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I have an escalated file with B of A, and, after 14 months hanging in there, the Buyer pulled out while we were working on obatining a short payoff on teh delinquent condo fees (can't say I blame them for walking after 14 months).

With an APPROVED dollar amount, we quickly found a new BUyer, and, were just informed that WE GET TO START THE PROCESS OVER BECAUSE EQUATOR DOES NOT PERMIT BUYER NAMES TO BE SWITCHED).

Good times and teh Buyer, Seller, agnts, attorneys and title company could all not be happier.

Weird thing - this is a B of A portfolio loan ("BANA"), yep it is THEIR OWN MONEY that is sitting as a non-performing note/asset.

I ahve 2 calls in to asset managers, and, the ususal esclation group I send short sale issues with.

Just when you think B of A and Equator are good to work with WHAM, back to reality!!!!

Thanks B of A...I saw they made the NUMBER ONE company for one thing:

WORST CUSTOMER SERVICE:

http://money.msn.com/investing/the-2011-customer-service-hall-of-shame.aspx?cp-documentid=6821116&GT1=33002

sorry to all for venting, but, short sales get to me sometimes....

Is doing a Strategic Short Sale the right thing to do? First let me define Strategic Short Sale. A Strategic Short Sale is when you can afford your mortgage payments and are making payments on time BUT you owe more than the property is worth. You make a strategic decision to sell the property and offer your Lender less than what is owed as a settlement of your debt. If the Lender accepts your offer you have just completed a Strategic Short Sale.

So is this the right thing to do? Maybe. To make this decision you have to look at your overall situation.

• Does continuing to make payments and keeping the property make sense?

• Are you able to continue making payments without using credit cards and savings?

• Is making payments harming your family's financial position?

• Is the property close to being paid off?

• Will you be happy with the situation you are in now five years from now?

If you've answered "No" to these questions then you may be a candidate for a Strategic Short Sale. Contrary to popular belief I do not believe that a Strategic Short Sale is shirking your responsibilities. A Strategic Short Sale is a decision to try and settle your debt with a creditor. Notice I stated "settle" NOT avoid or walk away from. Settle. As in "Mr Lender, I would like to offer you $50,000 instead of the $100,000 I owe you. Will you accept this as settlement?".

Offering a settlement is the right thing to do. It's just as right as continuing to make mortgage payments. You are giving your creditor an option. It's their decision whether or not to accept it. In most cases they will.

Of course, there are negatives to doing a Strategic Short Sale. You will mess up your credit for awhile. Your lender may require you to participate in the loss by making a cash contribution, signing a promissory note or both. You may owe income taxes on the forgiven debt. And of course you will no longer own the property. You may have to be a renter for awhile.

So, folks, if you are struggling with whether or not to do a Strategic Short Sale step back and look at it as a business decision. You are in the business of looking out for your family's welfare. Weigh the pros and cons. Then make a decision that's right for you. I truly hope this helps. Any questions?

Related articles:

You Must Be A Deadbeat To Do A Short Sale!!

Do I Have To Miss Payments To Do A Short Sale?

Why Would a Lender Accept a Strategic Short Sale?

Not All Short Sales Are Pre-foreclosures

Many short sales are lost, and fall out because banks (such as 1st mortgage) have such strict requirements that it becomes nearly impossible to satisfy these ridiculous requirements.

What really buggs me is that many of these requirements (RMA form) are Loan mod forms and make absolutely no impact on the short sale. Why do the banks require these ridiculous forms to be filled out? Who cares how many previous marriages the seller had? Why do these forms have to be filled out at all???

While jumping into the adventure (choosing kind words) that are short sales,

it has seemed logical to partner with a short sale negotiator.
Foreclosures are down for 3 years straight in Allegheny Co,

while short sales are...well...who knows what the elusive invisible short sale is up to.

While numbers of sales (deed transfers) appear to be in a level not seen since the 1980's,

there is a large number of "traditional" real estate sales available.

Short sales are more in line with the Buyer who has the time,

thou we have been burning thru 3rd parties like wildfire.

Our Team has had some great experiences:

a. $700,000 mortgage, short sale at $410,000 closed in 45 days.

