Patty Da Silva's Blog

Are you really trying to sell your home or are you just milking the bank?

Sun, 04 Oct 2009 14:28:59 -0500

We all have seen homes that are untidy, but your eyes are not going to believe what you are about to see. I know I could not believe my eyes......

My showing was scheduled and confirmed the day prior to showing, so seller had plenty of notice.

This home is in an upscale neighborhood, and it is now listed for $500,000 as a short sale. In my market, homes listed at $500,000 are usually spotless, often staged never cluttered.

I cannot help but wonder if seller has the home listed to buy time, while living for free and taking advantage of what would have been a beautiful home (cleaned), great community and A++ Schools.

This seller, in my opinion, is not really trying to sell the home. This home would have been under contract, a long time ago, if there were no moldy clothes on the bathroom floor and needles on the kitchen counter..

It also begs the question.. where is the listing agent????

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Who does the short sale approval letter belong to?

Tue, 01 Sep 2009 18:37:25 -0500

Buyers and buyer's agents sometimes ask to see the demand/release/approval letters but I am not convinced they should be allowed to.

Approval letters belong to the sellers, they are addressed to the sellers, mailed to the sellers, and contain the very private consequences of the short sale to the seller.

On the occasion when a lender is buyer specific, like Wells or BoA, the buyer's name will appear on the letter just so they deal CANNOT close with a different buyer.. A short sale has no bearing on the buyer whatsoever.

The title/settlement company must have a copy of the demand letter, of course, that is how they know they are allowed to release the lien.. and I can see why the buyer's lender would want to see the letter as a closing condition, but the buyers and buyer's agents? I don't think so....

What are your thoughts?

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

American Home Mortgage Servicing - Nightmare

Sun, 30 Aug 2009 15:28:42 -0500

I have had 3 short sales where AHMS is the only lender and in all three transactions AHMS has been pretty awful.
The loss mitigators are rude, unresponsive, do not communicate in any way, just down right uncooperative.

I am just wondering if my experiences are isolated or if this is the way they deal in their short sales.

I would would be very thankful if you could share your experiences dealing with AHMS, good or bad, as I am trying to decide if I will continue to take listings where AHMS is the lender.

Thank you so much!

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Need lender for South Florida Condo

Tue, 04 Aug 2009 13:32:55 -0500

Hi....

Looking for a lender who can lend in Hollywood, FL and can lend on a condo WITHOUT a condo questionnaire.

Bueyr is very qualified and has the down payment.

Please email me if you think you can do this loan.

Help lots of people and have a great day!

Patty Da Silva CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS

CERTIFIED DISTRESSED PROPERTY EXPERT© and Real Estate Short Sale Specialist®

BROKER Associate REALTOR® & Licensed Mortgage Broker - Senior Financial Advisor

Email: Pattydasilva@aol.com - Fax: 888-989-2424 - http://www.twitter.com/pattydasilva

Visit http://www.pattydasilva.com for SouthEast Florida's best properties.

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

But why so many obstacles?

Sat, 25 Jul 2009 16:59:47 -0500

oday of my favorite buyer’s agent asked me the above question… “But why so many obstacles?”

For the most part, I have been very lucky with the buyer agents who I have worked with in my short sales listings. We though it out and make things happen; we work together, towards the goal: CLOSING!

But that is only a part of the success. Working with the lenders is a huge challenge - in every way… from lost documents, to banks who do not allow for emails, to loss mitigators who have not cleared out their voicemail boxes in two months, MI companies who are ruthless, 2nd mortgages who are insured,

A closed short sale is a phenomenon to be celebrated!

Living and breathing short sales 24 hours a day, 7 days a week for as long as I can remember now, I could write for hours to answer her question.

But I wanted to keep it short (for her sake) so here are 4 main points

1. Banks DO NOT CARE. The incentive of $1000 or $1500 to approve a workout is too small to make them do anything but make them laugh. It doesn’t actually speed up the process and they get bailed out regardless of what they do.

