As short sale agents, we have to endure the craziest scenarios. If it's not the most asinine requests from some banks/servicers, then surely it's the unusual repair requests from buyers (yeah right....my Seller's selling his home via short sale, hasn't paid squat towards a mortgage in over three months...HOWEVER, he/she certainly has $10,000 to pay for new carpet and paint). My all time favorite has always involved selling a tenant occupied home.

It always starts out the same.....Seller contacts me about selling a tenant occupied home and my first question is ALWAYS whether or not there's a current lease. In my latest escapade, the tenant was on a month to month lease. I advised my client early in the process that he may want to go ahead and serve notice to the tenant so that we wouldn't run into any problems with the tenant blocking showings (yeah....had that happen, too. Tenant showed up at the door with a gun and threatened to shoot the potential buyers if they stepped across the threshold). He assured me that these were really good people and that he didn't anticipate any problems at all. Well....lo and behold, we instantly receive an offer on the property and have full short sale approval with both lienholders within 30 days! The cash closing is scheduled for twenty days after receipt of the approval letter. I contacted the Property Manager who assured me that he gave tenant proper notice and that tenant is scheduled to move within an appropriate time frame. I was on cloud nine......until I found out that the tenant still hadn't moved and we were closing in four days!

When you are selling your tenant occupied property, you must be extra diligent or your entire sale could fall through. A few things to remember

1. You must give your tenant ample notice of showings, and if possible it is best to do it in writing. It is stated that the landlord must give a reasonable amount of time. Usually 24 hours is considered reasonable. (You also may want to check whether or not they have a tendency to show up at the front door with a weapon). 

2. Georgia law requires that the landlord give 60 days notice to the tenant to vacate the property. Even if the lease states differently, Georgia Law prevails. This must be done in writing, preferably by certified mail. (Calling the tenant and verbally telling them that you're selling the property just won't cut it. You'll DEFINITELY need a paper chase).

3. If the transfer of possession takes place with the tenant remaining in the property, all terms of the lease must remain, but the new owner has the right to terminate the lease or change the terms with 60 days notice. (Very appealing scenario for an investor Purchaser....not so much with an owner occupant).

4. Once you notify the tenants of a possible sale and they do not pay rent, start the eviction process immediately. It can get tangled up if the new owner takes possession of a property that has rent in arrears. (Get them out, get them out, get them out....and just in case you didn't hear me....GET THEM OUT)!

5. If you have a property management company, make sure that they are diligent in notifying the tenant(s) and ask for copies of correspondence.  (I give each and every reader of this post full permission to bug the hell out of the Property Management Company to make sure that they're doing all that they're supposed to do. Remember, they're about to lose a commission once the home sells).

6. Make sure all deposits are transferred within 30 days of the sale of the property if the tenant remains. (Be sure to provide the Seller written notice of their responsibility with the Security Deposits....unless you want to pay it).

As always, a tenant occupied property can be a very attractive purchase to an investor and the sale can be a smooth transaction. However, leaving things to "chance" can wreak havoc on your entire existence.....UGH!!!

Happy Selling!

Here's the scenario.......Listing Agent has a million dollar listing in a high end community. The property is still owner occupied and is filled with extravagant and expensive furnishings. An unrepresented Buyer approaches the listing agent and gives her an exciting story about winning the Colorado lottery. She also mentions how she has made it her life mission to adopt homeless children and give them a lifestyle that supercedes the one that they're currently living. She needed an opulently spacious home and this property fit the bill. The listing agent was delirious at the prospect of selling this property at FULL PRICE within a very short listing period! She immediately went to the Sellers to inform them of the potential buyer. She showed the property to the Buyer and she immediately submitted the offer on the home. The sellers were thrilled to have a full priced, as is, short due diligence, cash offer, so they immediately accepted all terms and became binding with the Buyer.
After a few days, the listing agent received a call from her Broker advising that there was an issue with the Buyer's earnest money deposit. It appears that the Buyer wrote the check on an account that had been closed and the earnest money deposit was no good. Instead of the listing agent immediately notifying the Sellers that the contract was voidable, she contacted the Buyer and tried to talk her into providing a viable check, so that the contract could remain valid. The Buyer apologized profusely and arranged to meet the listing agent with another earnest money deposit. The second check was not honored by the Buyer's bank. The listing agent's heart sank and she tucked her tail to notify the Seller.
The Seller hit the roof and had a bevy of questions for the listing agent! First of all, she wanted to know why didn't the listing agent verify the Buyer's ability to purchase the home even before showing it! She was furious that the listing agent allowed an unknown individual to enter her home and even more disturbed to learn that this woman was being investigated for fraudulent activity! Secondly, she wanted to know why the listing agent had not notified her when the initial problem arose, so that she could have taken necessary steps to protect her home and her family. Needless to say, the listing agent lost the listing and the Seller filed a complaint with the agent's Brokerage and against the agent with the local Board of Realtors.
The lesson??? Never take anyone at face value in a real estate transaction. This situation could have easily been avoided had the listing agent followed basic real estate guidelines. It's up to us to give our clients the FULL benefit of our knowledge, expertise, and services.
 
