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

David Bartels LIVE from Anaheim CA presentation

805-413-8000
http://www.homeloanadvocates.com/

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.

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Real Estate Marketing (The Podcast)

How do I get a listing or deal? #Investor #Realtor

Short Sales are BACK!

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GUESTS: 
Bryant Tutas 
407-873-2747 
Co-founder of www.ShortSaleSuperstars.com. Working Short Sales every day all day.

Real Estate Broker and Owner of Tutas Towne Realty. A virtual Real Estate company specializing in listing and selling Short Sales and REO properties in the Central Florida Area.

Finding solutions that get your property “sold” is what I do.

Folks, if you need to sell your home then give me a call today and let’s talk! 407-873-2747 All calls are confidential. I can help……

….if you’re facing foreclosure. www.CentralFloridaShortSales.com 
….if you need to sell a Holiday Home. www.BuyProperty.ning.com 
….expose your property to over 500 web sites. www.TutasTowneRealty.com 
….educate you on current market conditions. www.BrokerBryant.com

Mike Linkenauger 
904-733-4911

Main website http://www.short-sale-specialists.com

Short Sale Websites - www.ShortSaleHosting.com
Mike got his start in Real Estate in 2005 at the young age of 26. He immediately established himself as a top producer in the Jacksonville, FL market, moving into the top 1% of agents his first year in the business. As the Florida housing market became depressed in 2007, Mike shifted his focus and immediately found a calling in assisting home owners with a short sale. In no time he amassed an inventory of over 100 short sale listings and quickly established himself as one of the top short sale agents in the State of Florida. As his online presence grew, homeowners from other parts of Florida began contacting him for guidance with a short sale and to be connected with a local short sale agent.

What Kind of Mortgage Fits Your Needs?

No matter the state of the economy, each year the number of new mortgages underwritten reaches millions of homeowners.  Some are buying for the first time while others are downsizing or upsizing.  When rates drop, like they did over the past 2 years, many people seize the opportunity to refinance their home loan.  However, how do people decide on which mortgage to use for their specific need?  An online survey conducted by HSH.com points to some of the factors that influence consumer decisions.

Most Important Factor

It should come as no shock that the most important factor is the interest rate.  Regardless of the type of loan, the size of the loan or the customers home state, everybody is trying to get the best rate for their home loan.  In the survey mentioned above over 45% stated that the rate was the top factor for choosing a loan.

Other items, such as the length of the term and the fees also ranked high in the survey, but none was as vital as the rate.

Deciding How Much to Use for Down Payment

The ability to make a down payment equal to 10%-20% of the home’s price will give the borrower a range of products to choose from.  A large down payment and a solid credit score will usually allow a borrower to qualify for a conventional loan which has the best interest rates.

For borrowers that have a smaller down payment, their options will be limited to FHA, USDA or VA for qualifying veterans.

Choosing the Right Term

With rates at an all-time low many borrowers are actually paying more attention to the term of the mortgage loan as part of the decision process.  While the traditional fixed rate of a 30 year loan remains quite dominant more and more people are looking at different adjustable rate products.  Those borrowers that have refinanced in the past 2 years have often chosen to go down to a 15 or 10 year term in order to drastically cut down on their total interest pay back while also paying off the home sooner.

Brokers Still the Top Choice

When looking for the right mortgage loan a number of people still prefer to use the services of a mortgage broker over a local bank or credit union.  In the survey mentioned earlier over 30% of respondents claimed that they sought the services of a broker rather than another type of lender.  Since brokers typically have access to multiple lenders they can offer any type of mortgage loan and get the best rate too.

Obviously, none of these factors discussed the two biggest items facing a borrower; are they happy with the home and can they afford the mortgage payment?  Beyond those two items, the guidelines mentioned above should help any new borrower pick a loan that is right for their situation.

