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Happy New Year From Group 46:10! - 12/31/10 09:15 AM
Happy New Year from Group 46:10! We wanted to wish all of you a happy 2011 and remind you on this holiday that it is a good time to email your bank contacts to get autoresponder emails with more contact information. Do you have questions? Read the Short sale FAQs. Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePowerhour.com (1 comments)
Short Sale Damage To Your Credit And FICO Scores - 12/30/10 08:34 AM
Yesterdat we talked about the uneducation level of tax laws and tax consequences among short sale agents and homeowners. Something else that falls into this same category is credit and FICO scores. We don't know who is spreading rumors about how many points a short sale will cost, but nobody really knows. You can't just say that a short sale will cost you points on your credit score. The short sale doesn't actually cost you points on your credit score at all. It is the missed payments that cost you points. However, a short sale transaction will show up on your (5 comments)
Information For Agents And Homeowners - 1099 Tax Forms - 12/29/10 12:21 PM
We wanted to cover a topic today that is severly misunderstood in the real estate industry. It has to do with information that realtors should be giving to homeowners. Let us first say that we are not tax experts, accountants, or CPA's. However, we are tired of realtors and the media giving bad advice about taxes. Eight out of ten homeowners we work with believe that deficiency and a 1099 tax form are the same thing, and they are not. A deficiency is the bank having the right or not having the right to pursue the borrower for the difference between (2 comments)
Twitter Has You Confused Too!?!? - 12/29/10 01:46 AM
I love this simple explanation of twitter and some very simple techniques or points on how to use it effectively. I my experience most people way over think twitter and over time a great number of people get frustrated with it.
Great post to share. Via Chuck Carstensen (Re/max Associates Plus/The Discovery Coach): Yesterday I posted a blog titled: What Do You Think About Twitter? I have to admit that I did not understand Twitter when I started out on it. I just recently started to figure out what to do on Twitter and how to use it. I now (7 comments)
Green Tree Second Mortgage Requires Lots Of Green - 12/28/10 05:12 PM
I guess we will talk about one of the more exciting short sale files that we have worked on recently. It didn't take very long and it wasn't very difficult, but it was exciting how we went about closing the transaction. Here are the details. First mortgage servicer, Bank of America. Investor, Bank of America. Second lender, GreenTree, previously serviced by GMAC. For those of you that haven't worked a GreenTree file, they are a bit more difficult than your average lender. With this specific file, GreenTree was owed about $139,000 and Bank of America was owed about $600,000. The property (2 comments)
Perseverance Despite Opposition - 12/27/10 10:41 AM
Good Morning! We hope that you had a fantastic Christmas. Today is mindset monday. There probably aren't many people watching because it's the day after Christmas. However, we would like to talk about opposition. In the three years that we have worked together, we have faced some opposition. In particular, we have had months of opposition, and we can probably put this month of December in that category. It reminds us of August 2008 when we made a grand total of $250. We will likely close only one short sale transaction this month. When you are new to this business, people (1 comments)
Searching For Intelligent Life At OneWest Bank - 12/23/10 01:09 AM
On Monday we promised a week full of great stories. Lots of you have stated that you learn the most from us when we give real life examples of our short sale deals. We do our best to give you real life examples because we are in the trenches negotiating short sales. We had a file with OneWest bank. It was a property located in Tempe. The amount owed is about $200,000 to $225,000. The first offer came in at $65,000, but the BPO came back at $90,000. Bear in mind that this is a house located in a non-HOA subdivision. (4 comments)
Go To The Investor To Get The Deal Done - 12/21/10 11:26 PM
As promised yesterday, we are going to fill the week with great content stories. Let's start with a Wells Fargo Story. We have a loan that is serviced by Wells Fargo. Freddie Mac is the investor. As is often the case, the property was overvalued. We submitted some comps to the bank and asked the buyers to raise their offer. Freddie Mac responded to us a few days later with a warning. They were not going to postpone the sale date. We decided to call their bluff and go to the investor. Freddie puts in a request for a postponement and (1 comments)
Are You Running A Short Sale Business? - 12/20/10 10:53 PM
We'd like to talk about the energy level around this business as we get closer to 2011. We have worked hard to do lots of restructuring in our business. We wanted to make sure that everybody has a focus and energy in their business to start 2011. We don't just mean in January. If we are being honest, we lost a little energy after June. We still produced some good results, but our mission is to produce extraordinary results. So we have been looking in the mirror for the last few days and looking at the numbers. When you look at (0 comments)
Amtrust Doesn't Quite Understand This Business - 12/20/10 12:16 AM
We've got a great short sale story for you today. One specific bank, which used to operate as Amtrust, is now called My New York Community Bank. The stopped making money and bankruptcy or reorganization or something brought them to a halt. However, the mindset of losing money still prevails at Amtrust. The VP of the bank was part of a short sale committee that turned down our short sale. She kept on going back to the arguement that the homeowners could pay if they wanted to. Amtrust actually has a committee of people that discuss short sale files that need (1 comments)
Creating Urgency With Potential Short Sale Clients - 12/16/10 03:29 PM
We are a few weeks from the end of the year and there are lots of things going on with homeowners across the country. We have seen a shift in homeowners minds as it pertains to short sales, loan mods, and foreclosur. It is a bit more challenging this time of year. Many homeowners just want to get past the holidays before they deal with their home. Despite this idea, we need to continue to create urgency with potential sellers. We were reading today about homeowners that are being denied loan mods and trial loan mods. You have to be able (2 comments)
Impressive Things Happening With Short Sales At Citi - 12/15/10 11:56 PM
Let's talk about short sales with Citi Mortgage today. We talk lots about the big three, Chase, Wells Fargo, and BofA. However, Citi Mortage is up there as far as number of loans that they service. We were part of a group last month that got to speak with some top executives at Citi Mortgage and we were fairly impressed with what they are doing with their own portfolio of loans. If you're new to the show, you need to understand that the servicer is the company that receives the mortgage payment, but the investor is the company that actually owns (2 comments)
