Billy's Blog

How to Succeed with Minimum Effort

Billy J. Carroll, Jr. BSBA (Bullard Homes, Inc.) — Fri, 16 Jan 2009 09:37:08 -0600

It is my "Guesstimation" that 80 percent of real estate professionals are affiliation-oriented. They join organizations, specifically a real estate organization, and expect the affliations to obtain rewards for them. Their happiness, money, fringe benefits, and parties are all gotten for them in exchange for the dues they pay. Their attitude seems to be, "Let others get my rewards for me."

They even expect the real estate organizations to write newspaper releases and television commercials about the good deeds being done by the real estate professionals and their firms. "Let others bring me respect!"

It is my "Guesstimation" that 20 percent of the real estate professionals are achievement-oriented. Real estate professionals who are achievement-oriented do more than belong to an organization. They may attend workshops or conferences or serve on a local committee. They derive their satisfaction from earning their own rewards in life.

Because the 80 percent of the real estate professionals who are affiliation-oriented so willingly step aside, it is fairly easy for the 20 percent who are achievement-oriented to excel without too much effort.

Real estate professionals who are successful are self-driven people who put in effort and have an achievement-oriented attitude.

The Short Sale

Billy J. Carroll, Jr. BSBA (Bullard Homes, Inc.) — Wed, 31 Dec 2008 14:14:16 -0600

Short Sales

The biggest problem withshort sale negotiations has little to do with the buyer's agent and everything to do with the listing agent. If the listing agent is incompetent and misleads on pricing the home, coupled with weak short-sale negotiation skills, nothing short of a miracle is going to help.

Short sales involve asking the existing lender(s) to accept less on a sales price than the mortgage amount. They work primarily because the home is upside-down in value -- meaning more is owed against the home than the home is worth on today's market.

Be aware that the seller does not need to be in default for a short sale to occur; however, the credit ramifications can be exactly the same for a short sale as a foreclosure.

Negotiation Problems

Many lenders do not return phone calls. Banks will call the listing agent when it's convenient for the bank to call and when they have something to say, providing they haven't already lost the file or laid-off the previous negotiator.

If your file is incomplete, it's entirely possible your request for a short sale will fall to the bottom of the pile.

You will start with the loss mitigation department and talk to a different person each time you call.
If foreclosure is looming, ask for the file to be escalated to a negotiator immediately, but expect that request to fall on deaf ears.
The seller must be facing a hardship. If you can't substantiate the hardship, chances are your short sale will be not be approved.
Send comparable sales that support the offering price because if the bank thinks it can get more money through foreclosure proceedings, it won't entertain offers at list price.

Short Sale Negotiator

Don't be astonished if you end up dealing with more than one negotiator. I don't know if negotiators quit mid-stream because they can't handle the pressure or if the bank reassigns them to another position because it's short-handed.

Much like a projectionist at the movie theater being forced to sell popcorn in the lobby, your negotiator could be out in the bank's parking lot directing traffic the next time you call.

Get the name, phone number (and, if possible, email) of the negotiator.

Withhold your disappointment if that negotiator is no longer available when you call. Get the data on the next person.
Find out the bank's objectives. Ask pointed questions such as "Is this offer feasible?" "Does your bank ever do short sales?"
Don't take no for an answer. Ask for a supervisor. Be persistent.
Be prepared to state your case in strong terms that the bank will understand.

Be Relentless

The bank will be relentless, so you better be prepared to fight with the same set of tools. Be polite, but be firm and don't back down. Most likely, the bank will want to negotiate the real estate commission as well, plus there are cases where the bank decided at closing to renege on the promise to pay a commission.

Be aware that the bank isn't forced to agree to anything.
Ask for every agreement to be in writing, but don't be surprised when you don't get it.
Make notations and keep a record of every conversation, with whom, and the date and time. You may need it in court.
Ask the bank for a timeline and when it might be a good time to call back. Then call again a few days early.
When you repeatedly receive voice mail, leave a message and call again just before lunch, right after lunch, just before the day ends and again in the morning before the day begins.

I'd love to see the day when banks get their acts together to deal with short sales on a practical level, but until that day comes -- like when pigs fly -- don't let the day-to-day irritations annoy you and keep on making those calls. Many short sales do eventually close.

Visit me online at www.billycarroll.net!

