short sale processing: March Madness - How's your short sale game?
- 03/11/13 11:39 PM
With March Madness just around the corner, it’s time to discuss another game—albeit not as exciting as college basketball. It’s the game of short sales. The objective: How to get your short sale approved and closed as quickly and efficiently as possible. We always hear and frequently personally experience the grand irony of short sales. That is, we wait and wait and wait for the short sale lender or the bank employee to make some headway on the file. Then, all of a sudden after waiting for months, they lender makes a request. They cannot find the listing contract; they do … (4 comments)
short sale processing: Is 2013 the Year of the Short Sale?
- 01/04/13 06:26 AM
We are just four days into 2013, and I’m thinkin’ that it is gonna be another short sale year. I know that it is definitely going to be another awesome year for short sale listing agents (just as long as they get to work fast). Here’s are 5 reasons to embrace the short sale in 2013: Short Sale Incentive Programs There seems to be an exhaustive list of short sale incentive programs, but our all time favorite (expiring in September of 2013) is the Bank of America Short Sale Assistance Program. This program pays up to $30,000 in relocation assistance to … (4 comments)
short sale processing: Short Sales and Bankruptcy: General Information for Sellers and Agents
- 12/26/12 11:18 PM
When taking a short sale listing, one of the questions that the listing agent should ask is whether the seller is in an active bankruptcy. Due to the state of our economy, it has become increasingly more common for homeowners to file bankruptcy. An active bankruptcy can impact a short sale lender’s ability to process a short sale. For this very reason, it is important to have good communication with the short sale seller (the borrower) and obtain as much information as possible about the status of the bankruptcy. Many short sale lenders will review a short sale offer while the … (6 comments)
short sale processing: Show the World that You Are a Short Sale Master
- 10/18/12 01:24 AM
This post is an oldie (but a good one). It’s one of the very first posts that I ever wrote (way back when). And, I thought is deserved a little feature. So, here it is again with a few edits to make it 2012/2013 appropriate: Many agents complain that short sales are painfully slow, exceedingly annoying, and not worth the commission check. And, I would have to say that I have experienced all of those emotions. However, as listing agents, there are many things that you can do--even before you have officially taken the listing--that can make the entire short sale … (9 comments)
short sale processing: If you do not want to close your next short sale...
- 08/22/12 11:42 PM
If you are a California agent and you are actively representing buyers and sellers, then you may have noticed that the California Residential Purchase Agreement mentions something called a State of Information (a.k.a. Statement of Identity). You know the form, right? It’s the one that asks about your last three marriages, your last jobs, and your previous addresses. While this may seem like overkill, it is actually really important to have short sale sellers complete a Statement of Information form at the time that you take the short sale listing. Then, provide this form immediately to escrow or to your title … (8 comments)
short sale processing: Hot Short Sale Tip – Set Expectations Accordingly
- 07/04/12 01:42 AM
While you may be going out to watch the fireworks tonight, you do not need any explosive fireworks when you are listing or selling a short sale. One way to avoid the fireworks (what I sometimes call ‘drama’) is to set buyer and seller expectations accordingly. Short Sale Sellers If you are taking a short sale listing, you will want to make sure that the short sale seller is motivated. Is the seller willing to supply all of the short sale documentation to the lender? Is the seller willing to accommodate property showings? Advising the seller that these two things are … (5 comments)
short sale processing: Short Sales - Be Quick
- 06/20/12 10:01 PM
Everyone knows that the biggest irony in short sales is that they are hardly ever short. That is, we wait and wait and wait for the bank or the negotiator (or processor) at the bank to finally get to our file. Then, all of a sudden, they want something. They cannot find the listing contract; they do not like a signature; they want updated bank statements. Whatever it is, they want it and they want it now! It does not matter that it took 8 weeks for your file to finally hit the processor’s desk. Now that it is there, it must … (5 comments)
short sale processing: How Quickly Must the Banks Respond to Short Sales?
- 05/22/12 07:20 AM
Dear Melissa: I’m in the middle of a short sale. Bank of America is my lender, and the buyer backed out. Someone told me that there is a law that if you submit a new offer, Bank of America has to review it right away. Is that a law? And, if so, what’s the civil code? --Short Sale Seller in Temecula
Dear Short Sale Seller in Temecula: Although I am not an attorney and you should always address legal concerns to an attorney, to the best of my knowledge, there is no law that states that Bank of America has … (6 comments)
short sale processing: What Happened to my Short Sale Incentive Money?
