Charlotte (6)

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I remember writing earlier this year that I had finally gotten to the point of only having very few Short Sales ...it wasn't but 30 days or so later...when out of nowhere...Came A Batch...not just 5 or 6...but over 10...WHAT? What had happened? Where are these coming from? And you know what? They are now Super Powered...what is that you say?

I mean ones that are so far advanced that they still blow me away...Now It seems Banks will wait for BK's to Discharge only to ask the Non-obligated Borrower if they would like to skip going to Foreclosure and participate in a Short Sale instead(WHAT???-YEP)...word to the wise...No matter what I have found that sending everything to the BK Depts. also helps in the Short Sale...

I am also getting the properties with Home Assistance tacked on or Emergency Funds that helped them stay in the house prior to...tracking folks down on these is a bit timely...for us it was almost all done through NC Housing or HUD for the emergency funds...

Those are just a few...Just when you thought we could sit back...Life smacks ya with opportunity(Regular agents still don't want to do Short Sales...so they toss these files over to The Short Sale Agents "known for getting our hands dirty"-so to say)...

Better watch what you say out loud...Just when you say "I wouldn't mind a few short sales again..."...a lot of folks will hear you...and then it will be a bunch; all at once...Just like the old days... 

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Hello Fellow Short Sale Agents...

As I write this, I started thinking about all the past Clients' I have helped with Short Sales through the years, Help of this Site, how many people have you helped? Because of this site? Because of the Knowledge we shared with each other...We all deserve a round of applause, if not for a simple, TAKE A BOW...my hat goes off to all of you!

In Charlotte, NC...short sales are down...maybe starting to see the end of it's great run...and then...then the phone rang this morning...A New Client in the Short Sale Arena....you see; I only have 3 Short Sales left, NOW 4(Thanks to Bank of America)....I have more "Real Deals" if you will...by that I mean, regular RE ones that will actually close before I see the short sales close(LOL)....

It all remains the same however, the 3rd Party, the Hardships, the TRUE partnering in someone else's life to help them out of a Bad Situation....THAT IS THE PART OF REGULAR REAL ESTATE THAT SHORT SALE AGENTS HAVE EXPERIENCED THAT I BELIEVE OTHER AGENTS DON'T....

While we are in the business to help and guide people to a New Home, or Sell A Property...Nothing feels quite as good as Being A Part of Real Estate Transaction where YOU REALLY HELP HOMEOWNERS, YOU ARE A KEY PERSON THAT ALLOWS THEM A NEW OUTLOOK & HOPE OF OWNING A HOME IN THE FUTURE...

So...as I suit up for another go around with the banks...I SAY BRAVO TO ALL OF YOU, What We Do, What We Have Done...Being A Short Sale Agent Has Been Some of The Most Rewarding Years of My Business!

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My fellow Short Sale Superstars how many times can you shake your head? 5 and even 10 Short Sales(COMPLETED) Doesn't make you an Expert... agents are playing with someones biggest investment...and biggest loss; agents should know what you are doing when they take on a short sale, PERIOD...So again I hear the tale of a listing lost to a Very Good Agent...who sucked at short sales....by the time the potential client realized it...it was too late to re-list and get it sold....UUGGHHH

So the story goes of a great couple needing to complete a short sale with 1 lien(we all know how rare and what a dream it is to just have 1 lien)with Wells Fargo...mind you the agent originally taking the listing was well known in that area...BUT, that agent also knew my team...it was not long after taking the listing that the essential hardships of having a short sale starting popping up, paperwork, participation requests, title searches, etc., etc...so we know...that is truly when the Agents that aren't in the trenches with this stuff every day start to flounder...which happened here...

Where the client needs HELP and someone who can maneuver ins/outs of a short sale, can knock down doors and get this transaction done...A Short Sale Superstar...you know by now if you are one or not...I am not knocking anyone, we all have strengths in our job abilities...I say stick with those, Maybe you can wing showing luxury homes if your just a "newbie"...maybe you can get that listing even if you have never listed in that neighborhood before...BUT DON'T TAKE A SHORT SALE LISTING IF YOU TRULY HAVE RESERVATIONS ABOUT DOING THEM....

I'm happy to pay a referral, I'm happy to help be brought in on the deal...I am happy to help them, BUT THEY NEED YOUR EXPERTISE AND HELP, DIRECTION, KNOWLEDGE REGARDING POTENTIALLY LOSING THEIR HOME...

