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Added by Bryant Tutas on November 14, 2009 at 12:00pm — 4 Comments

SuperStar Update 11-13-2009

Hello fellow SuperStars,



What a week we have had!! The site revamping seems to have gone over very well. Thank you for all of your positive comments on the new look.



Would you believe that in the last week we have had 785 absolute unique visitors? And we had 11,569 page views!!!





40 new members this week brings our total to 533. What else can I say? The growth of the network this week has been… Continue

Added by Bryant Tutas on November 13, 2009 at 9:17am — 1 Comment

How low is too low to accept a short sale listing?

I recently canceled three short sale listings after a client insisted that I pay to do some advertising that is not part of my marketing plan. We decided to go our separate ways after I broke down the numbers for them and showed them just how much money I was going to make off the listing if I were able to negotiate the short sale.



I was actually losing money after paying my admin staff. It started me thinking, how low is too low? At what point do you say no to a short sale… Continue

Added by Brian Brumpton on November 10, 2009 at 1:32pm — 8 Comments

Bank owned properties can be great deals, but know the possible costs going in

The bulk of real estate sales continues to be pre foreclosed and foreclosed properties, largely because they are, square foot by square foot, the best deals on the market. With the number of foreclosures on the market and more on the way, cities are reacting to ensure the integrity of neighborhoods, and long term property values. This is equating to some additional costs for buyers.



The saavy buyer already has some upfront costs when purchasing a property. I always recommend, and… Continue

Added by Ron Donavon on November 9, 2009 at 5:11pm — No Comments

IT'S ABOUT TIME!

This week happens to have a very important day in it. This Wednesday is Veterans day. A day when we get to remember our nations heros. It's a day to really think about all we have and the small things we take for granted. For instance, going to Starbucks for coffee, being able to go to any house of worship anytime we like, being able to listen to country music at my desk while my neighbor is listening to rock. These things don't seem inportant but someone put their life on the line so we could… Continue

Added by Sue Burg on November 9, 2009 at 4:27pm — No Comments

Successful Short Sale with Fifth Third Bank.

Avoid foreclosure. Another successful Short Sale Closing with Fifth Third Bank.



Mortgage amount: $185,000.00



Sales price: $87,500.00



Lender agreed to 3% in closing costs and a 6% commission.



Net to Lender: $77,078.00



Fannie Mae was the Investor and there was Mortgage Insurance (MI).



Challenges: The Mortgage Insurance company started out wanting $60,000 in any combination of cash and/or… Continue

Added by Bryant Tutas on November 9, 2009 at 11:17am — 2 Comments

Short Sale Companies Sign Up: Show Me The Money



When the REOs started hitting the market 2 years ago, the supply on the listing side was overwhelming REOs. This caused agents being solicited by companies offering the secret road to obtain REO. Not only that but some REO companies also saw an opportunity to have extra revenue to their bottom line by charging a fee to be in their list. Now that the lenders are realizing that the best way to maximize their profits is short sale, the REO… Continue

Added by Marcelo Da Silva on November 9, 2009 at 8:30am — 2 Comments

www.ShortSaleSuperStars.com has a new look!!!! MAYBE?

OK so I guess unless you are blind you have noticed the new layout and look for ShortSaleSuperStars. There is one slight problem though........I didn't ask Wendy and she hasn't seen it!!! This look could be very temporary.



So.....am I going to be in trouble? I guess we'll have to wait and see.



Anyway....here are my thoughts.



The site needed to have a cleaner look.



Wendy and I had talked about getting our "product pitches" off the front page. So I… Continue

Added by Bryant Tutas on November 8, 2009 at 3:00am — 14 Comments

Treasury to Encourage Short Sales By Kate Berry

September 9, 2009

¦Advertisement

The Treasury Department plans to announce financial incentives for servicers to pursue short sales and deeds in lieu of foreclosure for troubled homeowners who do not qualify for the Obama administration's loan-modification program.



In a short sale, a home is sold for less than is owed on the mortgage, whose holder accepts a discounted payoff. It is often considered less costly than a foreclosure.



Under the Treasury plan, which is… Continue

Added by Elaine Edwards on November 7, 2009 at 3:03pm — No Comments

Bank of America Short Sale News.....Phase 1 taking longer..

I have been recently informed that Phase 1 can now take up to 15 days!! It has been a 10 day process.



So much for improvements and getting them closed sooner.



Phase 2 still up to 30 days.



I've noticed a lot of problems in the last 30 days at BOFA, negotiators disappearing, files being to new negotiators, negotiators not responding to emails or calls, saying short sales are open then saying oops not in the system, etc..



My recent negotiators for my Las… Continue

Added by Dawn Barrier eXp Realty Vegas on November 6, 2009 at 8:43am — 6 Comments

Day in the Life of a Tampa Bay Florida Short Sale Agent

Day in the Life of a Tampa Bay Florida Short Sale Agent

I have experience working with short sales. The last ones were in Clearwater Florida and two in New Port Richey Florida.

