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What do you want from your agent?

happy_buyers.jpg?width=200There have been some recent numbers and percentages being released concerning different polls and surveys the National Association of Realtors has conducted.  These numbers work to paint a solid picture of what buyers really do care about in terms of their agent and how they are represented.

From the start you can say with certainty that people are not concerned about how technologically savvy you are or how many neat toys and gizmos you have.  What they do care about is that you can find the right home for them and deliver what they are searching for.

The majority care about you finding them the best home for them, while many also care about the negotiation.  They want you to be able to negotiate the best deal possible for them.

It would be ridiculous to say that Realtors these days are searching down homes for their clients…Sure you set up alerts and notifications of homes that match your buyers criteria and keep an eye out for a good match but gone are the days where an agent will sit down and search the MLS rigorously for your property?  Is it because the Realtor of today is unwilling to do this? No..any good agent will do this if needed. But it is because by the time the buyer contacts an agent they usually already have a stack of printouts from all the search sites of homes that they are interested in.  It then becomes the agents job and duty to find the “right” home for their clients.

I think the mark of a good agent is someone that can provide to the client exactly what they want as well as go way above and beyond their expectations.  Sure your job is to help them find the best home for them, but it is also to make sure that they are not taken advantage of, that they get the best deal possible on the home, that they are actually happy with the choice that they made and that they are excited about the process in general.

Providing the above and beyond service is what buyers really want.  They want to know that you care and that they have your attention.  Once you provide them with that, helping them find the right home is easy!

 

Tim Brown
Owner/Broker, Realtor®, ABR,CRS,CDPE®
Auctioneer NCAL#8560
Hines & Associates Realty
TeamHeidi
Direct Line: 704-619-1008
Client Care Line: 704-815-3208
www.CarolinaHomes4Sale.com

 

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Stolen Copper B 4 Close

Everyday a new adventure!

We have a Short Sale agreed to.

Closing 11/29 - has to be funded by 11/30.

The 11/27 walk though found that the copper had been stolen.

 

PS - We are in the Northeast  & property is hot water heated - lots of copper!

 

Any experience you can share?

What did you do?

How did it work?

 

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What Are You Thankful For?

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DiscussionsRepliesLatest Activity

Jeff Payne

OFF TOPIC, I am thankful for............................finish the sentence

a beautiful and caring wife/business partner.....

Started by Jeff Payne

98 seconds ago
Reply by Bryant Tutas
Rita Cox

Tenant Purchasing a Short Sale

Has anyone had any success with a tenant purchasing the home from the landlord in a short sale? I realize that all parties have to sign an…

Started by Rita Cox

211 hours ago
Reply by Rita Cox
Jackie Beardsley

Do Short Sales Have To Be Sold 'As Is'

I am about to negotiate an offer with my first short sale listing. I did add on an experienced short sale agent to co list with me. Howev…

Started by Jackie Beardsley

716 hours ago
Reply by Rita Cox
Kristin Johnsen

Bank of America's policy on allowing third-party negotiators to work short sales

I am a third party negotiator that the agents and homeowners select to assist with the short sale process. For a year I have been negotiati…

Started by Kristin Johnsen

142yesterday
Reply by Smitty
Investor

Does a SS offer go to MI first or to the investor?

It seems to me it would go to the investor first.

Started by Investor

3yesterday
Reply by Jessica Kesler
Barbara Pedersen

Is there a limit to pay to the 2nd lienholder in a non-HAFA, Fannie Mae investor short sale?

I went through the Fannie Mae loan workout facts sheet from 11.16.2011 https://www.efanniemae.com/sf/servicing/pdf/loanworkoutfactsheet.pdf

Started by Barbara Pedersen

8yesterday
Reply by Beverly Cibulsky
Smitty

Is overpaying for a home OR not getting proper APPRAISAL/INSPECTION a REASON for a SHORT SALE?

So, I was goofing around and found out pop star Rhianna is selling her Beverly Hills pad which was completely remodeled in 2007/2008 http:/…

Started by Smitty

0yesterday
Poyin Chen

BofA short sale success!

Hi everyone. We just closed escrow on a B of A short sale that's been dragging on since April! The whole process was somewhat of a nightmar…

Started by Poyin Chen

1yesterday
Reply by Richard
Andrew Arild

Alternative to Deed in Lieu program??????

