Blog

Ok so how about some feedback on this one.  I listed a short sale that was originally a WaMu loan and the seller is getting 20,000. Beside the point of course but here is what happened. I submitted an offer by way of Equator and after the appropriate time for it to ferment, they finally made a decision and accepted the short sale with payment of a customary 6% commission. This was a written approval letter folks from Chase. Well the offer than fell apart and buyer walked. I than submitted another offer within a few days on the property for 4,500 dollars more than the previous offer, ok also beside the point I suppose, but here is what the new negotiator did. Sent me an email and said they could only pay the 5% commission on this traditional short sale. It is bank owned. No it is not a HAFA and no it is not a Fannie or Freddie investor…….but what it is, is a short sale offer that follows a prior offer less than 30 days ago where Chase accepted and approved in writing to pay 6% commission.  At this point I have said no.  Now I just got an email from the file owner in Equator that said if I am refusing to comply than she has to close the file….thoughtful comments and personal experience from anyone here?

Mike

Good morning Superstars.

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

Discussions	Replies	Latest Activity
Nationstar forced us to use Auction.scum and now accepting a lower offer than ours by $25K We too were forced to use auction.scum by Nationstar bank. After the 72 hour turnaround time for Nationstar to make a decision and get bac… Started by Raquel Alberty	2	yesterday Reply by Ron Scribner
Anyone have any advice? Have a short sale that is going on forever. We got the listing in Feb 2012. Got a buyer within a month. April the negotiator sent a respons… Started by Bonita (Bonnie) Seide	3	yesterday Reply by Brian Avery
Seller says no to Short Sale Offer I'm new to short sales and I am representing and investor that placed an offer of $1.2M towards a short sale property listed at $1.9M. Why… Started by Dennis Williams	16	yesterday Reply by Wayne Brooks
BSI Financial Services Inc. Anyone have any experience with BSI Financial Services Inc.? Started by CJ Wright	1	on Thursday Reply by Brian Avery
BofA-FHA Question Hi superstars! FHA short sale...BofA states they are no longer allowed to order 2nd appraisals, after the first one has expired (it was c… Started by Corinn	1	on Thursday Reply by Kevin - Greenville, SC
Chase changed locks 10 days after closing a short sale, I recieved a call from a preservation company that they had orders to change the locks. I told them the… Started by Jill Slyter	14	yesterday Reply by Dirk Jeanis
BOA/HUD SS approved after a year but inspection reveals major problems Hi all. I am the buyer of a BOA/HUD short sale that was just approved after a VERY painful year of dealing with BOA. We could never have go… Started by Liz Clark Do You Need More Short Sale Listings? Short Sale Superstars wants to make generating Short Sale leads easier for you. So..... .....here is a FREE 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.	4	on Thursday Reply by Liz Clark

Long story short - it's an EQ file ... ONE mortgage with Chase

Chase has had a FMV Offer on file since April 1st

We have met THREEE (3) people at the property who have done BPOs / Appraisals

FC is set for May 7th

They have ALL DOCS and have HAD ALL docs since about April 9th

Chase is saying FNMA must PP the FC - FNMA is saying that Chse must PP the FC - HELP!!!!

I have TRIED to escalate at FNMA and they clsoed my ticket out saying NO BPO has been ordered??????

Chase is saying that FNMA orders the BPO/Appraisals and they SHOULD HAVE 3 ON FILE :)

I have called ALL HIGHER UPS AT CHASE and they send me right back to the set-up girl and her managers from EQ and NONE OF THEM are doing anything except saying that FNMA must PP the FC

FNMA is telling me that Chase CAN pp the FC and that this info is online on the FNMA website yet ALL i can find is this about Service Members .... https://www.fanniemae.com/content/announcement/svc1310.pdf

CAN ANYONE help me????????????

This will be the 4th FNMA FORECLOSURE THAT I HAVE LOST DUE TO SUCH IDIOCY THIS YEAR :(

Thanks!!

Trina

I haven't been listing nearly as many short sales this year. There are not as many upside down homeowners here in the Palm Springs Valley, and that's a good thing!  I have also become very saavy about which short sales have the highest percentage for a successful closing.