Get Pre-Approved for a home loan fast at www.billyjcarroll.net!

Choose Billy Carroll to Sell Your Home!

Billy J. Carroll, Jr. BSBA (Bullard Homes, Inc.) — Fri, 01 Feb 2008 15:38:32 -0600

If you or someone you know is thinking about selling, I really believe I can help you. If I didn't think that I could help you, than I wouldn't ask you to hire me! If you are thinking about selling and are hesitant to pick up the phone and give me a call, it's usually because of price. You might feel that I charge too much or you may feel that you will not get enough money in your pocket to make your move more comfortable.

What if I told you that you would probably lose a sale or maybe lose thousands of dollars, would you hire me then? I am certain that you are probably advertisng your home in the paper, passing out flyers at work, and maybe even posting some ads on the internet. By sellling on your own, you might eventually succeed. But it may take forever... Suppose I said that I could save you some time and you knew it was better to hire me than to do it on your own, would you hire me then?

Down here on the Gulf Coast. We do a lot of fishing. Fishing just happens to be one of my hobbies. 95% of the people that fish use a fishing pole when they go fishing, but when I want to catch some fish I use a cast net. You see, I have houses to sell and a fishing pole will not allow me to catch the most fish in the least amount of time. So when I want some fish - I grab my cast net and go catch some "Biloxi Bacon." The other 95% of the people down here can spend all day if they want catching 10-15 fish, but not me. I can catch 10-15 "Biloxi Bacon" in about 5 minutes and than go "Sell Your House."

By putting a few ads in the paper, creating some fliers, you're basically using a fishing pole to catch some fish. It might take a while. How much time do you have? When do you need to make your move? Hiring me will be just like using a giant cast net to catch a lot of fish in the least amount of time. We don't need many buyers - just one good buyer. By using the Multiple Listing Service, Yard Signs, Referrals, Open Houses, and Trade Magazine - we can get the most potential buyers through your front door in the least amount of time.

So what is it going to be: The Fishing Pole or The Giant Cast Net? By using a giant cast net we create more potential buyers thus increasing the odds of selling your house. Call me today at 228-348-0306 and we can get started right away!

Visit me online at www.billycarroll.net!

Get Pre-Approved for a home loan fast at www.billyjcarroll.net!

Beware of the Bogus Emails!

Billy J. Carroll, Jr. BSBA (Bullard Homes, Inc.) — Wed, 16 Jan 2008 14:49:23 -0600

I was excited! A new lead! Wow! An email from a potential client that found my contact information through ActiveRain. The email read:

"Greetings. My name is Mrs. Jane Doe. I represent the ABC Construction Company in Pensacola, Florida. My employer has expressed an interest in locating and purchasing homes/businesses damaged by fire/hurricanes along the MS Gulf Coast. Will you please send me any information concerning this subject? Thank you for your most valuable time regarding this matter."

Sincerely,

Mrs. Doe
Office Manager
ABC Construction Company

After spending some time with these "Bogus Emails," I noticed a similarity, "None of them left a phone number!" So I began to investigate... First, I couldn't locate ABC Construction Company in Pensacola, Florida or even Florida for that matter. After researching the IP Address of the sender of these "Bogus Emails," I found out that Mrs. Doe doesn't live in Florida like she stated in her email address. Mrs. Doe lives in Biloxi, MS. Why would a person lie about her residence and not provide a contact number, I thought... I also didn't want to upset a potential client. So I sent the following email:

"Thank you for giving me the opportunity to assist you! As a Mississippi Licensed Loan Originator and a REALTOR®, I am the "Sole Source" for all of your real estate needs! I am licensed to assist you with the financial end of the transaction as well as the purchase of real estate. I understand that ABC Construction Company is interested in purchasing homes/businesses damaged by fire/hurricanes along the MS Gulf Coast - as a resident of Mississippi for 34 years and 13 years of sales experience, you made the right choice by contacting me first!

In the event that I do locate properties that fit your criteria; What is your phone number? So I can learn more about the types of properties your company restores, what is your business website address? Finally, I would like to add you to my mailing list to keep you updated as soon as properties become available. What is your business address?"

Needless to say, I haven't had a single response from none of these "Boguse Emails." Bottom line, if you get a "Lead" via email that does not include a phone number, Do some investigation before you start doing someone else's work for them. Okay, I feel better now...

