Good morning Real Estate Pros!

Does anyone have the phone number for Bank of America "Cash for Keys" department, or the phone number for the correct department for "cash for keys?"

Julie Lyons

The auction completed yesterday (8/13/2013) and the bank (BOA) was the only bidder. The commissioner said it will take 30-45 day’s for the sell confirmation hearing.  

Does anyone know if I can still initiate the property for short sale in equator or do I chalk this one up as a loss?

Thanks in advance for your comments.

I am heated up and ticked off at the recent merger and bullying of Ocwen.  I want contact information for every Florida litigating attorney.

I am the listing agent on a short sale that I have worked for over a year. The first contract would not meet Ocwen's non-provided counter.  All that was stated is that the buyer must come up significantly but would not state to what price.  Let's just say the buyer walked, who wouldn't with those kind of pricing games. 

So I instantly receive an offer at market value from an investor willing to pay cash. 

I submit the offer and about a week later I receive an email from AltiSource stating I and the seller must sign authorization paperwork allowing Altisource to act as the processor on behalf of the seller and that we must submit the property to auction on HubZu for additional bidding.  The seller already signed off on an offer!  Furthermore, I am told unless we sign this paperwork the buyers offer will not even be considered and the application to short sale will be denied.  So this puts the seller in a legal bind.  Oh by the way buyer, seller is not breaching contract with you, Ocwen refuses to look at your offer and even though it has been signed off on you must go through an open bidding process.  Please understand the seller's hands are tied and we request you do not find the seller at fault or cause seller additional financial distress by going after any legal outlets.

In the paperwork form Altisource it states that I must provide the processor RSHH a portion of the monies received, buyer's agent a less than average of monies received and I myself will get what I do not bargain for.  Next it states that if I represent both sides of the transaction I must provide the buyer agent's portion to the net indebtedness instead of receiving it myself.

Are you kidding me.....The short sale lender is supposed to be subject to the contract and the owner of the property is still the owner who signed a listing contract with me, not Ocwen. The seller has the right to choose who to go into an offer with. Neither I nor the seller are willing to sign the paperwork and are inquiring on the legalities of this bullying. 

Where does Ocwen get off acting as the seller and dictating who the seller can go into contract with.  These banks need to have additional regulation.  They cannot just arbitrarily insert themselves into the contract acting on behalf of the owner and deciding who the seller gets to go into contract with. This is strong arming.  They also cannot dictate to the seller who they choose to use to process the short sale and dictate I must pay this group.  This is not in the best interest of the seller and in my opinion violates Respa. 

Does anyone else have input on this?  If you have some hotlines I can call and file formal complaints please pass them on. We have submitted to 3 trial attorneys and have placed a call with FAR.

My client, whose property went to foreclosure unfortunately, has received a request for completion of information about his employment and salary from a company called Digital Risk.  They included an authorization allowing verification of information signed by the seller in 2008.

A Google search revealed this company as a data gathering one which examines credit risk.  Have any of you heard about clients receiving something like this?  Do you know anything about this company?  Is it legit?  An authorization from 2008 seems pretty old to use now.  Thoughts?  thx!

Escalation help!

I have a Bank of America short sale that I initiated and uploaded the offer in Equator on 7/20/13. It is in “Held under Review” status. The commissioner told me that the auction is moving forward on 8/23/13 because it is not in “Closing Status” in equator. The Asset Manager assigned is Carlton Smith with REDC. I have tried to escalate to Short Sale Customer Service but they said that the Negotiator needs to push the offer through. I do not get any response from the Negotiator or the team leader in Equator. Any suggestions to 1. push the file through and to 2. Stop / postpone the auction?

Also BOA Customer Service said that the file is a traditional Short Sale because Fannie Mae (Investor) does not participate with HAFA if the file is initiated within 60 days of the auction.  Has anyone herd of this?

Thanks for your help on all 3 questions.