This one suckered me in! Now recognized for the miracle it appears it was.

Our Team has had some more expected experiences:

a. $1.2 Million Mortgage, $750,000 sale, to the 4th buyer in line, 14 mos later.

An armed guard the night before the closing in the house, after a court order vacated the house,

to greet the seller returning for parts of the house...which they did in fact show up to do!

Our team currently has:

A $75,000 sale where the short sale negotiator is calling us for updates!

FRT is requesting repeatedly I sign a form agreeing to give them part of my already reduced commission at sale.

Our team found the seller, the buyer, the everything and brought it to them.

I feel like I have kissed so many frogs looking for the prince/princess shortsale negotiator,

my lips are chapped and falling off! Anything I am missing here?

Mike Netzel

Stepping away from the current economy and its effect on the housing market, lets turn to technology and marketing and how your home should be marketed in today’s techno atmosphere.

The truth of the times is that for the most part print advertising and marketing for real estate is slowly becoming a thing of the past. Not because Real Estate professionals necessarily want that to be the case but because our clients want that to be the case. Buyers and Sellers use home magazines, newspapers and phone book less and less as the internet gives them the instant information that they seek. Customers no longer need to initiate contact by phone conversation. They can simply find a home they like and send a message to an agent. The agent will then call them and initiate contact.

As a seller you should be aware of the new trends your agent should be using to market your home. If your agent begins his presentation with a sign in the yard and ends with an ad in the local newspaper, you may want to start asking some questions. Your listing agent needs to be up to date on all the techniques that buyers use to find homes and know the best ways to get your property in front of potential buyers, regardless of the medium.

A well rounded agent is able to combine the new with the old and develop a strong marketing plan that fits the needs of you, the seller as well as potential buyers that are looking for your property. Utelizing marketing techniques such as listing syndication, text messaging for information, QR codes on marketing flyers, facebook posts, twitter posts, linkedIn posts, writing blog posts about the property listing, and many other options. Those along with the sign that features text messaging options and contact rather than the blow away flyer and a possible empty box is the key to getting your listing in front of as many buyers as possible.

When choosing a listing agent, the marketing plan should be one of the hot button items you discuss. Make sure that whoever is working to list your property has a solid grasp on today’s technology and how he or she plan to use that technology to market your home.

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

Tim Brown is a Owner/Broker, Realtor®, ABR,CRS,CDPE®, Auctioneer NCAL#8560 with Hines & Associates Realty. He currently serves buyers and sellers in Charlotte, Mecklenburgh, Cabarrus, Cornelius, Huntersville, and other surrounding communities in North Carolina. Charlotte Real Estate, Charlotte Homes for Sale

Los Angeles California Real Estate | Short Sale Specialist | Short Sales in Los Angeles | Short Sale Los Angeles| Los Angeles Loan Modification:

I have a Realtor friend that works out of Pasadena California that recently was fired by her seller because of this letter. Chase told the seller that they would receive $30,000 at the close of escrow if they fired their current agent and picked an agent from the CDPE network.

Here's my take on it at at this point, the laws, the ethics, the rights of agents and homeowners, the rules, etc...does not matter anymore! The laws are being shifted, once again, to protect the financial sector. My belief is that it will tremendously hurt Real Estate.

We are seeing a shift in our duties as Agents...we now have a fiducuary duty towards the seller, the buyer and the banks/investors/servicers! How can an agent who's been provided a lead/referral/listing from a Bank be a neutral, ethical advocate and conduct his/her duties as the homeowner's agent and the homeowner's best interest at heart?

Click on this link to see the letter that was sent out from Chase to this particular client:

Chase Letter

Thanks for reading this, Jennifer Escobar.

Jennifer is a Real Estate Agent at Qwest Real Estate.

My BLOG: www.Glendale-ShortSales.com

Los Angeles California Real Estate | Short Sale Specialist | Short Sales in Los Angeles | Short Sale Los Angeles| Los Angeles Loan Modification

Two loans..each with a diffferent Lender.  I have received BOTH approval letters.  COE is 5/27.  Buyers' money in the bank, inspections done, buyers on their way to Palm Springs..BOOM!