New La Quinta short sales coming up next week …

1.  North La Quinta single-family home in the highly desirable community of Bella Vista . One of the largest corner lots which also features a family pool and spa.  Seller is being relocated out-of-state for a job.  The note is with CITI mortgage.

2. PGA West champion for condominium on the Arnold Palmer course.  $307,000.   This condo has consistent rental history and has been well maintained.   Seller has moved out of the country and cannot continue with mortgage payments.   One note with OCWEN.

To view all La Quinta and Palm Springs Valley homes, land, or you equestrian properties … 

Rock Realty Client Testimonials

"This was a great effort from Mike Collins. He did a super super job with the selling of our home in Wisconsin. I could not ask for more from him as he kept me well informed of things going on and we are 1200 miles apart. He did more than a 110 percent job on everything. Even removing snow and whatever it took to have our home ready to show. Again, THANKS Mike for everything. Great Job!!!!!!"

Phyllis Pearson (Rock River, WY)
Rock Realty Seller Client

Thanks for the compliments, and Congratulations on your closing Phyllis!

Are you working on getting business today? I am. In fact it's what I do every day. My job is generating business. For any one wanting to work in real estate, as a career, generating business is the number one skill you must learn.

First and foremost it requires work. Not hard work but consistent and persistent work. This means making a plan and sticking to it. Not for a month or for six months but for EVER.

But where do you begin? What activities should you work on?

When in doubt I always go to Google. If I were new to the business I would simply Google "How to generate real estate leads"

Click on the link and there are 4,300,000 results. Don't you think there may be some good ideas in there somewhere?

Here's a list of some lead generating activities you could do today.

1. Mail out to expired listings
2. Mail out to 60 day late pre-foreclosures
3. Call some FSBOs
4. Start a hyper local blog
5. Create a website for first time home buyers
6. Walk your neighborhood and talk real estate with people

Just.........

......take the bull by the "pair" and figure it out. If you can't figure out this one thing you will NEVER make it in real estate. The requirements to get in this business are minimal. However, in order to stay in this business, the effort required is far from minimal. It requires motivation, a desire to succeed, willingness to learn and the ability to "just do it".

People that are successful in real estate are mostly students of real estate. We live and breathe real estate. It's more than a job. It's more than something we just do when we have to. It's more than just waiting for things to happen.

We are proactive. We figure out what needs to be done and then we do it. We don't depend on others for our success. We read everything we can get our hands on related to real estate, marketing, running a business and etc. Then we implement what we learn. We take action. And we take it every day. Do you?

As always I'm willing to help with any of this. BUT I'm not going to do it for you. You have to take the initiative.

Surviving in real estate requires "growing a pair".

Do You Need More Short Sale Listings?

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

.....here is a FREE 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.

Redlands Short Sale

Many Redlands home sellers, whether they are selling the property as a standard sale, short sale or just curious about price-setting, have many questions and reservations. But the real estate market climate in Redlands is not much of a mystery, its just hard sometimes to filter through the abundance of information to get simple answers.

Redlands homes are selling faster than listings are hitting the market. This creates a seller's market. Home prices have firmed up and are slowly rising. Also, standard sellers, or equity sellers, are still reluctant about selling due to still-low home values and their own mortgage loans that may keep their net profits from being able to clear cost of sale.

Redlands short sales are still hitting the market and are a large percentage of it, but many potential Redlands short sellers are also considering loan modification as well. Short sales in Redlands have decreased from their peak a few years ago. But short sales will still be a part of the Redlands real estate market for years to come.

Do you have questions about the Redlands real estate market? Call us and let's talk. We'll give you our professional opinion about the current state of Redlands CA Real Estate and what it means for you:

-------------

Call Now: (888) 9-List-It.

That's (888) 954-7848.

Yucaipa Short Sale

Many Yucaipa home sellers, whether they are selling the property as a standard sale, short sale or just curious about price-setting, have many questions and reservations. But the real estate market climate in Yucaipa is not much of a mystery, its just hard sometimes to filter through the abundance of information to get simple answers.

