Buyer - Blog - Short Sale Superstars

12 things EVERYONE should know about short sales #Realtor #Investor

Posted by Lee Honish on October 1, 2014 at 11:30am

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Real Estate Marketing "The Podcast" How do I get listings or deals? #Investor #Realtor

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Banks grant short sales for two reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.

The seller will need to prepare a financial package for submission to the short sale bank. Each bank has its own guidelines, but the basic procedure is similar from bank to bank.

A few examples of a hardship are:
Unemployment / reduced income
Divorce
Medical emergency
Job transfer out of town
Bankruptcy
Death

The seller’s short sale package will most likely consist of:
Letter of authorization, which lets your agent speak to the bank.
HUD-1 or preliminary net sheet
Completed financial statement
Seller’s hardship letter
2 years of tax returns
2 years of W-2s
Recent payroll stubs
Last 2 months of bank statements
Comparative market analysis or list of recent comparable sales

Writing the Short Sale Offer and Submitting to the Bank

Before a buyer writes a short sale offer, a buyer should ask his or her agent for a list of comparable sales.

Banks are not in the business of giving away a home at rock-bottom pricing. The bank will want to receive somewhat close to market value.

The short sale price may have little bearing on market value and may, in fact, be priced below the comparable sales to encourage multiple offers.

After the seller accepts the offer, the listing agent will send the following items to the bank:
Listing agreement
Executed purchase offer
Buyer’s pre-approval or proof of funds letter and copy of earnest money check
Seller’s short sale package.

The Short Sale Process at the Bank

Buyers may wait a very long time to get a response from the bank. It is imperative for the listing agent to regularly call the bank and keep careful notes of the short sale process.

Buyers may get so tired of waiting for short sale approval that they may feel the need to threaten to cancel if they don’t get an answer within a specified time period.

That type of attitude is self-defeating and will not speed up the short sale process. If buyers are the type with little patience, perhaps a short sale is not for them.

Following is a typical short sale process at the bank:
Bank acknowledges receipt of the file.
A negotiator is assigned.
The bank orders a valuation of the property.
The file is sent for review or to the investor.
The bank may then request that all parties sign an Arms-Length Affidavit.
The bank issues a short sale approval letter.

Some short sales get approval in 3 weeks. Others can take as long as 12 months. A typical Short Sale transaction takes 4-6 months to complete.

Finding the Elusive Starter Home

Posted by Michael Collins, CDPE, SFR on February 4, 2015 at 5:38am

Finding that Elusive Starter Home

The past few years have brought several changes in the real estate industry. The housing bust of 2006-08 led many people to either sell or walk away from their home. As the market is continuing to rebound, many investors have scooped up homes at affordable prices and are offering them as rental properties. In addition, other investors have bought homes at discounted prices with the sole intention of selling them at near-full value for a profit. So the question remains; how does a first time homebuyer find an affordable starter home?

Consider a Different Location

Too many times a young person or couple will buy a home in hopes of expanding their family. That leads to choosing a home that is convenient to good schools, nearby shopping and plenty of entertainment activities. However, for people that may be a few years away from starting a family, the location should be different. Buying a home within the city limits, for example, where the owners can be extremely close to work, could be a better fit.

Consider an Older Property

Younger people often get caught up in the dream of buying a new home and settling in with the smell of fresh paint and recently rolled carpet. However, new homes usually have a much higher price than older homes.

While it is true that an older home may either need a bit of repair before purchase or more maintenance compared to a newer home, the savings in purchase price can often offset the repairs and maintenance expense. In addition, young ambitious people may be able to tackle some, or all, of the maintenance and repairs on their own which can save them more money in the long run.

Tone Down Expectations

A starter home is simply a way for most people to get experience with the entire home buying process. This means that potential buyers should look at the home as a learning experience. Most individuals can get by with far fewer amenities than what they are accustomed to. Or, instead of giving up nice amenities, it is possible to buy a much smaller home and save up for a bigger home in the future.

Have Financing in Order

Since there seems to be a bit of competition for starter homes it is wise to have the financing in place before looking for a home. Putting an offer on a home with a firm pre-approval letter from a local mortgage lender will make the whole process smoother and give you a better chance of getting your offer accepted.