Are you or someone you know ready to buy or sell a home in Biloxi, Mississippi? If so, visit me online at www.billycarroll.net

The Grass is Greener Across the Street!

Billy J. Carroll, Jr. BSBA (Bullard Homes, Inc.) — Fri, 30 Nov 2007 10:34:55 -0600

One of the biggest decisions that you have to make when you are looking for prospects is, "Where do I market?" Most of us will think about the nice subdivision where all the wealthy people live, the new subdivision being developed, or the nice quiet subdivision on the outskirts of the city. One area that we hardly ever think about is right across the street from our house! I have 3 Real Estate Agents that live in my subdivision. Do you know how many times they've stopped by and introduced themselves? - 0 - Do you know how many postcards I've received from them in the mail to make me aware that I have a Real Estate Professional in my subdivison? - 0 - I can't count how many times I've received postcards and door hangers from the agents on the other side of town...

Marketing to neighborhoods in your area is a huge sales advantage. For example, if a prospect wanted to list their home, they would feel most comfortable listing it with someone they know - you - their neighbor... If a prospect calls to look at a house you can "stop everything else on a dime" and meet with a prospect in minutes while the other agent has to drive across town or they will try to force that prospect to make an appointment. If a prospect inquires about the average prices of homes, the school district, or the police department in your area you have the most knowledge and it came first-hand...

Sellers want Real Estate Agents that are readily available and have a dynamic knowledge of the neighborhood. Why do you want to focus on L.A. when you've lived Stockton most of your life. Why do you want to spend money on gas driving for prospects an hour outside of town when there are hundreds of prospects 1 minute away from your home? Why do you want to mail out postcards to the prospects in the new subdivision when you don't know one thing about the neighborhood? As human beings we are most comfortable in our own environment. We feel comfortable talking to people and about things we have a good knowledge about. Focus on areas that you have a good knowledge about and make that your "Area, Subdivision, or Neighborhood of Specialization." The next time you plan to market for prospects stick to what you know, prospect in your area of specialization, and make sure you look across the street!

Huge Lender List - Check it Out!

Billy J. Carroll, Jr. BSBA (Bullard Homes, Inc.) — Mon, 19 Nov 2007 12:42:49 -0600

In addition to being a REALTOR, I am also a Loan Originator. Being new to AR, I wanted to post some information that would benefit my fellow LO's in the AR community. Alot of lenders have closed recently and others have changed guidelines, so I put together a list to give you more options for your clients.

1st. National Bank of Arizona 1-888-419-5574 www.fnbavenue.com

21st. Century Mortgage 1-800-955-0021 www.21stmortgage.com

Accubanc Mortgage Corporation 1-800-523-8654 www.nationalcitymortgage.com

Advantage Capital/Hard Money (Lee Greer) 1-805-256-6042 www.adcapequity.com

Agricultural Mortgage Company 1-877-548-2622 www.cgb-afs.com

American Sterling Bank (Charles Edington), 702-991-2209, www.americansterlingbank.com

American Mortgage Network 1-888-373-3974 www.amnetmortgage.com

Amresco Commercial Finance 1-208-333-2000 www.amresco.com

Approved Financial Corporation/Hard equity for FL only (Jamie Steinberg) 1-954-349-7385
www.approvedfinancial.com

Aurora Loan Services 1-800-221-1815 www.alservices.com

Aurora Mortgage LLC (Luis Belevan) 1-703-867-0397 www.wholesale.auroramtg.com

BB&T Alternative Mortgage Lending/Sub-prime (Kelly Smith) 1-888-761-8333 www.bbandt.com

BankUnited FSB/A Paper & Portfolio (Barbara Brinck) 1-262-893-0464
www.bankunited.com/wholesalelending.asp

BayRock Mortgage Corp. 1-678-802-5500 www.bayrock.com/brokers.asp

Chase Wholesale Lending 1-800-898-5458
www.chaseb2b.com/content/portal/body/wholesale.lp.WholesaleLandingPage.do

