Blog

The real estate market in the Silicon Valley is very heated up this days, but there are still plenty of short sales being offered. Many of these short sales are in higher price ranges that have previously not seen a lot of short sale activity. What that means is that agents who do not have a lot of experience with short sales are making offers. Because the inventory is so low, most of these short sales are getting multiple offers. So if you are an experienced agent but not with short sales, or a buyer here are some things you need to know:

1. Don't low ball. The bank won't accept it and you will have plenty of competition from buyers wanting to pay market value.

2. Follow all of the instructions the agent gives on the MLS. If they say email instead of call, SEND AN EMAIL. Do not pester the agent with multiple calls a day. Your pre offer behavior is a sign of how you will act during the long short sale process.

3. Fill out the short sale addendum carefully. The addendum allows for the deposit and contingency period to start after bank acceptance unless you change it. CHANGE IT!!!!  At a minimum you should put the deposit in escrow immediately. If you really want the home I would also recommend offering to do the inspections right away instead of waiting for bank approval. It is a risk to the buyer in case the bank does not approve, but it is better than waiting 1-3 months for an approval and then finding out the home has more repairs needed than the buyer is willing to make.

4. The home is being sold "As-Is" Don't ask for repairs.

5. Don't ask for buyer credits unless it is an FHA loan. Banks are most likely going to reject the request for credit and if your buyer needs to have it or they walk it does not put you in a good position.

6. Don't change the title and escrtow company. The seller's company has already done a lot of work and has a relationship with the listing agent.

7. Give at least 90 days for approval on the short sale addendum.

8. Present a great case on why your client is able to wait for short sale approval.

If you have any questions about short sales in San Mateo or Santa Clara Counties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Auroa Bank offered the 2nd. lien holder Realt Time Resolutions 10% of what is owed to them and RTR won't accept the amount they want about 900.00 more.  The agents wanted to contribute to close the deal and Aurora won't allow it.  I am in a catch twenty two, any suggestions!!  Please Help

I just got approval on a Wells Fargo Short sale in San Jose. It was both a long and short road.

The long road first:

Town home put on the market in October of 2011 at $575,000. After one week we received an offer for which the seller accepted and it was sent to the bank.

Sellers were not behind on payments but are getting divorced and neither one can afford the home alone or afford to buy out the spouse.

Bank orders BPO which comes in a little under accepted price. I do not under price my short sales because I want them to get accepted by the bank. Also I knew this would be a popular property.

Negotiator immediately rejects the short sale saying the investor will not approve short sales where the seller is not behind in payments. Keep in mind this is not a Wells Fargo policy, it is the investor who bought the loan's policy.

Seller stops making payments and we plan on going back on the market in Jan of 2012.

Before we go back on the market a buyer makes an offer which is accepted by the sellers on Jan 16th.

Offer goes to Wells Fargo and this time is accepted on Feb 29th, 6 weeks after submission. 

On March 2, 2 days later the approval from the second which is a Wells Fargo HELOC arrives.

We are all happy with the results!

If you have any questions about short sales in Santa Clara or San Mateo County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

I am negotiating a short sale with ETrade as the investor for a HELOC with a balance of $47,000, serviced by CLC.  The negotiator says ETrade is demanding $18,880, roughly 40% and the first has offered $4600, up from their original $3000.  I can't get ETrade to budge after months, and we have already lost one buyer and are about to lose a second.  Any advice on dealing with ETrade?  Please do not advise paying down the second 'off the HUD' or any other illegal practices.  Thank you!

The current available short sales in Winchester, VA as of March 1, 2012, stand at 51.  The combined foreclosures and short sales make up 18% of current available properties on the Winchester / Frederick County market.  There are 548 total properties listed as available.  Of that number, 96 are distressed properties. 

That number may seem high, but just two weeks ago short sales and foreclosures made up 20% of the current available listings.  The bargains are still out there, but if this a new trend the Winchester / Frederick County market may be showing signs of a slow, but steady recovery.

The number of available short sales have replaced foreclosures as the primary distressed properties on the market.  Since the market collapse in September of 2008 the number of active foreclosures have declined significantly.  Ironically, those distressed homeowners who were trying to hang on to their homes until the market recovered have finally realize they are in an unwinnable battle.

