Added by Bryant Tutas on November 14, 2009 at 12:00pm —
4 Comments
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…
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Added by Bryant Tutas on November 13, 2009 at 9:17am —
1 Comment
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…
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Added by Brian Brumpton on November 10, 2009 at 1:32pm —
8 Comments
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…
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Added by Ron Donavon on November 9, 2009 at 5:11pm —
No Comments
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…
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Added by Sue Burg on November 9, 2009 at 4:27pm —
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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…
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Added by Bryant Tutas on November 9, 2009 at 11:17am —
2 Comments
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…
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Added by Marcelo Da Silva on November 9, 2009 at 8:30am —
2 Comments
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…
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Added by Bryant Tutas on November 8, 2009 at 3:00am —
14 Comments
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…
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Added by Elaine Edwards on November 7, 2009 at 3:03pm —
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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…
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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
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
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…
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Added by Sue Burg on October 30, 2009 at 10:49am —
2 Comments
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
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…
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Added by Wendy Rulnick on October 28, 2009 at 9:27am —
2 Comments
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…
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Added by Elaine Edwards on October 28, 2009 at 7:17am —
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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,…
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Added by Petra Norris on October 28, 2009 at 7:00am —
3 Comments
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…
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Added by Wendy Rulnick on October 24, 2009 at 3:40am —
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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…
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Added by Steve Loynd on October 22, 2009 at 4:06am —
6 Comments
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…
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Added by Wendy Rulnick on October 20, 2009 at 12:47pm —
24 Comments
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…
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Added by Bryant Tutas on October 20, 2009 at 12:33am —
2 Comments