SHORT SALE QUESTIONS? BANK NEGOTIATOR TELLS ALL!
"Absolutely outstanding webinar! Best information I could have received and well worth the time and money!" testimonial from…
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Added by Bryant Tutas on September 7, 2009 at 9:30am —
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The Short Sale Listing Package
Listing Disclosure Letter
Letter of Authorization,
Short Sale Detail Sheet,
Short Sale Questionnaire,
Short Sale…
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Added by Bryant Tutas on August 29, 2009 at 2:00am —
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Are you a short sale specialist? Are your hands cramped from using the phone? Is your neck permanently twisted from being on hold all day? Are you tired of your faxes getting lost, buyers walking and your files being closed? What is going on? How can you improve your short sale processing and get an "edge" on success? Well, we've got a solution.…
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Added by Wendy Rulnick on August 27, 2009 at 6:00am —
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In April I listed a nice golf course frontage home in Sebring for $150,000. The seller's husband had died and she could no longer afford the home. There were also a pile of unpaid bills and incurred debt she didn't know about.
Not long after that, we got a cash offer. We submitted a complete and comprehensive package in April, confirmed receipt! We have a short sale negotiator in our office and she's very thourough and professional. She has been contacted CWHL once a week, only to hear the…
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Added by Andrea Mills on August 26, 2009 at 12:40pm —
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Alas! There is more than one version of the
Bank of America approval letter. One without the dreaded "deficiency" reference. Mind you, not stating they reserve the right to pursue a deficiency may not mean Bank of America has given up that right, but it does cause less trepidation.
Deficiency... what deficiency? My theory - they are leaving out the deficiency reference, but not "forgetting" about…
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Added by Wendy Rulnick on August 22, 2009 at 9:49am —
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Hi folks. Allison Stewart wrote a very good post this week titled
WALK THIS WAY... CAN BUYERS JUST WALK AWAY FROM A CONTRACT?. Allison’s post is talking about Buyers who feel they can just walk away from a Short Sale transaction and get their deposit back because they are just tired of waiting. They feel the contract is not…
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Added by Bryant Tutas on August 16, 2009 at 1:00am —
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Are you helping sellers with short sales? Part of the lender’s process will be to verify if your seller has a true financial hardship. Short sale lenders analyze the information you provide, including paystubs, bank statements, tax returns and the financial worksheet. They will run a credit report, they will review bank statements line by line, and they won't just gloss over the financial worksheet.
If something does not "add up", be prepared for the following questions and…
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Added by Wendy Rulnick on August 15, 2009 at 6:00am —
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BofA has cancelled my 2nd lien approval 2x so far. They said that the BPO was too high compared to the offer. They want a higher offer. My jaw dropped...they don't have any authority. Wellsfargo (1st Lient) has already approved the sales price and package 1.5 months ago. BofA is playing the game. We are also offering them over the original 10% which is $10,000 which Wells approved. Now it is at the 3rd negotiator and I'm hoping they don't kick it out again.
Added by Barrett Thomas on August 10, 2009 at 1:46pm —
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When I’m hired as your Listing Agent handling your Lakeland Short Sale, time is of the essence. The lenders may have filed already a Lis-Pendens, which puts the property already in a pre-foreclosure status.
Pricing your home is the most crucial step to marketing and selling – the comparative market analysis that I will provide is comprehensive and more emphasis is given to recent sales comparables similar to your home that are in distress as well as condition. My price…
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Added by Petra Norris on August 10, 2009 at 8:15am —
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I sent out a listing agreement a couple of weeks ago for a Destin Florida condo. This was a Bank of America short sale, and no payments have been made for 9 months. I never received the listing paperwork back, so just wrote it off.
Today I got a call from “Clyde”, who said he was a licensed real estate agent in the sellers' home state of Georgia and knew them personally. He was helping the sellers with a short sale of their primary residence. Clyde said the sellers still wanted me to…
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Added by Wendy Rulnick on August 4, 2009 at 2:02am —
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"I had the fortune to be part of your short sale basics webinar. I want to express my gratitude and appreciation to Wendy Rulnick and Broker Bryant sharing their expertise in a conversational setting walking us students through from start to finish of a typical Short Sale transaction. This webinar was filled with materials and information giving the most inexperienced the confidence taking on Short Sales.