Vanessa M Calhoun, Real Estate Consultant
Better Homes and Gardens Real Estate Metro Brokers
209 Newnan Crossing Bypass
Newnan, GA 30263
404-843-2500 (office)
678-406-8432 (direct)
770-254-4985 (fax)

Ocwen is continuing to grow as they won an auction for Rescap's mortage servicing and origination assets. Files that were previously being serviced with GMAC will now be serviced by Ocwen. Ocwen is a large servicer who is well known in the short sale community for it's outsourcing and not wanting to postpone sale dates. With that aside Ocwen is a fairly easy lender to deal with if you have contacts and know how to maneuver through their systems.

Brett@ishortsalenow.com

www.ishortsalenow.com

310-564-6389

Bank of America Short Sale

Is your mortgage or mortgages held or serviced by Bank of America? Are you considering a short sale or do you have questions about the short sale process and how it affects your potential success of a short sale?

Bank of America has a few different short sale programs to help homeowners contemplating short selling their house. Plus, you may receive between $2,500 to $30,000 in short sale incentives, depending on your specific situation.

To find out details of Bank of America's Short Sale Incentive Programs <--- Just Click Here. Or call us and let's discuss your unique situation:

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That's (888) 954-7848.

HI Folks!  Please Please Please STAY FAR AWAY FROM STAR FEDERAL! Go to www.ripoffreport.com  www.realtown.com google their name and complaints...tons of realtors will tell u their stories.*Don't believe the 1 endorsement from rip off report...FUNNY, it's from VA...and guess where the rip off guy at this co is from...NY and VA....LOL. The biggest SCAM is H.R. Soltani himself...this Indian dude gives you his cell (202)320-4868  email: soltani@starfederal.com  They are in New York and in McLean Va area....(703)368-2222. THEY GIVE NO LEADS! Their contract promises a minimum of 4 leads per mo...and they give you zero...like 1 or 2 leads, then nothing!  They will string you along. Then another guy calls and says I am so sorry you didn't do anything with the leads we sent you...when it is a joke. They have NO trail of leads they sent...you have all the trail of emails, etc...but they WORD an email to you in writing wording it that they gave you leads, and YOU did nothing with them..when they did NOT send any....  period! RUN!   They are the biggest SCAM RIP OFF to come down the pike since ABSREO out of Chicago.  The guy at Star Federal gives you his cell and his name is HR Soltani. And yes, you can speak to him in the beginning to sign you up.  They promise 2 listing leads at a minimum per month. They  pre talk to the customers and promise to send you out on pre qualified customers that want to LIST their homes with you and you go out representing yourself as an advocate from them...etc... you can say your one co...whatever. This is a complete rip off. I have reported them to US Attorney General for RIP OFF and refund. They charge about $500 per agent for the year. It's a joke. I got less than 4 leads from these idiots. And it took like 3-4 months into the contract to GENERATE these so called leads... All these scammers did was scan the FSBO ads for people who wanted to sell THEIR own properties ...PLEASE   I can do that myself. I don't need these idiots! And frankly, they weren't even single family residences. They seem to concentrate on 1-4 unit properties. It is a JOKE!  DO NOT SIGN UP WITH THEM...they lead you down the path of NO leads for months   stating it takes time to gain SEARCH ENGINE OPTIMIZATION for your territory, etc.... it is a RIP OFF>  THey hope that agents after complaining once or twice will JUST DISAPPEAR and they get to keep 100% of agent's money that they sign up. PLEASE SAVE YOUR MONEY. I am going to be blogging on this very soon in the next couple of days. For they must be on the hunt again cause I have seen several agents ask about them lately. RUN!!!! VERY FAST!!! RUN!!!! 310-429-4170 Shy@shysells.com  Anyone can call me or email me for 100% verification.