It may take some time, but with a little patience and realistic expectations a qualified borrower can find that starter home that will set them on the path to achieving their financial dreams.

↓↓Start your home search today!↓↓

[Janesville Area]

http://www.JanesvilleRealtor.com

[Madison Area]

http://www.MadisonWIForSale.com

Simply the Best Agent I have Ever Dealt With! - Client Testimonial

Posted by Michael Collins, CDPE, SFR on August 11, 2014 at 10:16am

Rock Realty Client Testimonials

"Mike is simply the best Real Estate agent I have ever dealt with!!!He sold my house in such a short time which is what I needed to move quickly..I would recommend him to anyone who is looking to buy or sell a home..very honest and caring person..Explained everything to me so that I could understand exactly what I would need..He went above and beyond in my Real Estate closing.....always got back to me immediately with any questions I was asking...super person!! He takes care of his PEOPLE! Which is hard to find today!! Thanks again Mike...I really appreciate all your hard work!! Definitely referring you to all I know!"

Cindy J. (Janesville, WI 53545)
Rock Realty Home Seller Client

Thanks for the compliments, and Congratulations Cindy on the sale of your home! Congrats to Michael Collins on another successful Rock Realty closing!

Are you considering purchasing property in the Janesville Wisconsin area? Click below to start your home search!

Janesville, WI Real Estate

Hard Working and Trustworthy - Client Testimonial

Posted by Michael Collins, CDPE, SFR on June 19, 2014 at 2:18am

Rock Realty Client Testimonials

"Michael Collins did the impossible he SOLD my house! When I put my house for sale everything that could go wrong did but Michael never gave up and did everything he could to sell my house. I recommend Michael Collins if your looking for a real estate agent! He is hard working and trustworthy!"

Michelle M. (Madison, WI 53704)
Rock Realty Seller Client

Thanks for the compliments, and Congratulations to Michelle on the short sale of your home! Congrats to Michael Collins on another successful closing!

Are you considering purchasing property in the Madison Wisconsin area? Click below to start your home search!

Madison, WI Real Estate

We cannot overstate how hard Mike worked on our behalf

Posted by Michael Collins, CDPE, SFR on September 5, 2013 at 2:56am

Rock Realty Client Testimonials

"We found Mike online, and, due to positive reviews, phoned him with a request to view houses in the Madison area. We gave Mike no more than one or two days notice, but he was happy to devote the whole of his weekend to us. Our entire house-hunting experience proceeded in similar fashion. We were hunting for houses long distance, so we would wait until an opportunity to travel to Madison presented itself, phone Mike, giving him one or two days to prepare, and show up to view houses. The process took roughly one year to complete. It was long and difficult, but Mike was always pleasant, never complained, made an effort to make himself immediately available, and was never pushy.

Mike is not like many real estate agents who simply want to make a sale, any sale. Instead, Mike made an effort to help us make an honest assessment of the properties we viewed, often pointing out problems himself. Mike left us with no doubt of his honesty and his dedication to his clients.

In addition, since we were shopping long-distance, Mike, with some help from his associate Bethany (who we found to be similarly pleasant and eager to be of service), even took hundreds of high definition photos of properties which he viewed in our stead, often with only a single day's notice. Mike, or one of his associates, would then promptly email the photos to us to view.

During the house-hunting process we changed our minds a number of times, imposed last minute requests, and even had some near melt-downs, but, through it all, Mike was responsive, cheerful, and level-headed. We cannot overstate how hard Mike worked on our behalf. We highly recommend him to any home buyers."

Graham S. & Janet H. (Middleton, Wisconsin 53562)
Rock Realty Home Buyer Client

Thanks for the compliments, and Congratulations on your new home Graham & Janet!

Looking to purchase a home in Wisconsin?? Contact Rock Realty! We would love to help!!

Always positive yet never pushy - Client Testimonial

Posted by Michael Collins, CDPE, SFR on May 12, 2014 at 3:26am

Rock Realty Client Testimonials

"Mike was great. He worked very hard for us and truly cared about us finding the right home. We were house searching exclusively on weekends, as we moved to a different state and were only available then, and he gave up many weekends to help us (often on short notice!). He was always positive yet never pushy, as many Realtors® are. We would definitely recommend him and enjoyed working with him."

