short sale negotiation: I Can Mentor....Grasshopper/Sensei Program
- 03/03/13 06:54 AM
I have a lot of SEO knowledge and can debunk a lot of the myths and misperceptions. Many "experts" actually have superficial knowledge of this important area. My background is computer science and I know what the issues are!!!
I am also a real estate attorney and investor so I can provide some help there too!!! Extensive experience in short sales, quiet title, loan modification, deed in lieu, forebearance, etc.
This seems like a fun contest/program. Let's all join in and receive hald and help others...sounds like a useful contest and fun too!!!
Sign up now...visit the Grasshopper/Sensei group NOW!!! Not … (3 comments)
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short sale negotiation: Duties of a Short Sale Negotiator...
- 11/09/12 06:33 AM
There is a lot of discussion regarding the duties of a short sale negotitor. There has always been a lot of dispute on the subject of who should negotiate a short sale. There is a lot of merit to the notion that the listing agent (or buyer’s agent) should negotiate the short sale approval. I work with numerous investors and there have been a lot of problems with this.
Today, there is a REAL problem. A third party negotiating firm had been handling negotiations. The listing agent became impatient and demanded that she negotiate the short sale. Everyone agreed. Seven months … (3 comments)
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short sale negotiation: 3rd Party or In-House Short Sale Negotiations, Part III
- 01/21/12 05:56 AM
3rd Party Short Sale negotiations, Part III. Today, I wanted to discuss the reasons in favor of utilizing in- house 3rd party negotiators. The first reason for an in-house negotiator is that the agent already has established a relationship with the seller and there is a high level of trust. The seller will be comfortable discussing finances with the agent. The agent will also be diligent in pursuit of the approval since they are a professional and their compensation will dependent upon a successful outcome.
Agents also have the experience and depth of knowledge to complete a successful approval. Keeping … (3 comments)
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short sale negotiation: 3rd Party Short Sale Negotiation or In-House??
- 01/19/12 05:22 AM
3rd Party Short Sale Negotiation or In-House?? This has certainly become a contemptuous issue…so much so that it is almost political!! LOL I participated in a blog discussion about this last week and the opinions were strong on both sides. Soooo, I thought that we could have a discussion on here to view each other’s’ opinions. I will present the pros and cons and hopefully others wil comment so that we can have a discussion.
I personally feel that neither the listing agent nor buyer agent should negotiate the short sale. There are two legal reasons and two practical reasons … (1 comments)
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short sale negotiation: Incest is NOT Best in Real Estate
- 12/06/11 05:07 PM
I had an interesting call today with a short sale agent. The first problem was that I was lead to believe that he was the listing agent. Fifteen minutes into the call, I discover that he is not the listing agent. OK, but this can be a problem because of what transpires.
What follows is a textbook situation that can lead to fraud allegations and short sale approval problems. It seems that this particular broker has all of the agency lisitngs placed into his name. He then has another agent that exclusively negotiates the short sale. The rest of the agents … (4 comments)
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short sale negotiation: New GSE Short Sale Guidelines...More Out of Touch B.S. from the Government
- 11/22/11 06:28 AM
According to Realtor Magazine a product of realtor.com, Fannie Mae and Freddie Mac will be implementing new short sale guidelines after the first of the year. It appears that everyone involved in a short sale will be liable for “negligent or intentional misrepresentations in the transaction” and will have to sign affidavits stating that they are handling the transaction to federal standards. The addition of the affidavits to the short sale process is designed to help everyone involved in the short sale “identify potential mortgage fraud and [have] a clearer understanding of the intent of all parties involved in the … (27 comments)
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short sale negotiation: 4th Part in the Series on Why Short Selling Lenders Cannot Enforce Restrictions
- 11/17/11 09:09 AM
A few days ago, I wrote a blog about the four reasons why lender restrictions in short sale addenda are unenforceable. To recap, they are:
The Four Components
1. The restrictions are required without legal “consideration” and are therefore invalid;
2. The restrictions are voidable because there is no “privity” of contract;
3. The restrictions cloud title (some states formally prohibit the restrictions);
4. The restrictions violate the spirit and intention of Uniform Commercial Code.
Today, I will discuss the fourth component of why the restrictions placed by a short selling lender may be unenforceable. The Uniform Commercial Code is … (2 comments)
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short sale negotiation: 2nd Part of the Enforceability of Lender Short Sale Restrictions
- 11/09/11 11:02 AM
Yesterday, I wrote a blog about the four reasons why lender restrictions in short sale addenda are unenforceable. To recap, they are:
The Four Components
1. The restrictions are required without legal “consideration” and are therefore invalid;
2. The restrictions are voidable because there is no “privity” of contract;
3. The restrictions cloud title (some states formally prohibit the restrictions);
4. The restrictions violate the spirit and intention of Uniform Commercial Code.
Today, I am writing about the second component. The restrictions are unenforceable or voidable because there is no “privity” of contract between the lender and the buyer. … (3 comments)
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short sale negotiation: A New Twist in Negotiating Short Sales
- 11/07/11 04:28 PM
New twists in negotiating short sales are occurring almost daily. Frustrated by long delays and lack of success in utilizing others, some investors have entered the negotiation arena. The concept is fair and simple: investors want some control over the process and many have taken to negotiating the short sale.
Everyone in the industry has an opinion on who should negotiate a short sale. I can say that major lenders (I work as a consulting attorney for two of the largest) do not favor short sales that are negotiated by someone with an interest in the property, or an interest … (6 comments)
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short sale negotiation: Freddie Mac and Federal Government Making Short Sales Nearly Impossible
- 11/03/11 09:24 AM
It never seems to get any easier. Short sales have become increasingly more difficult. Wells Fargo for example, has included addenda that require an investor buyer to hold a property for 90 days prior to reselling. This mandate comes from the investor on the note (Freddie Mac). Here is the hypocrisy: Freddie Mac is not the government as many people believe. However, the government (and taxpayers) have a relationship with Freddie Mac and own a sizable chunk of the company.
Several states have enacted legislation or already have legislation that prohibits such restrictions. I am going to blog about the topic … (3 comments)
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short sale negotiation: A Legal Update on RESPA
- 10/07/11 08:37 PM
I am compelled to write a blog about an admittedly boring but very important topic. RESPA has been a part of our world for decades but it is frequently misstated and misinterpreted. An example happened this week.
I became the attorney for a distressed homeowner and there is a variety of legal and practical issues. I contacted the listing agent who had the listing for all of an hour. She stated that she advised the client that he could not embark on an intended strategy because "it, violated RESPA". I asked her what aspect of the strategy violated RESPA. She replied … (5 comments)
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short sale negotiation: Everyone Must Stay in their Lanes in this Real Estate Market
- 10/07/11 08:09 PM
I typically try and only write positive and useful blog entries. However the events of the past week have compelled me to blog and vent about some recent developments:
an agent in New Jersey refused to relinquish a listing 45 minutes after it was signed and despite my directive to her (as the home owner's attorney) and the home owner himself, the agent listed the property in the MLS and is refusing to terminate the agreement. Worse still, is her buffoon broker threatened to place a lien on the property if the listing is not honored. The agent admitted that … (7 comments)
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short sale negotiation: It shouldn't Be This Difficult
- 09/17/11 09:47 PM
Grrrrrrrrrrrrrrrrrr..I am negotiating a short sale on behalf of my partner, a real estate investor. It is a cash offer on a vacation home. There have been offers, counter offers and many more details than a typical short sale.
We FINALLY get the contracts signed and short sale addenda when the listing agent (the names have been withheld to protect the swine) calls me and states that there is one more thing. He states that the buyer will have to agree that the property be listed in the future for vacation rentals with his agency. He less than subtly suggests that … (8 comments)
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short sale negotiation: So Just Why are They Called "BPO's" Anyway??
- 09/01/11 06:13 PM
This will seem like an Andy Rooney segment on 60 Minutes....Today, BPO's are the talk of the real estate world. Just a few short years ago, it was rare to hear the term, "BPO". Of course everyone understands that this is an acronym for Broker Price Opinion".