Additional Mortgage Info:
Home Mortgage Loans

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Helping a home owner prevent foreclosure is a noble cause. Those realtors who wish to commit themselves to this cause are entering the path of Enlightened activities. However,  not everyone will be a success. It is more profitable to flip homes than work on a short sale for months only to see your efforts fail.

There are many challenges like negotiating liens, voluminous documentation, high wait time and an aggressive first mortgagee trying to foreclose the property. Such challenges do not exist on a normal real estate transaction. A reator entering this path will need to not only familiarize themselves with the technical aspects but also train their mind to develop certain special qualities.

This website does a good job of helping realtors with the technical aspects through a course and through the forum. When like minded people get together, they can encourage each other. However, I want to talk about training the mind to develop special qualities so we don't abandon our cause.

First,  we must try to remember that many people have helped us when we have been in distress and the high esteem in which we hold such individuals. Compare them with selfish individuals you have come across. You can then see clearly that you'd rather be the former than the latter. This is the first training.

Second, we develop the understanding that this could happen to anyone. Many people experience financial difficulties due to poor economy or not being able to work due to illness etc. Loss of job or reduction in income are the most common reasons due to which  people are unable to make  their mortgage repayments. This can happen to anyone. We must develop the understanding that this can easily happen to us.

Third, we develop a commitment to the cause. We must not look at a short sale transaction as just another transaction. We do not want to just go through the motions. Having realized that we want to help others and having understood that this could happen to us, we must seize the opportunity to rescue the home owners from their plight. This happens when we have committed ourselves to the cause. Every morning when you wake up tell yourself that today you will save homes from being foreclosed. You will save a family from the social and financial trauma brought about by a foreclosure.

Fourth, is awareness. Aware of the stress that such transactions can cause we can be better prepared. We have all experienced stress and if we did not like the experience chances are that somebody else will not like it either. By offering our presence to our clients we put them at ease by bringing them in contact  with our solidity.

Fifth, we must be vigilant. Many things can go wrong. By being vigilant we can prevent that from happening. Always keep an eye on the foreclosure clock. Check if you have standard documents like hardship letter, pay stubs etc. Some lenders frequently lose items or may deny having ever receiving them. Know where you are with each transaction at all times.

Sixth is developing the very valuable quality of patience. We have to tell ourselves that this will take time. You can negotiate a lien for 30% quicker than for 10% but that can kill the short sale. Be patient and help others do the same.

Seventh is perseverance. Perseverance is the ability to overcome difficulties that come our way. No agreement between the first and second lien holder. Unrealistic timelines set by the first mortgagee. Non responsiveness. These are commonly encountered challenges that we must overcome.

Eight is meditation. Take a glass of water. Add a few spoons of sand in it and stir it. That is the state of our mind. Now wait for the water to be still. The sand settles at the bottom and you can see clear water. This is a mind post meditation. By meditating we create conditions for wisdom to arise. We stop negative seeds like selfish desires, greed and frustration from germinating and we remind ourselves of these nine qualities and improve every day.

Finally, the ninth quality is wisdom. The understanding that we are all connected to each other and no one can do anything arbitrarily. While one idiot with poor knowledge can ruin it for others, this also means that we can make it a success. Make sure that you drive the transaction. Be clever. This realization will help you take almost every transaction to the desired conclusion.

Helping others is an activity of the Enlightened. Welcome to the path of Enlightened activities!

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Saurabh Singh is a student of the Vietnamese monk Thich Nhat Hanh and is currently employed with Altisource. None of the views expressed in this post are endorsed by his employer.

Understanding a short sale approval letter is a critical skill for a real estate agent, homeowner selling on a short sale, investor buying on a short sale, and anyone affected by a particular short sale transaction.

Most banks approving short sales are national.  This means they have loans in most states.  However, they often have legal council for the states they have loans in.  Because of this, often they will adjust their short sale approvals based on what works on the state were the property collateral to the loan is located.

This subject can get real technical.  That would be outside the scope of this blog post.  Lets focus on what the person selling on a short sale (homeowner) really want as first choice.  That is to not owe after the short sale. 