Joe K. (Cambridge, WI 53523)
Rock Realty Home Buyer Client

Thanks for the compliments, and Congratulations to Joe & Sarah on a beautiful home purchase! Congrats to Michael Collins on another successful closing!

Are you considering purchasing property in the Madison Wisconsin area? Click below to start your home search!

Madison, WI Real Estate

Cambridge, WI Real Estate

Happy Buyers and Sellers on this Stoughton, WI Home Closing

Posted by Michael Collins, CDPE, SFR on October 24, 2013 at 10:47am

Just Sold! 409 East Street, Stoughton WI 53589

We are happy to announce a recent home closing in Stoughton, Wisconsin. This was a home closing where Rock Realty represented both the buyers and the sellers. The sellers had moved out of state and left it to Michael Collins at Rock Realty to guide the transaction to a successful close. I know the buyers are excited to start their planned renovation to make the home just right for them! Congratulations to everyone involved!

If you are thinking of selling or buying a home in Wisconsin, our home buyer specialists would be happy to assist you. Give Rock Realty a call at 877-774-7625. We are a full service real estate brokerage.

Stoughton, WI Homes for Sale

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Always there to answer questions - Client Testimonial

Posted by Michael Collins, CDPE, SFR on May 1, 2014 at 4:32am

Rock Realty Client Testimonials

"Mike was wonderful to work with. He was always there to answer questions but never pushed me to make a decision. My entire home buying process went smoothly thanks to Mike. I would gladly recommend him and would be happy to use him again the next time I move!"

Laura S. (Middleton, WI 53562)
Rock Realty Buyer Client

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

Are you considering purchasing property in Dane or Rock County Wisconsin? Click below to start your home search!

Dane County Properties

Rock County Properties

Thank You for Being Open and Honest

Posted by Michael Collins, CDPE, SFR on July 10, 2013 at 3:43am

Rock Realty Client Testimonials

"Mike & Matt,

Thank you so much for helping us find our dream home! We love it! Thank you for the many hours spent in research, travel, phone calls, and emails. Thank you for being open & honest with us every step of the way! We felt we could trust you 100%. We really enjoyed working with you and highly recommend you to others.

Thanks!"

Kevin & Abby G. (Madison, WI)
Rock Realty Home Buyer Client

Thanks for the compliments, and Congratulations on your new home Kevin & Abby!

Looking to purchase a home in Wisconsin?? Contact Rock Realty! We would love to help!!

Rarely Discussed Tips for Buying that First House

Posted by Michael Collins, CDPE, SFR on January 31, 2013 at 7:14am

Rarely Discussed Tips for Buying that First House

Lots of solid information is available online that discusses items for first time home buyers such as choosing the right loan, working with a reputable lender, and arranging a proper budget. While those items are very important, there are some other items that don't get the same publicity but deserve great attention.

Buyer Beware

It cannot be stressed enough: there is no such thing as a perfect home. One home that seems to have a great outside appearance may need significant work on the inside. Another home that is appealing both indoors and out could be located in a terrible neighborhood. Take some time to look over the home as closely as you can. Ask some friends or relatives to come by and inspect the place. If something looks wrong, consult with a professional inspector.

Don't Sign Something that is Unclear

Most people that are buying a home for the first time are not aware that there are LOTS of forms to sign. This does not mean you should sit at the closing and closely read every single word. Many of these items are simply legal documents designed to protect the borrower. However, it also does not mean you should be confused about the process. During the closing process, ask the closing agent or your lender questions about the paperwork that you are signing to be sure you understand everything.

Allow for Improvements and Vacations

Very few people buy a home and leave everything as it sits for the duration of their home ownership. Most people like to add variety by changing out the carpet, adding fresh paint and updating the appliances and light fixtures. All of these things take money, whether they are done now or 5 years from now. Don't pick a home that is at the edge of your affordability. Leave some room for making a few improvements as well as saving up for the occasional vacation.

Don't Buy With Just Your Heart

It is true that most people will live in a home for a number of years. For this reason, they need to be quite happy with the major features of the property. However, falling in love with a property that is over an hour away from your job will make your commute quite tough, and add misery to your life. It is important to find a home that makes you happy and is practical for your situation.

