Hello Short Sale Superstars!

We are set to release a Short Sale Super Star Survival Guide and we want your Tips; We want to know your BEST Short Sale Survival Tips and so does the world!!!  Only Ten will be accepted so make them juicy and powerful. Please read the directions and details below. If you’re tip is accepted your full name, city and state will be listed below your TIP as a contributor.

This will be a free survival guide for Investors, Homeowners, Agents and any other real estate professionals nationwide!

 

Step by step instructions to enter:

1.     Limit the title of your tip to 140 characters and that the explanation of the tip is ideally between 150-250 words. 

2.    You may email the tip as well if you’d like to info@shortsalesuperstars.com   

 

Thank you all in advance for volunteering to share your experience. Please reach out if you have any questions to 1-888-664-6964.

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Prepare to unwind.  Order a full title report prior to actively listing or negotiating with anyone.  This will show anything that you may have to address during any negotiations with anyone involved in the transaction.  Always know the situation that the homeowner, administrator, or anyone representing the legal deeded owner of the property.  Bring downs on the title report may be necessary depending on the situation.  Always keep notes!!

Rick Houser

TIP - Always document the details of your conversations

The servicer documents or record everything, make sure you do.  I use RealtyJuggler to document the details of my conversations whether it's with the homeowner or servicer, or something I need to request or include, like updated financials. Include names, ID number, date, time and what the conversation was about...

Tip #1 - Hit "#" after leaving a voice mail for your negotiator.  Doing so will mark your message as "urgent" and insure it is heard first.  Also, call back a second time and say "I think I forgot to leave the loan number on my first message", and be sure to hit "#" again.

This will allow you to leave 2 vm messages with your negotiator without being "pushy" and also insure they are heard first!

Tip #2 - Find out who the Investor is on the loan.  The Investor is the actual DECISION MAKER and who you want to speak with when problems arise!!!

Tip #3 - See what the maximum allowable commission is (some banks pay up to 10% commission)!!!

Which banks pay up to 10% commision?

Wells Fargo on their portfolio loan short sales.

1) Make sure you always add 3% recurring & none recurring fee closing cost credit from seller to buyer on your hud. 99% of lenders honor that. 

This will help you cure many last minute hiccups without touching the lender's net. 
2) Notice that AFTER getting your approval,  you still have a full month to negotiate the deal  (before expiration) plus asking for extension & keep grinding for some items they cut out originally. 
Sometimes they give in last minute & agree last minute.  Plus you can ask for extension a week before closing ...
Remember,  in any NEGOTIATION, whomever has the most amount of time is ALWAYS the winner. 
For example: I got an approval of  $1,650,000.00 on a property with only $12k to 2nd & they were not willing to accept any less than $150k.
I got the approval from 1st lender, then asked for extension & pushed 1st lender by sending a new hud to accept the entire amount to be paid to 2nd from their processed & even though they rejected me twice before.   4 days before closing they accepted to reduce additional  $145k from their net & we added $5k from the non recurring credit from sellers 3% towards buyer's closing  which they also allowed before & we closed escrow.  
3)When all else fails and the lender is not co-operating you may seek help by placing a complaint from yourself and your homeowner with FDIC. I am in California and I have placed complaint 3 times on 3 different lenders where they were able to help me with a difficult short sales. 

Consumers may contact an institution's federal banking regulator directly to report complaints against financial institutions or to ask questions related to those institutions. The link below provides a tool to help determine the appropriate federal banking regulator to contact:

http://www.ffiec.gov/consumercenter/default.aspx

If you are unable to locate the appropriate federal regulator or if your financial institution is regulated by the Federal Reserve System, we will need additional information in order to route your complaint for investigation. Please resubmit your correspondence with the additional information requested below:
If you are submitting correspondence on behalf of another individual, they required a third party authorization signed by the consumer. 

More information on the Federal Reserve s consumer complaint process is located on our website at:

www.federalreserveconsumerhelp.gov/complaintprocess.htm

The following are other links you may find helpful.
http://federalreserveconsumerhelp.gov/
http://federalreserveconsumerhelp.gov/ConsumerHelponline.pdf
http://federalreserveconsumerhelp.gov/ComplaintForm.pdf
Trust me if you know how to place this complaint, the lender will begg to work with you to give you the BEST customer service with a dedicated line just to get rid of you and your complaint. It was the best experience in completing difficult shortsales ever... 
Here you can read other stories regarding short sale lifestyle i have been through since it all started.. 

 

CFPB is also great to complain to along with social media (Twitter REALLY gets attention from the banks)!!!

I actually had someone from B of A contact our office and ask us to STOP posting complaints on Twitter b/c their office was getting so many calls.

...BOOOOOM!!!   Score one for the good guys!!!!

Good to know. If i only go online and say my stories... I could destroy chase reputation all together. Bunch of thieves... 

BTW: They closed my $3mil short sale case behind my back with my seller & buyer and pulled my name from commission list after 5 short sale approval... They called it SHORT PAY and closed with same exact amount they approved for short sale minus commission. 

Do you have any recourse?

Does anyone have any specific tips for short sale in Bayview (or investor guidelines of Bank of New york) & what they are willing to pay on HUD???

So far they said NO to everything and reduced the commission as well.. Any tips?

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