I have not had an active military lead for a while, but I have a family that has been renting but they are at the end of their rope with dealing with tenants. They are upside down on both the mortgage and rent. They didn't fall within the parameters of HAP when they PCSed. Is there anything out there that I am missing that won't hurt their credit?

I just got an amazing approval on a Crestview Florida VA Compromise Sale from BB&T!  You know the Veterans Administration requirement that the net proceeds of the sale be no less tham 88.13% of the appraised value? And the requirment that the VA Compromise Sale appraisal is firm for six months? This was a breakthrough approval that was about $25,000 less than 88.13% of the appraised value!  How did I achieve this?

First, some background. The Crestview Florida home on a few acres needed work. There were signs of a previous roof leak and rodent damage. This was detailed in a home inspection report for a buyer who had "walked".  His offer was the one that triggered the VA liquidation appraisal that was ordered by BB&T.  I had noted the problems in the MLS, including a copy of the inspection report with the buyer's permission. These facts were apparently ignored by the VA appraiser.  

After three months, and excellent communication with the BB&T negotiator, I precariously lowered the price. Yes, LOWER than what would net the holy 88.13%. She said she was a firm believer in doing anything you could to help the military servicemember and she would fight for an approval even if we were low. (Go BB&T!) Finally, an offer came in.  To support our case of lower value, I provided the negotiator with a report of all the feedback from showings, such as:

5/16/2013 There seems to be quite a bit of water damage to the ceiling in the front bedroom. This buyer is retiring and does not want to "fix anything up". I don't think we will be writing an offer

4/29/2013 the house smells like animal pee and it's strong. This turned the buyer off and he's looking elsewhere. I've shown this house twice now and it does not show well. Not sure what can be done other than sealing the floors and putting in new carpet.

4/18/2013 their concern is the roof it appears there is an active leak and erosion

In addition, I provided a copy of the previous buyer's home inspection. The BB&T rep sent that along with the contract, HUD and buyer pre-approval and home inspection to the VA. She said the VA tech replied "Rodents! This cannot be good!".  72 hours later, the VA Compromise Sale was APPROVED.

Many short sale lenders don't assign a "permanent" negotiator like BB&T to a VA Compromise Sale. This direct line of communication and caring representative was critical in getting the approval. What can you do if you are dealing with any other lender, such as Bank of America or Wells Fargo, who are much more dogmatic about VA Compromise Sales? You can try as I did, or speak directly with the VA. Email vastaffappraisers@va.gov.

It's Wendy!

- See more at: http://activerain.com/blogsview/3804884/how-to-get-a-va-compromise-sale-approved-netting-under-88-13-#sthash.XeXwm44v.dpuf

Picture it....Georgia 2013......

The real estate market across the State is experiencing some major transformations. Buyers are scrambling to find homes and Sellers are once again in the driving seat! We're seeing lower Seller paid closing costs contributions and home prices are steadily increasing. Multiple offer situations on well priced normal market sales are becoming the norm....it's definitely a change from two years ago.

Now....please don't mistake me for someone whose too afraid to push the envelope when it comes to pricing. In fact, I think that this market is PERFECT to test the waters a bit....for properties that are WELL WORTH IT!

On the contrary......

Just when is it too much????

I went on a listing appointment on yesterday and visited quite a charming home. It had been fully renovated and included an upstairs loft bedroom, another full bath with a jacuzzi tub, hardwood and natural tile floors EVERYWHERE, a detached man cave that actually looked like a quaint little pub, and 8+ sprawling (mostly wooded) acres! This home has it all.....now for the "iffy" items. Although the pattern on the tile flooring was consistent throughout, there were many types of different hardwoods elsewhere. I think I counted at least four different types. There were quite a few large separation gaps in the floors and three leaks in two separate sky lights (one in the detached mini pub). The bathroom with the jacuzzi tub was actually included in one of the secondary bedrooms. The master bedroom did not have an associated bath (you'd have to use the one downstairs) and the secondary bedrooms were dated. Pushing the envelope on this property would be around $185k. The seller wants to list at $200k.

