February 2013 Blog Posts (33)

Due Diligence.​........It​'s not just for breakfast anymore!!!​!

Here's the scenario.......Listing Agent has a million dollar listing in a high end community. The property is still owner occupied and is filled with extravagant and expensive furnishings. An unrepresented Buyer approaches the listing agent and gives her an exciting story about winning the Colorado lottery. She also mentions how she has made it her life mission to adopt homeless children and give them a lifestyle that supercedes the one that they're currently living. She needed an opulently…

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Added by Vanessa Calhoun on February 28, 2013 at 8:00am — 2 Comments

Ocwen Continues to Grow Buying Rescap's Servicing Platform (GMAC)

Ocwen is continuing to grow as they won an auction for Rescap's mortage servicing and origination assets. Files that were previously being serviced with GMAC will now be serviced by Ocwen. Ocwen is a large servicer who is well known in the short sale community for it's outsourcing and not wanting to postpone sale dates. With that aside Ocwen is a fairly easy lender to deal with if you have contacts and know how to maneuver through their…

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Added by Brett Goldsmith on February 26, 2013 at 3:34pm — No Comments

Bank of America Short Sale

Bank of America Short Sale

Is your mortgage or mortgages held or serviced by Bank of America? Are you considering a short sale or do you have questions about the short sale process and how it affects your potential success of a short sale?

Bank of America has a few different short sale programs to help homeowners…

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Added by Garrigus Real Estate Group on February 26, 2013 at 12:06pm — No Comments

STAY AWAY FROM STAR FEDERAL! THE NEXT BIG SCAM ARTISTS!

HI Folks!  Please Please Please STAY FAR AWAY FROM STAR FEDERAL! Go to www.ripoffreport.com  www.realtown.com google their name and complaints...tons of realtors will tell u their stories.*Don't believe the 1 endorsement from rip off report...FUNNY, it's from VA...and guess where the rip off guy at this co is from...NY and VA....LOL. The biggest SCAM is H.R. Soltani himself...this Indian dude gives you his…

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Added by Sheyenne Schultz on February 25, 2013 at 10:32pm — No Comments

Should You Short Sale Your Home Now or Wait?

By now, you should have heard that the real estate market is picking back up. Low interest rates and low inventory are spiking the average home price here in Washington State. Homeowners are now deciding on their options of either letting go of their underwater homes via short sale or foreclosure, continuing to live in it, or even rent it out and becoming a landlord. Which option would be best for you?

According to Corelogic, home prices nationwide increased on a…

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Added by Peter J Kim on February 25, 2013 at 8:20am — No Comments

NEWSLETTER: Approved Short Sale Denied 9 Days Before Closing

 

Good morning Superstars.

 

Here's a sampling of this week's Superstar discussions.

 

 

Discussions Replies…
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Added by Bryant Tutas on February 24, 2013 at 4:29am — No Comments

Fight Back Against Nationstar

Nationstar has taken the position that they will dictate to agents and if you don't like it they will just close your file. Agents need to join together and not accept the silliness of Nationstar.  DO NOT ACCEPT 5% commission!  DO NOT ACCEPT that they will not pay title insurance or any other state regulated fees. Recently they closed my file because I questioned why they required a separate letter on a LLC buyer's letter head  their instruction said .....: Must…

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Added by Tony Morales on February 23, 2013 at 8:20am — 6 Comments

Fannie Mae Standard Short Sale Guidelines

 

As many of you already know Fannie Mae and Freddie Mac are now handling Short Sales much as they do their REO properties.…

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Added by Bryant Tutas on February 22, 2013 at 7:11am — 1 Comment

Cenlar -- Getting Greedy with Short Sale Payoff!

I have a SS Listing that has the first with Nationstar and the second with Cenlar.  It was odd that the first, Nationstar, said that they would not give me any kind of approval until I had approval from Cenlar.  I couldn't figure out why that was until I started working with them closer.

I sent the HUD to Cenlar that showed a $6000 payoff from the first.  It also showed the buyer's closing cost credit and of course the agents…

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Added by Suzanne Martin on February 20, 2013 at 1:28pm — 2 Comments

STOP STEALING MY PHOTOS.......OR ELSE!!!

Today pretty much started out as normal. I'm working diligently alongside my Assistant when I receive a phone call. This young lady is interested in a property that I'd previously listed which is now being marketed as a rental by another Brokerage. I informed her that I'd sold the property and that I no longer have any information regarding the current status of the property, but would gladly assist her in contacting the current listing agent. I look up the property in order to get the…

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Added by Vanessa Calhoun on February 20, 2013 at 9:44am — No Comments

IRS Tax Liens

I have a short sale coming up only to find there is an IRS tax lien.  Any suggestions on how to handle that?  OR is it a deal killer before we even start?