Just to not miss any components, there are three important concepts to understand.  Here I am simplifying to the maximum.

• Short Payoff:  The bank gets paid less than the total present value of the loan balance and releases its interest on the property.  So the property is no longer collateral.
• Release of Lien:  A type of short payoff in which, the shortfall between what is owed to the bank and obtained from the sale, is still owed by the homeowner.   Basically the homeowner still owes to the bank
• Short Sale:  A type of short payoff in which the homeowner does not owe anything to the bank after the property is sold. 

Needless to say, all homeowners want a short sale.  The question now is to know what is that the short sale letter actually means behind all that legalese wording.

How to Distinguish a Short Sale Approval Letter:

A short sale approval will always clearly state that the loan will be satisfied in full for less than the amount owed or very similar wording.  See sample below.

How to Distinguish a Release of Lien:

A release of lien letter will always indicate that the lien will be released but the debt will not be satisfied in full.  In addition, most likely, the homeowner will have to sign a promissory note at closing.

Oscar Morante
Ph:  971-222-3734
Fax: 866-844-7009
PDX Experts Real Estate, LLC
www.PDXExperts.com
534 SW 3rd Avenue
Suite 305
Portland, OR 97204

Real Estate Agent
Realtor

The most valuable gift you can give others is your presence. This is the perfection of giving. When we are present we are practicing the perfection of giving. When we are present and mindful we can touch life. We can truly be of service to others.

Working for a real estate service provider I come across many people experiencing great anxiety and stress. Some buying a home for the first time. Some desperate to save their homes. Some trying to prevent a foreclosure.

People rely on real estate professionals to help them through what can easily turn into a nightmare. Most real estate agents are quick to highlight their achievements, their qualifications, the number of deals they have completed etc. Only a few say, "Don't worry. I will be there. It can get complicated and frustrating but I'll help you cope with it."

Being there we can do more. We do not have to be Governors or Presidents to make a difference. We don't have to be the CEO to bring about transformation. We just need to be present and mindful. When we are present and mindful we can penetrate the moment. We can heal. We can transform.

Your presence reassures a first time home buyer. Your presence gives confidence to someone trying to prevent a foreclosure. Offer your presence, your serenity, your freshness. These are more valuable than you can imagine.

I am happy to be with you. Lets see what comes along. When we are present, we are aware. We can experience. The food, the music, the love. We can experience life. We can touch happiness. “The most precious gift we can offer others is our presence. When mindfulness embraces those we love, they will bloom like flowers.”

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Saurabh Singh is a student of the Vietnamese monk Thich Nhat Hanh and is currently employed with Altisource. None of the views expressed in this post are endorsed by his employer.

4136 N River Rd, Janesville, WI 53545 - $190,000

2500 Square Foot Home on Waterfront Acreage

Well maintained riverfront property. With 2500 s/f and over an acre lot, this will not last long! Call Michael Collins at 608-921-8536 to schedule your showing! Click any image below to see additional details. Previously sold for $278,000 back in 2003!

Property Highlights

• 2 Car Garage
• Lot is on the River
• Over an Acre lot
• Fireplace
• Central Air
• Great Location

Features

According to the Obama Administration’s October (2012) housing scorecard and “[…]the FHFA housing price index posting its largest annual gain in five years and new home sales at its fastest pace since April 2010” (Erika Poethig, assistant secretary for policy development and research at the Department of Housing and Urban Development) as well as numerous other sources, we can confidently say we have a recovering housing market. Even Warren Buffett, deemed as one of the greatest investors of all time, is bullish on the US housing market recently purchasing multiple real-estate brokerages including Prudential and his partnership with Brookfield Asset Management, a Canadian real-estate investor, to more than double his size of his brokerage business.

Our housing market is rebounding slowly due to various factors such as tight lending practices, fluctuations of supply & demand, and just the general current economic health but it is on its way to recovery. Will your client be ready to secure their next home investment and cease this opportunity?

