Need Superstar Input, Upcoming short sale mastermind

I am attending an upcoming mastermind session at Keller Williams Mega Camp next month.

As some of you know, a group of us formed a short sale mastermind group at Keller Williams Masterminds last year.  We met with 3 of the largest lenders and the largest investor and have subsequently met several times since then.   I believe that our group has helped lead some of these banks to change their thoughts about agents and has led them to change thier processes.  

Our group has been asked to come up with the "32 topic suggestions" to discuss next month with the lenders that will be attending.

 

Please tell me what you think needs to be discussed and I will see if we can add your topics to the agenda.

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Permalink Reply by Linda Liner on August 9, 2011 at 8:59am

Hi Jeff

I'm a fellow KW agent and would appreciate your input.  I am having a hard time with Indymac/OneWestBank. The file is now assigned to a 3rd negotiator and I've had NO response from anyone.  They will not return phone or email messages.  Do you have any higher up contacts that might help?

 

As for topics for MasterMind ...I would like to see uniform implementation and borrower requirements for HAFA approved short sales..It seems that they are all doing their own thing and are discouraging to the process.

 

Thank you

Linda Liner

Permalink Reply by Jeff Payne on August 9, 2011 at 9:21am
Thanks Linda, I will see if I can find my Indy Mac contact, it has been a while so I will have to dig it up.
Permalink Reply by Denise Orrico on August 10, 2011 at 10:20am

Hi Jeff!

I agree with Josh's questions from Monday...Not sure you can even touch on this but Fannie Mae has to change their business model....Lot's of wasted time, energy, tax payer money, resources and such- The only 2 short sales we couldn't close in the past 2 years and come to a meeting of the minds were Fannie backed! These offers were in line w/ the current market values…In each case, after the sheriff's sale, the properties were listed as REOs- Months later, each sold at prices much lower than the short sale offers we brought them- (10%-15% under current market value) Now, with these REO sold properties, (comps), the neighborhood quickly dropped in value prompting more distressed home owners- Vicious cycle we have here with Fannie Mae backed mortgages!

That’s pretty much my only complaint working the short sale market here in ChicagoLand!   Good luck at the meeting!  



Josh M. Boggs said:

Hey there Jeff,

 

Would like to know what Fannie Mae is allowed to be so evasive and hard to get in touch with or even get answers to when ultimately they are the final decision makers on files that face SS or Foreclosure?  Why can't there be better answers than; you need to contact the servicer as it's their decision?

 

Thanks,

 

Josh

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