Why Use A Short Sale Processor?
“No one can whistle a symphony. It takes a whole orchestra to play it.”
Some agents will not touch a short sale file without their processor(s) and others are scared to relinquish any control whatsoever. We come across a mix of both and find that once an agent has a processor who adds enough value to their business they will never turn back.
A processor should know 10X than you about short sales and everything that goes into…Continue
The Wisconsin housing statistics are in for April of 2014. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:
Wisconsin existing home sales fell in April even as median prices continued to rise according to the most recent analysis of the state housing market…Continue
Added by Michael Collins, CDPE, SFR on May 30, 2014 at 7:14am — No Comments
Rock Realty Client Testimonials
"We found Mike online, and, due to positive reviews, phoned him with a request to view houses in the Madison area. We gave Mike no more than one or two days notice, but he was happy to devote the whole of his weekend to us. Our entire house-hunting experience proceeded in similar fashion. We were hunting for houses long distance, so we would wait until an opportunity to travel to Madison presented itself, phone Mike,…
Added by Michael Collins, CDPE, SFR on September 5, 2013 at 6:56am — No Comments
Helping a home owner prevent foreclosure is a noble cause. Those realtors who wish to commit themselves to this cause are entering the path of Enlightened activities. However, not everyone will be a success. It is more profitable to flip homes than work on a short sale for months only to see your efforts fail.
There are many challenges like negotiating liens,…Continue
I just got an amazing approval on a Crestview Florida VA Compromise Sale from BB&T! You know the Veterans Administration requirement that the net proceeds of the sale be no less tham 88.13% of the appraised value? And the requirment that the VA Compromise Sale appraisal is firm for six months? This was a breakthrough approval…Continue
How to Pick Profitable Rental…Continue
Added by Michael Collins, CDPE, SFR on July 16, 2013 at 7:29am — No Comments
If you have a client that has a just filed or soon to be filed residential foreclosure action in Florida, what new timelines can you expect under the new Florida Foreclosure Law? Effective with all NEW lawsuits filed on or after July 1, 2013 the new streamlined foreclosure procedures law will govern how fast the lawsuit will proceed – or at least that is the theory behind the new law. Reality can be quite something else.
Under the law as it existed before June 7, 2013 (the date…Continue
Unfortunately, not all Short Sale properties that are listed for sale in the Los Angeles area will close escrow. First, what is a Short Sale? If a home's current market value is less than the mortgage balance owed and the homeowner (borrower) cannot afford to make the mortgage payments, they will ask their lender(s) to take an offer from a buyer and approve a…Continue
Added by Sara Mehrpouyan Los Angeles CDPE on June 25, 2013 at 10:27pm — No Comments
With foreign buyers again flocking to buy United States real estate, it is important as a Buyer Realtor to remember to advise them of their obligations and liabilities when they sell it. FIRPTA (Foreign Investment in Real Property Tax Act) has been around for decades, yet many Realtors forget to tell their foreign buyers of the implications of FIRPTA when the foreigner is looking to buy, thereby possibly short changing their client on options and surprising them with expenses when they…Continue
Good morning Superstars,
Here's a sampling of this week's Superstar discussions.
Added by Bryant Tutas on May 12, 2013 at 3:30am — No Comments
The corruption of the banks continue here still in Las Vegas! Us Bank approved a short sale after 8 months of gruelling work only to delay in approving the final closing Hud ( nearly two weeks ago). The Presidential office now inform me they are rescinding the agreement as they state the seller makes too much money! This after they already approved sellers based on pay stubs and current tax years. Anybody else have a similar experience? We are starting the fight and intend to expose…Continue
Short sale listings are different from listings where the seller has equity. When we receive an offer on the listing and the seller agrees to the price it does not mean that the lender will accept the price. We mention a settlement date in the original accepted offer but may not hear from the lender until after that date.
When I receive offers on a listing I talk to the buyer agent and explain how the process works and also state that it is important for them to provide any…Continue
I finally broke down and responded to an automated Bank of America email survey. The email was titled "Help Us Improve Our Process." I received the email because one of my Destin short sales was declined in Equator. Why? Our seller was a day late getting us newly requested documents. We had to re-initiate the short sale a few days later.…Continue
Good morning Superstars.
Banks prohibited from entering into real estate brokerage and management businesses? Right. And pigs fly.
In 2001, the Federal Reserve Board and the U.S. Treasury Department proposed rules allowing national bank conglomerates to engage in real estate brokerage and management. The rule would have reclassified these activities as financial in…Continue
Hello everyone. Mine will probably be a quite different blog from what you are used to seeing. I am a first time short sale buyer - not an agent, not a seller, and not an investor (per se), although this will be an investment property. I have purchased a property (completed foreclosure) via auction.com previously. Same seller (BoA). Start to finish we closed in less than 45 days with that transaction. I have read many of the comments on the…Continue
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…Continue
Added by Vanessa Calhoun on February 19, 2013 at 6:48am — No Comments
PDF Version of this article - 10 Underwater Homeowner Options
Slipping toward foreclosure can lead to feelings of anxiety, depression, and loss of self-esteem. Don’t give up. There are options available to help millions of homeowners rescue themselves from…Continue