Having participated in classroom environment, read, studied short sale blogs,…
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Added by Wendy Rulnick on August 2, 2009 at 5:30am —
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Since writing Eglin AFB and Hurlburt Field: Homeowner Assistance Program (HAP) for Short Sales, more information has come to light. Or lack of thereof! I have received numerous calls and emails looking for clarification on how the program will be implemented, and how it will affect PCS sellers (military relocation term meaning "permanent change of station"). Currently, the issue is there is no directive from the Department of Defense as to how to process HAP applications, nor many program…
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Added by Wendy Rulnick on July 29, 2009 at 7:19am —
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If you wanted to know what the HAP site USED to have on it, before they TOOK it down read on,,,,
The Homeowner Assistance Program (HAP) for the military has just received the Department of Defense directive that will affect military PCS sellers who are upside down on their mortgages. I have published a series of updates on HAP, and this just-released update is summarized from the HAP website due to the urgent need for Eglin Air Force Base and Hurlburt Field airmen who have received…
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Added by Wendy Rulnick on July 29, 2009 at 7:18am —
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I am privileged to represent Major Jason M. Trew, a pilot with the United States Air Force, as a real estate client. Major Trew is stationed at Eglin Air Force Base. I have Major Trew's home listed for sale in Freeport Florida because he is being required to relocate by the Air Force to a new base. Like many others in the military, his property value has declined to an amount lower than his mortgage balance. Major Trew is not a property flipper nor a speculator. He earnestly relocated to the…
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Added by Wendy Rulnick on July 29, 2009 at 7:14am —
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Home at 1694 Valparaiso Blvd., in the Pinecrest subdvision in Niceville Florida, has just been approved for short sale!
Summary:
Lender: Suntrust - both first and second mortgage
Servicer: First American Loss Mitigation Services
Loan Type: Fannie Mae
Hardship: Job Loss
1st Mortgage Balance: $192,000
2nd Mortgage Balance: $40,000
List Price: $149,000
Cancelled Debt: appr $83,000
Time for…
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Added by Wendy Rulnick on July 27, 2009 at 12:30pm —
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Today I was talking with a title agent in my Destin Florida market who handles short sale negotiations for agents. He lamented that he had two contracts recently fall apart, with buyers walking.
“Why?” I asked.
“ Well, the agents don’t have the seller sign the contract, so it is just an offer. There is nothing to hold them.”
“Stop doing that!” I told him, “I would never send an ‘offer’ in to a short sale lender.”
Which brings me to my point- " How can you…
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Added by Wendy Rulnick on July 26, 2009 at 11:00am —
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Fight for your commission. You be surprised at the outcome. The lender has no authority over your listing agreement. They do however have authority over how much of THEIR money they will pay TOWARDS a commission.
If you have an agreement with your Seller to pay you x% and the lender will only allow y% then the Seller simply pays the difference UNLESS you decide to let them off the hook. The lender's decision does not alter the listing agreement. Thinking it does....is a myth.…
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Added by Bryant Tutas on July 26, 2009 at 1:30am —
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recently had a short sale contract on one of my listings in Mary Esther, Florida, where the seller had a VA (Veterans Administration) home loan. A VA short sale is called an "Offer in Compromise". The offer price was $120,000, which I thought was reasonable given the condition of the property. Wells Fargo, the short sale lender, ordered an appraisal. Not just any appraisal, but a VA appraisal, called a " Notice of Value" or NOV.
The seller's short sale VA appraisal came back at…
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Added by Wendy Rulnick on July 25, 2009 at 10:49am —
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The Emerald Coast of Florida has a high military population with both active duty and retired air force personnel. Eglin Air Force Base is located in Fort Walton Beach, and Hurlburt Field is in Navarre, Florida. Duke Field and NAS Whiting Field are nearby. We will be seeing an increase in short sales for GI borrowers when they must relocate during their PCS moves (permanent change of…
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Added by Wendy Rulnick on July 25, 2009 at 10:39am —
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Have you seen the new Bank of America/Countrywide short sale approval letter? It is sending shockwaves to unsuspecting short sale sellers.
1. The letter states that Bank of America has "agreed to accept a short payoff". Now, how can they "accept" a short payoff, then state they "might" collect the rest? They either are or are not.
2. It states "there may be tax consequences for entering into a short sale". Again, the statement concedes it is a "short sale", and alludes to the…
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Added by Wendy Rulnick on July 25, 2009 at 7:53am —
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