Hi Folks. A few weeks ago I decided to start asking my past Short Sale Sellers to send me the Release of Mortgage notice once they received it from their lender after the short sale was completed.



I’m just getting started on my quest but have received several “Release of Mortgage” notices thus far. As I was reading through them I noticed 2 things that were the same even though the Lenders were completely different.



First… Continue

I edited this post now that I have read through the document. I highlighted my comments on the doc. Here it is.

hamp_new.pdf

Short Sale approval with GMAC and Bank of America in 53 days.

Location: Vista Lakes Village Orlando Fl

• Listed with Tutas Towne Realty on May 18th at $275,000.

Liens:

• 1st Mortgage with GMAC with a balance of $420,000

• 2nd Mortgage with…

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Possibly. I have found that more times than not the Seller is not only willing to but wants to make a cash contribution or sign a note to get the deal done. It helps them to feel better about their situation. Most people WANT to pay their bills and honor their obligations.



Our job as Short Sale Agents is to give the Seller the facts and let them make the decision.



Here are two responses recently received from… Continue

Hi folks. We now have goodies! T-shirts, hats, mugs and tote bags. Quality items designed by Wendy and ready just in time for Christmas.



Go check it out. Just click on the tee.

All proceeds go to maintaining and paying for this site. There are real costs involved with keeping this site running so if you think you are getting value pop on… Continue

Hello fellow SuperStars,



What a week we have had!! The site revamping seems to have gone over very well. Thank you for all of your positive comments on the new look.



Would you believe that in the last week we have had 785 absolute unique visitors? And we had 11,569 page views!!!

40 new members this week brings our total to 533. What else can I say? The growth of the network this week has been… Continue

Avoid foreclosure. Another successful Short Sale Closing with Fifth Third Bank.



Mortgage amount: $185,000.00



Sales price: $87,500.00



Lender agreed to 3% in closing costs and a 6% commission.



Net to Lender: $77,078.00



Fannie Mae was the Investor and there was Mortgage Insurance (MI).



Challenges: The Mortgage Insurance company started out wanting $60,000 in any combination of cash and/or… Continue

OK so I guess unless you are blind you have noticed the new layout and look for ShortSaleSuperStars. There is one slight problem though........I didn't ask Wendy and she hasn't seen it!!! This look could be very temporary.



So.....am I going to be in trouble? I guess we'll have to wait and see.



Anyway....here are my thoughts.



The site needed to have a cleaner look.



Wendy and I had talked about getting our "product pitches" off the front page. So I… Continue

Bryant,



Seller is XXXXX Dromedary Court, Kissimmee 34759. Please send me the listing paperwork and a CMA. I have everything else. We also have new paperwork for you as an agent, the agreement to negotiate as a 3rd party. I’ve attached everything above. Let me know if you have any questions.



Thanks, Amy VP: Short Sale Division



Bryant,



I spoke with XXXXX today and we discussed the short sale conditions in further detail.



If he agrees to bring… Continue

Ever wondered what your Short Sale Approval will look like? Wonder know more. I have embedded several Short Sale approvals that I recently received for my sellers.

I have included:

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SHORT SALE QUESTIONS? BANK NEGOTIATOR TELLS ALL!

"Absolutely outstanding webinar! Best information I could have received and well worth the time and money!" testimonial from…

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The Short Sale Listing Package

Listing Disclosure Letter

Letter of Authorization,

Short Sale Detail Sheet,

Short Sale Questionnaire,

Short Sale… Continue

Hi folks. Allison Stewart wrote a very good post this week titled WALK THIS WAY... CAN BUYERS JUST WALK AWAY FROM A CONTRACT?. Allison’s post is talking about Buyers who feel they can just walk away from a Short Sale transaction and get their deposit back because they are just tired of waiting. They feel the contract is not… Continue

Fight for your commission. You be surprised at the outcome. The lender has no authority over your listing agreement. They do however have authority over how much of THEIR money they will pay TOWARDS a commission.



If you have an agreement with your Seller to pay you x% and the lender will only allow y% then the Seller simply pays the difference UNLESS you decide to let them off the hook. The lender's decision does not alter the listing agreement. Thinking it does....is a myth.… Continue

When listing a Short Sale it is imperative that the property is priced right. When I say "priced right" I mean as close to market value as possible at a price that will get the property under contract quickly.



One of the problems I see in my market is that short sales are priced way to low. It seems like listing brokers are just picking a number out of the clear blue sky and placing the property on the market. While they may generate a lot of activity, these deals, more than likely,… Continue

Hi folks. I'm sure there are many of you that are either doing short sales or want to do short sales. Therefore, I am posting this sample cover letter that may help you when submitting a short sale package to the lender. Just remember, you are submitting a fully signed and accepted contract and asking the lender to remove the 3rd party approval. You are not asking them to accept the offer. The lender is not a party to the contract. The offer has already been negotiated and accepted by the… Continue

Hi there. Whether you like short sales, want to do short sales or want to avoid short sales, they are here to stay. Short sales are a major part of the market and in my opinion will become even more so. Lenders WANT to do short sales. A successful short sale cuts losses and keeps the lender from owning a declining asset.



This post is about taking control of the short sale situation from the get go, knowing what we are doing, preparing the Seller in advance of what to expect and being… Continue