2. The Government that bails out the banks has ABSOLUTELY NO POWER OR INFLUENCE on the way the banks process short sales or mods and can’t actually make the banks do anything.

3. Bank staff is overwhelmed, undertrained and underpaid – they also DO NOT CARE. They get paid, the same, regardless of what they do. There is no “end” client and no one knows who to complaint to. The bad employees are shield from “bad reviews” unlike other businesses. The ones that do get paid a bonus, the bonus isn’t big enough to make a real difference.

4. The investors who own these loans are “penny smart and dollar stupid” and make ridiculously retarded decisions.

So, this mess is left for people like you (Yes, you, who are reading this!) to deal with and figure out the best that we can, without having any chance to change the VERY broken system.
Even though we are the ones working on the issues everyday and actually have solutions….

I would love to hear your opinion and experiences.

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

I am going on Vacation!! Nevada and Utah.. Any ideas?

Mon, 15 Jun 2009 17:54:00 -0500

I have worked 7 days a week for the past 10 months and I cannot wait to be on VACATION!

I don't think I have ever needed a vacation as much as I do now.

Working short sales have been one of the most gratifying jobs I have had in the real estate field but it has left me exhausted.

Dealing with the banks/lender/investors can make anyone lose their minds. Hold times of more than one hour (GMAC!!!!) and loss mitigators who have not checked voice mail messages or email boxed for weeks will not be on my mind for the next ten days.

My incredible hubby and I are flying to Las Vegas, spending a few nights and then renting a car. We will be driving all Utah and then to Reno and then back to Las Vegas...

I would love to hear about places we "must see" while driving through Nevada and Utah.

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

I am going on Vacation!! Nevada and Utah.. Any ideas?

Mon, 15 Jun 2009 17:52:21 -0500

I have worked 7 days a week for the past 10 months and I cannot wait to be on VACATION!

I don't think I have ever needed a vacation as much as I do now.

Working short sales have been one of the most gratifying jobs I have had in the real estate field but it has left me exhausted.

Dealing with the banks/lender/investors can make anyone lose their minds. hold times of more than one hour (GMAC!!!!) and loss mitigators who have not checked voice mail messages or email boxed for weeks will not be on my mind for the next ten days.

My incredible hubby and I are flying to Las Vegas, spending a few nights and then renting a car. We will be driving all Utah and then to Reno and then back to Las Vegas...

I would love to hear about places we "must see" while driving through Nevada and Utah.

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Florida Based Bank United.... the lastest casualty...

Fri, 22 May 2009 09:36:59 -0500

The Feds shut down Florida Based Bank United yesterday (05/21/2009).

Bank United is the 34th bank so far to to under THIS YEAR alone.. this closure is going to cost the FDIC 4.9 Billion dollars. This figure is second only to IndiMac's take over that cost FDIC over 10 Billion.

You can read more datails here: BankUnited Seized By Regulators

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Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Cash buyers, please show me the money.

Sun, 10 May 2009 11:06:22 -0500

As professionals who value our time, we should always make sure our new prospective buyers are not only willing but ABLE to purchase a home before we take the out.

When it is a financed purchase, we require their pre-approval letter or we refer them to a lender in order to get pre-approved.

Why don't we required the same "ability to buy proof" from for cash buyers before showing them first home?

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

A Buyer's Agent guide to successful short sale transactions.

Sun, 03 May 2009 20:32:14 -0500

Representing a buyer in a short sale can be down right scary! But being angry at short sales and/or not showing short sale listings is probably not the solution to surviving and being successful in this market.

As a short sale listing Broker I have compiled a lot of experience listing and negotiating short sale transactions that have made not only my sellers, but the buyer's and buyer's agent very happy.

So I thought to put all that good information for the benefit of the Realtors who sell my listings - Buyer's Agents.

Simple guide/rule to follow.

Interview the listing agent!!!!!!!

