Wells Fargo issued a short sale approval about 30 days ago. When the title work was updated we found out the mortgage had been transferred to Rushmore. I thought for sure we would start completely over. Thanks to a rep by the name of Diego he made it happen! Just received updated approval before Christmas. We are closing this Thursday the 29th!
I look forward to helping more homeowner's - short sales are for the greater good.
Let's keep em closing.
Why Use A Short Sale Processor?
“No one can whistle a symphony. It takes a whole orchestra to play it.”
Some agents will not touch a short sale file without their processor(s) and others are scared to relinquish any control whatsoever. We come across a mix of both and find that once an agent has a processor who adds enough value to their business they will never turn back.
A processor should know 10X than you about short sales and everything that goes into facilitating the transaction to the fullest. From client management, foreclosure postponement, servicer and investor guidelines, to completing a short sale with multiple mortgage liens, judgments, and tax liens, no transaction should be beyond your processors comprehension.
Many top producing agents see the following values in a high-end processor:
How To Compensate A Short Sale Processor
There are a few different ways that you may be able to have a short sale processor paid that can keep you from coming out of pocket. If the deal doesn’t close, the processor shouldn’t be paid a penny.
Here a few ways to compensate a processor depending on servicer and state guidelines.
Give me a ring at 1-800-692-9960 to discuss the value we can add to your business in the short sale and loss mitigation realm of real estate.
Brett@ishortsalenow.com
310-564-6389
I have a short sale signed up out of Tulsa OK for the Bank of Oklahoma. Part of BOK Financial Corp, BOKF, which operates seven banking divisions: Bank of Arkansas, Bank of Albuquerque, Bank of Arizona, Bank of Kansas City,Bank of Oklahoma, Bank of Texas, and Colorado State Bank and Trust.
I have searched their site for the better part of an hour, and Bank of Texas which is a mirror of the Oklahoma site, with not a page, paragraph, link, phone number, department or even direct searches for short sale or mortgage help, or RMAs showing up anywhere. Has anybody done a short sale with Bank of Oklahoma, or any of the BOKF affiliates and have their short sale department contact and fax information? Could not find them on our site either.
Anyone see this? Suggestions?
Check to see if the short sale has been set-up for the new buyer. She said they received documents however the investor is putting in a restriction on the file for a short sale and the available options are Deed-in Lieu , SPS modification and Repayment Plan. She said there is nothing that SPS can do to lift the restriction. And so I asked for the name of the investor on the file and she said she will send in a request for the investors name to be sent through fax. I should receive it in 3 business days. I also requested for an updated payoff quote which is good until Sept.10 and I will received it in 1-5 business days through fax. There is no foreclosure sale at this time.
(Brenda's update on Aug. 25)
Spoke with Tiffany Bosnik with SPS. She researched the notes and the investor's decision is the following:
Determined that the Short Sale is not Feasible
Borrower/Seller can either take a DIL or a Short Pay (one time lump sum short of what is owed paid in certified funds)
After dragging my short sale request out for almost ten months on a 3 family house, and after telling me they were going to order an appraisal they rejected my short sale request. The reason they gave me "Occupancy or Rented more than 18 months PFS/DIL requirement not met". Its a BS reason.
I am fighting it through the executive escalation team. Unfortunately because of my job I cannot miss payments on the mortgage to pressure the bank. This property is ruining me financially and mentally. I would love to hear ideas on any other options I might have to get Wells to reverse their decision. Does anybody have some contacts at Wells that have some decision making ability?
Thanks,
Beaumont, California Short Sale REALTORS - Helping People with the Short Sale Process
Are you under-water on your Beaumont, California home? Have you experienced a hardship that has made paying your mortgage difficult or impossible? We can help you. Whether you occupy the home, its vacant or a rental, we have helped many Beaumont homeowners and other Southern California residents short sale their homes and avoid foreclosure.
WE ARE BEAUMONT CA SHORT SALE REALTORS
Here's a quick summary of who we are:
As of this post its July 2016. Yes, the market has recovered, but not all Beaumont homes have regained their purchase value! If you're still struggling to maintain that under-water home, call us and let's discuss your options:
Todd & Devona Garrigus
Garrigus Real Estate Group/HomeSmart Professionals
(951) 490-3683
I have a fannie mae 1st and a Wells Fargo 2nd. If the 1st is made whole plus more, can the first apply the overage to the 2nd above the $6000?
Hello everybody:
I just got a listing on a Reverse Mortgage Loan and I will have to do a short sale because the owner owes more than the house is worth. We are short by 20k. Does anybody here has done a short sale where the loan is a Reverse Mortgage?
Is the process the same as a regular Short Sale? Thanks,
Has anyone every work ever worked with Di- Tech/ Green Tree Lending Servicing.
This is my first short sale and I always find it amazing how some short sales are approved and others are not.