: photo credit: joelplutchak via photopin cc

Avoid Unpleasant Features

Just as some people fall in love with a home and buy it based on one or two features, some people loathe one or two features of an otherwise suitable place. It is a bad idea to try and put up with something that makes you unhappy for the sake of owning a home. For instance, some people despise yard work. Buying a lovely modern home, with modern appliances, and in a good area may sound great until you realize the yard is monstrous. All those hours spent mowing the lawn, trimming bushes, cleaning around walkways and other items may actually irritate some people to no end.

The SMART Way to Buy Your First Short Sale

Posted by Michael Collins, CDPE, SFR on January 10, 2013 at 10:35am

The SMART Way to Buy Your First Short Sale

Buying a short sale in Madison Wisconsin is quite common right now. The impact of the financial recession has resulted in numerous foreclosures and has left some people with no option but to sell their home for less than the mortgage balance. Buying a Madison area Wisconsin short sale will require a bit of patience and a smart plan.

Understanding the Short Sale

Obviously, the best reason to buy a short sale is for the savings. Most of these properties are discounted as much as 20% off the market price. Buyers can save a considerable amount of money by negotiating the right deal with a motivated seller. However, a good price should only be one consideration. There are other things for the buyer to be aware of such as:

* In order to get a contract on a short sale, it is best to be the first person to contact the seller or selling agent. Being first puts you in more control of the transaction.

* Just because a property is being offered as a short sale does not make it a great deal. Some properties may need extensive work before they can be deemed a safe living environment.

* Banks typically frown on ridiculous low offers. A successful short sale will require you to offer a reasonable amount. This is where an agent can really come in handy.

* Based on the current number of short sales, banks are swamped with these requests. The process for moving the offer through the chain of command does not always progress in an orderly fashion. This requires the buyer to be flexible about a closing date.

All of this means that buying a short sale requires a solid plan; a plan that will get you in front of the right seller, with the right offer.

Putting Together a Good Plan

Follow this outline to help you develop a plan for buying your first short sale.

1. First and foremost, you need to meet with a real estate agent that has experience in short sale transactions. This will save you lots of time and trouble throughout the process. The agent can have a conversation with you to determine the type of house you need and look for possible short sale targets.

2. Determine a plan for responding when a short sale becomes available. Decide with your agent how the information will be communicated to you and how soon you can look over the home.

3. Set up a meeting with a local mortgage lender. Getting the financing secured ahead of time will help get your offer approved. A lender that is familiar with short sale transactions would also be beneficial since the closing may happen at any time and the lender will need to be prepared.

Understand that a short sale which seems like a good deal will likely draw attention from several buyers. The person that responds the quickest, with the best offer and the best plan in place, will likely win the bidding war.

Seterus forecloses on my short sale and then offers my clients the home for sale

Posted by Ephrem Jando on May 21, 2012 at 7:35am

This is the first time I am dealing with this issue so I am hoping to hear from people who have seen this happen. I worked on this short sale for almost a year (story of my life) the buyer is also the tenant at the property and he failed to perform in time so the lender decided to foreclose on it. Seterus called me a few days ago and said they are willing to sell the property to the current tenant/buyer but will not compensate our office or we can evict the tenant and list it on the MLS to earn a commission. Any suggestions?

Ephrem Jando

www.stopping4closures.com

Short Sale with Chase so far so good..just follow the brick road

Posted by Esperanza Agbayani on July 30, 2012 at 11:55am

I listed a short sale with 2 loans serviced by Chase. CLTV is LESS that 50% of market value. Submitted a CASH buyer and assigned a negotiator in less than 3 weeks. Today, he is submitting my package to the investor.

We'll see...NOD in May 2012 but nothing posted in public record. Negotiating to include payoff to release an abstract of judgement from a deceased husband over a year ago.

Scheduled to close AUGUST 30.

Tips for your Home Inspection

Posted by Michael Collins, CDPE, SFR on May 15, 2012 at 5:17am

Considering the cost of purchasing a home it would make sense that buyers would take necessary precautions to see if the home has any problems. A home inspection can point out any problems, if they even exist. The following list represents some pointers to consider when ordering a home inspection.

