Ben's Short Sale Insights

I typed this up a few weeks ago after watching the webinar. I think we have a friend in Matt Vernon. But, what is up with him saying the following? "This is a visible effort on BOA's part to build a bridge with the real estate community." My notes: What does he mean by "bridge" with the RE commun...

I find it interesting that negotiators almost always counter at the BPO price. It's what their boss at the short sale department instruct them to do. I think the investors also like the files handled that way. However, it does not mean that is their final offer. It just means that is their initia...

We all think lenders are crazy to turn down short sales. However, they think that REO is better. Here is why the rules are so tough to approve a short sale. The lenders and investors don't think they are losing money by rejecting short sales. Let me explain. All that is ever brought to their atte...

Here is feedback I got from other agents about these leads. Many services sell them as "Pre Foreclosure Notice Leads." Basically, they are people who are behind on their mortgage, but a Lis Pendens or Notice of Default has not been filed yet. The lead sellers claim that you get an awesome result ...

I hired a guy to do some work for me. He was scared I wasn't going to pay him. He does a lot of work for people online and a lot of them don't pay him. He kept on harassing me for payment. It's 7:30PM on Friday and I had already gone home. He texted me every 10 minutes asking for payment. It was ...

We're using this new "saintly" strategy to get more pre-foreclosure listings. Now we don't just talk to pre-foreclosures about short sales. Now we give them advice on loan mods, how to stop harassing debt collector phone calls, and educate them on the foreclosure process. Here is why I came up wi...

The bank turned down an offer for 220k on this house. Today it looks like an offer for 185k will be approved. Why is that? The first offer was submitted 4 months ago. The BPO came back at 265k. That caused the lender to reject the first offer. The lender closed the file. We submitted the next off...

I'm going to give you a low cost strategy you can use to list more short sales today. I first started out in the pre-foreclosure business when I was still in high school. My job after school was to find pre-foreclosures who wanted to sell their home. I didn't have a clue as to what I was doing. I...

We've tried out several different ways to get more short sale listings. Of course there are the usual Lis Pendens - Notice of Defaults. We've also chased down short sales that expire with another agent, used Google, Craigslist, and other methods. But, the Lion's Share of our listings come from th...

I see a lot of agent's going about escalating a file the wrong way. It reminds me of the appeals process game in death row. If I am correct, more inmates die of natural causes than are executed. But, everyone has to go thru the appeals process. It drags on for years and years. After a while it si...