Respectively,
Michael
703 825 9579
Layman, here. I don't do real estate. But I have recent experiences that some of you might want to know about.
Since Nov. I have had Hubzu to remove listings for an encumbrance modular home that rests on my land, on not one, not two, not three, but four occasions. Finally, Hubzu has corrected the listing to represent their land only. But if I had not searched the address when I saw signs of renewed activity at the house. I would have an unwelcome family living in my yard.
The first listing was an auction that said "...No viewing,... DO NOT DISTURB OCCUPANT,..., buyer must take possession of property,... no contingencies, cash only..." No pics. but a description of the house. The house has been vacant for 6 yrs. They had just winterized it, and anyone could tell that no one but rats and birds have been there in a while.. On the house was posted a dispossessory for the bankrupted former occupant that moved out in 2010. I see that they also had the boundary line resurveyed, It agrees with the previous survey that shows the house to be on my land, rather than the adjacent property that they are advertising. The agent e-mailed apologies, with a quote sent to him from Ocwen counsel saying that they were under no obligation to move the house (as I had formerly requested and they had said they would do), and that it would be appropriate to list as land only. I said this is fine- I can use the house, and the agent said he would have the property relisted as land only.
After a few weeks, the second Hubzu listing showed This time a normal sounding listing with no red flags, but complete with inside and outside pics. of the house they said they wouldn't list. Also, all over MLS. Again, the polite agent removed it, apologized and promised to get it relisted as land only, and said he had alerted everyone to stay away from the house. (After I threatened to have trespassers arrested.)
The day after that an Altisource guy came out with a sign, and called me to find out where to put it. He was confused by the barbed wire, flagging tape, 15 no trespassing signs,and house not for sale sign.I had just put up..I noticed after he put up the sign and left, that it says " Buy this house at Hubzu.com. Listing agent Owners.com." The day after that an appraiser called to ask if she could cross my fencing to appraise the house. I told her that I was told she should appraise the land only. "Ohhh", she replied.
So, along came the third (and sneakiest) set of listings; again for the house that is on my property. These ads were not on Hubzu, but Homes.com,, RealtyStore, and foreclosure.com,and possibly others. The headings just said address not disclosed and /or name of city. Only pics. of the interior of the house were shown. But one ad had the address within the body. These are listings requiring credit card info.to get agent name & details. The agent that removed the other ads said he had no control over these listings; just Hubzu & MLS. So, I called Owners.com who connected me with Hubzu within seconds.I threatened with television exposure, and said the house needs to remain unsold and unlisted.The listings came down.
The agent agrees that the listing should be for land only. He connected me with the Ocwen ombudswoman, saying this should fix things, She called a few times and said"...According to my research, we don't own that house..." She said she'd talked to preservation dept. and whomever to list as land only. When I said" it needs to contain no pictures of the house...", I hear a deep sigh and "I trust they will do that."
Then came the fourth listing, again with pics. of the house, inside & out. The agent says he will relist it as land only, and send a copy of my e-mail to the ombudswoman.. Guess what? It is now, finally shown as land only on Hubzu and other sites.
Here's the strangest part of the story. Around the closing of auction one, I exchanging e-mails with a foreign accented Altisource employee in order to get over the language barrier, and send copies of my plat, etc. Two days later, I hate to admit, I succumbed to a Microsoft impersonator computer hacker with a similar accent. He even said my computer had been hacked through my e-mail. Didn't say HE was the hacker. Then the hacker called back 1-2 days after the second listing removal. Then he called back 1-2 days after the closing of the third set of listings. But no call after taking down the last one....yet...Synchronicity interests me...I'm sure there's no connection....whatsoever.
Moral of story: Don't buy sight unseen. Go to county tax assessor aerial maps, Look also at aerial maps of your neighbors' properties. These may reveal encumbrances. Insist on a recent plat that shows boundaries and structures. Walk the property line. Talk to the neighbors. If a listing says no viewing, it may not be just to insure the occupant's privacy.
Hi does any one have a Script for Short Sale when cold calling?
Homes for Heroes is a national program dedicated to providing extraordinary savings to heroes who provide extraordinary services to our community each and every day, when they buy or sell a home.
Who Qualifies?
-Active Military
-Veterans
-Teachers
-Healthcare Workers
-Firefighters
-Law Enforcement
-Clergy
What are the savings?
Savings will depend on the sales price of the home. As an example, a $300,000 house would receive over $3,000 in credits and discounts from all the participating affiliates and vendors involved.
What does it cost me?
Nothing because it's FREE. There is no cost to you. All costs are covered by your local participating vendors.
Can I buy any home and in any area?
Yes. This is not a government program with limitations or restrictions. This is the private sector giving back simply as our way to say Thank You for all that you do every day.
Are there any other benefits or savings after my transaction is done?