Chevy Chase Bank (Justin K. Good) 1-866-639-9699 www.chevychasewholesale.com

Chevy Chase Bank (Lorie L. Larsen) 1-866-639-9695 www.chevychasewholesale.com

CitiMortgage, Inc. 1-800-753-7007 www.citibank.com/citimortgage/wholesale

Coastal Funding Group 1-336-545-5565 www.coastalfunding.biz

Community First Bank Loan Services/Conforming/ALT-A/Subprime/Stand Alone 2nds/125%s/
412-292-8511 (George Babish), www.cfbloanservices.com

Countrywide Bank - Prime & Subprime (Neil Surgenor) 1-631-275-2425 www.cwbc.com or neil_surgenor@countrywide.com

Creative Mortgage Lending/Subprime (Kevin Lamb) 1-904-226-1049 www.cmldirect.com

Delta Funding Corporation 1-800-225-5335 www.clickandclose.com/broker/index.html

Dollar Mortgage Corporation 1-800-362-4224 www.dmccapital.com

Downey Savings & Loan (Bob Curry) 1-949-854-3100 www.downeywholesale.com

Eagle Funding 1-800-863-3863 www.eaglefunding.com

Eastern Savings Bank 1-800-787-2265 www.easternsavingsbank.com

Emerald Bay Credit Corporation/Alt-C - Hard Money (Nick Owens) 1-818-644-0435 www.emeraldbaycredit.com

Encore Credit Corporation/Subprime (Erin MacIsaac) 1-209-601-1167 www.bear.com

Equifirst 1-704-679-4400 www.equifirst.com

Equity Funding Group 1-703-365-7800 www.efgsubmit.com

Everbank Wholesale/A & Alt-a (Kim Klinge) 1-714-393-8523 www.everbankwholesale.com

Fairfield Financial Mortgage Group/A, FHA, VA, Alt A (Rick McInturff) 1-240-506-4611
www.ffmgi.com

Fidelity Home Mortgage 1-866-755-9331 www.fidelityhome.com

Fifth Third Bank 1-800-972-3030 www.53.com/wholesalemortgage

First Banc Home Mortgage 1-800-295-5363 www.firstbanchomemortgage.com

First Fidelity Financial/A, Alt-A (Kim Wendt) 1-949-933-3601 www.fffbrokers.com

First Franklin 1-800-475-1422 www.first-franklin.com

First Guaranty Mortgage Corp. 1-888-509-2224 www.fgmcnj.com

First Mutual Bank 1-888-568-4600 www.firstmutual.com/WholesaleResidential/Login.aspx

First NLC Financial Services 1-800-950-3314 www.firstnlc.com

Flagstar Bank 1-800-945-7700 www.wholesale.flagstar.com

Franklin American Mortgage Corp. 1-800-295-1020 www.franklinamerican.com

Gateway Funding 1-800-355-5626 www.gateway-funding.com

GMAC Bank Wholesale 1-877-700-4622 www.gmacwholesale.com

GN Mortgage Corporation 1-909-980-0885 www.gnmortgage.com

Gordon Lending (Jim Johansen) 1-517-889-1179 www.SubprimeWholesaleLender.com

Griffin Financial, LLC./Reverse Mortgages (Raymond Denton) 1-800-516-0089
www.superjumboreversemortgage.com

Hard Money Direct 1-800-929-3465 www.hardmoneydirect.com

HighTechLending (Kimberly Alameda) 1-949-468-2617 www.hightechlending.com

Home Banc Mortgage 1-877-213-0053 www.homebancmtg.com

Home Capital Funding/A & Alt-a (Jon Blair) 1-303-253-1311 www.hcfdirect.com

Homecomings Financial Network 1-800-242-1011 www.hfwholesale.com

HSBC Mortgage Company 1-716-841-2424 www.hsbc.com

Impac Lending Group 1-800-597-4101 www.impaccompanies.com

IndyMac Bank 1-800-669-2300 www.indymacbank.com

IEMC - Integrated Equity Management Co. (Cindre Scott) 1-805-494-1770 www.iemcloans.com or submissions@iemcloans.com

Interbay Funding 1-800-457-5105 www.interbayfunding.com

InterFirst 1-800-542-9512 www.interfirst.com

Ires Funding / A to Sub Prime (Russ Sollows) 1-714-375-4737 ext 253 www.iresfunding.com