In my experience, roughly 90% of the BPO's are actually APO's (Agent Price Opinion). We should call them what they really are!! It has been rare in my experience that the BPO was actually performed by a broker. This may be a distinction without a difference to utilize some of my favorite attorney … (6 comments)
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short sale negotiation: GMAC No Flip Addendum..Comical but Not Funny
- 08/26/11 12:36 PM
GMAC No Flip Addendum is quite interesting. A variation of the below has been circulating lately. In a relatively short document, there are so many issues raised. First, GMAC is defining what a "flip" is. There is no uniform or legal definiition, so let's call it what it is: an opinion only.
Second, what is "inflated" value? If I buy a blow up Elvis on Ebay for $100 and sell it for $102 that is "inflated" value! LOL
Third, in real estate, buying and reselling is NOT a short period of time. Thirty days, maybe, but certainly not 90 days.
Fourth, … (11 comments)
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short sale negotiation: Foreclosure Defense is the Practice of Law
- 08/14/11 01:05 AM
Foreclosure defense is the practice of law. You would not think that if your home is in default or foreclosure since there is a remarkable number of firms soliciting distressed home owners with offers of foreclosure defense and delay of foreclosure. Most of these firms have limited ability to help you, since they are not attorneys. Many are being charged with the unauthorized practice of law. My home state of New Jersey just took action against six such firms operating within the state.
The firms will try and lure you in with promises of foreclosure defense success or delay in the … (4 comments)
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short sale negotiation: Often Overlooked Hardship Letter Issue...CRITICAL to Short Sale Success
- 07/29/11 08:07 AM
There has been a lot of discussion regarding hardship letters and their importance in short sale negotiations. However, there is a frequently overlooked aspect of them that is vitally important. The hardship letters will be different in a loan modification than a short sale. You may then ask, “That is true, by why do I care?”
You should care and you need to care – especially if the loan modification was submitted and you do not have a copy of it. The issue is what I refer to as “synchronicity”. If I were a short sale agent, I would … (30 comments)
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short sale negotiation: SHORT SALES IN NORTH CAROLINA... If you are not licensed to practice law, you need to read this...
- 07/12/11 12:30 PM
THis is very important and it does not only pertain to North Carolina. Other states have adopted similar restrictions and they are being violated on a daily basis.
SHORT SALES IN NORTH CAROLINA
Over the past couple of years I have observed the rise of the Short Sale. At a recent National Reo Brokers Association function, the President of REOMAC, one of the major default industry trade organizations indicated that 2010 would be the year of the ShortSale... This would be great if there was a way to get short sales negotiated and closed within a reasonable amount … (4 comments)
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short sale negotiation: Flipping, Flopping and Fraud...More Bad News for Investors
- 07/07/11 07:36 PM
Flipping, flopping, fraud….today there is more and more misinformation and disinformation in real estate. I had an agent from back East contact me with concern about a particular deal and that it may be illegal. I hear this EVERY day now and 95% of the time, the deal is not even remotely fraud. This particular case is one in which the BANK’s appraiser came back with a low figure. The bank hired the appraiser and neither the buyer or seller ever met the appraiser. The low appraisal gave the buyer a great deal. How is this fraud?
The agent directed … (137 comments)
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short sale negotiation: Follow Up on a Bankruptcy Court Decision Regarding the "Produce the Note" Defense
- 06/23/11 05:44 PM
As a follow up to my blog from last evening, I am reviewing the recent Bankruptcy Appellate Panel (BAP) decision that has far reaching implications on all short sales. I am reviewing the decision with several colleagues because this will have a substantial impact on foreclosure and short sales.
Our collective review indicated that it is clear that this decision means that lenders will no longer get relief from the automatic stay in bankruptcy unless or until they prove that they possess the original note and thus have standing to sue (or get relief from the automatic stay). This case will … (22 comments)
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I have a lot of SEO knowledge and can debunk a lot of the myths and misperceptions. Many "experts" actually have superficial knowledge of this important area. My background is computer science and I know what the issues are!!!
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