Comment

Comment by Curtis L. Doss on August 30, 2010 at 10:57am

Thanks Jeff. I just found out who the MI company is and I just faxed them over a borrower's authorization, however, they were leaving for the day so I'll have to contact them tomorrow. In the interim, do you have any other pointers or advice for me to convey to them once I get them on the line tomorrow?

Comment by Jeff Payne on August 30, 2010 at 10:52am

Curtis, back it up with financials and real numbers. Find out who the MI company is and go straight to them. 40K is just an offer :)

Comment by Curtis L. Doss on August 30, 2010 at 10:46am

Thankjs Melanie. Will do!

Comment by Melanie Ross on August 30, 2010 at 10:43am

Yes I have heard of this, continue negotiating to see if it can be lowered or pay X amount at closing if the client can. My short sale with BofA that had MI, I got approved without any request for payment. IF you can find out the MI company which the bank should give you, call them direct. Keep it going by negotiating. Good luck! You can do it!!

Comment by Curtis L. Doss on August 30, 2010 at 10:36am

I just recently was informed that my clients were declined for their short sale unless they were willing to pay a promissory note of $40K. The negotiator said this was asked for by the mortgage insurance company. My client is currently in the Navy and will be getting stationed elsewhere next year. Does anyone have experinece dealing with this? Any suggestion?

Comment by Tracy Howard on August 27, 2010 at 2:59am

To Mary Wilcox: Thanks for your comments on transaction brokerage. I've been a real estate broker for over 30 years, have never had a complaint against me, and have never been in trouble with the Real Estate Commission. It's because when I was a rookie broker, my team leader taught me how to fairly and ethically deal with all sides of an issue. Having said that, I find it (the transaction brokerage) to be more like conducting business when I first became an agent, rather than the convoluted laws that are in place now. In my comment, I said I represent ONLY the seller as a transaction broker -- that means I don't sign any agreements that would not allow me to do that. Of course, a transaction broker does not advocate, but the transaction brokerage allows me to act as a "middleman" (to use your term), which allows me to appreciate both sides of an issue, and not become emotionally involved with one side or the other. In a short sale, there are many sides being harmed -- the seller, the bank, the investor, and in order to do the best job for my seller, I am free to discuss the issues with these parties and to understand where they are coming from. My closed short sale transactions have all been successful for my party, the seller, including getting them the best terms that I am able to find from the other parties involved. A facilitator does not have to sit back and shut up. In my fair and ethical treatment of the seller, I can certainly talk to all parties and really listen to what they are saying. How in the world would you "facilitate" a closing if you did not present ideas from one party to another? In some nstances, not all, my sellers have found that it is better for them to sign a promissory note (not for "boo-coo bucks", but for a portion of what is owed), because it gives the bank a "win" and allows the seller to get a "win", allows them to have concessions on other aspects of the transaction which are more important to them, such as not having to go through a foreclosure with it's devastating effects on their credit standing, and not having to face a deficiency. I have dealt with brokers who advocate fiercely for their party, who shut their ears and do not listen for areas where they could be helping their party, and in the end the transaction fails because they have trained themselves to not let anyone get the better of them. In my view, that is not sound real estate practice.

Comment by Dominique Van Ryckeghem on August 26, 2010 at 9:09am

Hi Mark,

If you could send me a copy of the Wells Addenda. I'll be sending those along to our corporate attorney.

[email protected]

Thanks,
Dominique

Comment by Mary Wilcox on August 24, 2010 at 11:41pm

I just spent an hour reading tons of comments on this subject and I wanted to say that I totally understand "agency" of many kinds. But, in a short sale-bank approval situation I do not understand how it is ok to represent in the "transaction broker" agency. I think the whole reason you take a SS is to advocate for the seller and have their best interests at heart.
In transaction brokerage you are not suppose to be on anyone's side. Just facilitate a transaction and to me that is NOT helping the seller get out of their mess.
It's more like being a middle man. period. So, to me if you are not on the seller's side trying to help them get out of the mess without carrying a promissory forEVER and for boo-coo bucks then it's not a good thing for you to be doing SS. I think transaction broker is very ethical don't get me wrong. But, I don't see it being possible with a bank approval-short sale situation.

Comment by Brigitte Powell on August 24, 2010 at 3:43am

Ben :-) I had that in my post just a few days ago. :-) My instructions were simple stupid and I hope I didn't insult anyone :-) Sherilee described it a little better as "the comment box" :-). It took me a while to figure that one out :-) duh!

Comment by Sherrilee Denton on August 23, 2010 at 2:00pm

Ben, to upload a document you can easily do it in your "comment box" the same box you use to type in your comments or reply to posts. When your in the comment box where you type your message you will notice above the box some icons in the grayed out section. Hoover over the icons with your mouse pointer and you will see the last icon that looks like a piece of paper is an "upload your file icon" Click on this icon to upload your file. Hope this helps :) Thanks Ben for all the help your offer the group! :)

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