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short sale agent: FAQ 5. Do I have to miss payments before I can qualify for a short sale? - 05/26/12 06:14 PM
Do I have to miss payments before I can qualify for a short sale?Omigosh...how many times have we heard this? Not just in Alameda County CA, but everywhere else.Several years ago, when agents and negotiators were still struggling through the early onslaught of short sales, this may have been one of the first things that buyers were told to do: miss payments.This is no longer the case...and no REALTOR would or should advise their sellers to miss a payment. It’s wrong and not the best advice. The seller should consult his lawyer and/or a financial adviser instead.First of all, qualifying for … (4 comments)
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short sale agent: Most common mistakes on short sale packages that may cause delays, or worse, rejection - 02/06/12 02:26 PM
Most common mistakes on short sale packages that may cause delays, or worse, rejectionWells Fargo/Wachovia sent a letter to short sale agents about the most often seen mistakes that seem to hold up the approvals. It’s a good reminder to review the short sale package before sending it.Here are the most often found mistakes on submitted short sale packages:
Can’t read the contract and other paperwork. Be sure all pages sent are legible Page 1 of purchase contract missing APN (Assessor Parcel Number) and/or zip code or property All other pages of contract missing full property address at top including … (12 comments)
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short sale agent: Why do short sale buyers back out after waiting for months for approval? - 06/15/11 05:51 PM
So close! Why, why, why back out when we're about to get short sale approval?
In spite of all the effort expended to explain to all parties what a short sale entails and how long it may take, it is not unusual to have buyers back out after waiting for so long for the short sale approval. WHY?
What could we have done to keep the buyer's commitment to the process and interest in the property outside of the requisite frequent updates and communications, and occasional glimpse into the market reports and trends?
One buyer had gone through the 45-day period … (3 comments)
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short sale agent: Short Sale Sellers: Don't stop following up with your short sale lenders - 06/13/11 07:34 PM
"The squeaky wheel gets the grease."
After trying to do things by the book, making follow up calls bi-weekly to weekly, even going to the bank's twitter account (sadly, Chase's twitter account seems to be disabled), there's nothing like an anxious seller who can make things move a little.
I've gotten my desperate sellers to make their own follow up calls to their contacts at the Short Sale Department -- somehow, they are treated a little kinder, gentler and with a little more cooperation.
Or at least, that's my perception. Because shortly after my sellers call, there is a slight … (3 comments)
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short sale agent: Chase tells sellers to do a short sale. BPO comes in at regular price. Chase rejects short sale! - 06/11/11 05:44 AM
What to do?
Sellers tried for over a year to do a loan modification on their property but were repeatedly turned down.
They're behind their payments, and the property was scheduled for a trustee sale in April.
The last loan modification attempt elicited a recommendation from the Chase bank that the seller to put the house up for sale as a short sale.
They listed property as a short sale as instructed. Sellers will lose a lot of equity.
My buyers wrote an offer at just a tad under the list price but very close to the balance of what is still owed to … (5 comments)
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short sale agent: Let's face it: we're in for a bigger wave of short sales. Tips for buyers, sellers and agents - 03/23/10 02:10 AM
At the peak of the market, many buyers "qualified" through stated income. And many opted for adjustable rate mortgages which are now re-setting or have already re-set.
The difference between what the buyers paid monthly and what the new payment will be are going to drive many of them to refinance. But they may not qualify because the value of their properties are worth less today than what they owe. Others will apply for loan modification...and as we've already seen and heard, that's easier said than done.
So outside of foreclosure, their next move could be doing a short sale.
Even now, … (5 comments)
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short sale agent: NEW AGENT OR VETERAN AGENT? Does more years experience mean the agent is more knowledgeable? - 02/22/10 04:31 PM
When the deals get complicated and challenging, we extol the benefit of dealing with an experienced agent.
However, let's keep in mind that we were all at a point when we had absolutely NO experience and very little knowledge. But we all managed to rise about that challenge.
How did we do it, and how did we survive?
EDUCATION, PERSISTENCE AND RESOURCEFULNESS (and working like a dog!)
We chose an agency that provided and continue to provide classes and seminars We attended and continued to attend classes on various topics. Most recently, one finds an abundance of classes and seminars on distressed properties … (9 comments)
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short sale agent: Is there any reason why an agent would leave the short sale up to the seller to handle? - 09/12/09 12:29 PM
Short sale agent didn't do what a short sale listing agent should do.
My buyers finally found a property they like. I begged the agent to present our offer to the seller even after the cut-off period. Yes, we know it's a short sale. Yes, we know the drill. And GREAT, the seller liked our offer the best and accepted it. So we were prepared to wait for the short sale approval.
When I requested an update, I didn't expect what the listing agent told me:
The seller is out of town (turns out he is out of the country) and is not … (10 comments)
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short sale agent: Dear Short Sale Seller: can't you see I'm trying to help you? - 08/17/09 02:04 PM
I think we have reached a point where I CARE MORE ABOUT THE SELLER'S FINANCIAL WELL-BEING THAN SHE DOES.
Short sale should also mean short fuse.
No matter how many times we explain to people that short sale is anything but short, and that it will take time to get a response that will determine the right course of action, some people have short memories.
This seller previously listed her condo with another agent but didn't get a single offer after more than six months. I agreed to help her because although there are two loans, they are both with Bank … (7 comments)
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Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA
Oakland,
CA
More about me…
Alain Pinel
Address: 6211 La Salle Ave, Oakland, CA, 94611
Cell Phone: (510) 205-2992
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