My philosophy has always been to list what I honestly believe that I can sell....without having the owner want to physically beat me. So, having said that....I tucked my tail and walked away. I surely loved the character that this home has, but some relationships are simply not meant to mesh.....*tear*

Hi, I am a buyer... I submitted a bid to purchase a home in Bradenton, FL in mid January 2013. The Seller accepted. I do not have a realtor. The Seller has an Attorney and a realtor. The realtor works for the attorney's office. My contract noted that no other bids could be submitted. A BPO was completed in early April. A negotiator was assigned. It is only 1 loan. I did obtain an attorney in the area shortly after I submitted my bid. The Seller's realtor says she calls the bank often to check in. A few weeks ago, the bank needed the Seller's 2012 Income Tax files... turned out he didn't file. He signed a document stating that he did not file and the realtor submitted this to the bank.(He owns a small business) Last week (7/25), the realtor contacted me and asked that I sign and date another "last page" of the contract. Does it seem like this is the last step and approval is close or should I just give up???  

* Also, the Seller's attorney's office advised that the Seller not sign off to allow the bank to talk directly to me or my attorney. I did phone the bank and asked that they update the record/file with my full name, address and phone number so they have it. The contract just has my name. I thought.. what if they want to contact me!!?!?

* I am not an investor.. this would be our residence and this is my first home purchase.

Thanks in advance for you comments, they are greatly appreciate.

Good morning Superstars.

We have had several members ask us about our referral program. So.....here’s how it works.

Short Sale Superstars receives requests from sellers and buyers needing assistance. These referrals are sent out in a group message to our Advanced Short Sale Training Group members first. Becoming a member of this group requires going through our Advanced Short Sale Training. The cost is $147.00 for a 2 year membership and 13 hours of training (audio). Click the link above for more details.

If we do not have an advanced member in the area needed we then send out a group message to the members of the Referral Group. Joining the Referral Group is free.

If there is still no one available to assist we then send out an email to all members of Short Sale Superstars. Also free.

Currently we charge a 20% referral fee on properties that sale for $100,000 or more. Referrals are paid to REGrow, LLC a Florida Licensed Real Estate Brokerage. REGrow, LLC is the owner of Short Sale Superstars.

So.....are ready for some referrals?

Do You Need More Short Sale Listings?

Short Sale Superstars wants to make generating Short Sale leads easier for you. So.....

.....here is aFREE one hour course on Short Sale Lead Generation that may help you.

Let's make 2013 a banner year for Short Sales. Together we can help a lot of folks avoid foreclosure.

Good morning Superstars.

Here's a sampling of this week's Superstar discussions.

And don't forget to sign up for the Webinar this Wednesday: How to Set Up Your Lead Nurture Campaign to Grow Your Real Estate Business.

Discussions	Replies	Latest Activity
Banks manipulating appraisals? Just had a nice long conversation with an appraiser who is getting alot of REO and short sale appraisals. Out of frustration, I called him… Started by Jeff Payne	6	9 seconds ago Reply by Bryant Tutas
Advice needed on short sale & dual agency I was contacted today by a lady referred to me by one of my current short sale clients. This lady explained her father passed away and the… Started by Sharon Burgos	2	3 hours ago Reply by Brett Goldsmith
Is this normal for BOA?? I wonder if anyone has had this kind of dealing with BOA?? I was a buyer on a BOA short sale property. Made the offer and it was accepted… Started by Deanna B	2	5 hours ago Reply by Deanna B
CBCS is the third and is holding my short sale hostage I need really good upper management information. I know its a collection agency. We have a home listed that back in 2007 was worth abou… Started by Terri Barrow	39	16 hours ago Reply by Dean E Eshelman, CPA, CDPE, IRES
Anyone out there completed a Chase short sale that is active in bankruptcy?? I've negotiated tons of short sales, however none have been in "active bk". I am reaching out to anyone who has completed a chase short s… Started by Adda Pina Renner	1	16 hours ago Reply by Becky Martin
HOA PAYOFF WITH BUSINESS LAW GROUP PA/ TAMPA FL Hello Superstars - have you had any success with negotiating HOA payoff when it is handled by Business Law Group PA out of Tampa. My short… Started by Anna	2	yesterday Reply by Wayne Brooks
Electronic or Wet Signature for US Bank VA Compromise Short Sale Hello Jeff Payne and anyone else who may know the answer... will US Bank allow DocuSign/electronic signatures from a buyer on a VA Comp sho… Started by Frank Biganski	0	yesterday
Fannie Mae and Freddie Mac Control MLS Market Time Fannie Mae and Freddie Mac are now dictating market time. Short sales that are Fannie Mae or Freddie Mac loans must be active in the MLS fo… Started by Wendy Rulnick Another awesome Short Sale Superstars Referral closed!!! Wendy Rulnick, the check is in the mail! Thanks so much for the referral Started by Jeff Payne 1 on Thursday Reply by Wendy Rulnick	40	yesterday Reply by Jeff Payne