If you don't have that, move over...But do it before they call me and realize...IT WAS TOO LATE!

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Most times when agents or homeowners know I have a listing down the street...they can safely say "This chic is about to destroy the values in my neighborhood"...OK, mostly true because of my Short Sales, really...I am just bringing the neighborhood down to it's true Market Value, none the less, I have been called The Grimm Reaper....

 

But what bites my behind is when I go to bat to get a Short Sale approved, show comps and get a bank to lower their BPO/Appraisal pricing to what clearly is a fabulous deal and then....wait for it...I hear....CRICKETS from the Buyer's side...the buyer agent frantically trying to pin down their buyer, wondering if that buyer has possibly gone on a crusie to a third world country and cannot be reached to take The Deal of The Century....

 

BofA countered at $216K, and since I felt that it was still too high, and the buyer's offer was still lower...  we were able to "Convince" the bank to "come to the light" and see the true value is at $200K....which the buyer wanted...then...and stil NOTHIN', good news here is at  10am this puppy goes back onto the market as an Approved Short Sale, but we all know what happens...I WILL NEED TO RE-ENTER ALL THIS INFO AGAIN ONCE WE HAVE ANOTHER OFFER & BUYER...

 

Dear Buyer, If you don't surface by 10am, Good Luck, Hope I dont eventually come to  neighborhood where you end up buying...because I know you have heard of That Chic That Does Short Sales.... .

    

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Distressed Properties: Listing Short Sales: Mindsets and The Short Sale Process w/Melissa PolceWednesday, April 28, 20101:00 PM to 3:30 PM EDTTraining Room, CorneliusChapters 5 & 6 from the Distressed Properties Handbook:Listing Short Sales course materials will be covered.You will learn:* Know lenders' and Asset Managers mindsets and motivation: Understand where the ultimate sellers are coming from--why they do what they do and how to work most effectively with them.* Know the Short Sale Process: Know all the steps, from qualifying the seller and preparing the short sale package to submitting the offer and package, negotiation and closing.* Know how to work efficetively with buyer agents: Learn the importance of educating and creating a winning mindset in cooperation with buyer agents.* Know how to improve offer acceptance and close rates: Learn helpful tips to ensure that offers are accepted and transactions close.~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~__________SEARCH THE MOST UPDATED CHARLOTTE AREA LISTINGS AVAILABLESEARCH NOW FOR THE MOST UPDATED CHARLOTTE AREA LISTINGS AVAILABLECharlotte Multiple Listings SearchLET ME HELP FIND YOU YOUR NEXT HOME!Melissa Polce mjpolce@kw.com 704-450-4335www.MyRelocation2Charlotte.com www.ExclusiveHomesofCharlotte.com
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The Short Sale Facts & Information

