short sales: The "Lucky Buyer" Short Sale approved by lender for LESS than offer price
- 03/20/10 07:17 PM
I just came back from a real estate seminar yesterday where I happened to have lunch with several realtors from all over the country who I met there. We exchanged ideas and information about the real estate market and issues in real estate. Of course when I told them that I specialize in negotiating short sales for both my own clients and other Realtors in the Los Angeles area, a discussion about short sales and needed changes in the process arose. One gentleman told me a funny story about a short sale that he just completed where the banker at Wachovia … (3 comments)
short sales: Beware of the Deficiency Judgment; The Ultimate Short Sale Fatality
- 01/13/10 04:33 PM
Well intended Realtors often ask me for advice on getting their short sales approved, however a question that I should be asked is; "how to get a short sale approved where the seller is assured of a discharge from all debt obligations? or a promise that a future deficiency judgment will not be sought." This is the key for doing a truly "successful" and complete job for your client. Getting the short sale approved so that they can sell their home is a battle, getting it approved so that they will not have their lender(s) knocking at their door for money in 3-4 months after the … (14 comments)
short sales: When closing a short sale don't make this possibly "fatal" mistake!
- 08/17/08 04:25 PM
When closing a short sale don't make this possibly "fatal" mistake! (edit/delete) I just closed another successful short sale, but It could have been a disaster because of an easily overlooked paperwork situation that had come to my attention that many agents probably make, and live to regret. In this situation both notes for the 1st and 2nd mortgages were held by the same bank and both investors had agreed to the short sale. Each of them signed off an approval separately,however after the close of escrow date had been moved up by only three days from the original HUD date, … (2 comments)
short sales: When closing a short sale don't make this possibly "fatal" mistake!
- 08/16/08 12:03 PM
I just closed another successful short sale, but It could have been a disaster because of an easily overlooked paperwork situation that had come to my attention that many agents probably make, and live to regret. In this situation both notes for the 1st and 2nd mortgages were held by the same bank and both investors had agreed to the short sale. Each of them signed off an approval separately,however after the close of escrow date had been moved up by only three days from the original HUD date, due to the buyer's loan processing delay, a delay which was approved … (3 comments)
short sales: List house as shorts sale BEFORE late on payments!
- 06/24/08 01:40 PM
I have had many agents and mortgage professionals tell me that the lenders will not consider allowing a seller who is "upside down" on their mortgage to sell their home with a short sale unless they have stopped making their mortgage payments, some well intending agents will tell this to their distressed home sellers, IT IS NOT TRUE! The best time to list the house as a "short sale" is as soon as the seller realizes that they can't afford to sell it any other way because they owe more than the market value of the home and can show that … (6 comments)
short sales: How to get shortsales to the bank negotiator in 3 days
- 05/20/08 06:19 PM
12 days ago, I listed a house as a short sale and received a decent purchase offer sent in from another agent in about a week. The problem my collegues and I have always had was how to speed up the process of getting it to the bank's negotiator, rather than having the offer sit for days or weeks on some clerks desk until it works its way up the chain of command. The first thing I had the seller do was to submitt two letters to the bank, one giving me authority to negotiate on her behalf, the other, a hardship letter explaining why … (9 comments)
short sales: Secret "formula" for getting a short pay offer accepted by the lender
- 09/19/07 03:48 PM
By using my secret "formula" sheet I just got the bank to accept my buyer client's offer on another short pay! The listing agent called me and told me that she was very impressed with how I worked the numbers to get them to take what initially appeared to be a lower offer than what she expected them to accept. Here is my secret for those who are interested: It works especially well on the smaller homes in the neighborhood or tract. I took the most recent sales(about 8 months) in the neighborhood tract, which had consisted of slightly to much larger homes. I added … (28 comments)
short sales: Pre-Foreclosures and making a "reasonable" offer
- 08/05/07 11:48 AM
I have been working both as the listing agent and buyers agent on several short sales or pre foreclosures. It is very important for the client to understand what is a "reasonable" offer that the lender will accept from the buyer. It is our job as real estate professionals to educate our clients about this. I have had so many potential buyers offer very low and unrealistic amounts for my short sale listings. We must educate the client that a lender will not accept a short sale that is 60% to 70% of the asking price, when that price is already … (0 comments)
short sales: Tips on bidding on a "pre foreclosure"
- 07/09/07 08:57 PM
I have been receiving a lot of calls lately from past and new clients asking me about how to go about getting a great deal on a pre foreclosure, also called a short sale or short pay. I will be writing about this in several stages because it is very comprehensive. The first mistake that people or the realtor representing them often make is to not do their research on the house before making the offer. It is important to find out if there have been any previous bids on the house, and for how much. Why waste time bidding the … (0 comments)
I just came back from a real estate seminar yesterday where I happened to have lunch with several realtors from all over the country who I met there. We exchanged ideas and information about the real estate market and issues in real estate. Of course when I told them that I specialize in negotiating short sales for both my own clients and other Realtors in the Los Angeles area, a discussion about short sales and needed changes in the process arose. One gentleman told me a funny story about a short sale that he just completed where the banker at Wachovia … (3 comments)
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