Short Sale Superstars Referral Program

For those that saw us on the short sale cruise in February – YOU ALREADY KNOW!!!

For those agents that are currently making better use of their time and letting us process your short sales – YOU ALREADY KNOW!!!

FINALLY you can get what you are worth!!!

Short sales are can take dozens of hours to complete and some banks finally are admitting THEY LOSE MORE MONEY when they have to foreclose!!!!

In our first monthly newsletter -    "News From Short Sale Shop"

we will tell you:

1)            Which two BIG BANKS that are paying up to 8% commission on their portfolio loan short sales (where they are both the Servicer AND the Investor)

and

2)            WHICH BIG BANK CURRENTLY OFFERS UP TO 10% COMMSSION TO AGENTS THAT COMPLETE THEIR PORTFOLIO LOAN SHORT SALES!!!!

For those that want to know NOW, want to sign up for our newsletter, or want help processing THEIR short sales, email me - Ben@ShortSaleShop.net

On behalf of the team at Short Sale Shop, we wish all agents helping homeowners continued success!!!

                                                         www.ShortSaleShop.net

The Wisconsin housing statistics are in for June of 2013. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:

Wisconsin home sales rose an impressive 11.4 percent in the first six months of 2013 compared to last year, according to recent statistics compiled by the Wisconsin REALTORS® Association (WRA). In June alone, Wisconsin home sales were up 3.1 percent relative to last June, posting the 24th straight month of positive sales growth in the state. Median prices also continued to increase year-to-date, rising 7.7 percent to $140,000 compared to the first half of 2012. In June, prices were up 12.3 percent to $159,500 compared to June 2012.

“The pace of sales in the first half of this year is well ahead of last year,” said Renny Diedrich, chairman of the WRA board of directors. "which is especially noteworthy since 2012 was an exceptional post-recession year for housing sales.” Diedrich said.

Adding to the good news was a significant drop in foreclosures during the first half of 2013. Unique foreclosures in the state are down 37.2 in the first half of 2013 compared to that same period in 2012, and down 44.5 in the second quarter this year compared to quarter two of 2012. “All in all, this paints a very healthy picture of the Wisconsin residential home market at the midyear point,” Diedrich said.

“We’ve seen very strong growth in housing prices since they started improving 16 months ago,” said WRA President and CEO Michael Theo. And while higher prices impact housing affordability, homes in Wisconsin remain a good value.

Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. As you probably have heard, home sales & prices have been increasing over the past few years. Both Dane and Rock counties are showing marked improvements in the number of homes sold and the price at which they are being sold at. This summer has been really hot for the properties that are priced right! There's been a large increase in sale prices, as you can see below.

If you would like some insight into how much your home is currently worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Has your home value fallen below what you currently owe? A short sale may be right for your situation. Visit the following page on Wisconsin Short Sales.