Today I am working on another one in New Port Richey Florida. This means that I will be calling the lender... repeatedly.

So far the buyers have not walked. Sometimes they do though the ones who are willing and able to wait it out are successful.

Added by Lana Robbins GRI on November 3, 2009 at 9:30am — 1 Comment

GET IT OVER WITH!

At a recent bi-weekly meeting one of our top agents was asked to speak on the short sale subject. Many of us were frustrated and he seemed to get a high number of his through the system. Well, the first thing he says is "lets just get this foreclosure stuff over with and foreclose on all the houses that are obviously going to get posted" A cheer went up from most of us. He went on to explain that if they were all forclosed on then we could just get on with the work of selling them instead of… Continue

Added by Sue Burg on October 30, 2009 at 10:49am — 2 Comments

New Changes coming for Bank of America(Countrywide), First Franklin

FYI: New changes with Bank of America, Countrywide, First Franklin.. New second lien holder standard guidelines will be as follows: 5% of the Net is what they want for the Second Lien to be released... This is going to kill so many files.....

Added by Laura Forty-Garcia on October 29, 2009 at 9:30am — 2 Comments

"Day in the Life" of a Destin Short Sale Agent

Just one of my normal days selling real estate and short sales in Destin, Florida...



Buyer agent emails me to say buyer is “walking” if no response from Niceville short sale lender this week.



Another buyer agent calls me to say buyer is “walking” by October 31 if no approval given on Destin short sale condo.



Another buyer agent calls and emails me three times asking when the approved Bank of America Santa Rosa Beach short sale can… Continue

Added by Wendy Rulnick on October 28, 2009 at 9:27am — 2 Comments

Agents pleas help get the tax credit approved!!!! Please Read new bulletin out today!!! NAR needs your help

Dear Arizona REALTOR:



The U.S. Senate will be voting on an amendment this week that would extend the first-time homebuyer tax credit.



NAR is supporting the Dodd-Lieberman-Isakson amendment because this amendment will:



--Provide the $8,000 tax credit to any buyer (not just first time)

--Set income limits at $150,000/$300,000 for single/married buyers

--Make the credit available until June 30, 2010



NAR's Legislative talking points on the… Continue

Added by Elaine Edwards on October 28, 2009 at 7:17am — No Comments

Foreclosure Epidemic may be saved by Short Sale Remedy

I’m a member of a network of over 400 real estate agents and growing at Short Sale Superstars, who are committed to help sellers and buyers with short sales in Florida and across the America. Short sales can be difficult at times and this is why this group of professionals is so helpful not only to us real estate agents, but for you, especially. I would say that we are a Short Sale Agent support group, helping each other,… Continue

Added by Petra Norris on October 28, 2009 at 7:00am — 3 Comments

Will Destin Short Sale Lender "Pay" For The Privelege- And Make NOTHING?

This is a first for me. As a short sale listing agent in Destin Florida, I have a parcel of land for sale in a ritzy golf course community. It is in a newer gated neighborhood where building lots used to fetch over $200,000. When I took the short sale listing at $90,000, it seemed realistic. But the lot market near Destin has steadily declined, fluctuating between a 3 and 15 year inventory in the past two years. That means it would take at least three years to sell out all the lots for sale at… Continue

Added by Wendy Rulnick on October 24, 2009 at 3:40am — No Comments

Interest only land loan, from Bank of America is killing this client.

The Short sale and the Sole Proprietor

I have been working on a short sale for several months, and the seller is truly in a hardship position…stuck between a rock and a hard place.



He is paying an interest only note on land at 8%; he was able to arrange a 90% loan when the property was purchased directly from a developer (not from a Realtor) for $400,000 three years ago.



The current market value is approximately half the purchase price, or $160,000 less than the… Continue

Added by Steve Loynd on October 22, 2009 at 4:06am — 6 Comments

When NOT To Take A Short Sale Listing

Today, I turned down a listing. It was not easy. It was a short sale. When listing a short sale, there are certain parameters that must be met. Here they are:



1. The seller must allow you to set the price. You know the market.



2. The seller must allow you to adjust the price based on your judgment.



3. The seller must provide all financial documentation necessary to complete the sale in a timely manner.



4. The seller must authorize you to speak with… Continue

Added by Wendy Rulnick on October 20, 2009 at 12:47pm — 24 Comments

A day in the life of a short sale agent

Bryant,



Seller is XXXXX Dromedary Court, Kissimmee 34759. Please send me the listing paperwork and a CMA. I have everything else. We also have new paperwork for you as an agent, the agreement to negotiate as a 3rd party. I’ve attached everything above. Let me know if you have any questions.



Thanks, Amy VP: Short Sale Division



Bryant,



I spoke with XXXXX today and we discussed the short sale conditions in further detail.



If he agrees to bring… Continue

Added by Bryant Tutas on October 20, 2009 at 12:33am — 2 Comments

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