Clear Capital exposed a sobering point: “Prices are 37.6 percent below the peak. This means a home bought for $200,000 in 2006 would be worth somewhere in the range of $124,800 today.” (source: dsnews.com) Prices were up 4.6% annually in October and as I have stated multiple times in previous articles, prices will not rebound in a U-shape but rather similar to a NIKE symbol. Concurrently, mortgage interest rates have remained at all-time lows with the latest report from Freddie Mac announcing a 15-year fixed-rate at 2.66% and 30-year fixed averaging 3.37%.

The opportunity is there and will be there for some time but are your clients preparing themselves to be able to jump on the bandwagon of nationally appreciating housing values?

A recent report shows that 23 percent of consumer mortgage requests were turned down by banks and I know from several sources around the Washington state that it is increasingly difficult to obtain a loan due to the fact that mortgage rates are so low that they aren’t incentivized to generously hand them out to just anyone.

I'm an agent. How do I prepare my client(future)? If your client had a short sale and got a significant ding on their credit score but want to prepare their credit situation to qualify for loans for their next home purchase, by the end of this article, have them talk to a Lexington Law credit specialist. I have personally researched and found them to be the absolute best company to work with in rebuilding credit scores. Here is a direct number provided through the seattleshortsaleblog for a free consultation: 888-586-6113 or you can apply through their website.

Hope this helps

Peter

https://www.youtube.com/watch?v=KqMxoNoy_hQ&feature=player_embedded

Are you in pre-foreclosure or can foresee yourself in foreclosure status in the near future? You are not alone my friend. There are government sponsored HUD counselors available for you in your area who can help you explore your options and choose the best one for your particular situation. Do this immediately as waiting may be consequential to your situation.

However, one option that HUD counselors may not discuss with you but is worth exploring if you are in pre-foreclosure is the “Produce The Note” strategy.

A few conventional options to stop foreclosure and stay in the home would be a refinance, modification, and a forbearance plan. The two popular exit strategies to avoid foreclosure would be a deed-in-lieu or the popular option, a short sale. Your HUD counselor should explain all of these options to you and recommend a particular plan depending on your specific financial situation.

One strategy to delay foreclosure which is not known or often discussed is the “Produce The Note” strategy. What this strategy entails is, the homeowner, whose home is in a foreclosure process, asks their banks to produce the original loan documentation when they purchased the home. It’s quite simple but surprisingly, a high number of banks are not able to come up with this information thus homeowners can delay banks from foreclosing on their property. There are no guarantees for this strategy as they may be able to “produce the note” but it is certainly worth giving it a try.

By using this strategy, some homeowners were able to stall their foreclosure process for years but keep in mind that delaying is not necessarily solving the problem. Choosing a short sale for your home will help you recover your financial situation much sooner than waiting and simply enjoying the free rent. A wise decision would be to exit the property on good terms with your current lender so you can have the chance to purchase a new home with your next lender who is able to see how you performed with your previous home mortgage.

Have you heard of the produce the note strategy? I would love to know what you have heard about the idea.

Peter

I've mentioned numerous times that I have two companies.  One is an electrical contracting company, and the other one is a real estate brokerage.  They overlap more often than not, and my clients in one company end up being clients in the other company.  It's a nice relationship.

The overlap of the two give me a great opportunity to use either company to help my clients.  When I sell a house, I send an electrician in to check the electric system before the clients move in.  If there are issues, he will fix them up to a certain point.  I'll also make a list of other electrical issues that the client may chose to have repaired at a later time. 

How does that pertain to Realtors who don't own two companies?  One way I've found to stay involved in the lives of my clients is to do a couple things.  For instance, this past week, our contracting company did a project for another local business.  During that process, the owner and I took a ride to his second business location.  During the ride, I realized that his auto air conditioner wasn't working. 

He mentioned that he gets it charged every Spring, but he hadn't had time to do it so far.  A couple days later, I was in his area again and I dropped by his shop and charged his car AC.  It took me five minutes and it costs me about $5.  I was thrilled that I knew how to do it, and what did I gain?  A great faithful client, referrals and some of his wares.  