Has anyone heard of an alternative federal program that would allow a lender to accept a property from an underwater/defaulted borrower and…

Started by Andrew Arild

1on Friday
Reply by Bryant Tutas

"Short Sale Superstars

Advanced Short Sale Training"

Our goal is to provide you with best ADVANCED Short Sale Training available. We are not teaching you how to take a short sale listing and put a package together for the lender.

Instead this is advanced short sale training for experienced short sale negotiators.
***YOU MUST BE LOGGED INTO THE SITE TO ORDER THE TRAINING.
 

1. HUD-1 Secrets that produce winning results. NOW AVAILABLE!!

2. Bank Communication and Escalation Techniques. NOW AVAILABLE

3. Overcoming bad BPO's. NOW AVAILABLE

4. Overcoming cash contributions and promissory notes NOW AVAILABLE

 5. Negotiating Junior Liens. NOW AVAILABLE

6. Lead Generation Strategies

7. FHA, VA and HAFA Success Tips

8. 10 Most Common Short Sale Mistakes and How to Avoid Them

9. Solving Last Minute Closing Hurdles

10. Running A Short Sale Business

 

Each training class will be delivered by 45-60 minutes of audio and will be released every 2 weeks (or sooner) beginning on 14 September. The cost is $37 per class OR you can pre-pay for all 10 for $200.

12433924273?profile=original

The instructors for Short Sale Superstars Advanced Training are Broker Bryant and Wendy Rulnick......CHECK IT OUT


12433924278?profile=original 12433924060?profile=original

This site is owned and operated by REGrow, LLC

A Licensed Florida Real Estate Brokerage

ShortSaleSuperStars@gmail.com

DISCLAIMER

REGrow, LLC does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community.

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Old Farm Short Sale Home

Old Farm Short Sale House for Sale by Old Farm Community Gardens

Colorado Springs Short Sale Agents offers an Old Farm Short Sale House for sale by Old FarmCommunity Gardens, as an outstanding value! Brand new on the market today, this family home is priced to sell now.

The Old Farm Homes area has a “down home” welcoming appeal with mature landscaping and big beautiful trees. The hospitality Old Farm Homes offers comes complete with the Old Farm Community Gardens – where you can join the gardening program and rent your own gardening plot to grow your own organic food!

This well cared for Colorado Springs short sale house features an oversized garage, vaulted ceilings, ceiling fans, recently remodeled kitchen, hardwood floors, kitchen breakfast nook, mountain views from master bedroom balcony – plus 2 patio decks and a gas log fireplace. This short sale house boasts over 2,300 square feet of finished living space with 4 bedrooms and 3 baths.

As an Old Farm short sale home near Old Farm Community Gardens, this home is priced to offer significant value. With easy access from Old Farm Homes to Old Farm Community Gardens (only one of two community gardens in the city of Colorado Springs) you will find great ways to connect to your new neighbors and friends. There is a waiting list to get a gardening plot – so make sure you get your name on the list. Here are some links for more information on how you can begin gardening with your community:

Your Colorado Springs Short Sale Agents REALTOR® Charles Walk is just a ”click” away to view this incredibly valued, beautiful short sale house in Old Farm Homes in Colorado Springs, by Old Farm Community Gardens… info@AngelRealtyGlobal.com

 

093e3269994f5daa96ade1e95c92e47810c767219
$179,000
4963 Galileo DR 
Colorado Springs, CO 80917
Listing #: 767219

 

This Colorado Springs Short Sale House is a home you won’t want to pass up – click on the picture above to see the photo gallery of all of the home’s amenities, views and comfortable living spaces it offers. Call your Colorado Springs Short Sale Agent, Charles Walk, at             719-640-8648       to schedule a private tour – it will be well worth your time.

 

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What exactly is a CMA?

CMA_What_is_it.jpg?width=128If you have been exposed to the Real Estate industry in almost any way, shape or form then you have for sure been exposed to the popular marketing tactic of a FREE CMA!

If you are someone that is jumping into the real estate river for the first time then this may be a new concept for you and may be something you really have no idea about.

