short sale: Are Loan Mods Leading to More Foreclosures?
- 11/07/10 11:50 AM
It is very stressful to have one's home in foreclosure. There are a few alternatives to foreclosure. For agents the one that might help home owners the most might be a short sale, hoping to have the bank forgive the homeowners on the deficiency between what is owed on the loans and what the home is sold for.
If short sales could help the homeowner start clean, why are they not doing it? Many times they are but all of a sudden if they receive a letter from the banks that they might qualify for a loan modification, … (0 comments)
short sale: Is The Banks Interfering With Your Short Sales?
- 10/22/10 08:55 PM
Short sales are hard work taking a lot of time and patience. The government try to give incentives to banks to try to help homeowners from getting foreclosed through many foreclosure alternatives such as loan modifications and short sales. Any agent that knock on any homeowner that is under default would hear from the owners that they are trying to do a loan modification before considering a short sale. That is understandable since they are trying everything they could to keep their home. When the loan modification does not go through, then for some owners, it might be time to … (0 comments)
short sale: Does B of A halt on forclosures affects your Short Sale business?
- 10/08/10 09:34 AM
Recently Bank of America halted foreclosures in 36 states. This morning B of A made headlines when it announced it is halting foreclosures in 50 states. Yahoo news. Would other banks like Chase, Wells Fargo, and One West follow? This made me think if I should still go after NODs or rethink of my plan on spending my time on FSBOs and Expires. Would this be a good move? Does B of A halting foreclosures affect your short sale business? … (6 comments)
short sale: How Far Will You Go To Save Your Listings?
- 10/01/10 11:30 AM
We commonly heard that listings are king. Once the listing agent get the listing signed, it is smooth sailing from there. Is it? What if the seller decide to cancel the contract 3 days after signing the contract? Or the bank did not approve the short sale? Or the approved buyer walked away and the listing is going into foreclosure? Last week an agent in my area lost 3 short sale listing because the bank decided not to accept the short sale. The agent decided to move on. Another agent spend about 3 months getting a new short sale … (2 comments)
short sale: Is The Next Few Years In Real Estate Really On Short Sales?
- 09/22/10 07:35 PM
Reality is that many homeowners in America are losing their homes. Real estate agents can help these home owners to negotiate a short sale with the banks and hopefully sale the home and get the deficiency forgiven. There are many seminars and webinars these days talking about short sales and short sale certifications. Yet a question that have been popping up my mind the last few days is if Short Sales is the norm for the next few years then how are agents who "only work with their Sphere of Influences" or agents who "don't make cold calls or … (7 comments)
short sale: Do You Let Other Agents or Outside Company Work Your Short Sale?
- 09/14/10 10:26 AM
Lately I been getting quit a few short sale listings. It has become so time consuming that I am thinking of getting some help so I can focus getting more listings. There are one or two older agents that have been doing real estate for a while in my office that I was considering. They seem to just want to do paperwork instead of going to the field to get business. I was told by my real estate coach to have a short sale negotiation company do it instead because they are more specialized on the work. I wasn't … (1 comments)
short sale: "Please Stop My Home From Being Forclose On"
- 08/04/10 07:27 PM
I got a called this evening while driving back to the office with a lady very frantic because she her home was going to be auctioned off tomorrow morning. I was at her home 3 weeks ago trying to discuss how we can help her save her home and she ignored me. Last week I was there again and she didn't listen. She told me that she send a check for what she owes today and was upset that the bank did not get it yet. The situation is unfortunate because I told her that since it is the … (1 comments)
short sale: If a prospective lead got bankruptcy approved, can he still do a short sale?
- 07/30/10 07:54 PM
A few days ago I was talking to a man who got his bankruptcy approved by the court and was wondering if he can do a short sale. I told him that as a real estate agent, I could not provide him with legal or financial advice and he should seek the answer from qualified specialists. Just curious if any agent comes across this scenario and what is the answer to this. I come across this about once every two weeks. … (3 comments)
short sale: How to tell sellers that their home is going to be a short sale?
- 01/15/10 02:29 PM
This week I am working to get two listings from sellers who wanted me to sell their homes. They were hoping to sell their homes and pay off the bank and have a little extra. I did CMAs on the properties and it seemed that they lost up to 50% of what they paid for their home. I have not done a short sale before and am a little worry to tell the owners that this might be how much their home is worth, but it is reality. I printed out a couple of homes similar to theirs for … (5 comments)
Song San has been in the Technology industry for over 15 years dealing with many aspects of technology including desktops, servers, web design, web programming, database, and management. Song worked for and consulted for a long list of startups, multi-million, and multi-billion dollar companies including Pom Wonderful, Circor Aerospace, Suncal, and Fox Interactive.
Song is also a real estate broker in the Los Angeles, California area. He does a lot of networking with buyers, sellers, investors, and agents for many hours on a daily basis.
He also spends much time with his family and doing technology consulting work for his clients and on his on projects.
It is very stressful to have one's home in foreclosure. There are a few alternatives to foreclosure. For agents the one that might help home owners the most might be a short sale, hoping to have the bank forgive the homeowners on the deficiency between what is owed on the loans and what the home is sold for.
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