Irwin Home Equity 1-800-839-6600 www.ihe.com

JMAC Lending / A & Alt-A (Daron Chelette) 1-619-368-9545 www.jmaclending.com

Lendmark Financial Services 1-229-247-4855 www.lendmarkfinancial.com

LendSource, INC./Subprime (Dan Seagren) 1-414-617-3446 www.lendsource.com

Lexington Lending (Steve Jensen) 1-714-955-5550 www.LexingtonLending.com

Luxury Mortgage 1-203-327-6000 www.luxurymortgage.com

Luxmac Covino & Company/Luxury Home Financing 1-800-762-2274 www.luxmac.com

Lydian Mortgage 1-866-467-2265 www.virtualbankmortgage.com

M & I Home Lending Solutions 1-800-827-2654 www.amerushe.com

M & T Mortgage 1-800-378-7212 www.constructionbroker.com

MAXAR/ Subprime and Hard Money (Adam Cunningham) 1-310-200-5361 www.gomaxar.com

Mega Capital Funding 1-866-826-7777 www.megawholesale.net

Mercury Capital Corporation/Hard Money 1-212-661-8700 www.mercurycap.com

Metro Funding Corp./Hard Money (Joe Adler) 1-201-262-6360 www.metrofundingcorp.com

Mission 1 Funding Financial Services./Alt-a (Greg Zacharias) 1-562-396-6530 ext. 103 www.m1ffs.com

Mission Oaks National Bank/Commercial (Ryan Pombrio) 1-760-639-1400
www.missionoaksfunding.com

MIT Lending 1-888-546-8448 www.mitlending.com

MortgageIT 1-800-416-0614 www.db-homelending.com

Mortgage Plus Funding, Inc./Subprime (Victor Stambuk) 1-702-353-8646 www.RealSubprime.com

Mortgage Solutions Management/Hard Money (Christina) 1-702-265-0517 www.msmlender.com

National Bankers Group Inc. 1-323-850-2200 www.nbgi.com

Nationstar Mortgage 1-800-306-9027 www.nationstarmtg.com

New Line Mortgage 1-800-979-4494 www.nlmtg.com

Northern Pacific Mortgage (Crista Swenson) 1-925-348-5769 www.norpacloans.com (CA, NV, and AZ ONLY)

Ocean Pacific Capital/Commercial Monies, Equity Partners, Secondary, Mezzanine Financing
1-949-263-9000 www.oceanpacificcapital.com

Oceans Funding Company 1-727-441-2400 www.oceansfunding.com

Option One Mortgage 1-800-704-0800 www.oomc.com

Originate Home Loans 1-630-366-7230 www.Originate-Today.com

Pacific Community Mortgage, Inc. 1-877-567-5436 www.gopcm.com

Pacific Residential (Jeremy Ryan) 1-888-999-4080 www.pacresfunds.com

Platinum Capital Group (Jesse Marin) 1-949-477-3374 www.platinumb2b.com

Placer Funding/Commercial (Tony) 1-916-630-5401 www.mrlend.com

Preferred Financial Group Inc (Linda Bejanian) 1-818-825-7367 www.wloconnect.com

Primary Capital Mortgage/A & Alt A (Austin Willis) 1-678-298-0219 www.pcmexpress.com

Prominent Mortgage/ Commercial Lending (Kim Wendt) 1-949-933-3601
www.prominentmortgage.com

Princor Financial Services 1-800-986-3343 www.princor.com

Provident Funding Corp. 1-800-696-8199 www.providentfunding.com

Saxon Mortgage Corporation 1-949-595-4274 www.saxononline.com

Senderra Funding (Josh High)1-704-831-3630 www.senderra.com

Sierra Pacific Mortgage 1-800-447-3386 www.sierrapacificmortgage.com

St. Cloud Mortgage/Farmers, Ranches, Rural Business, Industry 1-949-366-1777
www.farmerloan.com

Sun American Mortgage Wholesale 1-800-537-0616 www.epricer.biz

Suntrust Mortgage 1-800-786-8787 www.suntrustmortgage.com

Sutton Bank Mortgage 1-800-446-4114 www.suttonmortgage.com

Taylor, Bean & Whitaker 1-800-728-1129 www.taylorbean.com

TransLand Financial 1-800-288-5626 www.transland.com

Tri-Star Lending Group (Danny Currie) 1-877-676-4605 Ext. 6138
www.tristarlendinggroup.com

Tri-Star Lending Group (Chris Peters) 1-800-906-8004 x5832 www.tristarlendinggroup.com