By now, you should have heard that the real estate market is picking back up. Low interest rates and low inventory are spiking the average home price here in Washington State. Homeowners are now deciding on their options of either letting go of their underwater homes via short sale or foreclosure, continuing to live in it, or even rent it out and becoming a landlord. Which option would be best for you?

According to Corelogic, home prices nationwide increased on a year-over-year basis by 8.3 percent in December 2012 compared to December 2011. The spike is largely attributed to investors buying out most of the inventory thus increasing demand. This appreciation rate will most likely be unsustainable but of course, only time can tell. Zillow Home Value Forecasts (ZHVF), expects home values to increase 3.3% (Dec 2012 to Dec 2013).
Ah good news, home prices are rising again! So shouldn’t we keep our home that is underwater until we break even so we can avoid a short sale and a ding on our credit?
Let’s explore this option.

We will use the example of Mr. and Mrs. Smith who are barely making their payments and have a home that is worth $230,000 but owe $300,000 to their lender. The Smith’s think to themselves, if they live in their home in hopes to sell it once they come out from underwater, they don’t have to sell short. Assuming we will get a 5% appreciation rate (being optimistic), it will take them about 4 years just to break even. The Smith’s realize that it isn’t worth throwing away about $57,000 over the years in a home that has negative equity.

So they discuss their option of making their home into a rental property for the next 4 years to avoid the ding on their credit. Most likely, they will have a negative cashflow situation for all four years if you include PITI (principle, interest, tax, insurance) along with maintenance and repairs. Most importantly, the Smith's do not realize how difficult it is to be a landlord. Dealing with tenants (finding and maintaining), lease contracts, property maintenance/repairs, among others difficulties many times suck the life out of landlords. Many homeowners who opted to rent their homes because it was underwater are concluding to short sell years or even months later. Just ask friends or family about their experiences as landlords.

Mr. and Mrs. Smith’s situation is very typical and if they took the route of holding until breaking even, they will most likely be left with an even bigger headache.

What if Mr. and Mrs. Smith chose to short sell now?

A short sale is when you sell your home for less than what is currently owed on the property. The Smith’s decide to find a short sale expert and talk to their lender to see if they qualify for a short sale. IF they short sell now, they will finish in about 120 days which means if they started now, they will be done and out of their negative equity situation by summer time.

How would the financial rebound look like for the Smith’s? If they were not delinquent on their payments but was able to show inevitable delinquency, the ding on their credit score would be significantly less. If they were delinquent prior to closing the short sale, you will be facing about a 80-160 point ding in your FICO score.

Now how soon will they will be able to rebound on their credit depends on different factors. If the Smith’s end up using Lexington law to expedite rebuilding their credit score, they can easily repurchase another home within 2 years (possibly sooner) using the money that they saved from the mortgage payments that would’ve wound up in their underwater home. Once they are in a home, again, assuming that there is a 5% appreciation rate, they will start BUILDING equity.

So what is the best choice for Mr. and Mrs. Smith?

What do you think?

Peter

Good morning Superstars.