You don't have to be the one doing a service for your clients, but you can give your clients the names of great contractors, lawn-care companies, tailors, painters, auto repair shops, hair salons, restaurants, discount stores nearby, doctors, dog groomers, etc.  You can give information, which is free, or you can do something simple like mow their grass before they move in.  We  do that when we sell a house that is our listing.  Your clients will love you for it.  Dropping back into a client's life briefly keeps your relationship warm and comfortable.

When they need something, they will call you.  You become a trusted resource.  I received three listings this week.  Two of those listings came from clients our contracting company had done electrical projects for.  I almost always find a way to work information about my real estate brokerage and local market conditions into a conversation when meeting electrical clients.  I actually had a client become a Realtor because she got so excited during one of those comments. 

Be the go to person, and people will seek you out. Use your blog as a resource to help others find what they need, and in the process they will find you.  Share your talents, your knowledge and wisdom and you will always have repeat clients and customers.

It’s a sign of the times!

Most of us grew up thinking that if we planned well and played by the rules, we’d never have to stand by as our financial lives unraveled. Here in Phoenix, Arizona many owners have done Short Sales in order to Avoid Foreclosure.

 With the upheaval on Wall Street, unacceptable rates of unemployment and plummeting real estate values have taken their toll.  Since 2007, 7.9 million homeowners have lost their homes to foreclosure. Current estimates are that one in four homeowners owe more on their mortgages than they could get from the sale of their home. Millions more homes will be lost to foreclosurebefore this real estate crisis runs its course.

 The sad fact is that foreclosure is not an isolated event. For months leading up to the loss of a home, financially strapped homeowners live under a cloud of uncertainty.  And then for many years afterwards, the blow to credit gets in the way of buying another home or buying anything on credit. Foreclosureeven complicates employment prospects.

 The impact of foreclosure in 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.

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

 Get your FREE REPORT.....

Among the most important facts to keep in mind: the sooner help is sought, the better the options.

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

These are tough times, but more help is available than ever before. If you or someone you care about is ready to navigate away from the dark cloud of an unmanageable mortgage and realize that hope and blue skies are within reach, contact me today and let’s get started.

 

I have read several news and Blog pieces about 2012 being the bottom of the market and how the best time to purchase a home is now. In good conscious I cannot sit idly by without voicing my opinion.

The news and columnists have based their analysis on the low number of inventory currently on the market for sale and the fact that it is 22% less than this time last year. They further site a 30% increase in property searches on Realtor.com which is one of the top search websites where consumers make purchase decisions. The reporters further substantiate their point by stating that interest rates are the lowest they have been since the great depression. Well folks, I am here to let you in on a few things. I am a distressed property real estate broker and live in the numbers and happenings on the ground. Last year alone I personally closed $17 Million in real estate. More than three quarters of my sales were short sales and bank owned property sales. My job revolves around tracking properties that have defaulted on their mortgage payments and listing the property for sale before it ends up in foreclosure. When properties do end up going to foreclosure the banks also contacts me to sell the properties back into the marketplace as a bank owned property. This is also known as a REO (Real Estate Owned) property.

In dealing with the lenders on a daily basis I have the ability to see how many mortgages are current or behind in any part of California. The numbers are staggering! One in three properties in San Diego County is currently underwater (owe more than what the property is worth).
Many of you may have heard of the “Mortgage Debt Relief Act of 2007” which is set to expire at the end of 2012. This means that anyone wanting to do a short sale has until the end of this year to get it done to avoid the enormous tax and deficiency implications. As homeowners scramble to do short sales, the banks are absolutely inundated with files. Banks have increased their loss mitigation departments to handle the amount of short sale requests as the deadline draws near.