So what exactly is a CMA?  Well, a CMA stands for “Comparative Market Analysis”.  In short, it is a technical way of saying “What’s the market like where I live”.  Though this is something that most Realtors will offer up for free and many use as a marketing strategy of sorts, you should not overlook the importance of having one done.  Realtors offer them up for good reason.  They provide a solid report on how the real estate market is performing in your particular neighborhood.  These reports can be very short and to the point or could be a 50 page document. They tell you what homes are for sale, what homes have recently sold and for how much and can tell you what your home should sell for today.

A CMA is used to help initially price your home.  It takes into account the surrounding area and the current market performance and can deduct with pretty good accuracy a solid starting point at which to list your home.  These

For example…in simple terms, let’s say in your neighborhood 3 homes exactly the same as yours in terms of bedrooms, bathrooms, square footage and whatever else…They are virtually identical in characteristics.  Now let’s say that these 3 homes have all been sold in the last 6 months between $325,000 and $350,000. With that knowledge you can deduct with pretty good certainty that your home would in fact sell for more than $300,000.

Now let’s say that your home has something that none of the other homes have.  Let’s say that your home has an in-ground pool.  We then would have to attach an overall value to the pool and can then adjust our listing price accordingly.  Same holds true if your home is the only home out of the 3 that does not have a pool.  You would then deduct a defined value from the estimated listing price.

The above of course is about as simple as it can get, but it does give you an idea of how a CMA works. It also gives you an idea of why a CMA is so important.  You get a snapshot in time of how your neighborhood is performing in the real estate market today.  You can use this CMA to gauge when the best time to sell would be for you.  Many realtors offer free CMA updates via email for you to track the changes over time and make an informed decision.

But in all honestly, though a CMA is thrown around for free and used by many as a marketing tactic it is actually one of, if not the most important information tools available and should be one of the first items you look at when you are thinking of selling your home.

 

Would you like a FREE CMA? CLICK HERE!

 

Tim Brown
Owner/Broker, Realtor®, ABR,CRS,CDPE®
Auctioneer NCAL#8560
Hines & Associates Realty
TeamHeidi
Direct Line: 704-619-1008
Client Care Line: 704-815-3208
www.CarolinaHomes4Sale.com

 

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If you can not pay your mortgage you might want to do something about it sooner rather than later. Here's why:

1. The Mortgage Debt Relief Act of 2007 is set to expire at the end of 2012

2. This act says that if you sell your primary residence as a short sale or it is foreclosed then no federal tax is owned on the debt foregiveness, the difference between what you owe and what the bank was paid back after the short sale or foreclosure.

3. In 2013, unless the act is extended there will be taxes owned on homes that are foreclosed or sold as short sales.

4. Do you really think the congress is going to pass anything like an extension of this tax relief during the election season?

 

So, if you can not pay your mortgage DO SOMETHING NOW. Don't be stuck with losing your home and then still owing taxes on it.

If you have any questions about short sales in San Mateo or Santa Clara Counties, please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales

 

 

Read more…

12433922693?profile=original

DiscussionsRepliesLatest Activity

Natalie Arndt

Did you take equator clasess? Why or why not?

Hi , I am in the process of receiving equator training and the only options are paid options where I can choose between two designations.…

Started by Natalie Arndt

51 minute ago
Reply by Bryant Tutas
Kristin Johnsen

Bank of America's policy on allowing third-party negotiators to work short sales

I am a third party negotiator that the agents and homeowners select to assist with the short sale process. For a year I have been negotiati…

Started by Kristin Johnsen

493 minutes ago
Reply by Bryant Tutas
Coleen DeGroff

Question re relocation hardship

Hi all, I have sellers who have an incredible job opportunity in another city; unfortunately they are underwater on their current home. S…

Started by Coleen DeGroff

17 minutes ago
Reply by Bryant Tutas
Michael

Cheap rental to get SS buyer to stay in deal??

Hi, I had a bit of a crazy idea that I wanted to run by some collegues. I have a seller who has a first w/ PNC, house is approx $80K under…

Started by Michael

920 hours ago
Reply by Wendy Rulnick
Lisa Wiseman

OCWEN/JMac Contacts? Ready to close!!

I've had transactions fall apart for lame things, but this is the lamest! Ready for docs, and JMac (the lender my client's mortgage broker…

Started by Lisa Wiseman

3yesterday
Reply by Lisa Wiseman
Joan Hawthorne

Freedom Mortgage

To Everyone, I need some information with Freedom Mortgage. If you have any experience with them, please respond. Thanks, Joan Hawthor…

Started by Joan Hawthorne

6yesterday
Reply by Hank Montgomery
Mike Linkenauger

Chase Gives Seller $10K Back Without Even Being Asked!