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

Discussions	Replies	Latest Activity
Denial Letter 9 days before closing Yes, that's right, I already had the approval letter in hand and everyone was proceeding to the close date. The buyer did their inspection… Started by Mike Rizzo	1	on Wednesday Reply by Smitty
What to do when you are only "a little" short 2 liens - short approx $10-15K - would you approach the first or the second lien holder to request a short sale? Started by Angela Gandolfo	5	on Wednesday Reply by Ron Scribner
Ocwen - Getting the proper package sent Doing a short sale, Downloaded package, sent everything in. I called them and they told me that I needed a different package because the lo… Started by Janet Livingston	3	on Wednesday Reply by Smitty
Short Sale Success in Massachusetts The most difficult short sale I have had was an $800,000 property that had 3 mortgages and IRS tax line and a creditor lien. I was able to… Started by Kevin Vitali	1	Feb 17 Reply by Wendy Rulnick
Bank of America "soft decline" Has anyone had Bank of America approve the short sale and accept a back up buyer right after the first buyer backed out? They call it a "s… Started by Amy Donley 9on Tuesday Reply by Patricia Bravo NationStar short sale successfully completed via Equator Just closed a short sale with NationStar yesterday via Equator. I got the deficiency judgement waived for the seller. I initiated the sale… Started by Travis Harris 0 20 hours ago URGENT-Need help with battling Fannie's inflated values Short sale worth 180k supported by comps, Fannie counters back at 220k. Buyer will walk, and sellers will need to go back on market at 220… Started by Wendy Martin 3 23 hours ago Reply by Simon Campbell SS process once the property is entered into WF equator system 4.5 months ago my husband and I submitted an offer on a home listed as a short sale property. It was quickly accepted by the seller (on Oc… Started by Britt 0 yesterday

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Nationstar has taken the position that they will dictate to agents and if you don't like it they will just close your file. Agents need to join together and not accept the silliness of Nationstar.  DO NOT ACCEPT 5% commission!  DO NOT ACCEPT that they will not pay title insurance or any other state regulated fees. Recently they closed my file because I questioned why they required a separate letter on a LLC buyer's letter head  their instruction said .....: Must provide the “Article of Corporation” & a signed letter on company letterhead stating that they authorize the property (must have complete property address) to be purchased under the company name (must state the company name).... My response to them was  ..that is what the Purchase Contract is for. If you have dealt with NS  you know what I mean  and if you have not believe me you will. A few weeks ago I spoke to someone in their OOP and I asked how will they be able to handle all of the new files they will be getting from B of A  and his answer was "we don't know"

As many of you already know Fannie Mae and Freddie Mac are now handling Short Sales much as they do their REO properties.

Fannie Mae now has the new Standard Short Sale. Here are the Fannie Mae Standard Short Sale Guidelines.

• Please read the guidelines for more info and visit the Fannie Mae Homepath Short Sale site.

Here are a few highlights of the Fannie Mae Standard Short Sale.

Recommended pricing. While we have been struggling with the value system by Fannie Mae it’s a good thing that we can get the recommended price PRIOR to listing the property. This gives us the opportunity to dispute the value if needed before the property is under contract. Giving the property some time on the market with periodic price reductions will help you with your Fannie Mae Short Sales. Fannie Mae wants top dollar so we have to show that we tried. Nothing better for this than days on market, showing history and agent feedback.

• From Fannie Mae: “Our list price and market value guidance maintains neighborhood property values”

Escalate Direct To Fannie Mae. This has replaced the Fannie Mae help desk that some MLSs participated in. Now all agents can escalate to Fannie Mae here.

Streamlined Documentation. If the borrower is 90+ days delinquent and has a FICO score of less than 620 then NO hardship, documentation or contribution is required by Fannie Mae.

$3,000 Short Sale Relocation Assistance. Borrowers qualify for this if they do not have to make a contribution at closing.

Deficiency Waiver. ALL borrowers completing a Short Sale will receive a Deficiency Waiver. This is huge!!

Please read the Fannie Mae Standard Short Sale Guidelines for more info and visit the Fannie Mae Homepath Short Sale site.

2013 is going to be a very interesting year for Short Sales. I hope you are ready.

If you need help with a Florida Short Sale I can help. If you are an agent in Florida and don’t want to handle your own Short Sales then let’s co-list the property. You sell the property and I’ll negotiate the Short Sale with your Seller. I can provide references.

I hope this helps.

Related articles:

• Fannie Mae and Freddie Mac to allow walkaways by on time borrowers

• The market shift is here are you paying attention

• Dear Fannie Mae

• Fannie Mae and Freddie Mac new short sale evaluations are way off base
  

I have a SS Listing that has the first with Nationstar and the second with Cenlar.  It was odd that the first, Nationstar, said that they would not give me any kind of approval until I had approval from Cenlar.  I couldn't figure out why that was until I started working with them closer.

