short sale: New Procedure at Bank of America? It's Gotta Be Better, Right?
- 08/12/09 09:01 AM
BofA Merry-Go-Round So I have a Short Sale submission for BofA. I get a good night’s sleep, take my vitamins and get everyone out of the office. I call BofA to get the process started and submit the package. Well, to my surprised I was fortunate enough to get a great representative and we even go over some of the particulars being that the homeowner was recently trying to get a Loan Modification. Well, after that nice chat I submit all the documents requested and go about enjoying the rest of my day (I verified their receipt 48 hours later). I … (6 comments)
short sale: Do You Want a 30-Day Short Sale Closing?
- 08/12/09 05:01 AM
WELL YOU CAN'T HAVE ONE, DIDN'T YOU KNOW THAT ?!!??!?!?!?! There are homeowners that want to purchase a property in good condition, for a good price and with a quick closing. So why are these agents bringing them to my Short Sales? The mere fact that this is a Short Sale should clearly indicate to any agent that this will not be a quick closing. It seems these agents are letting their clients dictate the search, offer and terms for the purchase of real estate. Shouldn’t that be the other way around? They come to me with a low offer…No … (9 comments)
short sale: GREAT Offer....But Do We Take It?
- 08/11/09 01:40 AM
“Don’t Be Swayed by an Overpriced Contract” The newest trend coming to a Short Sale listing near you is the buyers offering much more than the listed price. That in itself is not a problem, the problem lies when the offer is higher than what it will appraise for. Be careful of that and don’t fall into the, “It’s the highest offer” trap. I know, you’re going to tell me that you must do what is right for your client by taking the highest number. It’s what the Lender would want or it could help lessen the Deficiency if the … (4 comments)
short sale: So Why Are Lenders Not Approving...
- 07/30/09 04:02 AM
It seems there are certain lenders that do not want to rush an approval because they are profiting from the stagnation. Let's remember that most of these loans are not on the Lenders book, but they are "servicing" the mortgage for the investor/owner of the note. For those services these Lenders are getting a nice fee, whether the mortgage is being paid or not. Think of it. They gave out really bad mortgages, sold it to someone else and now they charge those same people a nice fee to "service" a loan they created to fail. That's a pretty good business … (4 comments)
short sale: Promissory Notes are Here to Stay
- 07/26/09 03:39 AM
Not too long ago it was very clear that negotiating the removal of a Promissory Note was not quite the battle it is today. As a matter of fact it seems Lenders have started to draw bigger lines in the sand. Why is this happening? In my opinion, as Lenders have started to report profits recently (mostly due to accounting tricks) it seems evident that the flow of credit or even cash is starting to flow, for some. Who are those that are seeing and benefitting from this new found capital? Collection agencies...and that's never good. They now have the Capital … (3 comments)
short sale: The Next Hit to the Real Estate Market
- 07/15/09 04:54 AM
For those that have read my posts in the past, I'm sure you'd agree that I have been very consistent in predicting the continued proliferation of Short Sales on the market. As I've said before, we are going to be dealing with this type of market for the next three to five years, at least. Many of the reasons include Option Arm mortgages yet to re-adjust, mounting economic woes the country is facing,layoffs, the inability for many to get mortgages with the new stricter guidelines and the unwillingness for lenders to cooperate or streamline their approach to approving Short Sales, Loan … (6 comments)
short sale: Help the Seller:Protect the Buyer
- 07/10/09 07:34 AM
As we get deeper into the Short Sale phenomenon it seems buyers agents are forgetting the reasons these homes are in need of being sold. They seem to be more forceful as to the changing of the status of the property once they get the contract signed. And I understand their dilemma of not wanting to waste their time with agents that submit all offer that come their way. But there also needs to be a realization that the Seller is in need and has very few option and even less time to sell the property before it is foreclosed. I … (1 comments)
short sale: For The Lenders, It Pays Not To Get It Right!
- 03/11/09 04:01 AM
We all know the fact that most loans are being serviced by most lenders. That is to say, that they don't usually own the mortgage but are paid by an investor to process and maintain the mortgages. So, these lenders created ways to give everyone who asked a mortgage. They then repackaged and sold the mortgages to investors all over the world AND charged them a monthly fee to service those loans. Brilliant! The longer they maintain the loans on the books, the longer they get paid from the owners of the mortgages, as they lose their shirts. The homeowner might … (3 comments)
short sale: Doing Short Sales? Remember, the lender is your "client"**
- 02/27/09 05:00 AM
Too often many agents reach the frustration level where I can hear their screams from across the country. The most common complaint? It's a good offer the lender should take it. That pretty much sums up their argument for an approval. The reality is that it is irrelevant if you believe the offer is good. The one entity that needs to believe that, is the lender. Yet most agents take that fact for granted. I think we should all act and prepare as if the lender is our true client and prepare the best package we can to convince them that … (14 comments)
short sale: Obama's plan is great, if the year was 2007...Part 1
- 02/19/09 06:30 AM
It might be a little to early to make a judgment on the new foreclosure prevention plan announced by the Obama administration but the little I was able to read doesn't give me much hope. The fact that the refinance part of this plan would cover those mortgages that were, at a maximum, 5% over the homes value is troubling. That would have been a great plan if this were the beginning of the crisis and not two years into it. There are communities where the values have dropped so quickly that people are 30%, 40%, 50%, and in some condo … (0 comments)
short sale: Don't Shy Away From Short Sales
- 02/12/09 03:51 AM
I've been reading other posts in ActiveRain and elsewhere and what I see if pure fear and frustration over handling Short Sales. Just like most other challenges in life, success is found in education and perseverance. Don't follow they crowd in fear in staying away from Short Sales. The last few years real estate agents were seen in the same light as used car salesmen, insurance salesmen...not in a good light. Today, we can show what professionals we truly are. We can help so many families that seem to be taken advantaged of by more and more scams and tricks. I … (13 comments)
short sale: How to Prospect for Short Sales
- 01/27/09 03:03 AM
I've received many inquiries from other agents in my office as to how I can get so many Short Sale leads. The answer to that is quite simple. I don't prospect for Short Sales, I don't target that group. By the time most people are in default they have probably contacted a lawyer or one of those foreclosure rescue companies. My method is to just target an area, a farm, where there seems to be a newer construction. The key to that strategy relies on the likelihood that area has a high percentage of the types of mortgages that caused this … (16 comments)
short sale: Become a Star...