When Chase started sending incentive solicitation letters to their borrowers in hardship early this year, many in the real estate industry…

Started by Mike Linkenauger

1yesterday
Reply by Smitty
Lisa Jaworski

Deed in Lieu

Since my client and Regions Bank(2nd mtg.) could not come to agreement. We were not able to move forward with a short sale. Now Bank of A…

Started by Lisa Jaworski

1yesterday
Reply by Wendy Rulnick
michelle furr

First time buyer in need of advice regarding BOA counter offer

We are buying our first home, a short sale, and the lender is BOA. We offered full list price (280,000) with no concessions. Bank counter…

Started by michelle furr

28yesterday
Reply by Richard
Richard Martinez

Bids Submitted on BofA shortsale and after long silence selling agent says house is still on the market

Hi All, I'm completely new to short sales. About 1.5 months ago, I submitted an offer on a short sale (saw the home on Saturday, selling…

Started by Richard Martinez

8yesterday
Reply by Harry Clay

 

"Short Sale Superstars

Advanced Short Sale Training"

Our goal is to provide you with best ADVANCED Short Sale Training available. We are not teaching you how to take a short sale listing and put a package together for the lender.

Instead this is advanced short sale training for experienced short sale negotiators.
 

1. HUD-1 Secrets that produce winning results. NOW AVAILABLE!!

2. Bank Communication and Escalation Techniques. NOW AVAILABLE

3. Overcoming bad BPO's. NOW AVAILABLE

4. Overcoming cash contributions and promissory notes NOW AVAILABLE

5. Negotiating Junior Liens. NOW AVAILABLE

6. Lead Generation Strategies

7. FHA, VA and HAFA Success Tips

8. 10 Most Common Short Sale Mistakes and How to Avoid Them

9. Solving Last Minute Closing Hurdles

10. Running a Short Sale Business

 

Each training class will be delivered by 45-60 minutes of audio and will be released every 2 weeks (or sooner) beginning on 14 September. The cost is $37 per class OR you can pre-pay for all 10 for $200.

12433924273?profile=original

The instructors for Short Sale Superstars Advanced Training are Broker Bryant and Wendy Rulnick......CHECK IT OUT


12433924278?profile=original 12433924060?profile=original

This site is owned and operated by REGrow, LLC

A Licensed Florida Real Estate Brokerage

ShortSaleSuperStars@gmail.com

DISCLAIMER

REGrow, LLC does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community.

Read more…

I am so proud to say that we just assisted another Johnson County KS homeowner seeking to short sell their Shawnee home. 

The loan was an FHA insured with BB&T and frankly, was one of the best experiences I have had in working with a bank/investor on a short sale.  I found it very easy to communicate with BB&T's short sale specialist which made the process run smoothly and to the benefit of BB&T and FHA.

 

11312-w-77th-street-exterior-photo.jpg

It is refreshing being able to experience a working relationship with a lender on a short sale transaction that went so smoothly and was a "win-win" for both our Sellers and the lender/investor. 

 Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

Kansas and Missouri Short Sale real estate agent having successfully closed short sales with Bank of America, Chase, Citi, US Bank, Wells Fargo, BBT, and others.

Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Phone: 816-520-0917
Email: shinton@remax.net
Licensed in Kansas and Missouri

(There are potential tax consequences that should be discussed with a tax professional.  Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)

©2011 Suzanne Hinton-Hinton Homes-Shawnee Short Sale Realtor
Kansas City Short Sales

Related articles
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In today’s real estate market situation, selling your home can be tough and stressful at times. But there are better ways that you can do to speed up the selling process of your home in the tough market. Giving attention to simple details, matching colors, and making the room look more appealing can attract buyer's attention and possibly buy your home.

 

Focusing your attention to simple details such as searching for the tips on how to speed up the process of home selling can benefit you and help you increase the chances of getting buyer’s attention. Some changes in your home need not to be pricey as long as it can definitely add comfort and increase offers to your home.  Starting from rearranging the furniture, you can move the furniture away from the walls. Experts say that this can make the room appear larger and spacious yet this depends on the size and shape of your house.