- 05/14/12 11:37 PM
Dear Melissa: We need help. Rather than let our house go to foreclosure, we got a Realtor® and put the house on the market as a short sale. We advised our Realtor® that we were interested in applying for the $3000 relocation expenses. She indicated that she would apply for that. We neither filled out nor signed an application for this. After two months, there was an offer on the short sale and today, at closing, we asked about the relocation expenses and were told that the bank said we didn't qualify. We were never notified and this was the first … (7 comments)
short sale processing: What Brad Pitt Can Teach Us About Real Estate
- 01/26/12 01:41 AM
Sounds fishy, right? While surely Brad Pitt has purchased and sold a number of homes, it is Brad Pitt’s portrayal of Billy Beane in the movie Moneyball that can really teach us a lot about the way we think about real estate. Don’t worry. If you have not seen the movie yet, we won’t be spoilers. For those that are unfamiliar with the storyline, Brad Pitt plays Billy Beane, a former professional baseball player, current General Manager and minority owner of the Oakland A’s. The movie depicts the real life challenges faced by this team when competing in a field (pun … (17 comments)
short sale processing: Second Lien Holders Are Happy Campers? I Think Not!
- 01/04/12 02:39 PM
We are going to close a deal today—a short sale with three lien holders. This was like juggling three balls with really greasy hands. When you had your grip on two, the third would fall on the floor. Sometimes we had the first and second in agreement, then the third would hold out for more money. Then, we had the approvals from the first and the third, and we lost the buyer. When we got a new buyer, the second now wanted more money. This was a tricky deal and I am sure that everyone will be pleased to see it … (9 comments)
short sale processing: What Seller Costs Are Involved in a Short Sale?
- 01/01/12 07:36 AM
Here’s a question that people are always curious about: How much does it cost to do a short sale? Well, the answer is two-fold. If you are wondering how much commission you will be required to pay in a short sale transaction, the answer is ‘zero.’ Here’s why: In a short sale transaction, the seller is netting no proceeds from the sale. That is, the seller owes more on his/her home than the property is worth and the mortgage lender(s) have agreed to accept less than the full payoff. The mortgage lender also agrees to allow some of their proceeds to … (4 comments)
short sale processing: Is it Possible for Mortgage Servicers to Make Agents Look Bad?
- 08/20/11 09:43 AM
Thanks to the big banks, the agent’s credibility is shot. They make us look bad--whether they mean to or not. No matter how experienced an agent is with the short sale market, expert agents would probably agree that one thing is certain: the uncertainty that comes with the processing of the short sale transaction. It doesn’t matter that you are already familiar with the HAFA forms, the Dodd-Frank and the 4506-T and that you get all that completed by the seller at the short sale listing appointment, there is frequently some sort of unexpected hiccup that comes in the midst of … (14 comments)
short sale processing: Three Ways to Bulletproof Your Short Sale
- 08/06/11 02:37 AM
Maybe "bulletproof" is not the correct word. According to Merriam-Webster, it means impenetrable to bullets; not subject to correction, alteration, or modification; invincible. Unfortunately, short sale transactions are flogged or battered by problems: one of the largest being that the impatient buyer walks away prior to lien holder approval and the transaction cannot close. Our free Short Sale eBook provides many tips and tools for a seeing successful short sale closing. This article also provides a little more food for thought. If you represent a seller in a short sale transaction, you will surely want to avoid working through all of … (5 comments)
short sale processing: What Is Included in the Short Sale Package?
- 08/01/11 05:22 PM
If you are a seller who is interested in selling your home as a short sale, you must be prepared to provide some information to your mortgage lender in order for the lender to approve the short sale. Despite the fact that the information is not wrapped in a box, it is called the short sale package. Although different mortgage lenders require the seller’s documentation at varying times in the process, it is important to have all of the information below at your disposal in order for your agent to work with the bank and process the short sale. Here is … (4 comments)
short sale processing: Working on a Short Sale? Have You Used Bank of America's Equator System?
- 01/03/10 06:45 AM
Just about a month ago, Bank of America launched its new Equator system for processing short sales. Through REOTrans, the web-based platform purports to allow the short sale process to move along more quickly and efficiently by allowing all aspects of the negotiation process to occur online. For those of you who have never processed a short sale or an REO electronically before, it works something like this: Once you establish an account (http://www.equator.com), you can login and initiate a short sale. (Note that you can also log in at https://shortsale.bankofamerica.com/index.cfm?) The photo below includes a screen shot of my home … (11 comments)
With March Madness just around the corner, it’s time to discuss another game—albeit not as exciting as college basketball. It’s the game of short sales. The objective: How to get your short sale approved and closed as quickly and efficiently as possible.
;)
;)
;)
