For those of you who work on short sales, do you ever wish you had a competent group of other professionals to turn to in a pinch?  Couldn't our peers be an excellent resource for information on our quest for successful short sale approvals?

Sometimes questions for experienced short sale agents come up like:

1.  Who can you escalate to at a certain bank?

2.  What is the procedure and recent timelines for certain lenders now?

3.  How do you make lemonade out of lemons? Ever get a "sour" rep on the phone? How do you turn it around?

4.  What do you do when a lender requests a note from your client, and they say no?

5.  What do others do to get more listings? (if you've decided to actively work this niche)

6.  What to do when you hit dead ends?

7.  Any tips and tricks as far as lender email format? How to get to a negotiator when you only know their name?

8.  Successes with delaying foreclosure sales?

For agents just starting on their journey in short sales, they might wonder:

1.  How do I become the knowledge base for my clients?

2.  What do I need from my sellers in order to start a short sale package?

3.  What do most banks need?

4.  Are there generic forms that can be used for the financial data?

5.  Which banks have their own forms for clients to complete?

6.  What are the typical timeframes for each bank and is there anything we can do to shorten it?

7.  How do we keep our clients happy (and calm) during the process?

8.  Where should our clients plan to go and when? Leave the homes vacant or not?

Anyway, you get the gist...  I love the blogging platform.  I love coming here and searching for help in active rain - there is always someone who knows more than you.  But in blogging you do have to be proactive and come seek your answers and proactively try to answer others seeking help.

I also love the email list platform, and to that end I also started a realtown group that can be configured to deliver instant emails for those quick answers, or you can visit the group online to read postings at your leisure.

Want to join in? Just click: SHORT SALE STRATEGIES

You can sign up for instant emails, digest (once a day), or to view only online.  Its an easy and quick registration if you're not already a part of realtown.

Join us for discussion and support.  For those quick answers, or more lengthy discussions.  We're just starting out so we need to grow for it to be the lively format I envision.  Join now and help us grow and mold this list to what we need to get our business done, and to serve our clients in the best ways possible.

 

 
Post is included in group: Pre-foreclosure Market
Post is included in group: Short Sales
Post is included in group: Short Sales and Forclosures ONLY
Post is included in group: Short Sales Pre Foreclosures Bankruptcy and More!
Post is included in group: Short Sale Support Group

13 Comments on Short Sale Support - email community or blogging?

AUG
10
2008

Cool.  I am always willing to accept any help I can get.....especially free help.  I have added your link to my preferences and will visit shortly. 

Thanks again.

4:40pm • #1
4 Featured Posts

George, great!  Please jump in whenever you're ready.  We always ALL have a lot to learn and can learn from each other the best ways to help our clients...  these are tough times for many and consumers should have a trusted professional to turn to when a short sale feels to be their answer to avoid foreclosure.

4:47pm • #2
208,467 Points 7 Featured Posts Outside Blog

From my experience there are no rules or one way to do a short sale. Each bank has their own set of rules and each person at the bank has their own way of doing it. Some banks are completely different and every short sale seems to be difficult.

You cant even get a contact number or extension most of the time let alone have any clue who is actually assigned to the case. Most of the time they intentionally leave you in the dark. Why? I dont know. Maybe just for thier own enjoyment.

I dont know what you could suggest to people because it is so crazy each time. All I can say is call that bank and try to get in contact with someone every single day even if it annoys them. Its the only way to get your way.

5:45pm • #3

Almost our entire book of business is short sales. If you need any advice. Feel free to contact me.

6:05pm • #4
4 Featured Posts

Shane, you're right  , its different with every bank, and I'm not looking to put up a rule book.  Just a support group where "we" agents can share and even complain if needed!  I have had great luck with Countrywide , Bank of America, Wells and ASC.  Some haven't.  There's always things to learn from others... there's always an experience that could help your own...

6:05pm • #5
4 Featured Posts

McBride Kelly & Associates - then join our group and share with others!

 

6:07pm • #6

Catherine;  This is a great idea for a group that will assemble real estate professionals for serious discussion of important issues. I have joined.

I have started another group there: Help Americans KEEP Their Homes that is open to real estate pros and consumers.

RealTown groups are free to set up ... they are Web based and offer choice of Web and e-mail delivery. e-Mail deliver is immediate or digest format. It is a superb community building tool.

7:07pm • #7
382,340 Points 3 Featured Posts Outside Blog

Catherine: Sounds like a great opportunity.. Please include me in this group.

10:49pm • #8
AUG
11
2008
4 Featured Posts

Fran, thanks for joining. I value your input. I wish more could keep their homes.  I've talked myself out of short sale listings, and I've asked people to talk to their lenders and to see what the lender will do.  Sadly, most lenders are NOT helping people.  Though many people aren't much able to be helped.. some are simply in over their  head with their neg-am products.  Their rate started low, and is now going up in some cases, monthly.  If they can't keep up at 5%, they won't be able to keep up if the lender fixes it at today's rate.  What's the solution? I don't know.  But I wish lenders would allow short re-fi's and adjust principal..  think about it... lenders are allowing short sales, and allowing random people to buy the home ... when in many cases, the current owners could afford the home at the new price and with a new loan product.  Sad but true. 

Roland, hope to see you in the group!  Thanks!

12:49am • #9
AUG
19
2008

I have done a few short sales and found that in deed each is different and a learning experience.I would love to share and learn from others.Thanks for the invite!

Ann O'Neill,Associate Broker-Atlanta,Ga
3:28pm • #10

This is such a great idea! My company works with Real Estate agents coordinating short sales nationwide, and we have said from day one that THIS kind of forum is exactly what real estate agents need in order to learn and grow from each other's experiences. We always say, "Short Sales are the ULTIMATE box of chocolates-You never know what you're gonna get!"

Bridget Langkamp
4:05pm • #11
382,340 Points 3 Featured Posts Outside Blog

Catherine.. Looks like the group is growing and becoming very active !  Great job !

6:10pm • #12
AUG
20
2008

Great Idea - Love Bridgets forrest gump quote!

Has anyone done a Short Sale with a Bankruptcy involved? Talk about red tape & endless hold line - only to get "the user mailbox is full" ARRGGHH

1:40pm • #13

Leave a response…



(optional)
What does the graphic say?
 
Rainmaker_large

Catherine Myers, Walnut Creek, CA Real Estate

Walnut Creek, CA

More about me…

Alain Pinel Realtors

Address: 1646 No. California Blvd, Suite 101, Walnut Creek, CA, 94596

Office Phone: (925) 627-3027

Cell Phone: (925) 683-2125

Email Me


Real estate news, home for sale listings and market updates. Short sale listings, foreclosure and REO information. Contra Costa County. Specializing in Contra Costa relocation near and far.

Contact me at 925-683-2125 or at www.DiabloValley.net Get great free widgets at Widgetbox!


Links

Archives

RSS 2.0 Feed for this blog

Find CA real estate agents and Walnut Creek real estate on ActiveRain.