United Midwest Savings Bank/Rehab Loans 1-800-626-2913 www.umwsb.com

United Wholesale Mortgage 1-800-981-8898 www.unitedwholesalemortgage.com

US Bank 1-800-365-7772 www.usbank.com

US Capital Funding 1-888-484-4004 www.uscf.com

US Mortgage Finance Corp. 1-800-287-8713 www.usmfc.com

Valuation Mortgage Capital-Hard Money-Melisa 954-793-4782 www.valuationmortgage.com

Wachovia Mortgage Corp. (J. Robert Dwyer) 1-952-814-2798 www.wachovia.com/insite

Wachovia (Layne Jones) 1-713-203-1705 www.wachovia.com/insite

Wachovia/World Savings (Melissa Edelen) 1-801-553-7776, www.worldmortgage.com and www.wachovia.com\insite

Washington Mutual 1-866-926-8937 www.wamuhomeloans.com

Washington Savings Bank 1-888-843-7250 www.twsb.com

Wells Fargo Home Mortgage (Kasia Zelichowski) 1-510-853-4818 www.wellsfargo.com

Wilmington Finance (Jeffrey Hyten) 1-770-325-6441 www.wfbroker.com

WMC Mortgage 1-800-542-6508 www.wmcdirect.com

World Savings (J. Robert Dwyer) 1-952-814-2798 www.worldmortgage.com

World Savings / Wachovia (Jay Grosflam) 1-310-498-2332 www.worldmortgage.com

World Savings / Wachovia (Layne Jones) 1-713-203-1705 www.worldmortgage.com

Yale Mortgage Corporation/Hard Equity 1-800-327-9937 www.yalemortgage.com

Just wanted to let you guys know that I do not support and have not used all of these lenders. This is just for your information.

NAMB Calls Passage of H.R. 3915 a Victory for Consumers and Small Business

Billy J. Carroll, Jr. BSBA (Bullard Homes, Inc.) — Sun, 18 Nov 2007 22:32:49 -0600

McLean, Va. - November 15, 2007 - The National Association of Mortgage Brokers (NAMB) today applauded the House of Representatives for passing H.R. 3915, the "Mortgage Reform and Anti-Predatory Lending Act of 2007 and lauded the preservation of mortgage originator compensation through the Yield Spread Premium as a victory for borrowers and small businesses.

"The yield spread premium is a legal payment paid by a lender to a mortgage broker and it is an integral tool used by mortgage brokers to offer borrowers flexibility in the amount of cash they will need in order to close on a home loan," said NAMB President George Hanzimanolis. "We thank House Financial Services Committee Chairman Barney Frank (D-MA) and Representative Gary Miller (R-CA) for working in earnest to ensure that mortgage brokers can remain competitive in the mortgage marketplace."

Hanzimanolis also thanked Rep. Barney Frank and Rep. Gary Miller for their assistance in ensuring that consumers will continue to be able to have the option of obtaining zero-point or no-cost loans from mortgage brokers and lenders.

The bill includes the creation of a national registry of all loan originators regardless of where they work in the mortgage industry. It also establishes strict national standards for all mortgage originators that include criminal background checks, fingerprinting, continuing education and testing.

Although the bill does not require loan officers of federal-depository institutions and their affiliates to comply with these enhanced professional standards, it does recognize that all originators, whether they work for a bank, lender, or mortgage broker, must also be part of the national registry. While we have always recognized the burden that it will place on small mortgage brokers, we have supported and recommended this provision from the beginning.

"NAMB believes the national registry of all originators will be effective protection for consumers against bad actors in this industry," Hanzimanolis said. "Its all-inclusive national scope means mortgage originators who break the law cannot move from state to state or company to company without being detected. We commend Chairman Frank and Rep. Spencer Bachus (R-AL), the Ranking Member of the Committee, for including all mortgage originators."

NAMB continues to have concerns over Title III in H.R. 3915. Particularly troubling is the lowering of the "points and fees" trigger for "high-cost loans" under the Home Ownership and Equity Protection Act (HOEPA) from 8 percent to 5 percent, and the inclusion of all costs and fees charged to the borrower. This measure would adversely affect many people by making it impossible to obtain mortgage financing. NAMB will continue to work with policymakers on this issue.