So to shed further light on the subject of a “recovery,” I would have to say that the reason there is a 22% decrease in inventory on the market for sale is due to the “Robo-signing” debacle which simply held up the foreclosure process for a few months. Furthermore, the lenders have started issuing three month extensions to foreclosure sale dates rather than the standard 30 day extensions. The numbers are artificially adjusted to modify the supply and demand ratio. Also, the news columnists have stated that the average nationwide sales price has started increasing and the market is recovering. This is not quite correct because the number of higher end distressed sales has dramatically increased. In other words, if 100 homes sell at $200K and 900 homes sell at $500K, the average home price may have increased.  However, what they are not saying is that the home that is currently selling at $500K was purchased in 2005 for $900K.  See how they are messing with the numbers. Just because the average nationwide sales price has increased, does not mean we are recovering.

So I would maybe agree that the lower end has reached the bottom whereas the middle and higher end have room to fall.  Far be it from me to state that 2012 is the “Big Housing Recovery.” New young families or recent college graduates will also add to the lower end recovery as they will need to purchase in this range.

The number of Baby Boomers now wanting to downsize will further hamper the prices of the middle and higher end as they add to the supply. There are currently 30 million Americans in this segment of the market.

The FED made an error in judgment a month ago when they stated interest rates would remain low through the end of 2014, which took away the immediate driving force to purchase now. If interest rates would remain low for an extended period of time, why would anyone be in a hurry to purchase when they know how much shadow inventory the lenders are sitting on?

As the world has become a global economy, few have shed light on the fact that China has begun their housing crisis with more than half the cities reporting huge decreases in home prices. This may have an influence on our economy further down the road as this may affect the cost of consumer goods locally.

Gas prices are at an all-time high and could further contribute to inflation and gyrations in the consumer price index.

Unemployment is still stubbornly above 8% and steam rises from the printing presses at the Fed.

I don’t know folks. Recovery 2012?  I am not so sure. And over the years I have learned that in the long run it pays to be honest rather than bending a situation for personal gain. There is a reason I am renting right now. Though the rents are higher, cash will soon be back on the thrown to be crowned King. Don’t be in any hurry to purchase unless you find a great deal.

This is my honest humble opinion.

We have all seen Back to the Future Part II and all know that in 2015 we are supposed to have all these great advancements and technology…The truth is we already have most of the things they came up with in that movie.  Everything except for the ever elusive flying car…but I also know that we are getting close on that too…But what about real estate…

Do you think homes being built in 2015 will be any different than today’s home?  Do you think that we will miraculously adopt the thumbprint entry rather than your traditional doorknob and handle? What about the door itself? Will we all of a sudden start building homes that lose the normal door altogether and start using the Star Wars “blast door” style? Or perhaps we will have coolers on our ceilings that drop on command…

The truth is that homes most likely will not change that drastically in 3 years.  I think the only things we will see are continued upgrades to items already being used.  Items that will help save on energy costs and electricity.  I think we will start to see a lot more solar powered appliances and roof solar panels.  I also think we will see a lot of innovation in windows and insulation.  Lets face it, the trend is and will be for awhile is energy conservation and the environment.  The more “green” we can build new homes the better it will be for the environment…Which is a really good thing and I think a lot of innovation will come out of energy efficiency and solar energy research.  I just saw the other day a paint that you can use that will conduct solar energy and with the right equipment installed can be utilized for household energy use.

What are some things that you think we will see in the next couple years…Where will the new home building focus be? What kinds of interesting things have you seen lately in this arena?

Tim Brown
Realtor ®, BROKER, ABR, CRS, CDPE ®, SFR, Auctioneer NCAL#8560
Hines & Associates Realty
Direct Line: 704-619-1008
www.CarolinaHomes4Sale.com

It would seem that by now the banks would have this system figured out, but alas not yet.

Had a cash offer on my listing, waited 3 months for a HAFA approval from Aurora. Telling them our All Cash buyer for $350K was going to walk if they didn’t move...to approve, wanted one thing after another. Finally we get our approval and the second, credit union, did not want to settle due to the new deficiency law that took affect July 15th. So we lost our cash buyer and Aurora is foreclosing on the house, will not allow us to bring another offer, because they will not postpone the sale date.