My cell rings..

"Hello, this is Kim"

"Yes, Kim, this is Bob, your closer for your loan #______"

"Hey Bob, great to hear from you!  What a surprise!  We're all set up to close on Friday."

Silence.

"Uh, well, actually, I just talked to the Investors and they saw that your Buyers are contributing $3200 to the 2nd lien and their new guidelines won't allow that..."

"Bob, I don't want to interrupt you, but you specifically told me when I asked you, that the Buyers could indeed contribute to the 2nd."

"Well, I did, but I was wrong.  They have new guidelines and now won't accept ANY cash contributions from ANY source to the ANY outside lien."

Well, call me crazy, but it would've been less illegal to not break our contract and finish this deal, then post the new Guidelines for future Short Sales..Nope.  These Investors want another $10,000 to buy the house and I had to figure out how to get the 2nd their money and not show it on the HUD.  Oh, and get it done to close by Friday.

I'm still working on this one, but talk about unfair, unscrupulous and just plain WRONG.  After 5 years in the Short Sale solution industry, you'd think I'd have a thicker skin.  Nope.  This curveball caught me off guard, but as usual, I'll scramble and run numbers and use my creative abilities and see if I can get it done. 

Are you kidding me????  Any wonder who's running the economy into the ground???  I don't.

I've just listed two properties in Southern California.  Both sellers attempted to modify with NACA but their mod attempts failed.  Now, they would like to shortsale but I'm having such a difficult time getting the NACA code off their file in order to begin initiating their shortsale.  NACA has kept me on hold on 3 occassions for 45minutes to no avail.

Any luck anyone? Ideas?

Every so often a question arises on whether or not you as a seller should let a buyer that is under contract move in to your vacant home prior to the closing and settlement date. This is something that needs to be thought out extensively for many reasons.

You, as the seller need to understand that though you are under contract and everything is looking to be going great, you still own the property…Which means you are still liable for that property. If something happens to the incoming buyers or even their movers, who is responsible for their well being? You are.

Furthermore, if you no longer live in the property and the buyer wants to move in and live there for even a day prior to closing, and some freak accident occurs and the house burns down…Who is liable? The buyers? No, it is still the responsibility of the Seller and the buyer would most likely be able to walk away from the transaction considering their is no house there to buy any longer.

So, if you are a seller considering allowing your buyers to occupy your home prior to closing, you need to think it through and understand that you are still responsible for everything that happens with that house and the individuals inside until you close and hand over the keys…

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

 
Tim Brown is a Owner/Broker, Realtor®, ABR,CRS,CDPE®, Auctioneer NCAL#8560 with Hines & Associates Realty. He currently serves buyers and sellers in Charlotte, Mecklenburgh, Cabarrus, Cornelius, Huntersville, and other surrounding communities in North Carolina. Charlotte Real Estate, Charlotte Homes for Sale

WOW!! Check this out......

I must share this story.  This occured about 9 months ago.  TRUE story!

The day before closing-I went to the house to remove my yard sign and SUPRA box.  (this was a Short Sale)  Seller's were VA home owners.   lost job, and forced to sell home to move out of state.

When I arrived at the house the husband was edging the yard...his wife was on her hands and knees in the garage scrubbing oil spots...

I asked "what are you doing"?  Their response.      "Sewing for our future"     She said..when we moved here this was our dream home.  We want it to be as wonderful for the new owners.....with tears rolling down her face;she said this is not the end...Im believing for another home.

Wow, what integrity.  Not everyone involved in Short Sales are created equal

I just completed a short sale in Lynnwood using the HAFA program and it was great. The buyer got a beautiful home for an outstanding price and the seller was able to walk away with no deficiency on a 1st and 2nd Mortgage of over $250,000. They also received a credit for $3,000.00 provided by HAFA. I feel like HAFA has come a long way and at least in this case, provided the type of help for homeowners facing foreclosure that the program was intended to provide, but rarely did early on its existence.