Yucaipa homes are selling faster than listings are hitting the market. This creates a seller's market. Home prices have firmed up and are slowly rising. Also, standard sellers, or equity sellers, are still reluctant about selling due to still-low home values and their own mortgage loans that may keep their net profits from being able to clear cost of sale.

Yucaipa short sales are still hitting the market and are a large percentage of it, but many potential Yucaipa short sellers are also considering loan modification as well. Short sales in Yucaipa have decreased from their peak a few years ago. But short sales will still be a part of the Yucaipa real estate market for years to come.

Do you have questions about the Yucaipa real estate market? Call us and let's talk. We'll give you our professional opinion about the current state of Yucaipa CA Real Estate and what it means for you:

-------------

Call Now: (888) 9-List-It.

That's (888) 954-7848.

Beaumont Short Sale

Many Beaumont home sellers, whether they are selling the property as a standard sale, short sale or just curious about price-setting, have many questions and reservations. But the real estate market climate in Beaumont is not much of a mystery, its just hard sometimes to filter through the abundance of information to get simple answers.

Beaumont homes are selling faster than listings are hitting the market. This creates a seller's market. Home prices have firmed up and are slowly rising. Also, standard sellers, or equity sellers, are still reluctant about selling due to still-low home values and their own mortgage loans that may keep their net profits from being able to clear cost of sale.

Beaumont short sales are still hitting the market and are a large percentage of it, but many potential Beaumont short sellers are also considering loan modification as well. Short sales in Beaumont have decreased from their peak a few years ago. But short sales will still be a part of the Beaumont real estate market for years to come.

Do you have questions about the Beaumont real estate market? Call us and let's talk. We'll give you our professional opinion about the current state of Beaumont CA Real Estate and what it means for you:

-------------

Call Now: (888) 9-List-It.

That's (888) 954-7848.

Short Sale Real Estate Agents in Fitchburg, WI 53711 Are you looking for a Fitchburg Wisconsin Short Sale Realtor®or real estate agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Fitchburg WI area. My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many Fitchburg home owners with their distressed property needs.

REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.

• What is a short sale?
• Is a Short Sale right for my home?
• Half of Homeowners Underwater on their Mortgage
• Buying a Wisconsin home after a Short Sale or Foreclosure
• Benefits of Buying an Owner-Occupied Wisconsin Short Sale
• Tips for Buying a Wisconsin Short Sale

Learning more about Short Sales and having fun.

Short Sale Symposium at Sea – Always learning by Sidney Kutchuk Always learning, I attended the Short Sale Symposium at Sea this week. I was able to meet and talk with some of the best short sale agents and trainers in the USA. I was asked to speak on a panel. Thats me in the middle with Lee Honish & Brandon Brittingham. Always learning,this way I can stay on top as the best Temecula Short Sale Specialist. Source: vimeo.com via Lee on Pinterest Realty Works Temecula - Broker Sidney Kutchuk -Temecula Short Sale Agent - 951-217-6745 Sidney Kutchuk | April 27, 2013 at 6:48 pm | Tags: Short Sale Symposium | Categories:Temecula Short Sale Agents | URL: http://wp.me/p24A2i-ey

The Homeward Residential Short Sale that I listed, then got transferred to OCWEN has been quite straight forward.  OCWEN contacts responded to me when I informed them that I already had an offer with Homeward, and it only took about 2 weeks to get the offer uploaded into OCWEN. 

Took another 6 weeks or so to get final approval, but they did not counter at a hyper inflated price and my original offer/buyers stand.  We are in Escrow to close in 45 days or earlier.

This was my most recent OCWEN experience.  I have a new Short Sale Listing with OCWEN coming up in La Quinta in May.  I'm hopeful that it will generate the same smooth responses!

Good morning Superstars.