I sent the HUD to Cenlar that showed a $6000 payoff from the first.  It also showed the buyer's closing cost credit and of course the agents commissions. It also showed a Seller Relocation fee.   Cenlar wanted a $43K payoff and the negotiator said the investor was miffed that the seller would ask for money.  They asked the agents to forfeit some commissions, the seller to ask friends and family for money and for the buyer to lower their closing credit.   So, I revised the HUD to show a $9000 payoff and removed the seller relo credit, and now they said they want $25K.

Does anyone have any experience working with Cenlar?  If so, have you run across this and how did you resolve it.  I've been very successful closing all of my short sales and I refuse to let this type of company stop my from successfully closing this short sale for my sellers and for the buyer!

I appreciate your responses!

Thank you,

Suzanne

My Website

Today pretty much started out as normal. I'm working diligently alongside my Assistant when I receive a phone call. This young lady is interested in a property that I'd previously listed which is now being marketed as a rental by another Brokerage. I informed her that I'd sold the property and that I no longer have any information regarding the current status of the property, but would gladly assist her in contacting the current listing agent. I look up the property in order to get the contact information and was shocked at what I witnessed!

As I flipped through the photos of the property, I noticed that they were MINE!!! The photographs that I'd so meticulously perused in order to find the best ones and then strategically placed on the MLS had been tainted by the soily hands of another Realtor!!! How dare she!!! Now, I realized that her office was approximatley 45 miles away from the property, HOWEVER, it's not my responsibility or duty to share my prized work of art with your lazy butt!!! If she couldn't take the time out of her busy schedule to drive to Coweta County to photograph the home herself, then she should be selling doghouses on a cat farm! We have a higher standard around these parts and, subsequently, expect all others to follow suit! Needless, to say.....the photos have since been removed (nastygrams really work)!

I have a short sale coming up only to find there is an IRS tax lien.  Any suggestions on how to handle that?  OR is it a deal killer before we even start?

When I began my career in real estate 7 years ago, I quickly learned to adapt to the world of declining home prices, BPO's, REO's, Short Sales, Asset Managers, yada yada yada.....you get the picture. Almost overnight, my entire business was centered around the distressed market. From a business standpoint, it didn't bother me. In fact, it fit right into my loss mitigation background and appealed to the analytical party of me. It wasn't the best scenario and could be extremely volatile at times, but it paid the bills and I was good at working the market (still am). So, I turned a deaf ear to the drunk monkey telling me that I wouldn't be able to make a living in the distressed market because it was saturated with agents. I told the monkey to shut up when he told me that I didn't have enough experience to make it in the distressed market because it was saturated with agents who'd been in the business for 10+ years. Finally, I smothered him with a pillow after he told me that 2012 was a fluke and that my business wouldn't be that successful again....

Well, the market has changed again.... and he's reared his ugly head. He'd actually almost convinced me that I knew nothing about the traditional re-sale market and that I wouldn't be able to transition my business in the manner that it needed and 2013 would be horrendous for me! WHAT????? Well, I looked that monkey square in the face and told him that because of my keen ability to research and study market trends brought on by many years of completing BPO's, I wouldn't have an issue with properly pricing a property to sell. I told him that because I'm actually used to completing monthly marketing reports on all of my listings, monthly CMA with marketing plans for normal market sellers would be a breeze! I finally told him that because I was able to maneuver through one of the tougest real estate markets that our Country has ever seen, my problem solving skills are fine tuned and remarkable! Then.....I laced his banana with cyanide.

I have a Short Sale Listing with EverBank. My Seller does not have a Financial Hardship based on their Tax Returns. The Loan amount is $680,000 and the highest offer we are receiving is $475,000.  A few months ago EverBank denied a Loan Modification, Denied a "Deed in Lieu" and are threatening to Deny the Short Sale.   Any Suggestions?

Many people ask me whether we made a mistake in our company name, Short Sail Solutions. The answer would be no. Short Sailing is to signify completing a short sale like a short sail (sail –> breeze -> streamlining a short sale).

Short sales have certainly become more streamlined mainly due to a national increase in understanding the process and nature (lenders, servicers, buyers, sellers, and agents) of short sales and also through the contribution of government intervention and policy changes in government sponsored enterprises. However, short sales are still a challenging task and in order for homeowners and agent’s to minimize problems and maximize results, let’s explore 8 ways on how to streamline your Short Sail.