As with anything there will always be room for improvement and HAFA won’t work perfectly in every situation, but the changes that have been made seem to be a step in the right direction.


www.RainCityAgent.com

Would love to...

  I would highly recommend Ulysses to friends and family. He is professional, honest and very tenacious.  He exceeded expectations with my sale, and I am very grateful for all he did for me.

Karie  Bailey

Northwest Region Sales Manager

Boise Building Solutions, Particleboard Division

Cell Phone 208-761-4969

Phone: 503-265-8727

FaxCys: 208-395-7315

kariebailey@bc.com

I am tired of the lenders sending asset management companies to winterize, change the locks, mow the grass- when the owners are keeping up the property but in the process of moving out because approval is taking so long. Some lawn company called me about mowing the grass when it was under 2 inches of snow!! They call and harass me and call the neighbors to see if everyone's stories match up. You would this this was some undercover espionage plan.

These companies make money by doing these things and are very aggressive and can somewhat threatening. They wanted me to sign something stating that I would then (since I said stay away) accept the responsibility if something happened to the home. They wanted to change the locks for that call and said-"what would happen if a window got broken"?  I asked how changing the locks would prevent that- they hung up!

Move in without closing first? Whoa! I just got an offer on a Destin Florida short sale listing with an early occupancy clause.  The buyer wants to move into the property before closing and short sale approval.  Is that a good idea? One of the negatives of short sales is the waiting time for the buyers during the short sale process. It could take 60-120 days for a short sale approval, then another 30 days for the buyer to close. Some buyers “bail” because they get wandering eyes or are tired of waiting so long.  The solution for some sellers, to keep a buyer in the sale, is to allow the buyer to move in early.  This could be a bad idea, but there are some things short sale sellers can do to lessen the risk.

1.       Require the buyer to complete and remove the home inspection contingency prior to move in.  Why?  Removing this contingency overcomes one hurdle to successful closing. Since most short sales are sold “as is” with the right of buyer to inspect and accept or reject the property, you’ll have that clause of the way.  Also, it might lessen those phone calls to the seller as a landlord after the buyer has moved in.

2.       Require a lease.  This may seem basic, but without it, you might lose legal protections if the closing does not occur and you have a tenant you don’t want. Who negotiates the lease?  Not me.  Property management is a specialty, and it’s not mine.  I refer my clients to a professional property manager, or they make their own lease if they are experienced with rentals.

Should a short sale seller allow early occupancy? It's not my decision, but I’ve had several successful short sales where the seller did negotiate early occupancy and allowed the buyer to move in early.  In these cases, we knew the short sale was likely to be approved, the buyer was pre-approved for a mortgage, the earnest money was deposited, the inspection contingency was removed, and of course, there was a lease. 

If you are considering short sale to avoid foreclosure, be sure to consult an attorney and an experienced Destin Florida short sale agent.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy's Destin Real Estate Blog

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. 

Does anyone know of a good Transaction Management System that can be used for everything:

REO list properties including expense tracking

Short Sales including ss package organizing, sorting, page numbering, headers with loan number and customer name, 1etc

Regular Listings

Buyer client transactions

Thanks,

Bill

Yes it's true. I didn't think it was when a potential Seller called me in December to see if I could place his Bellalago Short Sale on the market. He said that Chase contactied him and offered him $20,000 to short sale his Florida property. He had 3 days to get it listed and send them the listing agreement. They also told him he didn't have to provide them with any financial information. Just a listing agreement, contract, HUD 1 and a hardship letter.

My first thought was "Yeah sure". My second thought was "What's your email address so I can send over the listing agreement!!"

Once the property was listed I called Chase and they confirmed everything my seller had told me. I still had my doubts though.

Anyway, we found a Buyer and the documents requested were sent to Chase in March. Earlier this week we received the approval and sure enough....they are giving the Seller $20,000 at closing. Not only are they giving him this money but Chase also agreed to pay almost 3 years worth of pass due HOA fees totaling more than $15,000!!

This particular Bellalago short sale was bought as a Florida Investment home. It's currently vacant. The property was purchased for $325,000 in 2005 and just sold for $162,000. Chase accepted $115,000 on a balance of $300,000. Full Waiver of Deficiency. No contribution from the Seller.