(818)276-6882  Lupe Soto  Short Sale Negotiator (hablo espanol)  "NO commission"  por favor sirvase comunicar con Lupe Soto para explicarle como evitar embargo de su casa, condo o de su segunda inversion o renta hipoteca. Gracias.

http://www.ShortSaleAgentLupe.com

AREAS de servicio en San Fernando Valley, Los Angeles County, Ca

Arleta, Burbank, Canoga Park, Calabasas, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lake View Terrace, Mission Hills, North Hollywood, North Hills, Northridge, Panorama City, Pacoima, Porter Ranch, San Fernando, Reseda, Sherman Oaks, Studio City, Sylmar, Sun Valley, Sunland, Shadow Hills, Toluca Lake, Topanga Canyon, Tujunga, Valley Village, Valley Glen, Van Nuys, Universal City, West Hills, Winnetka, Woodland Hills, Hollywood, Hollywood Hills and nearby areas of San Fernando Valley,

Nearby areas in Los Angeles:  Santa Clarita Valley, Palmdale, Lancaster in North Los Angeles California, USA.

Counties:  Los Angeles, San Bernardino County, Ventura County, Orange County, Riverside County.
TIPO DE PROPIEDADES:
Casas, Condos , Townhouses, Duplex, 2 casas en un lote, Unidades en Venta.

Hello,

I am going through my first AS-IS, short sale transaction (as a Buyer's Agent) and would like to know who is responsible for turning on water services at property?  Property is vacant.  The Lender has winterized the plumbing supply in the house, yet, has allowed the Owner (non-occupant)  to keep electricity on.  Is it the Purchaser's, Seller's or Lender's duty to hire a plumbing company to turn on water for inspection purposes?

Please advise.

Thanks,

Kim 

I am initiating a short sale with World Savings Bank by way of Wachovia and I was told that the only thing needed once Third Party Auth form is received  would be the Offer/Contract, Hud 1, & Hardship letter. Please let me know if you have had any dealings and/or if this is the correct process. Does not sound like it but anything is possible these days.

Good morning Superstars.

Here is a sampling of this week's Superstar discussions.

Discussions	Replies	Latest Activity
CBCS is the third and is holding my short sale hostage I need really good upper management information. I know its a collection agency. We have a home listed that back in 2007 was worth abou… Started by Terri Barrow	1	16 hours ago Reply by Jeff Payne
CitiMortgage FHA Short Sales What is going on with these lenders?! I had 6 different CitiMortgage team leaders tell me that they are unable to review a homeowner for th… Started by Alexis Adams	4	yesterday Reply by Ron Scribner
Caliber Home Loans? Charges agents FEE to use their negotiation system??? We have a new sale that came in and it went from Vericrest to Caliber. Haven't dealt with them so we went to their site which directs you… Started by Smitty	4	13 hours ago Reply by Pattie Johnson
WEBINAR: How to Set Up Your Lead Nurture Campaign to Grow Your Real Estate Business. Good morning Superstars, Take a wild guess as to how many Real Estate Agents we engage with that DO NOT have a lead nurturing campaign!!… Started by you	1	on Wednesday Reply by Wendy Rulnick
Divorce and ex won't cooperate I have been working on this shortsale for 3+ years and 4 different buyers. The first is with BOA which I thought was the worst but the 2nd… Started by Norene Williams	16	5 hours ago Reply by Sarah Eakes
BofA HAFA Short Sale Hello anyone have any experience with these. I am a buyer and put in a offer in one and offer was accepted by seller. Listing agent said th… Started by edub	5	8 hours ago Reply by edub
Short sale approved but they want seller to miss a payment! We put contract on a short sale through Suntrust in April. Bank approved short sale yesterday under the condition seller misses 1 payment!… Started by Erica JOIN US FOR THIS UPCOMING WEBINAR How to Set Up Your Lead Nurture Campaign to Grow Your Real Estate Business. During this webinar Copywriter Granison Shines, Chief Marketing Officer of Direct Business Marketing – http://DirectBusinessMarketing.com. is going to let loose on: Why a Lead Nurturing Campaign is essential for your real estate business What message you should convey to existing leads, new leads, and current clients 3 tips to get your emails opened – therefore increasing your click-through-rate (CTR) 3 things your technological system must have to make your campaigns Plus, the #1 copywriting rule you have to learn to create a successful Lead Nurturing Campaign Take my word for it, you’re going to get something from this webinar IF you attend. There’s not many successful direct–response copywriters out there that will give it to you straight from the hip and give you the same tools he uses to make his client campaigns soar. Event details: Date: 7/31/2013 Time: 11am PST Location: Your computer Investment: Complimentary   Take-A-Way: DBM’s Lead Nurturing Flowchart DBM's Lead Nurturing & Content Plan for Real Estate Agents REGISTER FOR THIS WEBINAR HERE.

