All Blog Posts (2,089)

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 2:42pm — 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 4:26am — 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 5:30pm — 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 11:32am — 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 12:30am — 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 12:43am — 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 2:57pm — 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 6:24am — 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 9:02am — 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 12:59pm — 6 Comments

AMERICA IS FACING A FORECLOSURE EPIDEMIC!

Once upon a time, you cliants could handle your mortgage payments. But then... Life happened! Or, maybe there payments adjusted way up. Somewhere along the way, they found there self suddenly and deeply in between a rock and a hard place, from where they can only pay a portion of the mortgage. Perhaps it began with a divorce or something unforeseeable such as an injury on the job.



There is no rest for the weary, as they say, and the banks demand that they keep up, regardless of the… Continue

Added by Glen Evans on October 4, 2009 at 7:23am — No Comments

Bank Of America Short Sales

Lets face it, most agents cringe when they find out at a listing appointment that the 3rd party is lender is Bank Of America/Countrywide. In many ways, their reputation is well deserved. I was frustrated for many months trying to get 2 separate short sales in Daytona Beach approved with them. Each started in December, and just got approved in September.



Along the way, I dealt with the usual delays, lack of communication, and changes of negotiators. There were so many times that it… Continue

Added by Ron Wysocarski on October 3, 2009 at 10:34pm — 1 Comment

Short Sale Superstars profile shows up on Google

Hi fellow short sale superstars!



I'm not sure if you checked out Google after all you included a profile when you signed up on this terrific page by Wendy Rulnick and Bryant Tutas. If you signed up on this site and have not updated your profile you could miss out on some top google ranking, just for Short Sale Superstars - I'm on page one - for "Lakeland Short Sales" see here:…



Continue

Added by Petra Norris on October 2, 2009 at 3:05am — 4 Comments

HAP is BACK! Program Updates for PCSing Servicemembers With Upside Down in Mortgages

Are you an airman PCSing from Eglin AFB or Hurlburt Field? Are you upside down in your mortgage and owe more than your current property value? If so, you may know I have been checking the HAP website daily for the last several months. As I have previously reported, the site was taken down at one point, and all information was removed.



Today, the site has changed and information is posted that may be useful to relocating military who might qualify for the government assistance to… Continue

Added by Wendy Rulnick on September 30, 2009 at 11:30am — No Comments

Should I sell or buy my Kansas City home via a short sale?

Should I sell or buy my Kansas City home via a short sale?



A Continuing Guide to Understanding Short Sales Series.



Whether you are facing the possibility of needing to sell your Kansas City Home via a short sale or if you are considering buying a short sale, you will need to have information and tips on understanding this ever growing popular tool for home selling and buying. Over the course of several weeks, I will be providing a series of quick tips and information from… Continue

Added by Suzanne Hinton on September 25, 2009 at 12:00pm — No Comments

What does "Short Sale" mean and why does it take so long to process?

QUESTION: I see many listings online that state "Short Sale, please allow 3-5 months to process.

" What does "Short Sale" mean and why does it take so long to process?



ANSWER: I am ask this question here in Las Vegas almost on a daily basis, especially now since "Short Sales" seem to be dominating the market.



The term "Short Sale" occurs when you "owe" more on your home than what it could sell for and you need your lender approval to sell the home. "Short" meaning the… Continue

Added by Dawn Barrier eXp Realty Vegas on September 25, 2009 at 10:13am — No Comments

August continues to see a sell off of "distressed" properties

Foreclosures and preforeclosures made up a large part of homes selling in the Fox Valley area of Illinois last month. In addition the number of homes on the market continues to decline. Both of these trends bode well for the housing industry, although “complete” recovery is probably still many months away.



The percentage of homes that are bank owned (foreclosed) or on the verge of (short sales) made up nearly 50% of the homes actually selling last month. If you break the homes for… Continue

Added by Ron Donavon on September 18, 2009 at 7:20pm — No Comments

Are attorneys too quick to advise on a short sale?

I am not an attorney and even though I do not give legal advice, I owe it to my clients to have a basic knowledge of the legal aspects of a short sale. If I am informed I can tell them what questions to ask their attorney.

Even though I may disagree with some advice they give, I know I cannot argue against an attorney’s advice because that would be, in fact, giving legal advice.

However, I often feel that some attorneys are too quick to advise clients to let the bank foreclose on… Continue

Added by Tracey Martin on September 16, 2009 at 6:02am — 2 Comments

FASLO Solutions...Has anybody had any successful dealings with these folks. They either service or bought the EMC loans from Chase bank. They are totally unreasonable. Will not start negotioations un…

FASLO Solutions...Has anybody had any successful dealings with these folks. They either service or bought the EMC loans from Chase bank. They are totally unreasonable. Will not start negotioations unless they are getting 25% of the loan balance....and they are in 2nd position. I have 3 deals with them and am about to lose them all. HELP!!!!. Continue

Added by Jayne Sanders on September 16, 2009 at 2:00am — 2 Comments

The Negotiator Interview $27



SHORT SALE QUESTIONS? BANK NEGOTIATOR TELLS ALL!



"Absolutely outstanding webinar! Best information I could have received and well worth the time and money!" testimonial from…

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Added by Bryant Tutas on September 7, 2009 at 9:30am — 2 Comments

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