*Information from agbeat.com & kcmblog.com

1. Setting Expectations. Set expectations prior to starting the short sale. Thoroughly understand the situation and the objectives. Clearly define what the short sale process will entail and the motivation and cooperation it needs to get one completed.
2. Collect short sale package documents at the listing appointment.
3. Title examination. Have the title officer run a Statement of Information/a preliminary title when the listing is taken.
4. Accurate and on time document submissions. Make sure you submit all requested documents to the lender/servicer on time.
5. Communicate often with all parties. Keep the lender/servicers and all other parties satisfied by following up with them and making sure everyone is on the same page. Keep pressure.
6. Meet the BPO/appraiser at the inspection. Make sure they are obtaining an accurate value of the listed property. Having to deal with value disputes after the inspection can delay the sale.
7. Escalate to higher authority when needed. If you don’t already have a designated person you work with within each bank, make sure you are escalating to a higher authority to help you move forward.
8. Be organized. A short sale involves a lot of documents. Make sure they are organized or my recommendation is to use short sale programs that are available to help you organize all docs online.

Short sales can be a breeze if you continue educating yourself on how to do it. We are based in Washington State. Let us know if you have any questions or comments by writing them below or email me at Peter@seattleshortsaleblog.com

Hope this helps

Peter

"Property has been successfully imported into the application. Please check your Workflow for any tasks assigned to you for this property. Thank you."

This is the third time I have entered this property in Equator.

The first time, the buyer could not perform. Although they have created a system to simplistically add a new buyer this was "hard decline", needless to say I was required to start over.

Third time's a charm, let's see how we do!

Columbus Ohio is one of the top 10 cities in the United States in which to buy a house, according to http://www.NerdWallet.com, a website designed to provide financial advice and data for young people. The site considered three criteria - availability of homes, cost of living and anticipated growth (measured by population & job growth). Columbus just made the cut at No. 10with these coments "Columbus is a great place to settle down and buy a home, with its low cost of living. This college town (it's home to The Ohio State University) has a laid-back Midwestern vibe." Topping the list was Fort Worth, Texas, followed by Charlotte, N.C. and San Antonio. Indianapolis, at No. 8, was the only other Midwestern city on the list.

Good morning Superstars.

Here are some of this week's top discussions.

Discussions	Replies	Latest Activity
What Are Your Short Sale Successes? Hi Everyone - Just for fun - tell us about your successes with short sales. A lot about this site is helping you solve problems. Most peo… Started by Wendy Rulnick	4	7 seconds ago Reply by Bryant Tutas
Bank of America "soft decline" Has anyone had Bank of America approve the short sale and accept a back up buyer right after the first buyer backed out? They call it a "s… Started by Amy Donley	1	5 hours ago Reply by Brett Goldsmith
What Do You Think About The Short Sale Lease Back Program? Hi guys, Wondering what your thoughts were on the short sale lease back program that is starting gain traction in the short sale arena. Sh… Started by Peter J Kim	39	9 hours ago Reply by Judi Fiolle
Best Short Sale Attraction Websites Hi - I'm wondering if anyone has recommendations for a type of website platform that is good for generating prospects from the internet? We… Started by M Lang	5	11 hours ago Reply by M Lang
ONLY 3% total commission on a short sale when there is dual agency ? ONLY 3% total commission on a short sale when there is dual agency ? First of all, are investors on loans allowed to cut commission to as… Started by Sara Mehrpouyan Los Angeles CDPE	4	18 hours ago Reply by Smitty
A Sincere Political Question about Fannie Mae Ok... here goes....please, I HATE politics and rhetoric, but at some point you just wonder: "When is enough just enough?" I've been reading… Started by Jeffrey Burnham	1	23 hours ago Reply by Bryant Tutas
Short sale with Seterus Hi, My daughter is going through a short sale serviced by Seterus. The short sale was approved on 1/7/2013 and she was given until 1/30/201… Started by rebecca	1	23 hours ago Reply by Bryant Tutas

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Recently, I completed a short sale with US Bank. I want to say it was a struggle at first and then I contacted HUD and the process was pushed along rapidly. It seems like most lenders want to see if you will be willing to contact HUD to push along the process. HUD has been wonderful to work with and they continue that trend with US Bank. I have also used HUD to help push Flagstar, CITI and Wells. I never would have closed some of these short sales without HUD intervening.