You can start the interview right on the MLS. If the listing looks like no thought was put into it, no description, no photos, no disclosures, wrong information, etc, you do not have a good sign. Short sales are detail oriented transactions and the listing is the "first impression" of the agent you would be working it.

When you contact the listing agent, via email/phone, ask a few simple questions:

Does your seller have a hardship and is he/she a candidate for a short sale? You are not, in ANY way, asking what is the hardship of the seller (no violation of agency law), but merely verifying that the agent has done his/her due diligence.

How many liens are on the property and who are they? You may want to move on if you do not get a reply to your email or a confused answer on the phone.

How long until a final judgment of foreclosure or sale date? If the agent does not know what you mean or does not know the answer, maybe you should move on. If the agent answers you (as he/she should) you will have any idea on how much time you all have to get the transaction closed.

How do you handle an offer? The answer should be a variation of this: "The seller signs one offer. That offer will then become an executed contract, and that one contract, along with a complete short sale package will be sent to the seller's lender(s)."

What happens to the listing once the seller has executed the offer? Only two good answers here. "Property status will be changed to Pending Sale or Pending Sale accepting BACK-UP offers only."*

Who prepares the package and negotiates the short sale? There are various acceptable answers to this question. Just make sure you interview the person/company who will be negotiating the transaction. It is my opinion that no one is in a better position to do the negotiation that the listing agent. The listing agent knows the borrower, the home and the neighborhood the best.

How often is the lender contacted and how often should I expect to receive an update? I contact each lender twice per week and I update the buyer's agent once per week. That has worked out very well for me, buyers know that their transaction has not been forgotten and do not feel anxious, even if the transaction takes a little longer.

Lastly,

As a listing agent, how many short sales have you successfully closed ? There is not set, correct number, but experience is the key to a smooth short sale transaction.

Of course there are no guarantees to an approval from the seller's lender but following the above guideline will assure you that you have the best chance to a quick(er) closing.

As a Buyer's agent, you also have responsibilities in, and contributes to, the success of a short sale transaction. By mastering the basic knowledge about short sales you can educate your buyers in what to expect.

Try to stay away for properties that are listed lower than their comparables. The lenders will order an appraisal or a BPO (Broker's price opinion) and if the value is off, the file will be closed or the offer will be countered. Listing a property for it true, current market value is a very important piece to the short sale puzzle.

*Depending on your particular board, the terms might be slightly different, but you get the idea. The property status should not longer be Available.

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Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Multiple Contracts submitted to lenders on short sales?!?!?!?

Thu, 30 Apr 2009 19:18:30 -0500

An agent contacted about a week ago telling me he was going to submit an offer on one of my listings. I explained to him the listing price had been approved by the investor who owns the loan and that amount was what they would approve for, not one dollar less.

Two days go by and I received another offer on this property, for a little bit more than listing price. Seller executed and off it all went to the servicer to be sent for final approval.
As it always happens, the following day I received an offer from that agent, 10% LESS than listing price (I guess he did not hear a word I said, NOR did he read the broker remarks on the listing, anyway), to which I kindly replied that the property was now in Pending Sale since the seller had executed a contract and it had been sent to the bank.

The Realtor writes to me that he could get his buyer to up the offer if needed to compete with other offer. I explained that whatever his buyer wished to do with his offer would have to include a BACK - UP addendum since seller can only be under contract with one buyer at a time.
He was shocked, said he never heard of such a thing that I am wrong and he has submitted 7 contracts to Chase and 4 contracts to Countrywide on two of his listings. What else can I say but "W- O- W!"

Sellers need Realtors who care more than ever.. This Realtor is advising his seller to get into 7 CONTRACTS FOR SALE. In my opinion, Realtors that do not know how to practice REAL ESTATE should not risk the future life of distressed sellers.

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Bank of America to take a more rational approach to short sales?

