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"Why would we want to find the tax assessor records for a property?" you may ask. ANSWER: To prepare the HUD-1 before sending it to the short-sale lender. For example, a homeowner may be 2 years past due on their property taxes, but you fail to list the past-due taxes on the HUD-1. Then the short-sale lender approves the HUD-1 as WRITTEN. So you go to escrow, the title company runs a preliminary title report (AKA "prelim") and you find out that $10,000 is owed in property taxes.

Now the short-sale lender (bank) won't approve any deduction in their "net" proceeds as written on the HUD-1, so now you're in a quandry. At this point, the choices are:

1. You can pay the extra $10,000 that was not accounted for (no commission for you, eh!)
2. You can ask another party to pay it ~ good luck with that
3. The deal falls apart and the buyer walks away (this is the most likely scenario)

Lesson learned: whether you or someone else (such as an Escrow Officer or a professional Negotiator) are preparing the HUD-1, research the past due property taxes and include them as a SELLER payment.

Thanks to our friends here on our Short Sales California network, here are some links to commonly-researched tax assessor offices:

• Los Angeles County Tax Assessor office:
  http://maps.assessor.lacounty.gov/mapping/viewer.asp
• San Diego County Tax Assessor
  www.sdcounty.ca.gov
• Orange County Tax Assessor
  http://tax.ocgov.com/tcweb/search_page.asp
• Placer County Tax Assessor
  http://www.placer.ca.gov/Departments/Tax.aspx
• San Luis Obispo County Tax Assessor
  http://services.slocountytax.org/
• Sacramento county Tax Assessor:
  http://www.assessor.saccounty.net/default.htm
• Contra Costa County Tax Assessor:
  http://ccmap.us/gis/
• Contra Costa County:
  http://www.co.contra-costa.ca.us/index.aspx?nid=191
• Riverside County Tax Assessor
  https://taxpayments.co.riverside.ca.us/Search.aspx
• Alameda County Tax Assessor
  http://www.acgov.org/assessor/
• Solano County Tax Assessor:
  www.solanocounty.com/depts/ttcc/tax
• San Bernardino County TaxAssessor's Office:
  http://www.mytaxcollector.com/trSearch.aspx?redir=CurrentTaxes

If you have any more, be sure to add to this list with a comment below!

Thank to Donald Holman for this tip: You can also look up the State Board of Equilization on the internet and view the list of phone numbers for every Assessor Office in California. The California County Assessors are monitored by the California State Board of Equalization. The Board website lists all California County Assessors. To find a county assessor:

1. Google " California State Board of Equalization"
2. After entering the site, simply type in "'California County Assessors."
3. The list with every County Assessor in California will pop up.
4. Click on the line for the Assessor you are looking for and his/her website will appear.
   
   http://www.boe.ca.gov/proptaxes

Thanks everyone for your contributions to these stellar sources!

Regina P. Brown

California Real Estate Broker

DRE # 00983670

FOR MORE GREAT TIPS, PLEASE JOIN US AT:

www.ShortSalesCal.com

We are a free site with lots of tips and resources specifically for the California Realtor and real estate pros!

Hello to all,

I am looking for feed back on Huntington Short Sales. If you have completed a short sale or if you are presently enaged in a Huntington short sale, please send me some feed back.

Thanks

We have found that when submitting your complete short sale package to a bank it make easer if you include a “cover sheet” for each section of documents you are sending. (i.e.: paystubs, bank statements, taxes, purchase agreement, etc.) Cover sheets simply state the document that will follow in large bold type in the center of a blank page. They help to organize the package and present the documents more clearly to the negotiator. Often times some documents are overlooked because they get lost in the middle of the hundred or so pages you are faxing. We have experienced a much higher success rate with short sale packages the first time using cover sheets.

Regarding Bank of America’s system Equator, when you are responding to the counter offers in this system, make sure you pay attention to the commission percentages. The system automatically defaults to 5%. The bank/investor may be allowing the full 6%, but if you accept the offer at five you are going to have a problem trying to get them to change it back to six! So just make sure you double check the percentage before you hit the submit button.

