short sales: Short Sale 101: What is a Short Sale?
- 11/18/11 07:55 AM
I recently met with a client who didn’t know what a short sale was. I was shocked. Then I remembered that most people are not immersed in the short sale/preforeclosure world as I am. That's when I decided to come up for air and write this blog post. Below are straight forward answers to basic short sale questions. There is much more to know about short sales than what is written in this below but this will give you a general idea.
What is a Short Sale? A Short Sale is the result of an agreement between you and your … (1 comments)
short sales: Short Sale Listing Agents, Short Sale Negotiators & Avoid This HUGE MLS No-No
- 11/15/11 04:51 PM
As I was doing a property search in the MLS, I ran across three short sale listings from three different real estate agents where the agent clearly stated (in the agent comment section) that the selling office’s commission would be half of the total commission noted in the short sale approval minus half of a short sale negotiator’s fee. At this moment, I want to transition gracefully into the next portion of this post but this is too important, so here it is: DON’T DO THAT! Whether we split the cost with the selling agent or not, I think that … (6 comments)
short sales: The Optimist
- 11/10/11 04:15 PM
I try to stay on the positive side of things: I look for the best in people; I do my best to appreciate my environment; I focus on what I want. This is how I’ve been able to have fun in this zany real estate market. This morning, I got out of bed with every intention of writing a somewhat informative, hopefully entertaining and positively optimistic blog post about why short sales are wonderful and fulfilling(don’t laugh). I let my mind go wild for a minute and fantasized about my post being read, and liked, and reblogged, and commented on … (7 comments)
short sales: Short Sales: A Love Story… And Oh No, You Didn’t! –Part 2
- 11/05/11 10:55 AM
As promised, here’s a list of things you should never, ever do when listing and negotiating and close short sales: First things first: Know the Difference Although short sales are complex, it is important to note that the only difference between a standard sale and short sale is the additional negotiation between the seller and lender(s) regarding a discounted payoff. The lender's conditions regarding sales price, sale terms and occupancy after the sale are included in the final short sale approval. However, the ultimate decision to sell rests with the seller, not the lender. Granted, the lender has to agree … (4 comments)
short sales: Short Sales: A Love Story… And Oh No, You Didn’t! –Part 1
- 11/05/11 10:45 AM
I L-O-V-E- short sales. I love everything about them. Okay, maybe not everything but most everything… I love how they introduced me to the world of loss mitigation. I love how short sales keep me on my toes and how I will never be able to say “I can do these with my eyes closed”. I love how they make me a better real estate professional. But what I love the most about short sales is how being a short sale listing agent helps me(makes me) connect with my clients at a level that standard transactions rarely do, if ever. … (0 comments)
short sales: Left Hand, Right Hand Syndrome: BofA’s HAFA Short Sale Program c/o AMS Servicing Plus Cool Equator Stuff
- 10/20/11 04:54 PM
Anybody who knows me knows that complaining about anything -especially my work- is not something I tend to do. But my goodness! I think this one’s worth sharing if only to spare my fellow short sale listing agents a common BofA headache. I took a short sale listing from a Bank of America borrower who was soon after enrolled in the HAFA program. Since we do not currently have an offer on the property, BofA assigned my file to AMS Servicing. My client completed the HAFA paperwork the same day. I initiated the short sale in Equator, was officially assigned the … (6 comments)
short sales: Kids Don‘t Count: What You Need To Know About CalHFA Short Sales
- 10/14/11 09:03 AM
I took a listing recently from a young couple who was clearly experiencing a financial hardship. They were both city workers whose salaries were cut and overtime eliminated. There were three loans recorded against their condo, all of them purchase-money, two of the three with CalHFA(California Housing Finance Agency). A month prior, this couple was denied a loan modification. I guess I should clarify: They were approved for a modification that lowered their monthly payments all of twenty-eight dollars, which did very little to offset their nine-hundred dollar monthly shortage. I did the usual pre-listing qualifying work- checked the financials, confirmed … (17 comments)
short sales: Out of the Ashes: My Aurora and BofA Short Sale Approvals....Finally! Part 1
- 09/03/11 06:15 PM
This tale begins way back in the spring of 2010 when I took my very first HAFA-hopeful listing in Orange County, Ca. Since then(and during), I've negotiated others, especially with Bank of America that went very smoothly. But this first one was the thorn in my side, pain in my neck, and the thing that kept me up at night for months and months... and months. The homeowner is young man who suffered a loss in income and who -at the time- was borrowing money from friends and family to make his mortgage payments. I could have taken the listing in … (7 comments)
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