agreed to settle with the second lender for $33, but it did … (4 comments)
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short sales in daytona beach: Ready, Aim, Fire!
- 07/14/11 07:56 PM
Elizabeth Weintraub posted Many Short Sale Banks Are Issuing Counter Offers on Sacramento Short Sales It is another excellent post about pricing short sales. And it resonated with me, because we have these conversations pretty often.
It happens when the agent shoots us a lowball offer. Sometimes I want to counter the way Broker Bryant and TLW countered. They would hang the offer on a tree, and then TLW would take aim and shoot it with a rifle. Makes it a strong counter, I assume...
We deal with short sales on both sides. We try to do what the Lender … (20 comments)
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short sales in daytona beach: Runnig Against The Wind...
- 11/29/10 07:15 PM
Today we finally closed a short sale - our Marathon… It was our Listing, and we ran aggressive display and classified advertising and kept running Open House. We got a very good offer at one of our Open House.
We structured the contract the right way. The goal was not to get the highest price, but to get a realistic price and get the transaction to close. We knew that the Seller could not contribute.
We knew that the first would not give the second more than $3,000, and we knew that the Second would not be satisfied with only … (20 comments)
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short sales in daytona beach: Does Bank of America Now Waive The Deficiency Judgement?
- 11/18/10 03:27 PM
A very experienced real estate attorney from West Palm Beach, Richard Zaretsky, who is a source of terrific legal information on short sales and foreclosures for so many of us here on AR, posted BANK OF AMERICA SHORT SALE APPROVAL LETTER CHANGES
I got hyped reading it. The approval letter that I had on my table was exactly the same that he described …with only minor exception.
Mine was not waiving the right to the deficiency judgment.
So I copied the wording from BAC letter from Richard’s post and sent a request to BAC Home Loan Servicing, LP:
… (25 comments)
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short sales in daytona beach: Is it a short sale? Would the seller consider owner financing?
- 10/02/10 02:07 PM
The call was from a local agent, who said that she was specializing in short sales. I got a bit confused… I am not really an expert in Short Sales, like some others, and maybe I am missing something? Or maybe she did not understand what I said, and what was stated in MLS?
- This is a short sale…
- Yeah, I understand, so will the Seller consider some form of owner financing?
Now I do not even know what to say. Until the call, I thought that it was obvious that in short sale the Seller was in … (30 comments)
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short sales in daytona beach: Short Sales. Should The Buyer Bring EMD?
- 06/15/10 06:39 PM
Diana Lisinski posted Why should a buyer have to give his/her EMD upfront for a short sale? For some reason she made her blog Members Only, so if you are not a Member, you would not be able to use the link.
“Who in their right mind would agree to that?” she asked.
If they are in their right mind, who wouldn't?
I am working with attorneys, and if I bring the contract with “no strings attached”, they would tell me that this is not good.
They would not recommend the client to accept a contract with no deposit going at … (84 comments)
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short sales in daytona beach: Which Shoes To Wear?
- 06/15/10 02:11 PM
Shoes are never out of fashion.
I posted How Footwear Affects Vision. As you can see, it was about shoes (I am becoming an expert in shoes). There were a lot of comments, and they made me think that if I were writing it now, I would have done it differently. I would have added that in short sales there are 3 pairs of shoes, not just Buyer's and Seller's. There is also one critically important pair…the Agent's. The pair worn by a professional…
Yes, we need the ability to step in both Buyer's and Seller's shoes…see the transaction with their … (4 comments)
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short sales in daytona beach: Short Sale Gurus. Where Are You?
- 06/05/10 04:40 PM
It is not the first time I notice it on AR, when you ask direct questions and the comment thread is anything but answers. I remember once Richard Zaretsky was asking whether anyone on AR had the specific experience with a particular Lender and he added that he was not asking for the opinions, but only for the direct answer. I do not mind opinions, but if I can get someone to answer, I would be thrilled.
AR does better with rants and opinions, and maybe it its strength. I guess for straight and exact answers we better go to experts. … (11 comments)
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short sales in daytona beach: For Another $100,000 I Will Clean It Myself...
- 04/26/10 10:28 AM
A walk through a few days ago before closing. The Sellers are in terrible distress. They are losing money, they are losing hope. Husband is working practically around the clock, his wife is also working. Moving is a disaster, the sofa is so long, that they could not fit it in their rental small condo, and they are running with it trying to figure what to do. We are trying to help, as she is near a nervous breakdown. We gave them the keys from our storage, help with furniture and other stuff... But it is tense... They finished cleaning in the … (74 comments)
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short sales in daytona beach: 366-Day Journey
- 03/21/10 09:54 AM
On this short sale I was contacted by the Law Office. They had a client, who owned a condo-hotel unit in Plaza Resort & Spa and all they needed was an agent to get it listed and get the Buyer. They were the ones who negotiated the deal.
The Attorney Goggled the Plaza Resort & Spa in Daytona Beach, and found me on AR, read the blog, called me, and a few days later we had a listing. It happened just days after my client did not get a deal in Plaza, because he wanted to lowball it too much. I … (12 comments)
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short sales in daytona beach: No Money For An Attorney? Oops...
- 03/10/10 04:18 PM
I read Michael Mersola's post Where people should start when facing foreclosure or a short sale
The advice that "the first step for home owners is to ask the advice of a tax attorney to what the ramifications of a home owner choosing this road to go down." sounds great. On the paper.
But in my market people, who come for short sales, usually do not have the money for anything, including the tax attorney. Or they will not spend the money that they have, because it is their last money.
So, not that the advice is wrong, it is simply … (17 comments)
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short sales in daytona beach: Tough Luck Helping Friends
- 02/04/10 07:19 PM
A friend of mine, a good guy in the mortgage business for many years got heavily engaged in "investing' in those stellar years where the money were easily coming and in large quantity. Like many others, he did not stop early enough and ended up owning a few homes, which are all underwater.
After first trying to rent and make payments from rentals, then selling so that he would pay off the mortgage, he decided to go with short sales. We listed the homes, put signs, ran advertisement, got offers. Happy, sent him the offer, and then for a few days … (19 comments)
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