Comment

Comment by Bryant Tutas on May 29, 2011 at 6:24am

Lenders pull credit checks. They also pull tax returns with the 4506-T. Borrowers need to be forthright with their lender. To even suggest that they don't is wrong and can open them up for liability in the future. Telling borrowers that "Your lender will only know what you tell them". Is setting you and your borrowers up for trouble. And why even suggest this? Is it to suggest they hide assets and/or income?

 

Nedy. If the lender ask for ALL pages of the tax return then that's what the borrower should provide. No need to play games. Mortgage insurance companies are taking huge losses. You can be certain that at some point in the future they will be auditing short sale files to make sure the info that was provided is complete and truthful.

Comment by Jennifer Escobar on May 29, 2011 at 5:41am

Great insight Eric...it seems like the agents who are SSG members are the ones who really know how to Händel all the curve balls that these banks throw at us. I'be been an SSG member for 3
Years now and have to say that SSG and Lee Honish, especially have catapulted my business. I would recommend them to every agent.

Comment by Eric Baskett on May 29, 2011 at 5:03am

I usually have a conversation with the sellers that goes like this " completing a short sale is a stated transaction, Anything you give to me I have to give to your lender. Your lender will only know what you tell them."  I will leave it at that.

Comment by Neddie B. on May 29, 2011 at 1:32am

Hi Eric, 

Regarding your comment about the tax return, if the bank asks for this what do you send?

 

 

 

Comment by Eric Baskett on May 28, 2011 at 6:13pm

What a joke. These agents being fed s/s leads have no loyalty to the seller, they are just trying to get more listing leads from the bank. How can they have the best interest of the seller?  What if bankruptcy is in the sellers best interest? Well bankruptcy is best before the short sale not after!  I have a cdpe designation, they teach you nothing about protecting your seller and negotiating a short sale.    They teach you how to serve the seller up on a platter so the bank can have there way with them. ie  list the property at fair market value( so after the buyer walks the bank forecloses and boots the seller out), send the full tax return(amazing) why not show every bank account  ira as well-duh, Oh ya they have some nice marketing pieces too.  Want to learn about actually helping home owners go to http://theshortsalegenius.com/   I took there training in 2007 at my lowest point in r/e and it has changed my life and in return I have changed others lives for the good.  Help the sellers self discover there best options that's why they hired you!   Want to talk to me go to ShortSaleinLosAngeles.com

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