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

Has anyone ever heard of or negoiated with Select Portfolio Services?

This company owns the first mortgage on a house in Charlotte NC

Thanks

Edna Wellons

ewellons@helenadamsrealty.com

I know that commissions are considered PROCEEDS from a SHORT SALE - and it is very wrong to do so that one can lose their license and be fined or go to jail and same with sellers -

though I have had Several sellers asking if I will help them give some of my commissions

back to them cause they are in such financial distress.

Other than what is stated on MOST short sale approvals can anyone help me find something so that

it is CLEAR to them to NOT EVEN ask me?

I always get the "the bank won't know" and "I should get something back" attitude.

HELP

Thank you!

Attention Realtors- Looking for Short Sale Seller's on or going in NJMLS or GSMLS in Northern NJ. If you are getting a listing contact me before you put the listing on the market on we will review the best path to get the property properly listed, under contract and positioned for a successful short sale in record time. Deal with a pro and see how much fun properly planned and executed short sales can be and quickly become a market leader in your area from the expertise you will learn by working with my professional team.

TRY US YOU WILL LIKE US :)

Team,

There is lots of discussion regarding payments to secure release of various subordinate liens. Second mortgage, tax lien, HOA, water etc.

Anyone who works with short sales knows the problem.

And, one hears quite frequently: "It's illegal!! Clearly, a violation of RESPA."

I am not an attorney nor a RESPA expert, by any means, but I have actually read RESPA and parts of the CFR. I find no reference nor have I seen anyone cite a reference to the CFR, or US Code, or RESPA showing the violation.

Let's put an example on the table:

The buyer pays $200,000 for the property. The 1st accepts net-proceeds as full satisfaction of the debt, taking a loss. The 1st offers $3,000 consideration to the second for release.

At the table, the buyer makes an addition $4000 payment to the second to secure release, so the second ends up with $7000, releases its lien and accepts the $7000 as full satisfaction.

The HUD show purchase price of $200,000, the $3000 is listed in section 500. The $4000 additional payment to the second does not appear on the HUD.

As far as I can tell, there is no RESPA violation here. The 2nd is exercising its right to collect on its debt. The $4000 is a payment agreed to between the buyer and the 2nd.

Can anyone cite the section of Code, Regulation or court cases that states that this is a violation?

michael

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

CHANGES IN CHASE'S SHORT SALE PROCEDURE

I just learned that Chase has a new division, List Assist, dedicated to streamining the short sale process and answering questions from customers and realtors!!

Here are two changes, similar to the FHA short sale program:

• In this process BPO's will be ordered up front and guidance provided on the sale price!
• DO NOT WAIT FOR THE BUYER. Submit a complete short sale request prior to or at the time of the listing!

CHASE'S SHORT SALE WEBSITE

Having just lost a full price Buyer, on a short sale with Chase, because of lack of communication and no BPO ordered in over three months, I wonder is this working?

CHANGES IN CHASE'S SHORT SALE PROCEDURE

I am Margaret C.Taylor and I am certified with the SFR, Short Sale and Foreclosure Resource Certification, and e-PRO® from the National Association of Realtors and CDRS, Certified Default Resolution Specialist Certification, from America's Home Rescue.

I am a Century 21 New Millennium Real Estate Agent, St Mary's County, MD 301 884 5419

Serving: Lexington Park, Great Mills, California, Hollywood, Leonardtown, Mechanicsville, Charlotte Hall, Piney Point, Valley Lee, Callaway, PAX River, also Calvert and Charles County.

This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.

The NAR has been an effective political action lobbyist for many years. It seems it is time for the investor/ buyer community to unit and create a community to retain and support lobbyist of our own so our voices are heard in State and Federal lobby forums to communicate and protect our interest as a key component to the economic recovery and survival of the real estate market in the United States.

We need to engage our congressmen and senators and educate them on the consistent errors in judgement and performance that continue to be made in areas of licencing, contracting, and business process is at risk of being damages before it can really establish market traction. The Investor Buyer Community is a fragmented market which needs to change and strong leaders need to surface to fight the battles that lie ahead for our loan disposition industry to answer the promise of prosperity for us as buyers owners.

