November 2009 Blog Posts (18)

GMAC and Bank of America Orlando Florida Short Sale Approval

Short Sale approval with GMAC and Bank of America in 53 days.

Location: Vista Lakes Village Orlando Fl

Liens:

  • 1st Mortgage with GMAC with a balance of $420,000
  • 2nd Mortgage with…
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Added by Bryant Tutas on November 30, 2009 at 2:00pm — No Comments

This is Loss Mitigation, How May I Help You?

Ring ring ring ring. Thank you for calling Short Sale. For priority service, please enter your 10-digit account number followed by the pound sign.



88302720572#



Please enter the last four digits of your social security number followed by the pound…

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Added by Wendy Rulnick on November 28, 2009 at 9:23am — No Comments

Will the Seller be asked to sign a promissory note?

Possibly. I have found that more times than not the Seller is not only willing to but wants to make a cash contribution or sign a note to get the deal done. It helps them to feel better about their situation. Most people WANT to pay their bills and honor their obligations.



Our job as Short Sale Agents is to give the Seller the facts and let them make the decision.



Here are two responses recently received from… Continue

Added by Bryant Tutas on November 27, 2009 at 5:30pm — No Comments

A $50 BPO will cost the seller, lender and listing agent ...a big chuck of change.

Another Short sale story...where a BPO done from a-far was the kiss of death



Working on a short sale in a project where the last sale was over a year ago, I advised the seller of the likely selling price and asked for the price adjustment...subject to his lenders acceptance on a short sale offer.



90 days from listing date (showing this was still not a give away price) a 90% offer is made, with the only condition being the seller lender accepting the short sale. Two months… Continue

Added by Steve Loynd on November 18, 2009 at 5:30am — 2 Comments

Bank OF America Short Sale Approved!

I have a BOA Short Sale on a vacant piece of land that I have been working on myself.

The owners owed money to the HOA and our in house short sale specialist that I would normaly have working on this was told by her attorney boss that unless the sellers sign a waver and pay the HOA fees she had to stop what she was doing with the file. The attorney also handle the HOA and does the leins for them.



So of course I'm not going to let a good offer go South. I submitted and completted… Continue

Added by Anita S Zahn on November 17, 2009 at 6:33pm — 1 Comment

SuperStars Shop

Hi folks. We now have goodies! T-shirts, hats, mugs and tote bags. Quality items designed by Wendy and ready just in time for Christmas.



Go check it out. Just click on the tee.





All proceeds go to maintaining and paying for this site. There are real costs involved with keeping this site running so if you think you are getting value pop on… Continue

Added by Bryant Tutas on November 17, 2009 at 11:00am — 5 Comments

Reo Trans for Short Sales?

Need direction...have a Bank of America Short Sale in process and they called me...Good Right? Well...they gave me the website REOTrans.com to sign in as an agent...all well and good but it does not link me with my current offer...mind you I am the listing agent on the Short Sale...it did however give me access and let me list it on the site, I have offers in on the property and want to get this baby off my books....anyone have any calls on BofA properties, specifically Short… Continue

Added by Melissa Polce on November 16, 2009 at 11:32am — 3 Comments

Are you on the referral map yet? Why not?

Added by Bryant Tutas on November 14, 2009 at 3:00pm — 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 12:17pm — 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 4:32pm — 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 8:11pm — 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 7:27pm — 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 2:17pm — 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 11:30am — 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 6:00am — 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 6:03pm — 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 Prominent Realty Gr on November 6, 2009 at 11:43am — 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 12:30pm — 1 Comment

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