October 2009 Blog Posts (23)

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 2:49pm — 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 1:30pm — 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 1:27pm — 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 11:17am — 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 11:00am — 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 7:40am — 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 8:06am — 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 4:47pm — 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 4:33am — 2 Comments

WHO ARE YOU?

I have had much trouble figuring out that question lately. Who am I? Going into Real Estate and leaving behind a world I've called home for the last 18 years has given me the biggest identity crisis I've ever had. I needed to leave nursing and had a Real Estate license, so why not? But try as I might I haden't been able to pull it all together. Then one miraculous day I woke up and realized that I was going about it all wrong. The depression was from not accepting the inevitable, my nursing… Continue

Added by Sue Burg on October 19, 2009 at 7:15pm — 2 Comments

1st Position Lenders ignoring 2nd position Lenders

I don't know if anyone else is experiencing this but I have had a number of recent Short Sale approvals come through in which the 1st Lender isn't acknowledging any proceeds of the Short Sale to go to the junior 2nd Lender; written approval with $0 to junior 2nd. I'm having to go back and get the approval letter adjusted and that is just how I'm treating it; I'm bringing it to their attention as if it was a simple oversight by the Lender and they "forgot" to include the $'s. However, what is… Continue

Added by Lynn Pineda on October 19, 2009 at 6:42pm — 3 Comments

My Saxon Rant...

Saxon..the Oxen of the Short sale industry.



If you have an Oxen in your field....you will be expected to feed it and protect it everyday. For these daily chores you will be ignored, pushed around and drooled upon. If you meet one of these lumbering creatures while traveling in the road, you may honk all you wish but you will not be allowed to pass...traffic will come to a grinding halt.







The lesson of trying to work with oxen is this,,they will tear up your… Continue

Added by Steve Loynd on October 18, 2009 at 8:26am — 6 Comments

Present ALL Offers or ONE Contract to the Lender for a Short Sale?

I originally wrote this post on Active Rain, "Presenting Multiple Offers to the Lender for Short Sale Approval" and was reminded today that there are still MANY out there who don't understand the difference between a short sale and a foreclosure! I actually heard on a local radio show, the commentor, who is a real estate agent, proclaim something like this, "And, YES, we present ALL offers to the bank and let them decide which one you (the seller) will work with!" Unfortunately, I could not… Continue

Added by Debe Maxwell on October 17, 2009 at 9:30pm — 12 Comments

Middle initial email address generator for when you know a negotiator's first and last name but not their middle initial

Hi all,



I cobbled this php application together one afternoon because I was tired of typing in all possible variations of email addresses with different middle initials.

All you have to know is the first name, last name and email domain name from the person you are trying to reach.



The following app does the rest: http://dianalangley.com/emailgenerator.php



You can put the generated email addresses in the BCC field of your email… Continue

Added by Dominique Van Ryckeghem on October 17, 2009 at 3:32pm — 3 Comments

Sample Short Sale Approval Letters

Ever wondered what your Short Sale Approval will look like? Wonder know more. I have embedded several Short Sale approvals that I recently received for my sellers.

I have included:

Bank of America Short Sale Approval Wells Fargo Short sale Approva

GMAC Short Sale Approval

Green Tree Short Sale Approval

HomEq Short Sale Approval

ASC Short Sale Approval

Chase Short Sale Approval

1st Horizon Short Sale…
Continue

Added by Bryant Tutas on October 15, 2009 at 4:30am — 3 Comments

SHORT SALE LENDER CANNOT REDUCE COMMISSION TO BROKER

One of the great drawbacks to a broker taking on a short sale listing is the fear and often the reality that the short sale lender will demand a reduction in the broker commissions. This has created all sorts of contraptions to make the broker whole.



I have seen contracts that have inflated commissions designed to make the lender reduce it; I have seen deals to have the buyer guarantee the broker commission short fall. There are more and some not yet invented. But this summer a case… Continue

Added by Richard Zaretsky on October 13, 2009 at 4:43am — 1 Comment

TREASURY TO ANNOUNCE NEW PROGRAM TO AVOID FORECLOSURES- (SHORT SALES)

this will be announce next week byt the US Treasury!!! big news great time to start calling clients and writing Press releases to get the word out!!! THIS IS HUGE!!!



Treasury to Announce New Program to Avoid Foreclosure

By JACOB GAFFNEY

October 12, 2009 5:40 PM CST





The United States Department of the Treasury is launching, with an official announcement expected next week, a new program to help ailing borrowers escape foreclosure.



The Chief of the… Continue

Added by Mayra G Torres Cagigas on October 12, 2009 at 6:57pm — No Comments

Here is a link to an article written in Business Week: http://www.businessweek.com/magazine/content/09_41/b4150024719851.htm?chan=magazine%20channel_new%20business This article talks about the deat…

Here is a link to an article written in Business Week:



http://www.businessweek.com/magazine/content/09_41/b4150024719851.htm?chan=magazine%20channel_new%20business



This article talks about the death of short sales. There is some information in the article about OneWestbank and what has been happening according to some agents since Soros… Continue

Added by Katerina Gasset on October 10, 2009 at 10:24am — 3 Comments

FTHB TAX CREDIT EXTENDED....

i believe that the Tax Credit will be extended to all, this is pointing towards that direction...Great news for all of us!!!



House Extends Homebuyer Tax Credit for Service Members

By AUSTIN KILGORE - HOUSEWIRE.COM

October 9, 2009 1:56 PM CST



The House of Representatives unanimously passed a bill that calls for a one-year extension of the first time homebuyer tax credit for service members serving overseas.



The bill passed 416-0, and is now in the… Continue

Added by Mayra G Torres Cagigas on October 9, 2009 at 1:02pm — No Comments

Charging clients to negotiate their short sales

I have several past clients who have approached me about running with the short sales of their homes -- from package assembly to SS negotiation/close. Given the realities of the market right now being such that many fail to close in spite of the many hours the realtor puts in, I have two questions for realtors reading this:

1. is it pretty standard to be charging an initial nonrefundable fee to the client (homeowner) to at least cover my costs if it fails to close?

2. Are you… Continue

Added by Josh Britton on October 4, 2009 at 4:59pm — 6 Comments

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