Tue, 28 Apr 2009 21:05:32 -0500

If you have ever dealt with Bank of America you know they play hardball... they either received 10% of the amount of the loan they hold in second lien position or no deal at all.
I don't have data, but I can only imagine how many homes have foreclosed because the lender in the first position did not pay the (high) 10% Bank of America demanded and Bank of America just refused to release the mortgage and note.
A Bank of America Spokesperson said that Bank of America is not taking a more "rational" approach and they will now accept 5% of the NET SALES price (much more than 10% of the loan amount in most cases) in order for the short sale to go through.*

No help at all... on the contrary.

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

5 BR, 3 Bath Mediterranean - Waterfront - Waterview

Wed, 22 Apr 2009 13:46:40 -0500

9908 Cobblestone Creek Drive Boyton Beach, FL 33437

BREATHTAKING 2-STORY LAKE FRONT HOME IN NEW GATED COMMUNITY OF COBBLESTONE. 5 BED-3 BATH HOME IS COMPLETELY UPGRADED. GOURMET KITCHEN WITH HIGH END APPLIANCES, DOUBLE OVEN, GORGEOUS ISLAND AND STUNNING GRANITE. MASTER BATH FEATURES BEAUTIFUL TILE WORK, SEPARATE VANITIES, LARGE STAND UP SHOWER AND SOAKING-JETTED TUB. OPEN - SPLIT FLOOR PLAN WITH MASTER ON GROUND FLOOR MAKES THIS HOME IRRESISTIBLE. COMMUNITY AMENITIES INCLUDES RESORT STYLE POOL & SPA, CHILDREN AQUA PARK, ACTIVITIES DIRECTOR, BILLIARDS, GYM. Offered $324,900 - Under Contract

Help lots of people and have a great day!!!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

LAKES BY THE BAY - MIAMI, FL

Wed, 01 Apr 2009 20:28:36 -0500

LAKES BY THE BAY, MIAMI, FL. ABSOLUTELY GORGEOUS TOWNHOME - CORNER 3 BED-2.5 BATH HOME FEATURES STUNNING KITCHEN - NEWER APPLIANCES, ELEGANT TILE FLOORING AND PAINT. MASTER BEDROOM IS SPACIOUS WITH LARGE "CALIFORNIA" CLOSET SYSTEM. BEAUTIFUL MASTER BATH MADE FOR RELAXATION. PRIME LOCATION ON THE LAKE WITH AMAZING LAKE VIEWS. MAINTENANCE INCLUDED GUARD GATE, LAWN AND CABLE. Offered $149,900 - Now Under contract - in 22 days.

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Countrywide, have you learned or is this a fluke?

Wed, 01 Apr 2009 19:23:19 -0500

For those of us who work with short sales we know Countrywide is synonyms for incompetence but I could not be happier as I type this message. Countrywide approved my latest short sale is less than 40 days! That might sound like a lot of time, for normal banks, but Contrywide (definitely NOT normal) does everything differently.

The now 4 negotiators that now work on every file, are likely not to be in the same state so the file moves around from Texas, to Nevada and California. You can imagine what that does to a file!! Too many hands touch it, documents are often lost and communication can be a challenge.

I don't know if I got lucky, was persistent and consistent on my follow up, if my short sale package was really good or all of those things but I am sure happy to have secured an approval so fast.

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

HUD - They would rather foreclose!!!!!

Fri, 13 Mar 2009 13:31:16 -0500

Just got my first short sale denial letter and from nowhere other than HUD! The lack of common sense is so unbelivable!!!!!
Client lived in the home for many years before job relocation left him with no choice but to move. At the time he tried it all, first to sell, then refinance (a few times) to no success so he had to put the home for rent.

Things got more complicated by the birth of his second child at the same time the tenant left the rental.
Being a responsible person he contacted his mortgage company (Wells Fargo) who told him both over the phone and in writing that he should pursue a short sale.

So he contacted my, we listed, secured a well qualified buyer (all cash offer for property's current market value) and package goes to the lender.

