The Life of a Short Sale - Contact with HSBC

By
Real Estate Agent with Mason Real Estate CA BRE 01444168

I decided that I would write a chronicle on the life of my new short sale listing.  In case you missed it, I described my transition BACK to short sales from Bank Owned REO's as a listing agent and team leader in my recent blog post, Humble Pie...Or OH NO, Did I really Take a Short Sale Listing???? AGGGHHHHHHHH.  Yes, it is true I went kicking and screaming...but here I am.

I had a meeting with my two assistants and shared with them in detail what I expect to happen and started to figure out the game-plan of how we are going to attack this file and set up our systems for all future Short Sale Listings.  Both of my girls have only worked with me in the world of REO's - but top be honest the REO's have dried up and I still need to pay the rent.

So after our pep talk, Susie, my office manager and TC was tasked with setting up the file in 3 sections.  First for listing documents, second for offers and 3rd for the package and communication with the bank.  We got everything scanned.

Next, Susie contacted the lender so we would know where to submit our package - as I am expecting to write an offer with a real estate investor this weekend, that always likes a good investment.  Not sure if it will be a good offer or not, but the plan is to build the momentum and negotiate an approved short sale price, for this San Jacinto, CA home located in the master planned community of. Rancho San Jacinto.

While Susie was taking care of her business, I was off to an educational committee meeting at the local Association of Realtors and then LeTip for lunch.  In between I installed a nice new sign on a new sign post and installed both a digital SentriLock box as well as combo.

When I got back, Susie was on the phone with HSBC, gathering the necessary information.  Lo and behold, they asked permission to go ahead and schedule an interior BPO now...before we even have an offer.

So, my head is spinning - I sure wasn't expecting that.

I mad e the call to the client and explained what was to be expected...and now we wait and see.

Posted by

Until Next Time, Have a Blessed Day,

John Occhi, ePRO, REALTOR®
DRE Lic No: 01444168


ePro,John Occhi,www.johnocchi.com,realtor      Certified Probate Real Estate Specialist Logo Awarded to John OcchiFive Star Logo,Certification,REO,Five Star Institute     

Excellence in Real Estate,Team Log,John Occhi,www.johnocchi.com,hemet,san jacinto,CA  

This blog and the contents written here is the intellectual property of John Occhi, Temecula - Murrieta, CA REALTOR® in the South West Riverside County region of the Inland Empire of Southern California.  The views and opinions expressed are just that - views and opinions of John Occhi and those who comment.  Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance. 


I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

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Topic:
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Location:
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Groups:
California Loan Modifications, Short Sales, & REOs
California Short Sales, REO's, and Foreclosures
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Short Sales
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Rainmaker
424,031
Jean Hanley
Coldwell Banker Kivett Teeters - Hemet, CA
Specializing in Folks Who Want To Buy/Sell Homes

You just got lucky on that one buddy!  lol  I just had my big one in Menifee rejected by GMAC a couple of days ago.  Don't know what they were thinkin.  Good for you.  See you in the office tomorrow. :)

Dec 03, 2009 09:56 AM #1
Rainmaker
1,147,431
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

John, Stepping in to my world are you? Don't forget we have a group set up for HSBC over on the short sale site. Might be some info there to help you. Please be sure to add stuff to the group if you come across any insider info.

Very cool that they ordered the BPO so quickly. Is it an FHA by chance?

You may find out  you like short sales. They pay better than REOs.

 

Dec 03, 2009 10:17 AM #2
Rainmaker
223,539
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

John,

Good luck with that.  Getting you BPO done up front is always nice.  Hopefully they'll give you an idea of what they're looking for.

Dec 03, 2009 10:19 AM #3
Rainmaker
312,455
John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

Jean...lucky, huh? 

You should check out the Shor Sales Superstars groujp for the next one and myabe you won't have that problem.

John

Dec 03, 2009 11:51 AM #4
Rainmaker
354,568
Melanie Ross
Coldwell Banker Solano Pacific - Benicia, CA
Benicia CA & Vallejo CA Real Estate, 707-319-2828

My partner and I did one with them and got it approved in less than 30 days.  They were communicative and got the job done quickly.  It was a real pleasure after Chase.

Dec 03, 2009 11:53 AM #5
Rainmaker
312,455
John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

Bryant,

Yes, here I am...almost feels like I never left.  Thanks, I found the HSBC group and yes, it is one of many resources that appear to be very helpful.  Later tonight, I'll dive in deeper...

I'll contribute what I can to the group - like you, I always have something to say about everything.  My thought is I'm going to document everything that happens with this one transaction - from start to finish...and see where it goes.

As far as it being FHA...I don't really know.  How do I figure that our besides asking the bank...the homeowner doesn't know.

As far as liking them more...now you are really pushing it my friend,

John

Dec 03, 2009 11:59 AM #6
Rainmaker
312,455
John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

Brian,

Yes the BPO done so quickly is a whole new cncept for me.  We'll see how it unfolds.

John

Dec 03, 2009 12:00 PM #7
Rainmaker
312,455
John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

Melanie...from your lips to God's ears...

John

Dec 03, 2009 12:01 PM #8
Rainmaker
710,880
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

I was searching Active Rain for tips and tricks of the trade in how to get HSBC --- as the second lien holder --- to cooperate.

If your loan was the first and only, then you were lucky.

Try that when HSBC is the second. It probably boils down to whom you get as the negotiator. I've hired a third party negotiator, and even she gave up. The first lender upped the payoff from 10% to 15% of balance owed on HSBC. Still no response. Seems like they'd rather end up with nothing if the property is foreclosed, than to get 15%

Aaaarrrrrgggghhhhh!

Jan 29, 2010 06:31 PM #9
Rainmaker
312,455
John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

Pacita,

trust me, I feel your pain.

no more short sles for me, for awhile.

John

Jan 29, 2010 07:49 PM #10
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