- 01/27/09 02:21 AM
As it becomes a stark reality that this Distressed market will continue for the next several years, the realization of learning how to handle Short Sales becomes a new priority. There are several Short Sale courses on the market for $99 or $77, even free if you buy their documents. The truth to the matter is that there are no short cuts or advantages that can be gained by knowing someone at the bank, a contact if you will. The truth is that educating yourself on the process of a Short Sale will help you to better understand how to go … (4 comments)
short sale: My Bailout Plan--A Realtors' Perspective
- 09/24/08 08:49 AM
MY BAILOUT PLAN: 1) Give the homeowners who are distressed the opportunity to “re-purchase” their home, at market value, if they can afford it. It that is still too expensive, assist that family with a down payment as in order to give them a chance to purchase another home within their bracket. This technique will help keep down inventory from coming onto the market, save the lenders expenses associated with a short sale or foreclosure and give relief to the family. a) This would keep more homes under ownership and not on the open market. If the homeowner cannot afford … (1 comments)
short sale: Countrywide...Do you guys want to make money?
- 08/30/08 04:23 AM
This is a fun story for me. I have a short sale being negotiated with Countrywide. I also have the buyer who is getting a loan with Countrywide. I have let all the representatives know that this sale could be very beneficial to them since they will turn their money around. Needless to say, the Loss Mitigation Dept took a very long time to get their process going. In the meantime, the buyer's purchasing window was closing because of the rise in interest rates. I was able to get a letter from the buyer's mortgage rep stating that the window was … (4 comments)
short sale: Fannie Mae...You're killing me!
- 08/30/08 04:05 AM
In a recent blog, I mentioned how I was told by a lender that we needed to lower our contract price for our short sale because it was higher than what their BPO came back for (How Much?). We lowered the contract price and received out approval from the lender. The file then needed to go to Fannie Mae to get her final approval. Well, I bet you can see where this is going. Fannie Mae came back and told us that their "state of the art" system that determines value is having a problem with the value of the contract … (2 comments)
short sale: The Predators are Coming
- 08/09/08 03:41 PM
It is a sad truth of the market we are living. This is a great country and we are all privileged to be here but it is also a predatory country. It seems to be in the genes that the strong will prey on the weak. This market has shown the need to help a vast amount of families. What has gathered against these families are the slick talkers that will seemingly fix all their ills, for a small upfront fee. You can't go from one corner to the next without running into a street sign, business card, flyer and even … (2 comments)
short sale: Successfully Close Your Short Sales
- 08/08/08 12:09 AM
There seems to be hundreds of Short Sale classes all over the country charging incredible fees to let you in on the "secrets" of doing thses files. How can anyone be sure the system works before you take course? How do we safely navigate through the mindfield of instruction? Well, it's simple! Just ask the graduates of the course. Here is a link to another Active Rain posting where the graduates of the Certified Distressed Property Institute (CDPE) tell their story. Contact them and really find out how to successfully close your Short Sales. This educational seminar is endorsed by Howard … (0 comments)
short sale: No need to pay upfront fees
- 08/06/08 11:50 AM
The latest trend in the foreclosure market are all the "rescue" experts that have arisen from the ashes. All sorts of companies charging the distressed homeowners upfront fees to do what the homeowner can do themselves for free. It's a shame how a whole industry has come alive targeting the very people that can ill afford these upfront fees. There is no need to have someone other than the homeowner negotiate a pre-payment plan, a forbearance or a loan modification--they might need guidance but that shouldn't cost them a dime. In my area these "companies" are charging up to $1,500 per … (4 comments)
BofA Merry-Go-Round So I have a Short Sale submission for BofA. I get a good night’s sleep, take my vitamins and get everyone out of the office. I call BofA to get the process started and submit the package. Well, to my surprised I was fortunate enough to get a great representative and we even go over some of the particulars being that the homeowner was recently trying to get a Loan Modification. Well, after that nice chat I submit all the documents requested and go about enjoying the rest of my day (I verified their receipt 48 hours later). I … (6 comments)
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