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GET PUBLISHED BY Short Sale Super STARS

Posted by Jonathan Katz on February 2, 2017 at 12:26pm in Short Sale Discussions

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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Tags: foreclosure, help, negotiating, prevention, sale, short, tips
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Replies

  • Kristine Zelazo Short Sale Gal February 27, 2017 at 12:21pm

    There is nothing worse then getting a short sale approval letter and then ordering lien and title to find you have liens/Judgments to negotiate.  Especially if there is an IRS lien which takes at least 30 days to set aside the lien from the property.   The minute I get a complete short sale package, I ask the closing agent to order lien and title.   If there are liens then I have them negotiated simultaneously with the short sale itself and put the liens on the HUD to attempt to get the bank pay for all or part of the liens.  I find that many times they will pay for a portion of them, especially the HOA liens.  If the amount of liens are too much for the bank and buyer to contribute, then see if the realtors can pitch in a portion of their commission to get the deal closed.

    Sincerely,

    Kristine Zelazo

  • MItigationPros February 27, 2017 at 2:44am

    Title: Know the CFPB Guidelines, Escalation Contacts & ALL attached Liens & Judgments!

     

    After working solely on short sales for over a decade, the best tips we can offer to all industry professionals are regarding escalations and liens.

     

    1. Knowing the CFPB guidelines and the necessary escalation contacts for your file will help you keep the bank on the right track throughout the process - if they are not meeting the guidelines, don't be afraid to call them out.
    2. Find a title company to work with who can pull a title search prior to beginning negotiations. Many sellers simply do not know what liens/judgments are attached to their properties, or do not disclose everything. Know what needs to be negotiated up front so you do not have any problems after all your hard work in getting to the closing table.

    Melissa McConnell

  • Tony Morales February 21, 2017 at 8:32am

    TIP:   Call the lender first then do your homework

    Find out their guidelines on commissions, allowance to junior liens, electronic signatures allowed, foreclosure postponement, relocation incentive given or not and the documents they require. Submit exactly what the lender wants as it must pass quality control audits .Do not send what you think they need   Do not try to put a round peg in a square hole.

  • Helena Kaucheck February 21, 2017 at 8:03am

    Homeowner Tips:

    1) Preparing for a short sale should includes speaking to professionals such as attorneys and CPAs to get the best picture of the legal and tax implications and potential documents may be once a short sale is completed.  Some states such as Arizona have anti deficiency statutes in the event of a foreclosure, HOWEVER, you should always seek the advice of an expert in the legal and tax field to get a true understanding of how your state's laws may protect you.  

    2) Short Sales only move forward and possibly quicker if the Lender is given the requested information immediately.  Delays simply do not push the file back a few days~~it can actually push it back weeks.  Lenders are not sitting at the desk waiting on receipt of requested materials.  They're dealing with possibly hundreds of files so your file may go to the back of the line if we've met a cutoff for a request.  

    3) Make sure you check your mail for any bank notices.  Banks were in the habit (and it appears it may come back around) of service releasing - having your mortgage handled by a new company.  These changes are mandated by law to be sent to the homeowner before, during and after.  Giving your agent this heads up may save not only time but also allow them to proactively package a short sale for the new lender avoiding any potential delays.

  • Verna Littleton February 10, 2017 at 12:31pm

    “A PLANE WONT FLY WITHOUT A GOOD PILOT”
    When I am working a short sale, in my mind I am the pilot.  The pilot
    has a crew that includes  buyer, seller, buyer’s agent, lender, etc.
    In order for the plane to fly right and land safely the captain must
    be positive and must communicate with everyone on board especially
    when turbulence hits.

    For example, I recently had a deal where a  very difficult negotiator
    told me they were not going to accept the buyer’s offer and they
    wanted $30,000 more and they were not going to give the sellers
    relocation assistance.  Instead of giving up, I regrouped and decided
    to wait a few days and call back. I stayed positive and when I called
    back,  I got a different negotiator that took the offer and gave the
    sellers relocation assistance!

    I had another deal where the negotiator tried to get the buyer to come
    up $80,000.  Again, I didn’t lose my cool.  I provided as much
    documentation as I could to show the bank they were overpriced.  I
    provided feedback from agents that  had stated the home was
    overpriced, etc.   It worked and the bank accepted the offer!

    In conclusion, the best advice I can give anyone working a short sale
    is to remain calm and stay positive. Your crew is depending on you to
    land the plane.  If everyone sees you lose control then they lose
    control.  Stay positive throughout the entire transaction no matter
    how bad it seems!

  • Mary S February 7, 2017 at 4:05pm

    TIP: Align yourself with a Short Sale Negotiator that can catapult you past the bean counters, fits you in the lenders box and gets the right approvals!

    An experienced, solutions driven, Short Sale Negotiator (SSN) is your number one asset on your team.

    • One that understands the lenders systems, streamlines the process and does more than push/process paperwork.

    • You want to align yourself with a SSN that has proven strategies to postpone Trustee Sales, understands complex deals (i.e. Probate Reverse Mortgage with additional liens, Multiple Lienholders with IRS, FTB and judgements, HOA foreclosed Short Sale, etc)

    • One that pre-underwrites the Short Sale package based on investor guidelines, to ensure success for your distressed seller.

    • One that can help you develop and structure a detailed Value Dispute Package (VDP) to set you up for success at the Broker Price Opinion (BPO) and/or Appraisal, this VDP can also be used when/if the bank counters.

    • One that understands follow ups, urgency and has multiple escalation sources.

    • One that runs the Statement of Information at the same time the preliminary title report is ordered to uncover any additional liens that need to be negotiated.

    Anyone can process/coordinate a short sale; an experienced, solutions driven, Short Sale Negotiator gets you the right approvals and covers all bases from start to finish.

  • amber shaw February 7, 2017 at 10:28am
    1. Meet the bank appraiser / BPO agent at the property and be prepared: This is probably the largest reason for denials on short sales, when the value by the bank comes in way higher than our offer, or even way higher than the market or property condition dictates. Most appraisers and BPO agents will consider the items you give them or explain to them during the inspection and can often help get the bank’s value in line with our offer, which will result in an approval. You should meet them with comps, repair bids, and also point out any damage issues that may not be visible to the naked eye. If the appraiser or BPO agent is from another area, you can also let them know about local market condition trends, etc.
    • Rebeka Shadpour > amber shaw February 7, 2017 at 3:25pm

      can't agree more!

      I think it's 90% of the approval depends on the BPO or appraisal. I have done Many BPOs and been approved with over 26 asset managers. That is very important to appear there and do what Amber said. 

  • Rebeka Shadpour February 6, 2017 at 2:28pm

    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?

  • Rebeka Shadpour February 6, 2017 at 12:36pm

    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.. 

     

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