The slow recovery has taken it's toll on many homeowners who currently own a property that is on average 33% less valuable than when they bought it. Many have been able to maintain their mortgage payments, but they find themselves strapped to their homes.  The costs of maintaining an upside-down mortgage has robbed the family of vacations, college funds for the kids, new cars, home repairs and peace of mind.

Therefore, distressed homeowners who had hunkered down and planned to ride the market roller coaster to the end find that the course is a lot longer than they thought it would be.  With no clear end in sight, they have decided to sell their homes at short sale prices.  That gives buyers a great opportunity to purchase a wonderful home at discount, and it allows many stressed out homeowners an opportunity to get on with their lives.  

Available Short Sales in Winchester, VA - March 1, 2012

Hi Superstars, We have 2 great upcoming Webinars for you guys.

• March 9th is all about Pay Per Click (PPC).Andrew Houglum, short sale marketing specialist and Chief Technical Officer at Direct Business Marketing will be discussing PPC and how to generate more Short Sale leads for 2012.

• March 15th Jacob Swodeck, a nationally recognized short sale advocate and trainer for Keller Williams Realty will discuss "2012 Short Sale Industry Outlook"

These Webinars are being presented to you at no cost. Click the events below to register. We'll see you then!!

This Week's Popular Discussions

Lender refusing to work with Attorney in negotiations I have recently seen 2 cases in which two different banks refused to work with our office if the client was represented by a Foreclosure De… Started by The Short Sale Escalator	10	6 seconds ago Reply by Bryant Tutas
Non-Realty Items Outside the Contract I have a situation with a short sale where the seller is insisting on selling all furnishings and appliances outside the contract and will… Started by Jerri Schick	4	54 seconds ago Reply by Bryant Tutas
Chase VA compromise sale My colleague is representing a seller with a VA loan through Chase, and her contact -- presumably a negotiator -- said they would accept a… Started by Guerry Clegg	1	10 hours ago Reply by Kevin - Greenville, SC
HOA violations Hello everyone! I am representing the buyer in a short sale transaction in SoCal. After five months of waiting we finally have both approva… Started by Cerasella	4	14 hours ago Reply by Cerasella
HAFA eligibility question I have seller who purchased home in 2004. He is alone on loan, but was married then and wife in on deed and mortgage. They got divorced 4… Started by Anna Chroscicki	4	15 hours ago Reply by Anna Chroscicki
HAFA Procedures My sellers were told that they qualified for the HAFA program. An appraisal has been ordered by the bank. I know that HAFA will set the pri… Started by Gary Scott	3	16 hours ago Reply by Julissa Jumper
Uneven Commission Splits Looking for some input as to what other agents feelings are regarding uneven commission splits. I recently had a listing agreement with a 6… Started by Mike Rosania	14	19 hours ago Reply by Jeff Payne
Anyone had a NationStar Short Sale - Did they Release Deficiency? Just curious if anyone's had a NationStar short sale and how the deficiency was handled in the approval letter. Your comments appreciated! Started by Liane Jamason	2	21 hours ago Reply by Eric Mieles
Dual Agency Not Permitted Per FHA Guidelines? FHA PFS with ATP already issued. Now working on submitting HUD and the negotiator's e-mail states dual agency is not permitted per FHA gui… Started by Julissa Jumper	3	22 hours ago Reply by Julissa Jumper

Need Advanced Training?

Visit the

OR

Join the Advanced Training Group

Advanced Membership is Only $197.00

This site is owned and operated by REGrow, LLC

A Licensed Florida Real Estate Brokerage

ShortSaleSuperStars@gmail.com

DISCLAIMER

REGrow, LLC does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community

A condo has a renter with a 1 yr lease with 4 months left that gave the owner a deposit of $1095. The seller has no credit in the escrow for the $1095 to come from. The bank's approval letter does not mention the renter's deposit therefore it won't come from the banks proceeds. I've requested an estople. The seller is out of state, so I know I must get the deposit into escrow before closing or I won't see it. Does anyone have experience with this situation? Any suggestions?

Thanks!

Whether you are an agent that mainly focuses on supporting buyers, sellers or both you have to do the best job that you can for whoever your clients may be.  Are you working with a “good” agent or are you working with a “great” agent?