Review Credentials of the Inspector

It is wise to choose an inspector with engineering qualifications. The inspection process may discover some problems that would be best suited for an engineer to review. If that is the case, and your home inspector has no engineering certifications, then you could end up paying for the inspection of the home as well as an inspection by an engineer. A Professional Engineer designation is offered by the state and governed by a state board as well. You may ask for the inspector's designation before hiring him or her to look at your home.

Be Part of the Inspection

Do your best to coordinate the inspection with time that you are free. These inspections will typically last one to two hours. Going along to look at the home can give you a chance to see the home through the inspector's eyes. While it is a given that you will receive a copy of the report, and hopefully accompanying pictures, being present when the home is reviewed will allow you to hear and see the inspector's reaction to the condition of the home. It will also give the inspector a chance to actually show you an area of concern and perhaps provide some suggestions for how the issue can be resolved.

If Something is Confusing, Ask Questions

Home inspectors are trained professionals. They understand the structure of a home along with its working systems such as the plumbing, electrical and heating/air conditioning system. This means that the inspector may use terms foreign to you. Ask the inspector to explain any observation or issue that you do not understand. Buying a home does not mean that you have to be as knowledgeable as a general home builder. However, you should feel comfortable that the home is safe for living and that there are no immediate problems demanding expensive repair. Conversely, if the home is in need of serious repair and you have the ability or resources to fix it then you could negotiate with the seller to lower the home's price.

It is important to try and remain impartial about the home inspection. If the inspector finds some significant problems that will require a great deal of work and expense to rectify then it may be wise to consider buying a different home. However, it is also a good idea to remain rational. If you are looking at a previously owned home then you should expect that the home is not perfect and may need attention in a few areas. Just like buying a used car can mean saving some money in place of some small sacrifices, getting a used home can save many buyers some money if they are not afraid of doing a little clean up and some simple projects like a little painting or wallpapering.

Tips on your first Home Inspection - Original Post
Wisconsin Short Sales

Avoiding Problems with Your Escrow Account

Posted by Michael Collins, CDPE, SFR on May 15, 2012 at 5:15am

Avoiding Problems with Your Escrow Account

If you are using a mortgage to purchase your first home it is highly likely that the lender will request that you use escrow in order to handle the annual homeowner's insurance and taxes on the property. This is reflected by an additional payment on top of the interest and principal payment that you make on the home loan. Ideally, the lender will review this account every year to see if there are overpayments or underpayments and change the escrow accordingly.

Unfortunately, we don't live in a perfect world and companies do make mistakes. Here are some important facts to help you understand the basics of an escrow account.

Taxes

Property taxes are usually reviewed one year after a home has been purchased. At this time the property will likely get a new assessment, which can drastically increase the tax amount. For people that are buying a previously owned home this will usually not be an issue, although you should look at what the current assessment value is. If you are buying a brand new home, or if you have just built a home, then the previous tax amount was based on an empty lot. The existence of a new home will greatly improve the lot's value and subsequently change the tax amount.

Insurance

Before finalizing the loan you will be asked to provide proof of insurance from a licensed insurance agent. The location of your home may dictate a few extras that might not be prevalent in other areas.

For instance, if you are considering the purchase of a home that is close to a river or lake then you may be in a flood zone and subject to flood insurance. Homes that are located in extremely rural areas may be subject to higher premiums if there are no fire fighting stations in close proximity to the home. It is vital that you speak to your Realtor® before buying a home to see if there are any conditions about the home that would result in a higher insurance policy.

Reviewing the Escrow

Every year your lender should mail you a letter that goes over the escrow account for the previous year. It should list all of the payments you made to the escrow account as well as any amounts disbursed from the account to cover your expenses. You should also contact your homeowner's insurance agent and the local tax assessor's office to see if there are any upcoming changes for your tax bill or your insurance bill.

How to Handle Property Tax Increases

Going back to the early example of someone buying a new home or building a home, there is the expectation that the property tax amount will increase tremendously. If the increase is more than $1,000 then the lender will possibly add $2,000 to the escrow account in case the taxes increase again the following year. This presents you with three choices:

Accept the new escrow amount and pay the additional $167 monthly amount
Ask your lender if they will spread the extra amount over the next two years to make the monthly amount lower
If you have the funds, offer to pay the increased tax amount yourself so that your escrow payment does not change.