Added by Linda Pillard on February 19, 2013 at 10:49am — 3 Comments

I've killed my drunk monkey.....AGAIN!!!

When I began my career in real estate 7 years ago, I quickly learned to adapt to the world of declining home prices, BPO's, REO's, Short Sales, Asset Managers, yada yada yada.....you get the picture. Almost overnight, my entire business was centered around the distressed market. From a business standpoint, it didn't bother me. In fact, it fit right into my loss mitigation background and appealed to the analytical party of me. It wasn't the best scenario and could be extremely volatile at…

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Added by Vanessa Calhoun on February 19, 2013 at 6:48am — No Comments

No Financial Hardship

I have a Short Sale Listing with EverBank. My Seller does not have a Financial Hardship based on their Tax Returns. The Loan amount is $680,000 and the highest offer we are receiving is $475,000.  A few months ago EverBank denied a Loan Modification, Denied a "Deed in Lieu" and are threatening to Deny the Short Sale.   Any Suggestions?

Added by Gabriel Reyes on February 18, 2013 at 6:46pm — 1 Comment

8 Things To Consider In Order To Short Sell Like A Short Sail

Many people ask me whether we made a mistake in our company name, Short Sail Solutions. The answer would be no. Short Sailing is to signify completing a short sale like a short sail (sail –> breeze -> streamlining a short sale).

Short sales have certainly become more streamlined mainly due to a national increase in understanding the process and nature (lenders, servicers, buyers, sellers, and agents) of short sales and also through the contribution of government intervention and…

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Added by Peter J Kim on February 18, 2013 at 2:05pm — 1 Comment

Bank of America shortsale in Equator

"Property has been successfully imported into the application. Please check your Workflow for any tasks assigned to you for this property. Thank you."

This is the third time I have entered this property in Equator.

The first time, the buyer could not perform. Although they have created a system to simplistically add a new buyer this was "hard decline", needless to say I was required to start over.

Third time's a charm, let's see how…

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Added by Louise Dela Cruz on February 18, 2013 at 11:52am — No Comments

Columbus Ohio is Buyer Friendly

Columbus Ohio is one of the top 10 cities in the United States in which to buy a house, according to http://www.NerdWallet.com, a website designed to provide financial advice and data for young people. The site considered three criteria - availability of homes, cost of living and anticipated growth (measured by population & job growth). Columbus just made the cut at No. 10with these coments "Columbus is a great place to settle down and buy a home,…

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Added by Jim West on February 18, 2013 at 11:31am — No Comments

NEWSLETTER: What Are Your Short Sale Successes?

 

Good morning Superstars.

Here are some of this week's top discussions.

 

Discussions Replies…
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Added by Bryant Tutas on February 17, 2013 at 4:30am — No Comments

FHA PFS Still a Favorite of Mine!!

Recently, I completed a short sale with US Bank. I want to say it was a struggle at first and then I contacted HUD and the process was pushed along rapidly. It seems like most lenders want to see if you will be willing to contact HUD to push along the process. HUD has been wonderful to work with and they continue that trend with US Bank. I have also used HUD to help push Flagstar, CITI and Wells. I never would have closed some of these short sales without HUD intervening.

Added by Jim West on February 16, 2013 at 12:59pm — 1 Comment

Are Bayview & Greentree vying for my undying love and affection????

Normally, it's customary that lightning will not strike twice....and I've become accustomed to believing that old addage to be true. In fact, I wouldn't expect anything different.....



HOWEVER, it's happened to me....I mean, the double strike of lightning! Right into my heart, nonetheless!!! First, Bayview fully approves my short sale with a full Seller's release of liability within 22 days....NOW, Greentree has done the same within 30 days!!!



Are these Servicers trying to…

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Added by Vanessa Calhoun on February 15, 2013 at 9:32am — 4 Comments

Top Short Sale Home Realtor® in South Central Wisconsin MLS

Rock Realty is proud to announce: Michael Collins has received his Certified Distressed Property Expert designation (CDPE).

Michael-Collins-Short-Sale-Realtor

This is Michael's second such designation in the distressed property and pre-foreclosure field. He also holds the …

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Added by Michael Collins, CDPE, SFR on February 14, 2013 at 11:20am — No Comments

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