short sale: How To Handle A Short Sale On A Property That Is Owned By A Trust - 02/05/12 11:34 AM
Hi Folks. I’ve ran across agents, several times this week, not sure how to handle a Short Sale when the property is owned by a trust. So I thought I’d take a minute to explain how this works. Actually I can do it in about 1 second........
…......exactly … (8 comments)
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short sale: Common Florida Short Sale Questions And Answers - 02/01/12 01:52 PM
Do I have to be behind on my mortgage payments to qualify for a Short Sale?
Not necessarily. Some lenders will negotiate a settlement if you are current on payments. You won’t really know until you go through the process. If you are current on payments the lender may very … (6 comments)
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short sale: When Should You Ask The Lender to "Waive the Deficiency"? - 01/28/12 01:37 PM
Hi folks. Recently I was asked by a short sale agent when should they request a “Waiver of Deficiency” for their Seller. My response was to ask at time of submission and then in all lender correspondence thereafter.
An easy way to ask is to use a Short Sale Submission … (51 comments)
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short sale: 10 Tips To Get The Sort Sale Lenders To Notice YOU! - 01/14/12 08:54 AM
How do we get the banks and asset managers to notice us?
This was a question asked on the CDPE forum site from this morning. It was part of a forum post wanting to know if the Short Sale lenders prefer the CDPE designation over the NAR SFR … (11 comments)
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short sale: Bank of America Now Dictating How We Market Short Sales. - 12/20/11 08:34 AM
Hi folks. Many of you may know that the Short Sale lenders are starting to get very proactive with getting short sales approved and closed.Some of the lenders are even paying the borrowers to do a short sale.All of this is good except for the part where they are also … (13 comments)
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short sale: How Much Time Do You Spend On A Short Sale File? - 12/15/11 07:13 AM
Hi folks. One of the biggest myths with Short sales is that it takes a lot of time to work them. I have been asked numerous times why I don't outsource my files and use a 3rd party negotiator instead of handling the process myself.
Well it's simple........I enjoy working … (10 comments)
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short sale: Should You Replace Your Car Before You Do A Short Sale? - 12/10/11 08:10 AM
Hi folks. Recently I have had several Florida Short Sale sellers ask me the same question.....”We need to replace our car. Should we do that before we go through the short sale process?” The concern is that once they go through the short sale their credit will be dinged and financing … (18 comments)
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short sale: Can The Short Sale Lender Reverse The Sale Weeks After Closing? - 12/02/11 03:55 PM
Hi folks. Just when I think I have this Short Sale stuff figured out I run across another issue that has the potential to really place my sellers, the buyers and the agents in a difficult quandary.Recently I received a phone message from Chase in relation to a Short Sale … (8 comments)
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short sale: 10 Things I Heard This Week, About Short Sales, That Suck..... - 11/19/11 08:29 AM
10 Things I Heard This Week, About Short Sales, That Suck....
I don’t think my mairrage will survive this.
Sometimes I just want to kill myself.
I feel like a loser.
We have no clue where we’re going to live after we close.
I’m 60 years old, jobless and … (51 comments)
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short sale: Are You Serious About Short Sales? - 11/17/11 01:35 PM
Hi folks. Whether you like short sales, want to do short sales or want to avoid short sales, short sales are here to stay. Short sales are a major part of the market and in my opinion will become even more so. Lenders WANT to do short sales. A successful short … (10 comments)
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short sale: How To Deal With A Cash Contribution For A Short Sale - 11/15/11 08:15 AM
Folks, as you may know, Borrowers (Sellers) are often required to make a cash contribution to the Investor or Mortgage Insurance Company in order for the Short Sale to be approved.
There are several reasons why the Borrower may be asked to do this:
They are not late on … (13 comments)
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short sale: Is Your Short Sale Negotiator Really A Negotiator? - 11/14/11 03:15 PM
Title Companies handling Short Sale "negotiations" is the new trend in my area. I quote "negotiations" because they don't really handle negotiations at all. Instead they do what Title Companies do....shuffle paperwork. Here's an excerpt from one National company's solicitation to agents.
Now folks there may be Title Companies … (8 comments)
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short sale: Not All Short Sales Are Distressed Sales! - 10/29/11 10:57 AM
Hi Folks. There was a time when all Short Sales were “Distressed Sales”. That time has now passed. There are many Short Sales on the market where the Seller has no financial hardship at all. The only hardship they have is that they have to move and can’t sell because they … (37 comments)
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short sale: Setting The Right Expectations Is Imperative For Short Sale Success - 10/25/11 08:20 AM
Hi folks. Having success with Short Sales requires setting the right expectations from the get go. Buyers and their agents MUST have realistic expectations about Short Sales. My satrategy is to outline the Short Sale process in the MLS listing. I do it again during the negotiation process. Setting the … (14 comments)
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short sale: Mortgage Insurance "Won't Waive the Deficiency". Does it matter? - 10/22/11 09:01 AM
Well I'm not convinced it does. Matter that is. Before I give you my opinion let me preface it by stating that I am not an Attorney. Nor do I know the definitive answer to the question. This article is just my thoughts as I try to think this through.
… (8 comments)
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short sale: Bank Of America Now Offering Up To $20,000 For Florida Short Sales - 10/05/11 04:07 PM
Hi folks. There's a new Short Sale incentive just rolled out from Bank of America. Florida homeowners facing a Short Sale may qualify for up to $20,000 short sale incentive from Bank of America.
The embedded email was sent out to agents late yesterday. This morning I called one of … (5 comments)
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short sale: What Do You Do When The Short Sale Lender Says "It can't be on the HUD". - 09/27/11 07:25 AM
Let me guess....your first response is "That's a RESPA violation!!". Well guess what? That may not be true. RESPA does not dictate all real estate transactions. Did you know that? In fact you don't even have to use a HUD 1 on non RESPA transactions..
What types of transactions … (60 comments)
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short sale: No More Market Reports For Me! - 08/16/11 08:25 AM
Hi folks. There once was a time a few years ago where I posted quite a few market reports. I constantly studied my market to see if prices were still going down and by how much. But you know what? I no longer care.
Does it really matter anymore? Property … (16 comments)
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short sale: Short Sale File Closed Over An "E"!! - 08/09/11 07:42 AM
Yesterday I heard the words that make a short sale agent cringe, "Sorry but we have to close the file". This after working on a short sale for over a year. 5 buyers. $33,000 condo. That's right $33,000. If I ever get this closed I'll make a whooping $1,072!!!OK back to … (24 comments)
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short sale: Do Have Any Short Sale Questions I Can Help With? - 08/01/11 02:11 PM
Broker Bryant. Here are a few questions for you.
Scenario 1) I have a Seller with a first and 2nd mortgage with Wells Fargo. They have spoken to BoA and their 2 options are Loan Modification and Short Sale. They are leaning towards short sale and will contact me if … (7 comments)
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