Is this how they do it?  They drag it on , make us jump through all the hoops then say no anyway?

I have succefully closed over a dozen Short Sales so far. This one was a hard one to lose...

NEXT?

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!

I got an offer in January from an out of area Realtor on a duplex I had listed as a short sale.  I thought this was kinda strange they never saw the property that I knew of.  I figured maybe they where related to a tenant.

The beginning of April we had gotten approval. With no deficiency to sellers.  My seller had been difficult to deal with from the beginning, getting info to submit price changes, signing the offer, ect.

The buyer/Realtor told me she was new to all this and she was very confused.  She had been licensed since 2007 and I'm guessing not doing much in Real Estate.  I asked if they would be doing an inspection of the property.

The week before closing I was still trying to get the lease agreements from the seller.  During that time I had sent the buyer/Realtor an arms length affidavit. Two days later I was told the deal was off buyer/Realtor decided not to continue with the purchase.  By this time I had been pulling my hair out of my head getting the seller to co-operate.  One unit had no lease just month to month, I thought this was the reason for buyer was not going forward. Seller also stated no rent was received for April there was no security deposit and no last months rents paid for the unit with no lease.

I sent the buyer an email asking if they would reconsider if the tenant would sign a lease agreement.  We then got notice they would close. So I asked if we where still on for inspections.  I understood the buyers husband would be present and the hired inspector.  The morning of inspections I spoke to the tenant to clarify he never paid Aprils rent, no security deposit and no last months pre paid he told me that was all untrue.  Oh did I mention the buyers never showed for the inspection.  I had the tenant write a statement of the facts. The other tenant made a comment that she thought the sellers mother was buying the place, my comment was I wasn't aware of that.

Meanwhile I thought these people where crazy this inspector has no clue of what be was doing. I had never met this guy so I thought he must have been from the area where the buyer/Realtor is from. Then again was that my business? The property was bringing in a 14% cap rate and I thought that's why they where wanting to purchase.  This was Friday morning closing was for Monday afternoon.

That day (Friday) I got a fax from the seller stating she was as frustrated as I was and didn't appreciate my petty comments and I had a fiduciary to her.  Note I'm a transaction broker.  I didn't understand the comment of petty remarks.  If begging and pledging to get the seller to co-operate is petty then OK.  At this point I took all my info and her fax and sent it to our lawyer who was doing the closing and said until I hear back from you I will not respond to this seller.

Monday morning I find out from the attorney that the buyer/Realtor is the sellers aunt, the inspector was the sellers step father (not a home inspector) and the step father was purchasing this also because they had formed an LLC, that they wanted us to change names at closing to this LLC.  The closing agent at this stage said she quits.  At this point I could careless if it didn't close I felt total deceived by the buyer and seller.  At this point there was no arms length affidavit from either party.  Gee I wonder why? 

The buyers husband shows up to closing acting as he knew nothing and brings a definition from some ask search, what the IRS claims is an arms length transaction is.  Mean while he has the arms length affidavit  with the signature of the Realtor on it. I take this and make a copy, then tell them I will NOT sign this.  Then they tell me that I knew this all along supposedly the seller had told me this in February.  If I had known do you honestly think I would have worked so hard to get no where? 

I feel this Realtor/Buyer has major ethic issues and I would like to go forward with an ethics complaint would you?

I just like to share with you this article about What the House bill is doing to force Banks to speed up the process of Short Sales. It's a great idea but are they able to pass this so that the process won't take so long for Homeowners and for Buyers. I sure do hope so. Someone has to do something..... http://House Bill Would Force Lenders to Decide on Short Sales in 45 Days

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Bob Hertzog

Summit Home Consultants

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Copyright © By Bob Hertzog 2010 *Making Sense of The Mortgage Crisis-How The FDIC Loss Share Program Is Hurting Homeowners*