I have followed up every week on how the process is going with no news until yesterday when the client called me saying he received a letter from Wells Fargo stating the investor denied the short sale.
So today I get on the phone first with Wells Fargo who told me the reason the short sale was denied is because the home was "rented too long" and then transferred me to HUD.

HUD tells me that there is absolutely no exceptions and the seller has to do a deed -in - lieu or just let the home foreclose. The guidelines do not allow for any rentals, which he followed by saying the maximum amount a time a home can be rented is 18 months, (you read it right, rentals are NOT allowed but they are allowed for 18 months). To which I said "that doesn't even make any sense?!?!?!?!?!?" I told the HUD employee that it the most absurd thing I have EVER heard! The Federal Government is intentionally putting a home into foreclosure, destroying the seller's life and doing it with no care at all.
The client is talking to HUD.. Client is baffled! He told me "Patty, I did everything right and now I am being punished for being honest!".

I thought the government wanted to help.... it sure does not seem like that to me.

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Gorgeous Coral Springs 4 bed 2.5 bath home in prestigious Summer Wind.

Wed, 25 Feb 2009 18:33:59 -0600

NOT A SHORT SALE-NOT A FORECLOSURE! JUST AN INCREDIBLE HOME FOR AN AMAZING PRICE. GORGEOUS SUMMERWIND 4 BEDROOM 2.5 BATH HOME FEATURES MAGNIFICENT VOLUME CEILINGS-STUNNING WINDOWS THAT BRING IN BEAUTIFUL NATURAL LIGHT -SPACIOUS MASTER BEDROOM WITH ENORMOUS WALK-IN CLOSET - MASTER BATH HAS JETTED TUB, STAND UP SHOWER AND DUAL SINKS. 4TH BEDROOM HAS A LARGE TERRACE. HOME IS LOCATED ON A QUIET STREET, ON A LARGER LOT WITH A FULLY SCREENED PATIO READY FOR YOUR BBQ. A+++ SCHOOL DISTRICT. SUMMERWIND HOMES RARELY COME ON THE MARKET! Being offered at $274,900 - SOLD

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Gorgeous 3 bed - 2bath Contemporary (with Garage)

Sun, 15 Feb 2009 14:48:04 -0600

BEAUTIFUL 3 BED - 2BATH (ONE CAR GARAGE)HOME WITH LOTS OF UPGRADES. AMAZING BAY WINDOW IN LARGE LIVING ROOM. FAMILY AND DINNING ROOMS ARE SPACIOUS AND HAVE STYLISH FIXTURES. NEW KITCHEN HAS UPGRADED CABINETS AND APPLIANCES. LARGE MASTER BATH LEADS TO BACK YARD. MASTER BATH HAS HUGE VANITY WITH DOUBLE SINKS. LOTS OF WINDOWS BRING IN BEAUTIFUL NATURAL LIGHT. LAUNDRY ROOM WITH FULL SIZE WASHER AND DRYER. HOME IS FENCED IN AND IT IS MINUTES HIGHWAYS AND DESIRABLE RESTAURANTS AND SHOPS ON HOLLYWOOD CIRCLE.

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS
BROKER - Owner REALTOR® - Green Realty Properties

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Foreclosure crisis and the $50 billion

Sun, 15 Feb 2009 09:19:11 -0600

No doubt the passing of the stimulus bill is good news for the suffering economy.

But living in South East Floria and seeing every single day the number of people on their way to or already in foreclosure, $50 billion just seems like a tiny amount to remedy the single biggest reason why the economy has not stabilized.

I want to be hopeful, but the numbers just do not add up. Your thoughts?

Help lots of people and have a great day!!!

Real Estate Short Sale Specialist®

At Home with Diversity®

Licensed REALTOR® & Mortgage Broker - Senior Financial Advisor

Visit http://www.pattydasilva.com for SouthEast Florida's best available properties.

Ph: 305-244-0609

Help lots of people and have a great day!