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

Discussions	Replies	Latest Activity
Advice requested regarding BK property purchase Advice requested...Question regarding BK property. Found a house I wish to purchase. Has been vacant for 4 years. Mortgage held by Wells Fa… Started by Nancy DiPasquale	0	2 minutes ago
4 Liens and no cooperation... Short sale with four liens: BOA first will only give second 734 will not budge SLS second Demanding 1500 will not budge One credit card wit… Started by Dawn Maloney	7	17 hours ago Reply by Michael Hayley
Referral Agents Needed for Columbia LA, Des Plaines IL, Deer Park TX Short sale listing agents needed for listing referrals. See below. Email Wendy directly itswendy@rulnickrealty.com if you are interested i… Started by Wendy Rulnick	0	yesterday
SS with bankruptcy My seller has a first and a second lien, the second lien is part of her bankruptcy proceedings. Will the first need to give concession to… Started by Julie Lyons	2	yesterday Reply by Ron Scribner
HSBC Commission Structure I was unaware of HSBC policy to only pay 5% commission until I got my approval letter. My listing contract and advertised co-op rate was 6%… Started by Sherry Chastain CDPE	4	yesterday Reply by Sherry Chastain CDPE
FHA Title 1 Home Improvement Loan - Service Finance Company I am working a short sale with a 1st lien with Ocwen and a 2nd FHA Title 1 Home Improvement Loan with Service Finance Company. I have never… Started by Diana Stehling	6	yesterday Reply by Kevin - Greenville, SC
Fun Game: Find the missing assignment or don't close - please help Of course I have an approved short sale in closing and the title company comes back with a nice request : Find the missing assignment from… Started by Marty Macisso	1	on Thursday Reply by Brett Goldsmith
SPS - HELP Ok. I have been working with SPS and accepted the counter offer... it is taking 10+ days to image docs that are submitted... then is anothe… Started by Jill Schappel	2	on Wednesday Reply by Freddie Castaneda
Keep paying on Promissory Note from 5 yrs ago for shortsale ? Mortgage Debt Relief Act? I had a homeowner call and ask "Did she have to keep paying on the Promissory note that she signed 5 yrs ago before the Mortgage Debt Relie… Started by LORRAINE DSOUZA	5	yesterday Reply by Simon Campbell

13 Training Sessions

$25 Each

(Audios are 45-90 min each).

• Why a Short Sale?
• Qualifying The Seller
• Pricing and Marketing The Property
• Negotiating Techniques 1
• HUD1 Tips
• Escalation and Communication Tips
• Disputing Bad BPOs
• Cash Contributions and Prom Notes
• Negotiating Junior Liens
• Lead Generation
• 10 Short Sale Mistakes
• VA, HAP and FHA
• Getting Short Sales Closed

• ORDER ALL 13 SESSIONS FOR $147 AFTER THE $50 DISCOUNT

VISIT THE STORE NOW

***Use discount code sss10000 for a $50 instant savings

RIALTO SHORT SALE AGENTS

A Rialto CA real estate short sale is a sale of a Rialto CA home in which the proceeds from selling the property will fall short, or not be as much, of the balance owed on the Rialto CA house because the property owner cannot afford to repay the full mortgage amount(s).  In another words, the under-water homeowner sells the Rialto, CA home for less than what they owe on it. This is why banks must approve a short sale for the transaction to happen. This is also why an experienced real estate short sale professional should be used when selling short your Rialto CA home.
A Rialto CA short sale is often used as an alternative to foreclosure because it can save additional foreclosure and credit fees, costs and implications to both the creditor (bank(s) holding the mortgage(s))and the borrower(s)/homeowner(s).
Are you considering a Rialto CA Short Sale? First, remember this is nothing to be ashamed of; it is instead a strategic maneuver on your behalf to ensure a better financial and credit future. But with all decisions in life, make sure you pursue a Rialto CA short sale smartly. You must:

• Find an experienced and tough Rialto Short Sale Expert (That’s us!)
• Be diligent in your short sale process
• Educate yourself

So call us and let’s discuss your particular situation:
Call Now: (888) 9-List-It
That’s (888) 954-7848

We also have a Foreclosure Prevention Library that can provide you with extensive, easy to understand information about short sales and foreclosures.

Is Your Perris Home Underwater? Short Sale that Perris House!

Perris Short Sales are nothing new. In fact, most of the Perris housing market consists of short sales these days.

