short sale tips: 2010 Is Winding Down – Do You Look Forward To 2011?
- 12/21/10 02:29 PM
First and foremost, happy holidays to each and every single one of you! This is the month where we all get busy with family, friends and festivities. It’s tough to stay on track with our business when we’re preoccupied with running to the mall to grab those last minute deals, making appearances at office parties, and … fretting about those credit card bills. Most of us will give up these last few days of the year and focus on family and the holidays. There is absolutely nothing wrong with that. We’ve worked hard to get to this point and it is (0 comments)
short sale tips: If Your Seller Can Make Their Payments, Is It Still a Short Sale?
- 12/14/10 12:50 PM
Suppose you are contacted by a seller who is adamant about doing a short sale and during your Q&A you find out that they can actually still afford their payments. How would you handle that situation? Has it happened to you already? I’d like to know what you said and if you continued with the transaction. Let me share my most recent experience with a home owner who made enough money to pay his obligation. In my market, a $400,000 house is approaching the upper scale and this seller bought it just over three years ago just before the “you know (4 comments)
short sale tips: Agents Vs Investors – Time to Call a Truce to Work Short Sales
- 12/03/10 11:13 AM
Let’s just get to the point right away – Agents working with investors is often a love/hate relationship. You know it and I know it so we’ll get to the bottom of the issue and push all the blame of this stinking reality on lack of communication. Agents and investors look at transactions in different ways and even have different legal regulations governing their actions. Each may assume that the other knows what to expect, the reality of their “side” of the business, and how to operate legally. When the two meet and entertain working together, I submit that a very (0 comments)
short sale tips: Short Sale & Credit – The Repercussions of a Short Sale & Credit
- 12/03/10 08:42 AM
One of the first questions I get asked from short sale sellers is how a short sale will affect their credit report. While I understand their concern, it is important to help them understand that the short sale itself isn’t necessarily what may damage their credit score. When the dust settles, their credit score will be a culmination of many variables. Yes, the decision to short sale their house affects their credit score but so will any of the options available to them. In regard to mitigating the damage that a short sale will have on their credit report, you may (1 comments)
short sale tips: Short Sale Kickback – A Disgusting Demand for a Short Sale Kickback
- 12/01/10 11:37 AM
I’m usually ready for unusual calls from sellers who contact me to do a short sale and I’ve had many, shall we say “lively” conversations with sellers. Most are of the mundane variety but a few turn into rants about their lender or the circumstances leading up to their default. Occasionally I’ll get a call from a seller who is basically testing the water to see what’s in it for them. As sellers become more educated about short sales, they often look for loop-holes to squeeze out as much as they can from a bad situation. While I understand their motivation, (3 comments)
short sale tips: Short Sale Vs Foreclosure – Local Govt May Prefer Short Sale Vs Foreclosure
- 11/30/10 12:14 PM
The reality is that the current market is a strain to everyone and every entity touched by it. Not only are defaulted home owners suffering the consequences of losing their home but so too are their neighbors and the municipalities where the house is located. It’s easy to forget that local governments aren’t prepared to handle the sheer volume of houses that become vacant and nuisances. While neighbors may grumble about short sales affecting the value of their homes, the fact is that a short sale should be a preferred solution to a foreclosure. An Urban Institute study in early 2009 (2 comments)
short sale tips: Short Sale Horrors – 3 Of My Most Notorious Short Sales
- 11/29/10 12:33 PM
Since I network with dozens of short sale experts, the conversations always begin with examples of their successes then take an abrupt turn to discussing their near misses, almost had, and down right complete losses. Of course I throw in my stressful experiences and it all makes for fun and laughs at happy hour. So, I thought I’d share a few of my most notorious short sale deals. This one still bugs me and it is the, “Tale of a 1st and 2nd Mortgage …Inverted.” Let me explain. The larger of the two mortgages was recorded seconds after the smaller mortgage. (2 comments)
short sale tips: Short Sale Fast Track – 5 Tips to Fast Track Your Short Sale
- 11/29/10 09:55 AM
Getting your short sale offers on a “fast track” seems to be a buzz phrase to push lenders into making their decisions quicker. The obvious intent is to shorten the process so that houses get on the market quicker and the seller can move on with their lives. Unfortunately, the best of intentions from all parties is stymied by the sheer volume of offers that plague loss mitigation departments. Sometimes the best approach to expediting your offers is using the same tried and true methods that you’ve always used or should have been using. Below are 5 simple strategies that will (0 comments)