SHORT SALE FACTS!Why would my Lender want to allow a Short Sale to help me? The reason is simple; a short sale often has a better return on investment to the lender than a foreclosure. The average savings a lender sees from a short sale property compared with a foreclosure property is $14,000. Not only does the lender receive this savings, they are also paid on the loan 6 months earlier than in the foreclosure process. This allows them to collect and cash-out earlier than they would in a foreclosure. Plus, lenders spend a great deal of money with attorneys to complete the foreclosure process. Lenders created the short sale process as a foreclosure alternative for those reasons. The incentives to perform a short sale on your property are in place to motivate you to participate.When should I start my Short Sale? It is best to begin a short sale when you realize you can no longer afford the mortgage, so that your property can be marketed properly. The earlier you start, the higher our likelihood of success. We have negotiated short sales that have already gone to foreclosure sale. Contact Us to see if you have enough time.How long does it take for you to complete the case once we fill out the paperwork? Typical cases are completed within three to six months. If you have a foreclosure sale date approaching, we can complete it sooner. In the past we have found buyers quickly and have used our relationship with the banks to push back your foreclosure sale date.What is a Deed in Lieu? A Deed in Lieu is when the property is deeded back to the lender with the approval of the borrower prior to foreclosure. (This process may still leave a negative impact on the borrower's credit.)Why should a lien holder accept less than the outstanding debt? After the lender does an appraisal on the property and discovers that the value is less than the payoff, the lender will decide if it is worth further legal actions and cost. A business decision is made to either continue foreclosure action or accept the short sale offer.What is a Closing Statement? A form used at closing that gives an account of the funds received and paid at closing, including the escrow deposits for taxes, hazard insurance, and mortgage insurance.What is a Deed? The legal document conveying title to a real property.What is a Deed of Trust? A deed of trust is an instrument used in many states in place of a mortgage. Property is transferred to a trustee by the borrower (trustor), in favor of the lender (beneficiary) and reconveyed upon payment in full.What is Depreciation? A loss of value in a real property brought about by age, physical deterioration, functional or economic obsolescence.What is Loss Mitigation? Loss Mitigation is a process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan.What is a Loan Modification? A mortgage modification is a loss mitigation option that allows a borrower to refinance and/or extend the term of the mortgage loan and reduce the monthly payments.What is a Forbearance Plan? A forbearance plan is a loss mitigation option where the lender arranges a revised repayment plan for the borrower that may include a temporary reduction or suspension of monthly loan payments.What is a Short Sale? A short sale is a negotiated settlement. This is when the lender agrees to accept less than the amount owed as a payoff on a loan.What is an Offer on a property? An offer is an indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing.How long is a Short Sale process? Depending on the mortgage company and the state in which the home is located, a short sale process can take between 1-4 months.What is the difference between a Satisfaction of a Lien vs. a Release? A satisfaction is a total release from the debt owed. A release is when the lender releases the lien from the property to allow the home to be sold. (The borrower may still be required to repay the balance of the debt.)How does a foreclosure and a short sale show up on my credit? Foreclosures show up as FORECLOSURE, and can stay on your record for seven years. Anytime you apply for a new loan or have your credit run, the foreclosure will show up and is usually a required disclosure you must make on most credit and job applications. A short sale is listed as SETTLED DEBT, and is much less harmful to your credit. Please consult a credit company for more information.What liability do I have when doing a short sale? In a short sale, it is possible the bank could 1099 you for the difference in what you sell your property for and what you owed. This means the IRS could consider the difference as income, and you could be taxed on that income. The bank might also ask you to pay a portion of the difference back in the form of an unsecured note, which is similar to an I.O.U. It is a negotiation, and we employ tactics to have the bank consider the debt settled.In a foreclosure, your house is sold at an auction, which typically causes the difference of the total amount you owe and the foreclosure sale price to be much greater. This means you have a higher potential tax liability. Additionally, the bank may come after you for a Deficiency Judgment.A successful short sale will eliminate a deficiency judgment, minimize your tax liability, and keep the foreclosure off your credit.What is a Deficiency Judgment? A Deficiency Judgment can arise when the bank sells the house at foreclosure auction. The bank can sell the house at auction for any amount less than the total amount owing of the debt plus fees. A deficiency judgment can arise if the bank sells the house for less than the mortgage debt. The lender then holds you responsible for the unpaid portion of the loan. For instance, if you owe $100,000 to the mortgage servicer and they see proceeds after the auction of $55,000, the remaining difference of $45,000 can be moved into a judgment against you. This will also appear on your credit report along with the foreclosure. The lender may be allowed to take further legal action such as garnishing wages to pursue payment based on the laws of your state. Some states have restrictions and regulations on deficiency judgments, but unfortunately the majority do not.Some lenders will choose the deficiency judgment while others may pursue a path to write off the loan. If they choose to write off the loan, the lender may issue a 1099 form which you will have to pay taxes on for the calendar year. Recently, according to an MSNBC news article, President Bush announced plans to do away with this tax penalty. According to the same article, the Democrats said they support this plan. For more information on deficiency judgments and the tax liability you may face based on your current situation, submit your information to one of our analysts for a free consultation, and as always consult your attorney/tax advisor.SEARCH THE MOST UPDATED CHARLOTTE AREA LISTINGS AVAILABLESEARCH NOW FOR THE MOST UPDATED CHARLOTTE AREA LISTINGS AVAILABLECharlotte Multiple Listings SearchLET ME HELP FIND YOU YOUR NEXT HOME!Melissa Polce mjpolce@kw.com 704-450-4335www.MyRelocation2Charlotte.com www.ExclusiveHomesofCharlotte.comwww.TheShortSaleAgents.com"Lake to Land, I've Got It Covered"
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