The Loan Servicers in this country and the Investors (who own these non performing loans) on Wall Street created this dilemma still continue to profit from insider knowledge and practices from large scale MBS workout practices. We need actionable control over large amounts of unregulated mortgage backed securities that are traded and resold ever day at the Homeowners settlement peril and as an effective alternative Short Sale workout strategy for Wall Street profiteering to continue.

One of the key issues is how these investors are participating in the purchase of non-performing MBS at significant discounts and reworking the debt or taking the properties back through aggressive foreclosure actions and then reselling the properties again in the open market at a SIGNIFICANT profit which is most cases in UNDISCLOSED and with little if any seasoning issues that we face in some cases on short sale settlements.

Another big risk factor with huge ramificants in the outcome of the new HAFA guidelines that went into effect earlier this month. If HAFA results are even marginally more effective in some of the other programs implemented by the government over the last year the market could be in for another BIG Market value correction when HAFA failures and additional REO assets hit the market then what concerning Market Stabilization? We are facing conditions in the market that raise more questions and concerns that will no doubt start popping up when HAFA deals don't close (based on seller involvement to satisfy liens) and people start to wake up to the fact that they now have to deal with the reality that now they need to turn their homes over to the Bank (reducing the bank cost) which after all was not really a sound solution designed to help the distressed homeowner that number in the Millions?

Our Legislators’ need our professional isight, leadership, criticism and solution statement to turn around this housing dilemma but sound bites and poorly thought out solutions coming from just one side of the table will exacerbate market turnaround more than it will return the marketplace to good HEALTH? What are you doing today to contribute to the Solutions in Your Market?

My Collegue at Concord Realty Group in RIver Edge, NJ is looking for licensed agents to join her firm to focus on current opportunities in Bergen County, NJ. If any community members have friends considering a change to make a move to a more Short Sale Condusive Environment please contact us.

We are looking for candiates with Strong Real Estate and Short Sale Experience interested in joining a professionally positioned short sale firm in Northern NJ TODAY. Please contact me and I will put you in touch with the Broker Owner at Concord Realty Group. Thanks for your help in advance.

We have a professional team in place to assit our agents in the complete short sale process from qualficiation of the listing to completion and submission of the short sale package through approval and final transaction settlement. Thanks For your agent referrals in advance.- Craig Barry - http://www.lossmitigationsvcsnj.com

Greetings, just wanted to share or vent???? faxed 60 pages with citi's own forms at the head, just as they ask. Called 48 business hours later, was told they werent all in the system to call back. called back next day? lady said only some were there to call back next day. I even gave her page numbers to help her look. so called back next day, 1st man was rude....says they werent there couldnt tell me what happened, to call back. so I called back, FINALLY< got a young man, who wasnt very nice, but very helpful. Said the docs werent there, actually only about ten of them made it. He said he didnt know what happened to them but this does happen. I am aware of this. ( How could you NOT know what happened to them if you work there.. when I was a business manager I KNEW what my company did!!!!!!!) anyway he apolgized in words, however his tone wasnt apology. Then he told me to stay on the line, email himm the authorization, and he would take a look at it. He also told me that the what I was told by other reps wasnt accurate. He did put authorization in system. by this time, I am VERRRRRRRYYYYYY aggravated! so now? I have to fax all docs again, plus this last rep gave me the list again only this time, it excluded a few docs I sent first time, Citi protocol.

Thank goodness we have time on this, as the homeowner hasnt even had papers served yet, however.......would somebody please tell me why we get the run around like this? I UNDERSTAND they get tonsof paperwork, I udnerstand that. however this whole setup process just seems so very unorganized! I had even emailed three different contacts, and received no response! after working several deals that they were expedient with responses, this is just plain aggravating!!!!!! So is there any good info or tips out there on how to get past this slowwwwwww setup issue? or am I just getting a lesson in patience in this part of the process.....ya know, I dont mind delays, have dealt with that in other deals, in this its the lack of organization and everybody telling me something different. This last rep told me that where I was told a process takes hours, it takes minutes., which delayed me even more, because of false info. anyway what say you.......thanks!!!