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Short Sales.....made painless



I know, I know, anyone reading this has got to be saying...yeah right..a painless short sale? But it is true that a short sale can be painless provided that rules are followed and a few tools are used.



One of the most important rules that I impliment is that my sellers are in the game. I explain that at times it may seem that I am demanding, and asking for more and more documentation (ie. paperwork), but I am just the messenger and at… Continue

Added by Tammy Davis on January 6, 2010 at 9:04am — No Comments

CONTEST - What can be done to make the short sale process run smoother?

I would like to say that this is my own idea, however, I would like to share with you the information I received at a meeting yesterday with a Short Sale Manager from Wachovia Bank. This news is exciting for short sale agents and I am hoping that other banks will follow Wachovia's lead as it will greatly reduce the time frames and headaches for the current process!



Wachovia Bank / World Savings Bank is now sending out informational letters as well as pre-approved short letters to… Continue

Added by debbie rumsey on January 6, 2010 at 6:05am — 6 Comments

CONTEST--- Why do you want to do Short Sales?

First things first, I'm a new agent. I have no insights into how things can be improved with shorts sales, so if you're after learning about the newest in mouse traps--- just move along. Nothing to see here. That's right folks. Giddy-up. Don't even slow down.



So, from the perspective of a total noob, here I am. In all my glory, feather boa and all.



Why do I want to do Short Sales?… Continue

Added by Rebecca Fisher on January 6, 2010 at 5:05am — No Comments

Smoother Short Sales - Why am I passionate? Chad Ackerson Mattucci Real Estate

I believe that Lenders are working diligently to streamline the process and that through consistent training and information resources such as Short Sale Superstars, that agents can become and remain educated on the process. Training. Training. Training. But it doesn't stop there. To make a smoother short sale, I recommend that agents inform their seller of what to expect from them and what they can expect from the agent and the short sale process. Getting a COMPLETE and QUALITY short sale… Continue

Added by Chad Ackerson on January 6, 2010 at 4:57am — No Comments

Why I want to do Short Sales

Contest Entry





When I became a Realtor three years ago, it was after nearly 30 years in a variety of sales and marketing functions.



It is my firm conviction that Sales is a noble profession. People often roll their eyes at me when I say that. They are, clearly recalling some experience they have had with a slimy salesperson who was focused only making the sale at all costs with… Continue

Added by Rick Schwartz on January 6, 2010 at 4:30am — No Comments

Why I help Kansas City homeowners negotiate Short Sales--and how they could go better...

I have heard it said that FEAR is the great motivator.



My experience has been that fear can cause homeowners to become professional AVOIDERS. Dodge the phone, leave the mail unopened, don't answer the door. And, I totally understand that fear and motivation to stick your head in the sand. I have been in financial trouble, and even faced foreclosure. When my daughter was born and needed a lengthy ICU stay, I thought it would bankrupt my family. We had massive medical… Continue

Added by Stephanie Jarman on January 6, 2010 at 4:30am — 4 Comments

Florida requires third party mediation on new foreclosure actions for primary residences.

From the Tampa Tribune.



TAMPA, Fla. – Jan. 5, 2009 – Florida homeowners facing foreclosure may soon get one last chance to negotiate with lenders trying to take back their homes.



The Florida Supreme Court issued an administrative order last week that requires a third-party mediation program with all new foreclosure lawsuits involving primary residences.



The goal of the order, written by Chief Justice Peggy Quince, is to help handle the state’s glut of… Continue

Added by Bryant Tutas on January 5, 2010 at 9:06am — 1 Comment


Continue

Added by Jim Whatley on January 3, 2010 at 11:00am — No Comments

Contest - Why do I want to do shortsales?

Why do I want to do shortsales?



That’s quite a question.



I want to be the best that I can be to help the client, to do what’s right for them, and also to succeed in this business. I believe that learning the entire process of short sales and becoming an expert on how to do them will not only gain me tremendous experience, but will help homeowners who need an objective, and skilled agent in the coming years.



I’m relatively new in Real Estate (received my license… Continue

Added by Susan E. Wood on January 1, 2010 at 2:15pm — 2 Comments

What Makes a Successful Short Sale?

WHAT MAKES A SUCCESSFUL SHORT SALE?



I asked this question on a couple of other group sites. I was surprised at some of the comments and so I am interested in the responses on this site. Maybe the same people are here.



As a new Realtor with some specific training in Short Sales I am curious why the word 'offer' is used interchangeably with the word contract. Please help my understanding. Once an offer is accepted it is a contract and there can only be one contract on a… Continue

Added by Margaret C. Taylor on December 31, 2009 at 5:43pm — 4 Comments

The HAFA program is the government's new short sale/ deed-in- lieu program. The government created the program in an effort to assist homeowners who can no longer afford their home and who want to av…

The HAFA program is the government's new short sale/ deed-in- lieu program. The government created the program in an effort to assist homeowners who can no longer afford their home and who want to avoid the damage a foreclosure does to a borrower's credit. The following is my understanding of the program guidelines as presented in the MAKING AFFORDABLE Supplemental directive 09-09.

