short sale: Spotlight: The straight dope on deed-in-lieu of foreclosure
- 10/29/15 02:52 AM
You may think that the Recession is behind us, but I am still getting a lot of calls and emails regarding deed in lieu of foreclosure.
"What is it?" you ask.
Yes, it is real. Yes, it can be done. No, it is not something everyone can do. No, you cannot just walk out and leave your keys on the kitchen counter and think you are done. Read below for more info.
What is a deed-in-lieu of foreclosure?Also called a "deed-in-lieu", it is simply the opportunity for a borrower or homeowner to convey all the interest in the property back to the the lien … (2 comments)
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short sale: How Do I Know if My Client Needs to Sell His Home as Short Sale?
- 03/26/14 12:48 PM
Here’s a good question that I received in my email inbox just a few days ago:
Dear Melissa:
I am about to take a listing and I do now know whether the listing will be a short sale or a traditional sale where the seller has equity? How would I figure that out? Can you help?
Thanks,
Escondido Listing Agent
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Dear Escondido Listing Agent,
What a terrific question. Sometimes it is difficult to ascertain whether a property sale will be a short sale or a traditional sale where the seller has equity. You’ve got to do some math and create a … (2 comments)
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short sale: The HOA Could Kill Your Short Sale
- 03/19/14 06:10 AM
When speaking about short sales, there is no topic that is more common than that of unpaid liens. How do you deal with unpaid liens—not only mortgages but unpaid judgments or even an overdue HOA bill that has become a lien on the property. Pardon my candor, but the HOA can be a deal killer—not just a short sale deal killer, but a real estate deal killer in general.
Here’s Why.
For short sales: It’s possible that the short sale lender will refuse to agree to pay the fees associated with the HOA transfer to the new buyer (including unpaid HOA … (7 comments)
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short sale: How to Get Short Sale Approval When There's Trouble with Junior Liens
- 02/06/14 07:00 AM
I received a call the other day from an agent struggling to obtain short sale approval. This agent had worked very, very hard and had finally received short sale approval from the first lien holder. He had done his happy dance, jumped for joy, and told everyone of his great accomplishment. After all, it is no small feat to obtain any short sale approval at all.
However, this was only the beginning. He still had to obtain short sale approval from the junior lien holder—and the junior lien holder was insisting that they receive $18,000 in order to cooperate and … (2 comments)
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short sale: 12 Habits of Highly Effective Short Sale Agents
- 01/29/14 12:34 AM
If you’re a short sale superstar or your are around short sale agents, then you are probably already familiar with the short sale process. Congratulations for having the dedication to conquer this difficult path. No matter your current skill or experience level, if you are committed to sharpening your short sale skills and want to close more short sale deals in the future, here is a consolidated list of the 12 things you must know and do in order to get your short sale approved.
Understand available short sale incentive programs. When you know about the current programs available, you are … (2 comments)
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short sale: Writing a Short Sale Hardship Letter Is as Simple as 1-2-3-4-5
- 12/04/13 10:55 PM
Here's an oldie, but a goodie with some updates for 2013 and 2014:
There are many reasons that underwater borrowers (prospective short sale sellers) may need to participate in a short sale. Most of these reasons include some sort of hardship. And, most short sale lenders do will require a hardship letter (or a letter of explanation for those folks with no hardship) as part of the short sale package.
The most common hardships that appear on hardship letters are: 1) job loss, 2) decrease in hours or family income, 3) excessive credit, 4) loan interest rate adjustment, 5) divorce, … (3 comments)
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short sale: Free Webinar this Thursday - Control Short Sales Like a Boss
- 10/14/13 11:26 AM
Now that we are definitely in the midst of the Government shutdown, it's time to pump up your short sale business for the remainder of 2013 and for 2014 as well!
You are invited to join me this Thursday October 17 at 10:00 a.m. PST for a free short sale webinar.
What is going to be discussed? This webinar will review the provide you with a handful to tips and tools so that you can boost your listings, obtain more listings, dominate when it comes to closing short sales. I'm hoping you'll get a whole bunch of short sale listings in the … (1 comments)
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short sale: Who Thinks Short Sales Are Easy?
- 10/10/13 12:22 PM
I received a call about a week ago from an affiliate that had some short sale questions. These were very specific questions about certain kinds of non-institutional liens and how those liens could be addressed in the short sale process. This individual then said, “I know an agent that has closed two or three short sales. She’s a pretty good agent. Now that short sales have been around for awhile, aren’t they easier? She could handle it easy. Couldn’t she?”
The answer to this question is yes, no, and maybe. First and foremost, any short sale processor or negotiator worth … (41 comments)
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short sale: Bank of America Short Sales - New MLS Policy
- 02/22/13 06:08 AM
Ever tried to hit a moving target? It cannot be easy. With short sales, the short sale negotiator follows detailed instructions provided by the lenders. Then, all of a sudden, the instructions change. Nobody tells you or you get a call that you need to follow the new rules. You follow the new rules, and then the rules change again. To be a short sale negotiator you need to be detail-oriented, flexible, and patient.
Here’s an example of what short sale negotiators experience each and every day:
On February 11, 2013, Bank of America formally announced MLS requirements for any of … (6 comments)
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short sale: Thoughts on Short Sales, Late Payments, and Strategic Default
- 10/09/12 01:15 PM
Have you ever had a client ask you if they could participate in a short sale without missing a mortgage payment?