 

If you have vacant rooms, adding a colorful table and chair can make a room more appealing and inviting. Giving a room a purpose and adding it with some pleasant décor help buyers see how you optimize and use the vacant room. By this, buyers can develop an idea that will integrate a more appealing and purposeful things to the room when they decide to buy it.

 

Put good lighting to the room. A room that has a poor lighting can really turn off home buyers. Stage rooms can really look great because of the lighting. The accent you give to the room help create good lighting. Another way to make the room more inviting and appealing is to paint the room with same color as the drapes. Having the color of the room that match with the drapes can create an illusion that the room is larger and gives a fulfilling feeling.

 

Selecting neutral colors also produce better results. Keep in mind that outdated furnishings can turn off buyers and sometimes they don't appreciate bold colors. These days, neutral colors are not boring anymore. Neutral colors can have underlying tones of color. For instance, beige can have an undertone of pink or tan, and white can have a tone of bluish and peachy color. Keep in mind to use these colors in large areas.

 

Selling the house in the tough market nowadays needs extra retouch. Creating an attractive appeal and special furnishing touches can surely attract home buyers. Keep in mind that by putting extra effort, your house will look great and you can sell it quickly.

 

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Interested in homes for sale in the province of Arizona?

Feel free to check out Avondale Houses for Sale and Homes Buckeye Arizona.

 

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Today I was thinking that if the home owner is not paying the mortgage than most likely the insurance is also gone by the way side. My question is this:

 Will the bank place insurance on the property and if so how much liablity.? 

 Will that protect the home owner,family and guests from injury while living in the property? 

What about when it gets listed and people interested  for some reason need  to enter the property and gets injured? 

 What happens than, who you go after? Just thinking out loud

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I've lately been having many friends and clients receiving certified mail from their "lender" (but it actually seems to be from the govt) saying they are qualified to get a lower rate through the HARP program.....that it will be easy and all they have to do is fill out a few papers. These are owners that have never had a late or missed payment as well. So far, I havent heard of ANY of my clients getting this lower rate very easily-and when it has come back from Freddie or Fannie, it is declined saying no real hardship. (They arent supossed to even have a hardship, just looking to refi an underwater mortgage.) Then, they have been advised to actually MISS one payment and then they will get the lower rate. And this is NOT the case....then it has snowballed into back and late payments, and leaving these poor borrowers (who never were in distress in the first place) struggling to negotiate to get any type of refi program qualification from Freddie or Fannie!!!! And to keep their home! Anyone else out there hearing similar stories? Am I correct in thinking this is terribly wrong?? Cassie

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B of A Issues

There is a $1600 difference between what B of A will give the second and what the second deed of trust wants. The buyer is willing to pay this but our negotiator says Bank will not approve this. We suggested that the buyers agent pay this and get reimbursed from seller concession but still we are told no go. Any ideas? 

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Changes on Equator

Yesterday we released new functionality to simplify searches and removed some existing functionality. We have heard from many of you that this is not the way you like to work, and will be restoring previous functionality tonight. We apologize for any confusion this may have caused. Thanks for using Equator.

 

The Equator Team

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Dealing With Cash Contributions For A Short Sale


Folks, as you may know, Borrowers (Sellers) are often required to make a cash contribution to the Investor or Mortgage Insurance Company in order for the Short Sale to be approved.

There are several reasons why the Borrower may be asked to do this:

  1. They are not late on their payments.

  2. They have a good credit score and are current on their bills.

  3. It’s an investment property.

  4. A contribution is required in order to Waive the Deficiency.

  5. They have cash on hand and/or large retirement fund accounts.

This is by no means a comprehensive list but you can see the trend.

Recently, one of my Sellers was required to make a $10,000 cash contribution in order to avoid a possible deficiency judgement in the future. The Sellers had no money but were current on their payments and it was an investment property.

Our course of action was to:

  1. Negotiate as best we could to get the amount lowered or removed.

  2. Try to get the investor to agree to a promissory note instead of cash at closing.

  3. Ask the Buyer to pay the cash contribution.

  4. See if the Sellers could borrow the funds.

Unfortunately, none of these worked. So we had to revert to plan B, place the property back on the market and negotiate a new deal where the Buyer would pay the $10,000 Cash Contribution for the Seller. This is added to the purchase contract where the distribution of closing costs goes.