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Fantastic unit on Brickell Key - eye level ocean view.

Fri, 30 Jan 2009 08:33:53 -0600

Isola Condo

Experience The Luxury And Prestige Of Brickell Key In This Stunning 1/1 Condo W/Spectacular, Eye Level Ocean View. Condo Features Stainless Steal Appliances And Gorgeous Black Granite In Both Kitchen And Bath. Enjoy And Relax To The Amazing Sunsets From Your Balcony. Incredible Amenities Include Pool, Spa, Fitness Center, Jogging Track &Amp; Much More. Perfect Location Minutes To Brickell Financial District, Bayfront Park, South Beach And Downtown Miami And Miami International Airport!!! 735 square feet - Offered $149,900 - SOLD.

Help lots of people and have a great day!!!

CERTIFIED DISTRESSED PROPERTY EXPERT© Real Estate Short Sale Specialist® At Home with Diversity® Licensed REALTOR® & Mortgage Broker - Senior Financial Advisor

Visit http://www.pattydasilva.com for SouthEast Florida's best available properties.

Ph: 305-244-0609

United Realty Group

Help lots of people and have a great day!

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Are your clients signing unsecured notes in order for their short sales to close?

Mon, 26 Jan 2009 21:18:13 -0600

As the number of short sale listings rise rapidly, the second mortgage holders are getting more and more brutal everyday.

The seconds are requiring 10% of the loan amount at closing and asking for a lump sum or an unsecured note for the difference (between the 10% they get a closing and the full loan amount) with monthly payments in order to release the secured note on the home and the sale to go through.

If the seller had either, they would be able to make their mortgage payments, not to mention that if thousands of dollars were laying around, the approval of the short short sale would be in jeopardy. A hardship that causes financial distress combined with lack of liquid asset and negative cash flow are major ingredients in a lender's consideration for a short sale.

I am not saying the someone has be completely broke but if there is a good amount of money on the distressed homeowners possession, the first mortgage holder is likely to ask for some, or all, amount in order to agree to release the mortgage and the note.

I have been able to negotiate notes with balance of, $97,000 to $30,000 with interest rates are low as 4% but lately I have not been able to get the seconds to just completely waive their "unsecured note" requirement.

How are your clients reacting to the requirement to sign a note? Would you care to share your experiences, frustrations and success stories?

Help lots of people and have a great day!

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Short sale with National City Home Mortgage as second lien holder.

Fri, 23 Jan 2009 11:25:51 -0600

Hi everyone,

Just thought I would share my experience so no one else would be as surprised as I was today.
I have been working on a listing where the second is National City Home Mortgage. I got an approval last year but the offer fell through because the BPO for the first came is about $15,000 higher than the same exact home for sale next door (an REO) the buyer bought that home. It has taken me months to secure another buyer which I just did in the beginning on this month then.... package resent to first, to 2nd and then starts the follow up. The day before yesterday I receive a call from a new negotiator from NCHM telling me the previous one is no longer there and I could resend all the information to him because all has been misplaced.

" NO PROBLEM! You already have it" I sent it while on the phone with him...

Today I receive this email:

"I cannot submit this offer...Only a $1000 is going to this loan and our,investor requires a 10% minimum of their outstanding balance."

I THINK???? WHAT???????????

So I replied:
Good morning Mr. Negotiator,
Thank you for your email! You have noticed the sales price of course, which is not very much but all that the property can be sold in this wild current market. The seller is in severe distress but at no point did she give up to try to sell the home and avoid foreclosure for everyone involved. The foreclosure notice was served in November of last year and Mrs. Seller has done all is her power and gone out of her,way, even living over 2,700 miles away from the property, to answer and reply to the complaint and court papers. When a final foreclosure judgment is giving, the investor will receive nothing and this is exactly what we have worked,tirelessly to avoid for the past 8 months. I will try my absolute best to increase your payment but 10% on a sales price this small this is an enormous challenge, to put it lightly. Is this a new rule? I have been dealing with National City on this loan since the summer of 2008 and this is the first time I hear about this minimum.