What makes a “Good” agent?
I think there are tons of “good” agents out there.  A good agent is someone that is knowledgeable about the laws and processes of real estate sales.  They are able to assist their clients in either finding a home or selling a home.  They are able to go to the closing table with their client’s best interests at heart.  They are then able to walk away from the transaction with happy clients.

You may be saying ok…then what is a “GREAT” agent?

Well a great agent is one that is able to of course do all the things a good agent does.  Fully represent their client to the best of their abilities and generate a smooth transaction at closing.  But a great agent is one that is able to and WANTS to go above and beyond the standard of representation.  A great agent is someone that wants to and enjoys helping people realize their dreams.  Someone who wants to communicate with their clients on a regular and consistent schedule.  They are able to give raw facts to their clients and give them the truth no matter how brutal or encouraging it may be.  A great agent is able to not only get to the closing table but able to truly negotiate the best possible deal for their clients.  A great agent is one that takes a personal interest in their work on an everyday basis and truly is in the business to help people.

You can always tell a great agent from a good agent by how they move on after a transaction.  Sure every agent keeps past clients in their rolodex…but do all agents heartfully contact their past clients to make sure things are going well for them? Does every agent truly want their clients to be happy?

The truth is that being in real estate you are working for commissions and that is not going to change.  But if you also work for the love of the business then being a great agent is something that will be natural.

Tim Brown
Owner/Broker, Realtor®, ABR,CRS,CDPE®
Auctioneer NCAL#8560
Hines & Associates Realty
TeamHeidi
Direct Line: 704-619-1008
Client Care Line: 704-815-3208
www.CarolinaHomes4Sale.com

Representing buyers and sellers in and around the Charlotte, NC real estate market.  Visit my website for Charlotte homes for sale search and to see my current listings in the area.

I'm negotiating a settlement with a 2nd lender (PNC Bank) and their offer entails the seller giving up $10K at closing, PNC will charge off the balance on the loan, they will issue a 1009 A on the balance, and they have made it clear they intend to pursue the seller for a payment plan after the closing. 

My Question is how can they charge off the remaining balance, sent us a 1099 and then come after us for more money? Can that even be legal?

Hello !

I have a client in need of short sale in that area.  Small house. No buyer yet.

You can take the lead and take the listing.  All I ask for is to deliver great service and results!

If interested, give me a call at 626-324-0388.

Take care, 

Enrique Vasquez-Plaza
REALTOR®
EMPORIUM FINANCIAL GROUP
626-732-4560 office
626-324-0388 cell
626-732-4580 fax

The National Association of Realtors and the U.S. Department of the Treasury are collaborating to help Realtors better assist distressed homeowners who are struggling to Selling Your Home Through a Short Sale - Avoid Foreclosure.

Realtors who attend upcoming Making Home Affordable "Help for Homeowners" outreach events, sponsored by the Treasury Department, will learn insights to help them navigate the short sale process and have the opportunity to meet directly with loan servicers on their clients’ behalf for assistance with difficult transactions, according to a statement.

"As the nation’s leading advocate for homeownership and housing issues, Realtors are working hard to keep more people in their homes, and when a family is absolutely unable to keep their home, Realtors specializing in short sales, short sale specialists are there to help homeowners by facilitating a loan modification or short sale," said NAR President Moe Veissi, broker-owner of Veissi & Assoc. inc. in Miami.

"Help for Homeowners" community events will take place throughout the year; the first sessions are in Miami today and Tampa, Fla. on Feb. 24. Additional events are scheduled in Chicago, Indianapolis, Los Angeles, and Sacramento, Calif.

The sessions for real estate professionals are not open to homeowners, but borrowers who are in financial distress and concerned about losing their home to foreclosure are encouraged to attend the free homeowner sessions. Homeowners who are having difficulty paying their mortgage will be able to meet one-on-one with loan servicers and housing counselors to explore foreclosure prevention options and work toward solutions to their mortgage problems. Real estate professionals are encouraged to invite homeowners and their clients to the events and are welcome to accompany their clients in conversations with the servicers.

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in;  Bexley  Columbus  Delaware  Downtown  Dublin  Gahanna  Grandview Heights  Granville  Grove City  Groveport  Hilliard  Lewis Center  New Albany  Pickerington  Polaris  Powell   Upper Arlington  Westerville  Worthington

Anyone have a good contact with Indy Mac.  Been working on a short sale since Sept.  Have an approval but can't get Trustee Sale Extended.  Eric Middlebrook movingaz@aol.com

Change the Course!

