Well that's a good question. What do you think? Most folks would probably answer this question with a resounding YES! But...what if I told you the answer is "No....you don't necessarily need a hardship to qualify for a Short Sale. You may be able to do a Strategic Short Sale". Heck, big business and lenders do them…

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Hi folks. Recently one of our members over at www.ShortSaleSuperStars.com posted the comment below about a Short Sale she is working.

• "I am outraged that we spend twice the time and work, sometimes working 12 months on a short sale deal and AUTOMATICALLY the lenders reduce our commission…

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Well this one was not easy. Sun Trust took 11 months to approve this Short Sale! Nine of those were

waiting on the file to be assigned to a negotiator. During this time we

lost 2 buyers and finally found one to stick.....I thought. About 3

weeks ago I received the approval to close. Even though I had

communicated with the Buyer's agent every week for the last 9 months I

found…

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Hi folks. This Friday at noon Eastern time Tim and Julie Harris of the Harris Real Estate University(HREU) have invited me to be this week's Superstar Interview!!!

If you are not familiar with HREU then you must live in a cave. HREU is......well here's a snippet…

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Hi Folks. If you are involved with any Bank of America Short Sales then you know that they have been using www.Equator.com to help make the process go smoother. My opinion is that it is working like a charm. Bank of America Short Sale approvals are coming…

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Property:

3 bedroom 2.5 bath townhouse in Kissimmee Florida.

Hardship:

Investor owned property. Loss of income. This is the 3rd Investor Short Sale we have completed for this Seller.

1st Mortgagewith Citi Mortgage for $92,000. Agreed to accept $54,442 or 60% of the balance owed.

No Seller contribution or promissory note. Citi Mortgage issues a…

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Hi folks. This

question has been on my mind for months now. "What percentage of

Short Sales really close?" Most folks throw out numbers of 20% to

25%. But my opinion is that they are not only wrong but they are way

off.



I have been pulling data for several days now from my MLS trying to come up with some empirical proof. But it just ain't happening.

The problem is I

can't tell… Continue

Hardship: Financial and medical.



The Seller is in his 80s and had never made a late payment on anything his

entire life until he missed 3 payments on this property. He had lived

here for almost 20 years. The property was refinanced to help pay the

medical expenses of his terminally ill wife who recently passed away.



1st Lien with Bank of America for $179,000. No other… Continue

Hi fellow SuperStars. I'm sure you all know that today was the deadline for lenders to get on board with HAFA. Some did and some didn't. Like anything else related to Short Sales the learning curve is going to be sharp. Here are some documents that may help.

1. HAFA.pdf…

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I've got news for ya. You already did. When you purchased the property. You signed two documents. The mortgage. That created the lien and gave the lender the right to foreclose on your property (their collateral). And, you signed a promissory note. That was/is your personal promise to pay back the money you borrowed.

The Short Sale releases the lien (mortgage). It may or may not…

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Hi Folks. Recently I have had two Buyers balk at providing me personal info I need if they want to purchase a Bank of America Short

Sale. I really do understand where they coming from but....most of the

big lenders including Bank of America and GMAC are now running most of

their short sales through http://www.Equator.com.…

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Hi folks. If you deal with short sales on a regular basis then you probably know by now that most of the major lenders are now requiring the transaction to be

processed through the Equator

system. …

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If you need short sale training to feel comfortable pulling off the deal, you’re not alone.…

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ADVANCED SHORT SALE AGENT TRAINING

Taught by Wendy Rulnick and Bryant Tutas…

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Hi Folks. Richard Zaretsky wrote a post earlier this week titled:

SHORT SALE MARKET EVOLUTION - GMAC SOLUTION TO FALSE BUYERS If you haven't read it pop over to ActiveRain and do so. Here is the language GMAC wants if you have a short sale with them as the lender:

"2-3% earnest money must be…

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Hello fellow Superstars,



OK..... so what's been going on at www.ShortSaleSuperStars.com this week? How about....71 new members! Welcome to all. Please be sure to take a minute and place your information and location on the…

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Hi folks. As you know we just had our 1st contest at www.ShortSaleSuperStars.com. You can read about it here.



We made a couple of changes as we went along. Hey...we own the site and can do what we want :) The first change we made was Wendy and I asked our site moderator,… Continue

From the Tampa Tribune.



TAMPA, Fla. – Jan. 5, 2009 – Florida homeowners facing foreclosure may soon get one last chance to negotiate with lenders trying to take back their homes.



The Florida Supreme Court issued an administrative order last week that requires a third-party mediation program with all new foreclosure lawsuits involving primary residences.



The goal of the order, written by Chief Justice Peggy Quince, is to help handle the state’s glut of… Continue

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Hi folks. Just when I think I have this Short Sale stuff figured out I run across another issue that has the potential to really place my sellers, the buyers and the agents in a difficult quandary.



Yesterday I received a phone message from Chase in relation to a Short Sale we closed on almost two weeks ago. It went something like this "Hi this is Sarah from Chase calling on LN# 11324567. I am preparing the post closing package to send off to the Investor and noticed that I… Continue