short sale negotiation: 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 negotiation: Two Amazing Short Sale Listing Tips
- 09/17/13 10:12 AM
Taking a short sale listing involves lots of steps. In fact, it’s many more steps than a real estate agent may have to take in the traditional listing appointment. Agents often complain that short sales are painfully slow, exceedingly annoying, and not worth the commission check. It is not uncommon for every short sale listing agent (even the most successful ones) to feel all of those emotions—sometimes all on the same day! However, as listing agents, there are many things that you can do—even before you have officially taken the short sale listing—that can make the entire short sale process move … (7 comments)
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short sale negotiation: 3 Lesser Known Facts About Short Sales
- 09/04/13 01:14 AM
Our office gets calls and emails all the time from folks seeking advice and assistance. And, believe it or not, lots of agents and sellers are asking the same questions. Those of you who have a few approved short sales under your belt are probably aware of some of the common short sale policies as well as myths associated with the short sale. But, just in case and for those that may be interested, here’s a list of three things that you may not know about short sales.
3 Lesser Known Facts About Short Sales You can complete a short sale … (6 comments)
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short sale negotiation: What is short sale negotiation?
- 05/28/13 12:28 AM
What is a short sale negotiator?
A short sale negotiator is the individual or team that works to obtain short sale approval on the short sale transaction. It can be either a third-party (such as an attorney or real estate broker) or the listing agent—depending upon how the short sale listing agent structures his or her team.
What are short sale negotiators important? What do they do?
When you think of the word ‘negotiate”, you may think about your last trip to purchase an automobile or perhaps even the last time you bought an item on Craigslist or … (6 comments)
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short sale negotiation: How to Halt a Trustee's Sale or Foreclosure Auction
- 05/25/13 11:25 PM
When negotiating short sales, you may often find yourself in a position where you are faced with an auction date (a foreclosure date or a Trustee’s Sale date) when you are in the midst of actively processing the short sale transaction. This can be a tough situation to overcome because many short sale lenders may want to continue to foreclosure and may not want to consider the postponement of the Trustee’s Sale in order to process the short sale.
There are many ways to compel a short sale lender to postpone a Trustee’s Sale, but the easiest and best way … (3 comments)
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short sale negotiation: March Madness - How's your short sale game?
- 03/11/13 11:39 PM
With March Madness just around the corner, it’s time to discuss another game—albeit not as exciting as college basketball. It’s the game of short sales. The objective: How to get your short sale approved and closed as quickly and efficiently as possible.
We always hear and frequently personally experience the grand irony of short sales. That is, we wait and wait and wait for the short sale lender or the bank employee to make some headway on the file. Then, all of a sudden after waiting for months, they lender makes a request. They cannot find the listing contract; they do … (4 comments)
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short sale negotiation: The Three Biggest Complaints About Short Sales (and why they're wrong)
- 01/14/13 09:36 AM
I’ve often heard it said that there is nothin’ short about a short sale. And, if I stood around the water cooler long enough, all I would hear would be complaints about short sales. The fact is that short sales can really boost your income for 2013 and fuel your real estate career for years to come. In the last few years, my staff and I have helped agents to close over 120 million dollars in short sales.
Here are the three biggest complaints about short sales, and why they’re wrong.
Short sales do not pay enough commission. Why That’s Wrong: … (29 comments)
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short sale negotiation: Is 2013 the Year of the Short Sale?
- 01/04/13 06:26 AM
We are just four days into 2013, and I’m thinkin’ that it is gonna be another short sale year. I know that it is definitely going to be another awesome year for short sale listing agents (just as long as they get to work fast).
Here’s are 5 reasons to embrace the short sale in 2013:
Short Sale Incentive Programs There seems to be an exhaustive list of short sale incentive programs, but our all time favorite (expiring in September of 2013) is the Bank of America Short Sale Assistance Program. This program pays up to $30,000 in relocation assistance to … (4 comments)
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short sale negotiation: How Can You Determine if an Escondido Agent Is a Short Sale Specialist?
- 01/27/11 10:06 AM
People are always asking me how they can determine whether the agent who sends them an advertisement stating that they are a short sale expert really is a short sale expert. Watch this brief video to learn a few key questions that you can ask your real estate agent if you are considering listing your home as a short sale. Last year the staff at Broadpoint Properties obtained over 500 short sale approval letters. Are they experts? You be the judge.
… (9 comments)
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short sale negotiation: Melissa's Top Five List for 2010
- 12/28/10 02:14 PM
High Five and Happy New Year to You.
It’s always interesting for me. When I think I have written something really awesome, I may not get any comments. Then, I see my posts that get quite a few hits, and I’m surprised.
Here are my top five (on my personal blog—not on Active Rain) for 2010. Can you guess what they are about? Bingo! Short Sales ;-)
5. Bank of America, Equator, and the Short Sale Counter Offer This post explains some facts about the Equator process à la everyone’s favorite major lending institution.
4. Postponing a Trustee’s Sale: Is it … (11 comments)
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short sale negotiation: Loan Mod Is a No Go - What Next?
- 11/09/10 02:50 PM
I had a call today from a borrower and homeowner who is about ready to list his home as a short sale. I know that this has been a really tough decision for him. I have tried to advise him for several months as to the road to take for a successful loan modification. Unfortunately, based on circumstances beyond his control, he was unsuccessful in obtaining the loan modification. So, it seems that this homeowner is about ready to embrace the short sale transaction.