If you’re struggling to make your mortgage payments on a property that is worth half the value of what you purchased it for? This is NOT the American dream. No one wants to lose their home to foreclosure. And no one wants to sell them home if they don’t want to move. But doing nothing and letting the bank foreclose, or staying with a home that is financially crushing is not the way to support your family.

A Perris short sale may be the best option for you. But how can you know without talking to a Perris Short Sale Expert (That’s us!)?

Have you considered a loan modification instead of a short sale? That may be the best option for you. In fact, for some is has been. But be warned, it is not the best option for every mortgage situation! You need ALL the information to make a calculated decision. You need to speak with your bank or mortgage holder. You also need to speak with a short sale expert (Again, that’s us!) that knows the other details the banks don’t want to tell you.

If you’re wondering:

• Why would my bank accept a Perris short sale?
• What are the tax consequences of my Perris short sale?
• Shouldn’t I hire an attorney instead of a short sale REALTOR to short sale my property?
• How will my Perris short sale affect my credit? What if I foreclose instead?
• How long should I expect short sale process to take?
• Do I have to be behind on payments of my Perris house?
• What if my Perris house has more than one mortgage?
• Can I short sell my Perris home to a friend or relative?
• What Does The Bank Consider a Short Sale Hardship?
• Should I keep my Perris HOA dues current?

O.K., I’m ready to get started…. so now what do I do??

Contact us now for a FREE and private in-depth consultation:

SPS is taking 10+ days  to image docs that are submitted.  We are waiting on a response to a counter offer which meets the requirements for 3+ weeks... submit.. need a correction... submit... wait ... requrest... submit wait... left messages for managers... no reponse.. any have know a why to get around this problem?

I overheard an interesting conversation in the office yesterday. Apparently, an agent showed a rental property that was listed by another agent in the office. Of course, the listing agent asked about feedback and the showing agent excitedly mentioned that his clients were interested in the property. Their conversation quickly changed to the reasons why the prospective tenants are now choosing to rent and he mentioned that they were doing a strategic default on their home.....WHAT????

Do you mean to tell me..... that the individuals who are now breaking a contractual obligation just based upon a "strategy" has now decided to enter into a contract with my client????

A strategic default sounds good in theory...and I understand that it all boils down to a business decision. However, there are ramifications involved and if your client doesn't have to worry about their character being questioned, then it's fine. There are so many other options available to homeowners today besides a strategic default. There are many short sale options available as well. Yes, there's a lot of time and effort involved, but it gives the impression that the homeowner made an attempt to mitigate the loss to themselves and to their lender. Shoot, even a deed-in-lieu sounds better on paper than a flat-out strategic default.

People really should begin to think past the "here-and-now" because there really are after-affects.

Is there a White Knight out there?

• My first house in the 80's was a fixer -upper, and now that the kids are in college and the latest house sold I found the perfect small place to fix up to my standards.
• Asking price is an inflated $150K for a 2 bed 1ba original 1949. I bid up to $135K only because I saw the potential for me. It's been six months and as predicted within my lawyers letters, the pipes froze and burst in January. Land value is $70K
• My RE Agent is good, but not knowledgeable of short sales. She handed Chase pictures, the home inspector report, and all comps showing homes selling at less than $135K. Nothing.
• Today we were told by Chase they will not accept less than 150K because Fannie Mae will buy it for that amount. Really? Our Government and it's people will buy this empty deteriorating home for an over-inflated price from a bailout accepting corporation who issued excess mortgages prior to the housing crash?
• I need some input: I would like to purchase this home. It is in a suburban neighborhood near a middle school. It is ripe for kids from the other side of town to break in and vandalize. It is a blight on a neighborhood and I want to fix it.

Banning Real Estate Agents

If you're considering buying or selling Banning real estate in today's challenging market, be sure you hire a Banning professional with the skill, experience and competence to help you acheive your transaction goals.

We handle many aspects of Banning real estate, from Banning standard sales to Banning short sales, Banning foreclosures and even Banning commercial real estate, let us put our skill-set to work for you to buy or sell your Banning real estate.

Call us now and let's talk about how we can help you with your Banning real estate needs:

-----------

Call Now: (888) 9-List-It.

That's (888) 954-7848.

-----------