Yes. Through the "Friends of Heroes" Network participating vendors will offer discounts on various other services such as moving, storage, pest, lawn care, plumbing, electrical, cleaning and remodeling to name a few.
Are there a lot of extra applications, forms or some future obligation?
None. The Homes for Heroes Promise is:
-No hidden fees
-No red tape
-No catch
How do I find out more?
I am working with an active duty airman who is trying to get approved for a short sale through US Bank. We have been working towards this since July. We have the house in contract and cannot get further than the "in review" stage. We've been through 5 relationship managers and still nothing. VA is the investor. Is there anything else I can try. I've called and spoken to anyone that will help. The last time the file was reviewed was Jan. 25th. They did a liquidation appraisal back in August and since then we have had nothing. They were going to file a lis pendens but rescinded it so we are seemingly ok there.
ARE SHORT SELLERS STILL GETTING THE SAME $10K RELOCATION AND HOW MUCH SHOULD I OFFER TO SECOND MORTGAGE ON THIS CASE. BIG THANKS FOR YOUR COMMENTS!
I live in New Jersey and want to buy a short sale in Perth amboy NJ. Wells FARGO has the first mortgage and chase has the second lien on the property.
The short sale has been approved but Wells Fargo wants to give Chase only 6000 dollars but Chase wants 12,300.
Both of them are not agreeing on the amount.
The sale price of the property is 250,000 which I am ready to pay. What should I do. I am in a fix.
I was hired by the listing agent to save this short sale Franklin played their silly games. We offered $12,000.00 They countered back at $20,000.00 Buyer walked. Month and a half later obtained new buyer, whose offer was approved by and the first lien holder, and allowing $20,000.00 to Franklin. They came back and countered at$28,000.00 claim they have new guideline. That is a crock. This one will end up in foreclosure. Other than preaching to the choir, who can we reach out to stop this nonsense
Tony Morales
TM Short Sales Consulting
I am currently having problems with appraisal coming in to high. This makes it difficult to get offers on these properties. I keep fighting the appraised values but it seems like it is an endless task. I have found contacting the Financial Consumer Protection Bureau has helped is most cases. They don't ignore you they respond with in a few days. I have managed to over turn appraised value with their help. I don't know if anyone else is having these problems but please share with me any of your ideas about appraisal values.
Hello - does anyone know if HAFA payout to 2nd lien holder $12,000 can be applied to judgments on title? There is no 2nd lien holder.
Finding out if IndyMac or any other banks will do reverse mortgage shortsales.
Anyone successful with one?
Items that Repel Home Buyers
The seller’s market that was so prevalent a few short years ago seems to have shifted in favor of the home buyer. Thanks to an overall improvement in the economy and home prices that have risen by 10% or more for the past year, buyers are becoming a bit more selective about their purchase. Here are some items that scare buyers off and what you can do to fix it.
Foul Smells
Certain buyers may like fried food or indoor pets, but most people are turned off by unpleasant odors. This is especially true when the odor is noticeable when a person first walks in to the home.
Odors come in all shapes and forms. Various kinds of food, pets, and tobacco can leave behind distinctive smells. It is important to deep clean the home, the carpets and even the ventilation ducts to get rid of the odors.
Paper on the Walls
For 40 to 50 years wallpaper was quite the rage. Unfortunately, those days are gone. Since most people pick out a very particular wallpaper to go along with certain furniture and trim it is highly unlikely that the next person to buy the home will have the exact same taste. It is better to remove or cover up the paper with paint that is in a neutral tone. Wall paper on one accent wall can be a neat feature however. Using paint and stencils might be the best choice because it would be easy to paint over if it is not to the taste of the buyer.
Dirt
Many sellers fail to realize how important it is to have the home looking as clean as a brand new home. Most buyers do not look past what they initially see in order to understand the potential value of a place. They simply want to walk through and imagine their furniture, heirlooms and personal belongings in various spots in the home. That is tough to do when the sink is full of dirty dishes; the living room is a mess and all the floors need cleaning. Go through every room and thoroughly clean everything.
Sellers Standing Around
The vast majority of buyers prefer to look at a home without the seller present. When a seller is in the home during a showing it presents a bit of awkwardness for the real estate agent and makes the buyer feel pressure. This is easy to remedy: do not be present when the agent shows your home.
Old Items
If the home looks like you stepped back in time 20, or 30 or more years then it will be tough to sell. Old plumbing fixtures and doorknobs that have lost their usefulness scream out “lack of maintenance” and it will make potential buyers wonder if other things in the home are in need of major repair.
Less than the Truth
Thanks to modern technology it is easy to put together a large number of digital pictures and even a video of a home. These items, along with descriptions, need to be as accurate as possible. Putting up a description that omits the fact that a home is mere feet away from a train track or a picture that misleads about the size of a room can turn off not only buyers but agents as well.
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