It’s hard to come to such a decision. In this case, this borrower had put down … (12 comments)
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short sale negotiation: My Superpower Is Tenacity - What's Yours?
- 11/01/10 12:48 PM
I’m on the warpath right now. Well, not actually a warpath—but don’t mess with me. One of the Junior Zavala clan is completing college applications. I had a question as to whether one of the courses would be accepted to meet an admissions requirement. The university website says yes; the high school guidance counselor says no. But, I’m a short sale negotiator. I push and push until I am one hundred percent certain that the answer that I receive is accurate. (I bet the high school guidance counselor didn’t realize that when I questioned her as to where I could … (10 comments)
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short sale negotiation: Have Short Sales Become Easier to Negotiate?
- 10/29/10 11:16 AM
People often ask me if the short sale transaction has gotten easier over the last three years. It’s a great question, and it is certainly something to ponder.
On the one hand, banks now have more than one individual working in the loss mitigation departments. Most banks have large loss mitigation departments, and many of those departments have multiple tiers of employees—each specializing in a certain aspect of the short sale negotiation process. Additionally, banks such as GMAC and Bank of America has gone as far as to invest big bucks in large automated systems in order to increase productivity.
… (10 comments)
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short sale negotiation: Investors and Short Sale Processing
- 10/12/10 02:56 PM
A few years back, I met with the head of a chain of real estate offices and he said something to me that got me thinking. He said, “I love this word escalate. With short sales, it takes on a whole new meaning.” And, he was right. It does.
I would bet dollars to donuts that half of the bank employees who currently use the word escalate to address the status of a short sale file were not using that word in 2005. The word escalate, of course, refers to taking it up a notch. In the wacky world of short … (23 comments)
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short sale negotiation: Wells Fargo Short Sale Policy
- 09/20/10 12:48 PM
Wells Fargo Short Sale Policy
I received the following email towards the middle of last week from a few different Wells Fargo negotiators who are processing short sales for me. It outlines their new policy. Please read the email, and then my comments below:
The email about the Wells Fargo Short Sale Policy:
If you are receiving this email, I currently am working on your short sale file or have worked on your file in the past few months. PLEASE READ THIS WHOLE EMAIL AND FORWARD TO ANY PARTIES WHO MAY BE WORKING ON A SHORT SALE FOR … (10 comments)
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short sale negotiation: Here’s What Is Trendy in the World of Short Sale Negotiations
- 07/20/10 04:38 PM
Our business has been very involved in negotiating short sales over the last three years or so. These past few months we have noticed some specific trends with regard to short sale negotiations. Today I wanted to write about one of those trends: the postponement of the Trustee’s Sale (or foreclosure sale).
When I began negotiating short sales during this economic downturn a few years back, it was fairly commonplace to request that the bank postpone a Trustee’s Sale or foreclosure sale in order to entertain or continue to process a short sale transaction.
Nowadays it is becoming increasingly … (29 comments)
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short sale negotiation: What's in Store for Us on April 5th? Home Affordable Foreclosure Alternatives
- 03/23/10 01:15 PM
In a recent post, I mentioned that I am more excited for April 5th, 2010 (the day that the HAFA Program begins) than I am for my birthday or any other monumental occasion. I'm not necessarily excited because I believe that Obama will be giving me any great gifts on April 5th, but I am eager to see how this program will unfold for sellers and agents participating in short sale transactions.
The California Real Estate Magazine summarizes some of the main tenets of the HAFA Program in its latest edition which hit my mailbox yesterday. Here are the main components … (9 comments)
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short sale negotiation: Are You Genetically Predisposed to Work Short Sales?
- 03/16/10 01:10 PM
You've heard the old saying, "When they made you, they broke the mold." I'm pretty certain that it refers to the unique and singular characteristics of the individual. In relation to short sales, I think that it takes a pretty unique person (a pretty specific mold) to be able to manage the short sale from start to finish.
I observed that fact about three years ago when I was working my short sales as part of a large, local corporate franchise. I was plugging away and doing my negotiation thing and working on my own transactions, and I noticed that all … (22 comments)
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short sale negotiation: Short Sales and the "Investor"
- 02/15/10 04:25 AM
When we hear the word investor in a conversation about short sales, we often think of an investor who is purchasing a short sale either to retain as in investment or to use for immediate resale and profit. However, if you are working as a short sale listing agent and you are negotiating short sales, there is another "investor" involved. That investor is the individual or company who owns the note on the property.
When a borrower purchases a home and obtains a mortgage loan, s/he receives a monthly statement from the mortgage company. Often, however, the mortgage company may be … (12 comments)
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short sale negotiation: Experiences Traveling the 'Equator': Thoughts on Bank of America's New Short Sale Platform
- 01/28/10 12:31 PM
This is a follow up to my previous post outlining Bank of America's new short sale system, Equator. In my previous post I provided a detailed description of the way to upload your short sale into the Equator system. I ended the post with a few off the cuff remarks about Bank of America's new system. Principally, I was and still am looking forward to seeing the degree to which this Internet platform will help Bank of America to handle their short sales.
In the last month my staff has uploaded a minimum of 20 new short sales into Equator. We … (7 comments)
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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. 
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