The federal government has asked lenders to voluntarily implement a new program called Housing Affordable… Continue

Added by Tracey Martin on December 31, 2009 at 3:00pm — No Comments

CONTEST: What can be done to help make the Short Sale process run smoother? In my opinion...

Banks should hire seasoned agents as consultants to train bank personnel from the ground up. Cross train to ensure everyone is on board, especially when people go on vacation or change departments or move on to other banks. Out-of-state banks need to stop thinking properties are worth much more than they are by holding out for that ‘perfect offer’ that will never come. A universal short sale form packet should be designed for all banks to use – no more than 5 pages. Give a deadline of no more… Continue

Added by Wanda Kubat-Nerdin on December 31, 2009 at 1:55pm — 2 Comments

Win FREE Short Sale Agent Training ***CONTEST***

Hi folks. What better way to bring in the New Year than to have a contest. Wendy and I have been thinking of some ways to give back next year. As you know, both of us have a passion for Short Sales. We LOVE helping folks avoid foreclosure. So we've decided to have a contest and give away some goodies!!…
Continue

Added by Bryant Tutas on December 31, 2009 at 11:50am — No Comments

Florida requires mediation in foreclosure disputes

NEWS FLASH: A Florida Supreme Court Justice issued an order requiring all foreclosure actions involving Florida homesteaded property to be mediated between the lenders and the Borrowers.

Read more about it: Fort Lauderdale Sun-Sentinel

I would suggest making certain the SS negotiators are aware of this new requirement while in SS process.

Added by Stephen B. McWilliam on December 30, 2009 at 2:30am — 1 Comment

Debt Forgiveness Tax - not necessarily

I continue to experience people, real estate practitioners included, that are under the impression that income tax must be paid on forgiven debt if the debt was not used to acquire their primary residence and as further defined pursuant to The Mortgage Forgiveness Debt Relief Act and Debt Cancellation of 2007.



Long before this was enacted there was, and still is, an insolvency exclusion.… Continue

Added by Stephen B. McWilliam on December 27, 2009 at 6:30am — 1 Comment

Aurora Loan Services Offer - Too Good To Be True?

A homeowner recently emailed me quite concerned about a letter she received from Aurora Loan Services. She had a second mortgage with them for $29,700 at 12% interest. She had never been late with her payments and was not selling as a short sale. The Aurora letter stated she could pay her loan off now at about one-third what was owed, and would have no further obligation on the note!



Dear Customer:



Aurora Loan Services, as a servicer of your loan, has been authorized by… Continue

Added by Wendy Rulnick on December 27, 2009 at 6:00am — 7 Comments

Note demands by junior lein holders

The knee jerk reaction by many is to refuse to sign a note upon a junior lien holder’s demand. One may successfully argue that position. However, in the end if the junior lien holder will not let up the Borrower is not in any worse position if they sign the note.



First, they already have a note with that lender on which the lender will sue. This new unsecured note replaces the original note that is secured by a mortgage. The Borrower can always attempt to settle that new note at some… Continue

Added by Stephen B. McWilliam on December 26, 2009 at 12:11pm — 3 Comments

Did you Check the MLS before Mailing your Christmas Cards?

I was preparing my (last minute, of course) Christmas cards to clients and past clients at midnight on 12/22/09. For some reason I checked the MLS for an address update on a buyer client I hadn't been in contact with for quite some time. I was surprised to see that his house had recently closed and at first I was pretty upset that he had sold his home without me. My fault though, since I already gave it away that I hadn't followed up with him recently...

Then I saw that it was Lender… Continue

Added by Kelly Meadows on December 22, 2009 at 9:39pm — 3 Comments

Equator announces Agent-Initiated Short Sale

BOA is on Equator-Anyone used it yet? Will it help?





Equator, the default-servicing industry technology leader is pleased to announce the launch of its new Agent-Initiated Short Sale feature. Starting December 8th, Agents have the ability to request a Short Sale through the Agent Portal on www.equator.com. Only certain industry leading Lenders are currently allowing Agents to initiate Short Sales through Equator. Since it is such a great way… Continue

Added by Rita Legan CDPE (440) 227-4461 on December 22, 2009 at 4:10am — 1 Comment

HUD issues FHA lender guidance on short sales

I just watched a video announcing some new HUD guidelines with respect to borrowers looking to obtain FHA loans after having completed a short sale. It makes a distinction between borrowers who were delinquent at the time of the short sale those that… Continue

Added by DanaVoelzke on December 21, 2009 at 5:49am — 2 Comments

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