Escrow Account Problems - Original Post
Wisconsin Short Sale Specialists

Real Estate Terms for First Time Home Buyers

Posted by Michael Collins, CDPE, SFR on July 18, 2012 at 2:26am

The real estate industry is just like any other major industry segment. The people that work within the industry use specific phrases and words that are not too common in other types of work. Understanding some of the common jargon will help first time buyers feel a little more comfortable with the process.

Mortgage – This is a loan that provides the financing for the purchase of a home. Buyers will sign a promissory note that explains the terms of the loan. The interest rate, amount borrowed and number of payments required to repay the debt are all laid out in this document. A mortgage is different from a car loan or a credit card since a piece of property is used as collateral for the loan.

Appraisal – This is a report that explains the home's value. A professional appraiser will inspect the home and then compare it to other similar homes in the nearby area. Based on common criteria such as location, square footage, age and amenities the appraiser assigns a market value to the property. This is slightly different from a home inspection. A home inspection is designed to point out any areas in need of repair or replacement. An appraisal simply decides how much a home is worth as it currently stands.

Contingency – These are requirements spelled out in the real estate contract that must be completed or met in order for the sale to go through.

For instance, most contracts will have a contingency concerning the appraisal. If the home is not worth the sales price then the buyer may be able to get out of the contract.

Escrow – This refers to the funds, assets or securities being held by a third party separate from the buyer and seller. The buyer will place funds in escrow as proof that they wish to go forward with the sale. Once the seller has met the conditions of the contract the funds will be released.

Disclosures – The buyer must be informed of various details by the seller prior to the purchase. Each area will have slightly different requirements for the disclosures in their location. An example would be the location of a home in a known flood zone. This would affect the homeowner's insurance and could affect the buyer's ability to pay.

Closing – This is the last phase of the property purchase. All parties involved in the transaction will meet at either an attorney's office or an escrow agent's office (title company). The seller, buyer, and any attorney will typically attend the closing. At the closing the seller will receive funds for the transaction and the buyer will sign the necessary documents for the loan. The deed will be transferred from seller to buyer. Finally, the closing costs will be paid based on the agreed terms in the contract.

Help with the HUD and addendum. And THANK YOU IN ADANCE!!!

Posted by Teresa Simon on December 16, 2011 at 11:25pm

Aurora has aproved a short sale but offered the second $0.

After negotiating the second (STCU a small local crdit union) will take $5K.

The buyer is willing to pay the $5K.

There are additional closing costs that Aurora did not offer to cost, approx $570.

We are having issues as to wher this information appears on the HUD-1. I am thinking line 409 as a POC for the $5k and I am not sure where the additional closing costs fees fit.

Should the adendum to the purchase and sale agreement be made for the $5570 with the defiency being waived and then increase the purchase price?

If you have any HUD-1's you can e-mail me or fax me giving examples of what has worked I would really appreciate that. I'll take samples of any HUD-1's you're willing to offer. I am willing to share what I get minus the person's office and personal client information.

I have an attorney on board but we are having issues getting the answers from the banks as to what will work.

No cover letter necessary. I am a one person office.

I only have until Januaty 10th to close.

Teresa Simon

509 535 6500

Fax 509 532 8000

tj@alacartenw.com

.

GMAC say No Commission to licensed Buyer

Posted by Jason Yacoub on June 3, 2011 at 4:30am

Got a GMAC short sale approved for a Chandler Home owner but requested copies of real estates turns out GMAC will not pay commission to a licensed buyer representing him/her self also no resale for 12 months (no flip ) short sale was nulled and void pending approval by diffident department in loss mit, so everything must be disclose to bank from the start in order to avoid delay of closing, Crazy right maybe not they what to make sure agents are not locking the best deals for their self so way may lose buyer and start over again.

Rediculous counter from Bank $100.00 more. How about you? most rediculous counter?

Posted by Shannon M Thomas on February 26, 2011 at 6:13am

I just recently got a counter on an Avon Indiana short sale I'm handling on the buy side . Believe it or not the bank countered our full price offer for just $100. more. My buyer and I had a good Laugh at the ridiculousness of it all, the time wasted and the money spent to collect the one hundred $ bill.

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