Foreclosure fears foster true grief

Reports of foreclosures by the millions have been in the news so much over the past few years that to some, it might seem like the new normal.  It sure is the new normal here in Phoenix, Arizona.  We  are one of the states that have been hit the hardest with Short Sales and Foreclosures.

But as a real estate professional and a Phoenix, Arizona Short Sale Agent who is in the trenches with financially stressed homeowners every day, it never for a second feels to me like business-as-usual.

The prospect of losing ones home is right up there among the major sources of grief, and often, it goes hand in hand with other tragic setbacks such as the loss of a job, a divorce, death of a loved one, mounting medical bills or skyrocketing mortgage payments.

Unfortunately, the first stage of grief is Denial, and that’s even more the case when the threat of foreclosure is looming. No one wants to talk about or admit financial troubles—even when millions of others have founds themselves in a similar spot.  It’s completely understandable, but for homeowners who are behind on mortgage payments, decisive action is often the most critical step toward ensuring the best possible solution.

Sound familiar?   Rest assured you are not alone.

If you feel that you are headed toward Foreclosure, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.  The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale.

To find out if a Phoenix ShortSale is right for you...Click here for your...

As a real estate professional who has sought out the Certified Distressed Property Expert (CDPE) designation, I help homeowners to deal with every aspect of the grief and uncertainty that accompanies a mortgage which is no longer manageable. In the process, I help them to get on a path of financial solvency.

If you or someone you care about would like to change the course of a life that’s facing foreclosure, I get it and I can help.

Arthur Wainio

www.shortsalewitharthur.com

Senators are introducing legislation to shorten the process of a short sale about time.  Sen. Scott Brown, R-Mass., along with Sen. Lisa Murkowski, R-Alaska, and Sen. Sherrod Brown, D-Ohio have joined forces and have a bill in the works.  The Bill S-2120 aim is to require lenders to shorten the time to get an approval.  This Act may be cited as the `Prompt Notification of Short Sales Act'. And if passed would cut the time to 75 days for approval.  This is one to watch…

Richard & Janet - Certified Short Sale Professional HAFA - Certified 661-733-0507 OR 733-0508 Keller Williams Realty AV Serving Palmdale, Lancaster in California www.HomesByJR.com www.ShortSaleByJR.com

Are Mortgage Payments Weighing You Down?

Take action now to turn it around in 2012

Recent economic upheaval has taken a hefty toll. Foreclosures and Short Sales are every where in Phoenix, Arizona.  Looking forward to 2012, it’s impossible to know what’s next and the kind of an impact that an upturn or a downturn at the national level stands to have on your family’s finances.

Regardless of what happens in Washington or on Wall Street, two things are very clear: you are not alone and now is the time to prepare for a new normal.

With a national epidemic of unemployment or underemployment, and 25 percent of the homeowners in the country owing more on their home than they could net for it in today’s market, homeownership for many has become a financial liability. Not being able to make payments on a home that you can’t afford to sell feels like an awful trap, but the fact is, there are solutions—and foreclosing on your mortgageis not one of them.

Loan modification is an option for many and banks are increasingly willing to negotiate Short Sales here in Phoenix, Arizona. In many cases, they’re offering sizable financial incentives to help financially strapped homeowners to get a fresh start on their lives.

As real estate professional who has achieved the Certified Distressed Property Expert (CDPE) designation and your Arizona Short Sale Realtor, it is my mission to give you and other  homeowners the gift of a fresh start. 

You are not alone?

 If you feel that you are headed toward Foreclosure, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.  The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale.

To find out if a Phoenix ShortSale is right for you...Click here for your...

 Contact me TODAY and let’s get started.

Arthur Wainio

www.shortsalewitharthur.com

It can happen quickly.

An expensive car repair, an unexpected hospital visit, a missed week of work – just a few little things and the life you’ve worked so hard to build can feel like it’s tipping dangerously out of balance.

Once the scales turn against you, it can feel like it is impossible to ever tip them back in your favor again. When your financial problems reach the point where they threaten your home, it is difficult to manage the stress. Sometimes it is even difficult to force yourself to seek help.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially-challenged homeowners with options to foreclosure, ensure that they steer clear of scams, and help navigate them through the solution that best meets their needs.