Servicer - Wells Fargo
Investor - Freddie Mac
Mortgage Insurer - NONE

We received this in Equator this morning, apparently:

Equator Message:

Offer in Review The Investor is requiring a net of $242,000 based on the deliquency of this file. Discuss with the buyer how they would like to reach the net requested. Due to the fact that the borrower is current on the mortgage, the minimum net proceeds (mnp) is substantially higher than a property that is delinquent. The current offer does not meet the required mnp.
Jul 16

hhhmmmmm.....isn't that interesting?????

Miss payments, and they will approve a lower offer?????

Contact Short Sale Shop - Info@ShortSaleSHop.net

to learn how we can help you close your short sales!!!!

It Takes a Good Plan to be Successful in Rental Property

(Investment Properties: Part 5 of 5)

For people considering a purchase of a rental home this is truly an opportune time. The tremendously low mortgage rates coupled with attractive home prices makes this a buyer’s market.

However, numerous reports indicate that home prices are rising consistently, although modestly. If you are considering buying a home it is time to take action. Here are a few guidelines to help you plan out your first purchase.

Look to Experts

If you are looking at your first investment property purchase it would be wise to work with a real estate agent that is experienced in these kinds of deals. An agent that intends to work with an investor over the long term will be meticulous about the property recommendations to insure the investor meets their financial goals and comes back to the agent for more homes.

It is also a good idea to speak with other investors. They can provide you some guidance about what to look for in homes, what areas to avoid and other general information that is generally not found in a textbook.

What Type of Investment Do You Wish to Pursue?

Some first investors choose to buy a home at a great price and rent it out on their own. Others use the service of a management firm. And then there are the individuals that buy a home, spend some money on repairs and put the home back on the market at a price to make a profit.

It is important to consider your options and tolerance for risk. Buying a home that you can easily afford while looking for a tenant may be a good opportunity to get your feet wet.

Develop Your Team before the Purchase

If you plan to manage the property on your own, there will be a few individuals you need to contact prior to purchase. First, you will need a lender that can handle investment loans. Second, you should consult with an accountant and attorney to make sure you are covered legally and that you minimize your tax liability. Third, you should speak to an insurance agent about the proper policies to cover your investment. Finally, you will need to talk to a general handyman or one each of plumbers, electricians, roofers, painters and HVAC repairmen. Having these people lined up and ready to work for you will make much of the process go by smoothly.

Choosing the Right Area

It is important to pick a home in an area that is accustomed to rental property. Places with a high population close to schools and shopping districts are usually safe bets. Rural areas can be difficult simply because the number of available applicants is typically small. Keep in mind that you may want to sell the property in a few years. If you buy the smallest, or the largest, home in a neighborhood it can be tough to unload later.

Buying an investment home should be approached as a strictly business transaction. Decide how much you can comfortably invest and how much you hope to make as a return and let those types of items help you with the decision.

Investment/Rental Properties (5 Part Series)

• Preparing to Purchase that First Rental Home (Part 1 of 5)
• Adding the Title of Landlord Behind your Name (Part 2 0f 5)
• Rental Property is Still a Safe Investment (Part 3 of 5)
• How to Pick Profitable Rental Properties (Part 4 of 5)
• Success Plan for Investing in Rental Property (Part 5 of 5)