If so, how did you respond?
Prospective short sale sellers that are still making their mortgage payments are often curious about whether they could successfully receive short sale approval on their home without ever missing a payment.
Clearly those folks are a little different from the faction who are unemployed or underemployed and can barely make ends meet. These are borrowers facing imminent default or those out to sell their home for other reasons. Often borrowers still making their mortgage … (8 comments)
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short sale: If you do not want to close your next short sale...
- 08/22/12 11:42 PM
If you are a California agent and you are actively representing buyers and sellers, then you may have noticed that the California Residential Purchase Agreement mentions something called a State of Information (a.k.a. Statement of Identity). You know the form, right? It’s the one that asks about your last three marriages, your last jobs, and your previous addresses.
While this may seem like overkill, it is actually really important to have short sale sellers complete a Statement of Information form at the time that you take the short sale listing. Then, provide this form immediately to escrow or to your title … (8 comments)
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short sale: HAFA Short Sales and Second Mortgages
- 08/19/12 11:53 AM
Perhaps by now you have heard that the HAFA guidelines changed in June. You are probably already familiar with HAFA, the Home Affordable Foreclosure Alternatives program that provides short sale and deed-in-lieu of foreclosure options to distressed borrowers.
The HAFA program has been around for a few years now. And just like anything else in the world, with age comes change. Most recently, the guidelines have been amended to change the way that HAFA transactions are reported to credit reporting agencies. Additionally, there have been changes to the rules with respect to occupancy and the HAFA program.
The change that appears … (6 comments)
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short sale: Can a Deed-in-Lieu Ruin Your Short Sale Transaction?
- 01/10/12 12:38 PM
One of my favorite clients and a very prolific short sale agent contacted me because she has a bone to pick with our mutual friend, Fannie Mae.
You see, this agent has taken a short sale listing. We have a buyer. The short sale package has been submitted to the bank and we have already received a short sale counter offer from the seller’s lien holder.
Then, all of a sudden, the short sale seller states that he may not want to participate in a short sale. You see, he received a sweet little letter from his lien holder offering up … (8 comments)
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short sale: House Votes to End HAMP, But Will Borrowers Let Go?
- 03/30/11 04:49 PM
The Wall Street Journal, Housing Wire, the Huffington Post and just about every other newspaper online and otherwise reported that the House of Representatives voted on Tuesday to terminate HAMP, the government’s loan modification. The vote was 252-170 in favor of stopping the program nearly two years early.
Originally intended to aid three to four million homeowners nationwide, HAMP has fallen pretty darn short in the success category. I’ve reported about the tragic failures of this program several times over the last year. Clearly, just like with short sales, a significant part of the reason that the program fails is … (9 comments)
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short sale: Danger: Watch Out for Unsuccessful Last Minute Loan Modifications
- 03/19/11 02:55 AM
Borrowers having trouble making mortgage payments frequently are not sure what to do and how to proceed. Our office has been able to help many families throughout California to avoid foreclosure by means of a short sale. Often times, short sale sellers approach us right before the house is about to be taken back in foreclosure by their mortgage holder. Many borrowers are unsure of what to do and often consider a list minute attempt to participate in a loan modification.
I’ve seen several short sale sellers decide upon a loan modification only to ultimately lose their home to foreclosure … (6 comments)
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short sale: Short Sale Package Preparation Can Make You Crazy
- 09/22/10 03:39 PM
Short Sale Package Preparation
Short Sale Package preparation is very time consuming. And, it is extemely common for a real estate agent to put together a short sale package and fax it off to the bank just to find out 3 weeks later that the short sale package was not received. Why is that? Well . . . there are several reasons that the bank cannot confirm receipt of the short sale package. Understanding these reasons may make your future short sales go through more quickly.
The first reason is that you may not have faxed the package to the correct … (12 comments)
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short sale: 55 Minutes Well Spent: A Real Live Testimonial (and I didn't pay him a penny)
- 08/12/10 01:26 PM
This week I wrote a letter to my friend, the CEO of GMAC mortgage because one of his employees wasn't responding to my phone calls and emails. As a result, I may have gotten a few people a little bit upset with me. I also told my youngest that he had to get back to the books. School is starting soon, and it would be best if he actually remembered how to read. He was not too happy with me either. So, when a few people are frustrated and/or unnerved by you, it's great to hear that others may actually appreciate … (7 comments)
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short sale: When Considering a Short Sale, Interview Agents First: Post 2
- 05/09/10 11:24 AM
The is my second post in a series for short sale sellers about the important items to consider and questions to ask before listing your home for short sale.
The last post reviewed a few important questions that short sale sellers should ask any Realtor® who they are considering as a possible listing agent for their property. This post continues to review that topic in more detail.
I frequently get phone calls from agents and short sale sellers who ask me how long it will take to get their short sale approved. Short sales are very unique and specific based on … (6 comments)
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short sale: Fallbrook, California Short Sale Needs New Buyer
- 03/15/10 01:53 PM
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short sale: Fully Approved Short Sale in Ramona, California Needs Buyer
- 02/04/10 07:56 AM
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You may think that the Recession is behind us, but I am still getting a lot of calls and emails regarding deed in lieu of foreclosure.
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