Choose to face the challenge with a professional on your side.

I can help you realign the balance in your financial life and tip the scales back in your favor. Call or email me and schedule your free, confidential consultation. We can work together to make sure you end up ahead.

Mike Sher- Max Broock Realtors - Michigan

(248) 496-1572 - shortsale@mikerealtor.com

Are there any other Virginia SS gurus on this site? I could use some help on a VHDA SS. VHDA is a tough nut and we could use some help from someone who has more experience than we do with them. We've closed one with them, and it went beautifully, but we are finding that they don't negotiate and their SS terms on their non-insured loans are all but impossible. I am working on 2 at the moment (neither are insured loans--the one we closed was insured, so none of the following conditions applied), and VHDA (who is also the investor on their loans) is telling us they won't pay any buyer CC (but will take a prom note from the seller for them), and will only give $500 to seller toward the seller CC, and THAT'S IT. They aren't paying for anything else but a 6% commission. I have already been in touch with their Dept Mgr, Mary Ana Fulcher (it's a small group, handling only about 300 SSs currently).

HELP PLEASE!!

DiscussionsRepliesLatest Activity

Wells Fargo Unreasonable Request for Promissory Note I have been working on a short sale with wells for the last 7 months. At first the BPO came in for almost 500k and our contract is for 455k… Started by DIMITRI PETROVSKY	4	8 seconds ago Reply by Bryant Tutas
Second Mortgage of 75K Refusing to Participate in HAFA and Demanding 34K Does anyone know of any options for a seller when the second mortgager PNC refuses to particpate in HAFA? Has anyone seen the first mortgag… Started by KB Keller Williams	25	1 minute ago Reply by Bryant Tutas
Update on BB&T plus what is the sellers benefit of accepting their offer After numerous hours of calling BB&T's corporate offices I found someone in the Recovery Dept who was willing to contact the attorneys… Started by Julie Wilkinson	2	15 hours ago Reply by Wendy Rulnick
Stuck on negotiations with Chase on 1st and Real Time Resolutions on 2nd-- HELP!!! Hi everyone, what a great website! I am in an ugly situation with Chase on the 1st and RTR on the 2nd. Chase approved HAFA short sale in No… Started by Cricket Yee	7	23 hours ago Reply by Rita Cox
Deed in Lieu: How many have you worked? We all know what a deed-in-lieu is. The question is: How often does a DIL occur? In 80 short sales, I have zero DILs, as far as I know.… Started by Michael Schneider	10	yesterday Reply by Kevin - Greenville, SC
Seller changed listing agents at the last minute! It's been 7 months, we have a verbal approval from Chase, written approval is coming in the next couple of days, the extraordinary HOA fees… Started by Lauren Michaels	5	yesterday Reply by Beverly Cibulsky
What is your professional opinion on this? OK, here's the deal: My wife and I decided it was time to buy our first home. Unfortunately, the only house we could both agree on is a SS… Started by Jackalope	14	yesterday Reply by Jackalope
Mortage Release Language From Central Hi all, I've been searching the forum and I think I have the answer to my question but thought I'd throw it out there to double check. I r… Started by Jae Evans	4	yesterday Reply by Drew Ludlow
FHA Preforeclosure Sales Program - What are the maxiumum allowable buyer closing cost... What are the maximum allowable buyer closing cost a seller can pay when the buyer is obtaining a new FHA insured loan? The default answer… Started by Brian Brumpton	4	yesterday Reply by Drew Ludlow

Need Training?

Visit the

OR

Join the Advanced Training Group

Group members have access to:

1. ALL training webinars.
   1. Currently 12 Webinars with more coming. (Click to View)
2. Short Sale Listing Package
3. Expired Listing Letter
4. Lis Pendens Letter
5. FSBO Letter
6. Sample HUDs
7. Sample BPO Disputes
   
8. You will become a "Featured Member" under "Find Agent" for leads
9. Private Member Forum
10. Direct Access to Wendy and Bryant For Short Sale Help

Membership is Only $197.00

This site is owned and operated by REGrow, LLC

A Licensed Florida Real Estate Brokerage

ShortSaleSuperStars@gmail.com

DISCLAIMER

REGrow, LLC does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community