To which he replies: "Sorry. It is actually a new rule. We are not permitted to submit $1000 offers to investors."

I hope this heads up helps someone else.

Help lots of people and have a great day!

Visit www.pattydasilva.com for SouthEast Florida's best properties.

Virtual Real Estate Assistants...Opition Worth Exploring?

Wed, 21 Jan 2009 21:35:27 -0600

I could use some help... actually I need some help.. and fast. I do not want to lose the quality of work I do and I am afraid of falling behind . With no time (or the desire) to train another assistant , a Virtual Assistant sounds like a good solution.

I do not have any experience with virtual assistants nor does any Realtor I

personally know so I thought.. "What better place to receive good quality

feedback than activerain?"

Help lots of people and have a great day!

Visit www.pattydasilva.com for SouthEast Florida's best properties.

How do you keep your marriage/relationship together?

Mon, 12 Jan 2009 11:35:53 -0600

I am getting married to a wonderful man at the end of this month and I could not be happier.

But being a full time REALTOR® has its challenges, our schedules are so crazy, it changes so often and all plans can be changed with a new client's phone call.

I cannot help but wonder how much does our unpredictable life affect our personal relationships. I see a lot of REALTOR® couples and I see how that can be a good fit but I know most of us are in a relationship with sane, normal people.

Does it take another Realtor to really understand how our business works?

Help lots of people and have a great day!

Visit www.pattydasilva.com for SouthEast Florida's best properties.

How my business has thrived in the 7th most distressed market in the country- Fort Lauderdale, Florida

Thu, 08 Jan 2009 22:09:13 -0600

I am writing in response to the numerous inquires I receive from fellow Realtors who have seen my business grow in a declining market, asking for me to share my experience in being a Certified Distressed Property Expert and how also asking me how to become certified .

Some Realtors who have contacted do not have any short sale experience and want to get started in this wide open field, filled with business opportunities and the incredible opportunity to help families in distress. Some are already doing short sales and have some experience, which was my my situation before taking the course.,In either case, it is my opinion that as a Realtor you must take the CDPE designation in order to not only survive, but to be successful in the current market. My listing inventory grew by 200% in five months and I am currently representing buyers in 4 distressed purchases.

Alex, the course instructor is absolutely fantastic. I took many short sale courses before I took the CDPE course and he is by far, hands down the best, the course is incredible and the material you take home is vital.
At the completion of the course you will have the knowledge necessary to market for and get short sale listings but most importantly, obtain approvals - QUICKLY! In addition, you will have a monthly conference phone call with Alex. He is such an asset to have in this wild market I feel I should pay him to be on the call.

CDPEs listings also sell faster since Buyer Agents will feel comfortable showing your listings knowing you have the training necessary to get the deal done. I often receive positive feedback from Realtors would not ordinarily show short sale listing but who who tell me that " I will show your listing since I know it will not be a waste of time."

I am confident that CDPE Realtors will receive referrals from CDPEs like myself. I refer short sale listings to other CDPEs because I know exactly how they work, the system they use, and I can, without talking to the Realtor, always be available to my clients if they have any questions. I know other CDPEs feel the same because I receive referrals from CDPEs from all over the country, I am listing 4 homes this week from referrals I have received from Realtors across the country.

You can find out for more info and how to become certified here:

http://www.cdpe.com

Best of luck to you and keep me posted!

Help lots of people and have a great day!!!

Patty Da Silva, CDPE©, RESS®, AHWD®
CERTIFIED DISTRESSED PROPERTY EXPERT©

Licensed REALTOR® & Mortgage Broker - Senior Financial Advisor
Serving SouthEast Florida

305-244-0609

http://www.pattydasilva.com

Help lots of people and have a great day!

Visit www.pattydasilva.com for SouthEast Florida's best properties.