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Need Superstar Input, Upcoming short sale mastermind

Posted by Jeff Payne on August 3, 2011 at 9:02am in Short Sale Discussions

I am attending an upcoming mastermind session at Keller Williams Mega Camp next month.

As some of you know, a group of us formed a short sale mastermind group at Keller Williams Masterminds last year.  We met with 3 of the largest lenders and the largest investor and have subsequently met several times since then.   I believe that our group has helped lead some of these banks to change their thoughts about agents and has led them to change thier processes.  

Our group has been asked to come up with the "32 topic suggestions" to discuss next month with the lenders that will be attending.

 

Please tell me what you think needs to be discussed and I will see if we can add your topics to the agenda.

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Replies

  • Denise Orrico August 10, 2011 at 10:20am

    Hi Jeff!

    I agree with Josh's questions from Monday...Not sure you can even touch on this but Fannie Mae has to change their business model....Lot's of wasted time, energy, tax payer money, resources and such- The only 2 short sales we couldn't close in the past 2 years and come to a meeting of the minds were Fannie backed! These offers were in line w/ the current market values…In each case, after the sheriff's sale, the properties were listed as REOs- Months later, each sold at prices much lower than the short sale offers we brought them- (10%-15% under current market value) Now, with these REO sold properties, (comps), the neighborhood quickly dropped in value prompting more distressed home owners- Vicious cycle we have here with Fannie Mae backed mortgages!

    That’s pretty much my only complaint working the short sale market here in ChicagoLand!   Good luck at the meeting!  



    Josh M. Boggs said:

    Hey there Jeff,

     

    Would like to know what Fannie Mae is allowed to be so evasive and hard to get in touch with or even get answers to when ultimately they are the final decision makers on files that face SS or Foreclosure?  Why can't there be better answers than; you need to contact the servicer as it's their decision?

     

    Thanks,

     

    Josh

  • Jeff Payne August 9, 2011 at 9:21am
    Thanks Linda, I will see if I can find my Indy Mac contact, it has been a while so I will have to dig it up.
  • Linda Liner August 9, 2011 at 8:59am

    Hi Jeff

    I'm a fellow KW agent and would appreciate your input.  I am having a hard time with Indymac/OneWestBank. The file is now assigned to a 3rd negotiator and I've had NO response from anyone.  They will not return phone or email messages.  Do you have any higher up contacts that might help?

     

    As for topics for MasterMind ...I would like to see uniform implementation and borrower requirements for HAFA approved short sales..It seems that they are all doing their own thing and are discouraging to the process.

     

    Thank you

    Linda Liner

  • Josh M. Boggs August 8, 2011 at 8:58am

    Hey there Jeff,

     

    Would like to know what Fannie Mae is allowed to be so evasive and hard to get in touch with or even get answers to when ultimately they are the final decision makers on files that face SS or Foreclosure?  Why can't there be better answers than; you need to contact the servicer as it's their decision?

     

    Thanks,

     

    Josh

  • Bob Saadai August 7, 2011 at 3:26am

    Hey Jeff,

     

    I'd like to see why it has gotten so much harder to get postponements, especially with FHA as the investor; even when we have a solid deal and are working the short sale in the right direction.

     

    Thank you for your dedication to this industry Jeff.

  • Joanne C. McCalla August 7, 2011 at 2:35am
    Great idea Jeff! Congratulations to all of you working on the mastermind group.

    I would ask them: How to avoid foreclosure on a short sale waiting for investor approval?

    How to escalate a file if a negotiator is not cooperative?
  • Rosemary Brooks August 7, 2011 at 1:15am

    1.  PNC - eSubmissions

    2.  Bank of America's new escalation process

    3.  Bank of American's back up offer process

     

    Are you going to share some of the information back with this group or is it just for KW agents?

  • Bryant Tutas August 7, 2011 at 12:38am
    Putting this in the newsletter today
  • Jeff Payne August 5, 2011 at 2:17am

    that (investor guidelines) has been quite the topic for us before and could be the key that unlocks most short sales.
    Smitty said:

    Hey Jeff,

     

    I'd still like to know WHY we cannot see copies of investor guidelines.  I think investor guidelines should be posted somewhere on the investor's site or servicers site, so we truthfully know WHAT parameters we need to work within.

     

    I'd like servicers to post what they will and won't cover on the HUD based on the above and post it somewhere.  Will they allow 3% closing costs, seller concessions, payouts for unpaid utilities, taxes etc.

     

    Why do they need the buyer's side of HUD?  Some lenders don't and some do.

     

    Based on our discussion today, I'd like to know why some BPO's cannot use similar distressed or REO properties for a comp

    .

    Why they foreclose when a short sale amount is higher than what they get at auction?

     

    I think that's it for now...I'm sure I'll think of more...:)

     

     

  • Jeff Payne August 5, 2011 at 2:15am


    Richard,

    I know this will be a topic.  We have discussed this very thing in every mastermind so far.  I know that Citi has taken great strides to work on this and I also believe that BAC has been working on a credit score driven policy whereas the credit score is below a certain point, less documentation is required
    Richard said:

    Jeff,

     

    I congratulate you on taking on such a tremendous task and, I'm certainly grateful.  It appears to be a long time coming.

     

    I would like to suggest that there be more discussions on promoting early pre-qualifications and pre-approvals for individuals that obviously falls within the guidelines set up by realtors and lenders.  Here's why:

    • Obviously some individuals will be borderline and others will not qualify.  But for others that easily qualify and, want to take on a short sale risk and ramifications there should be an easier way to speed up the process.
    • This makes it easier for the agents and will use less resources.  Although I'm stuck with two agents that need a fire lit underneath them, I truly believe that most agents work hard.  Keep in mind, if an agent for some reason does charge a negoition fee, they may or may not be able to discount their fee for an easier transaction.
    • Recognize the buyer, the real potential.  This is the key to getting all of us out of this mess that we're in right now.  Don't be so quick to let them walk for another deal.  That's wasted time, effort and resources and it's not fair to the seller who has very little choice at this point in lives.
    • If a sellers records and documents show that they are a good risk and a slam dunk, then as Nike say, "Just Do it".  For instance, a candidate that hasn't missed any payments, good job and track record should be easier to qaulify for a promissary note etc.  If a seller's documents are not in order, then they fall out of the FASTTRACK que.
    • Lenders should also try and apply good processes across the industry. Use "Best Practices" approach to cleaning up groupthink and resistance within the industry.  What doesn't work, get rid if it.  What does work, get more of it.

    But what do I know, I'm just a buyer.............

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