Bank of America - Updated Org Chart info based on Matt Vernon's departure. - 12/15/10 11:20 AM
It appears that Rebecca Mairone has decided to not replace Matt Vernon and has opted split his role into different parts. Below is a list of how Matt Vernon's repsonsibilite will be devided up Rebecca Mairone today announced changes to her leadership designed to better position the organization to continue to drive improvements in the Short Sale and Real Estate Owned (REO) businesses. These changes will provide continuity for the associates and experienced leadership in an effort to provide a more dedicated focus on two critically important areas of the business as more homeowners transition to alternative housing. Gabrielle Harrison (3 comments)
Where Is The Market Going? - 12/14/10 02:38 PM
We've brought the Santa hat back again today to remind you that our short sale training items or going to be on sale Thursday and Friday. I'd also like to talk about what's going on in the news. There are some interesting things that we should be aware of. Like Kevin spoke about yesterday, there is so much changing in the real estate business. Many of you want it to return to normalcy, but this might be the new normal. According to Freddie Mac, for the last four weeks, mortgage interest rates have been on the rise. We haven't seen a (1 comments)
Change Is Inevitable, Embrace It - 12/13/10 05:47 PM
With the holiday's fast approaching, we're is feeling a bit festive.We'll tell you why at the end of this episode. With today being mindset Monday, we thought it would be good to speak about change. Change is inevitable, and how you handle that change can determine how successful you are after those changes. We have faced lots of change in the last week, specifically in our business. Many people completely fear change. You can choose to accept it or choose not to accept it. If you don't embrace change, you can regress in your life or your business. However, if you (0 comments)
Stop Taking Sides! Grind It Out! - 12/10/10 11:38 PM
We're going to continue speaking about second lien holders today. We decided that we would share a great battle that we won recently that involved a second lien holder. This particular deal was significant because the second lien holder was owed more than $200,000. Here's the deal. We had a situation with BofA in first position and Citi in second position. BofA was owed about $800,000 and Citi was owed about $200,000. Of all of the second lien short sales we have completed, there have only been about 6 that have second positions that have been more than that. To satisfy (13 comments)
Dealing With Second Lien Holders In A Short Sale - 12/09/10 10:44 PM
We would like to speak about second liens today. In the last few classes we have had numerous questions about dealing with second liens. We teach a rather complicated strategy regarding multiple HUDs in our short sale Crush It package. However, i'm not going to go into that process. We know that the second lien holder always wants more. Here is the very first thing you can do. Set them up to expect very little. Put a few hundred dollars on the HUD or just a couple percent of their loan. Then go to the first lender and tell them that (1 comments)
Communicating With The Bank In A Short Sale - 12/08/10 10:14 AM
There are lots of misconceptions and misunderstandings when it comes to dealing with the bank. Communicating with the bank is critical. Many agents make mistakes in this communication process and lots of those mistakes come from asking the wrong questions and asking those questions in the wrong way. Many times we are too busy talking to hear what the bank has to say. For example, Kevin does a great job making sure that he asks open ended questions. Fred, on the other hand, spends a lot of time asking open ended questions and then talking right away. When you ask a (2 comments)
Dealing With Files That Have Been Transferred - 12/07/10 11:25 AM
First and foremost, we would like to announce our Short Sales Uncensored event, on January 21st. The class will not be like our previous short sale crush it classes. You will experience this content in a whole new way. We have recorded live phone calls and emails that we have sent to banks over the past few months. There will also be some bank specific training. We're so confident that this class will help you out that we are willing to guarantee it with a money back offer. This is still Short Sale Power Hour though. So, we wanted to share (0 comments)
Stay Focused During December - 12/06/10 12:12 PM
Since Fred is unavailable; we've brought Brian Gubernick back. He's had the most guest appearances on Short Sale Power Hour. It's mindset Monday and we've been talking about focus. Lots of the real estate community starts to focus on the next year, but the rest of the realtors out there just take the month off. They might go to the office, but honestly, they are taking the month off. You should remember that the business you do in December will be closing in January. So, if you want to start 2011 with a bang, you need to work hard in December. (4 comments)
Marketing Mistakes To Avoid - 12/04/10 12:36 AM
We're here today on Freaky Friday to discuss some of the marketing mistakes that people make on a regular basis. When you are using the internet to market your business and generate leads, there are a few things to avoid and we've brought our webmaster back again to discuss the common mistakes. When you are doing any sort of paid marketing, for example, pay per click, post cards, letters, commercials, radio, etc., you should never send them to your home page. Typically, your website is a collection of all of the services that you offer. You don't want to send them (5 comments)
Tips To Get On The First Page Of Google - 12/02/10 02:55 PM
We brought back the ninja, Andrew Houglum, again today. There were lots of good tidbits in the last two days of video. So we would encourage you to go back and listen to those videos. Today, we are just going to let the ninja talk. The thing that is asked most often is "How do I get on the first page of google?" There are a couple of very easy ways to get on google. First of all, you can pay to be on the first page. There are ads on the top and right side of google and you can (3 comments)
Blogging To Market Your Business - 12/01/10 05:15 PM
Welcome back to Shortsalepowerhour.com. We've got our webmaster ninja marketing expert back with us today. The focus today is on blogging. FOr those that may not already know this, Drew did a webinar that is about an hour in length with tons of great tips. So, you can check that out on our website. But we would like to share some information about blogging for the common user. The reason that you should blog is simple. The end goal is for you to get sales. In order to get sales you must capture leads. Those leads will only come to you (1 comments)
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.