Advice to delinquent borrowers: Be sure to open ALL correspondence you receive from your Lender. You may just receive "An offer too good to believe". Believe it.

Do you need help with your Bellalago Short Sale?

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

• Chase Short Sale
  
• Sun Trust Short Sale
  
• GMAC Short Sale
  
• Wells Fargo Short Sale
  
• Bank of America Short Sale
  
• US Bank Short Sale
  
• PNC Bank Short Sale
  
• Citi Short Sale
  
• HomeEq Short Sale
  
• Fifth Third Bank Short Sale
  
• ING Direct Short Sale
  
• GreenTree Short Sale
  
• Capital One Short Sale
  
• ASC Short Sale
  
• First Horizon Short Sale
  
• E-Trade Short Sale
  
• Transland Financial Short Sale
  
• USA Bank Short Sale
  
• IBM LBPS Short Sale
  
• Nationstar Short Sale
  
• BAC Florida Short Sale
• Real Time Solutions Short Sale
• Fannie Mae Short Sale
• FHA Short Sale

Can we add you to our list of successful Short Sales?

Are you facing foreclosure in Florida?

Anybody know who services Quicken home loans?

Does anyone know if Indymac pays commission to an agent who is representing himself as a buyer on a Indymac short sale?

So, you are going to list and hopefully sell your home.  The first step in the process is to personally evaluate the reasons for your selling motivation.  Once you are sure that this is the right path for you for whatever reason, it is time to call a Realtor.

So you jump online and start clicking through the armada of Realtors telling you they are the best and they have the most listings and they have a great plan.  After you screen through all that the only thing that matters is how are they going to market your home to the masses and do they have the knowledge and experience to get the job done.  For example…You cant judge a Realtor on how many listings they currently have, because A. maybe they just started and dont have the experience yet to get the job done as fast as they may hope.  Or B. perhaps they are a magnificent Realtor and dont have any listings because they all closed the day before you looked into it.  So, try and base your decisions on their listing presentation or how they present themselves to you and what they can do to market your home the way it should be and on their experience in the industry.

So you have a listing presentation set up with an Agent.  He is coming by to discuss his marketing plan for your home, the price points, and sell himself to you.  Unfortunately there are a lot of agents out there that can talk about old world marketing, great ideas for their time, but none the less, outdated techniques.  These agents strive to get as many listings as possible and think that placing a sign in the yard with their picture and phone number and saying, “That oughta do it!”,  is the way to get your home sold.  THIS IS NOT THE CASE.

The truth is each and every listing that a strong Realtor gets needs to be treated almost like a stand alone business. The listing needs to be marketed not only with the sign in the yard, but with farming flyers, postcards, handouts, and most importantly online.  The Realtor needs a very stong and organized website that promotes your property.  The listing needs to be posted and delivered to all major online real estate website like Realtor.com, CMLS, Zillow, Trulia, ActiveRain, Homes.com, and countless others.  It also needs to be posted on classified ad websites like Craigslist regularly.  Virtual Tours and YouTube videos should be created as additional exposure, and posting regularly on Facebook and Twitter pages is a must.

In treating each listing like a business a solid Realtor monitors the web traffic the listing recieves, how many showing requests it gets, what marketing strategies work for that listing and make adjustments as needed.  A Realtor of this calibre also needs to communicate regularly with the sellers and update them on the performance of the property, as well as advise on price adjustments, marketing strategies, give honest advice and work for the Seller and not themselves.

This is what sets great Realtors apart.  So when you are considering selling your home make sure you choose a Realtor that will represent you, work for you, and has your properties best interests in mind, rather than choosing the “That Oughta Do It” Realtor who wants to build a database.

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

Tim Brown is a Owner/Broker, Realtor®, ABR,CRS,CDPE®, Auctioneer NCAL#8560 with Hines & Associates Realty. He currently serves buyers and sellers in Charlotte, Mecklenburgh, Cabarrus, Cornelius, Huntersville, and other surrounding communities in North Carolina. Charlotte Real Estate, Charlotte Homes for Sale