It took all of 3 days to find a Buyer agreeable to this. Now we simply place a $10,000 “Cash Contribution For The Lender On Behalf of the Seller” on line 104 of the Buyer side HUD-1. Then we place the $10,000 on line 404 of the Seller side HUD-1 as “Cash Contribution To The Lender”. Then we just add the $10,000 to the payoff amount to the Lender.

Done deal. Fully disclosed and approved by the Lender. And my Seller will avoid any future Deficiency Judgement on an investment property without having to miss any payments. Heck their credit score may actually go up!!! Sweet. Any questions?

Are you under water on your Florida mortgage?

 

Contact Bryant Tutas

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

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved

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It is OK to Walk Away…

footsteps-300x264.jpg?width=300In today’s real estate landscape buyers are often hesitant and reluctant to really make that final decision.  A lot of times they get pressured into a decision.  Sure they may find a house that they really like and are kind of on the fence about it.  Then they start to feel pressure from what their family thinks, what their parents think, what their friends think and worst of all what their agent thinks they should do.  The truth is, a professional and reputable agent will be able to give their opinion and yet stay out of the decision making process.  A good Realtor is able to give them the best and most informed information a buyer needs in order to make the decision for themselves without the agents influence.

A common story these days is that a buyer is pressured or talked into purchasing a home that someone else thought would be perfect for them. Then 3 months down the line they realize that they don’t really like the home and now are somewhat trapped in the situation.

I think buyers, especially first time homebuyers feel as if they might upset people.  Whether it be another family member or even their agent.  The truth is that it shouldn’t matter.  This is your home, your purchase, your mortgage and needs to be your decision.

I think a lot of buyers once they get deep in the process are afraid to walk away.  The truth is there is nothing wrong with walking away. Sure there are contractual limitations and time periods in which these decisions need to be made, but none the less the buyers and even sellers are given time to walk away from the deal.

As a Realtor in the Charlotte area it is my job not just to sell homes, but more so make sure my clients are happy with their decisions and happy with the options they have and guidance I have provided.  I want my clients to understand that the “Due Diligence” period is their time to enforce their decision, make sure that it is and will be what they want it to be, get whatever inspections and so forth that needs to be done and make sure they will be happy with their decision.

As an added buyer protection for my clients I have recently started offering what is called the “Love It or Leave It Guarantee”.  If one of my buyer clients decides that they do not like their home and have made the wrong decision,  as long as it is within 90 days of closing I will resell their property for FREE.  This means I will not take a commission on the transaction.  However, a commission would still need to be paid to the other party’s representative, but you would not pay me a dime.

Buying a home is a HUGE step in life and one that needs to be celebrated and enjoyed.  A buyer needs to feel confident that they made their own decision and that it is a decision that they are happy with.

Tim Brown
Owner/Broker, Realtor®, ABR,CRS,CDPE®
Auctioneer NCAL#8560
Hines & Associates Realty
TeamHeidi
Direct Line: 704-619-1008
Client Care Line: 704-815-3208
www.CarolinaHomes4Sale.com

 

Read more…


Short sale Birmingham Michigan Tip #58, understanding the short sale parties!!!, Mike Sher (248) 644-4700 x 242 Max Broock Certified distressed property expert.

Often short sale sellers and short sale buyers get confused about “how many cooks are there in the kitchen”. 

·       A buyer can’t understand how they write a full price offer on a home and yet 60 days later the bank counters above the list price.    

·       Or, a seller who was told that the short sale was approved by the bank (servicer) and then 30 days later FNMA the “Investor” denies it.  

·       Sometimes the listing agent tells the buyer’s agent that the short sale was approved with certain terms and after the buyer writes that offer, the bank comes back with completely different terms.

·        Another common issue is that the servicer tells the seller that they will get full deficiency release but a week later, the Mortgage insurance company refuses to close without a seller signed promissory note.  

·       The biggest concern is why are all of these issues taking SO LONG to come to the surface.

ar132127511938422.jpg

As illustrated on this chart.   Bank of America, like many servicers are agents to an investor and sometimes to a mortgage insurance company.  So the Servicer is not a principal but a middle person. Much like the listing Realtor is a middle person to the seller, the buyer’s agent, buyer’s lender and the buyer.

Step1.  The listing agent and the Servicer, like Bank of America,  try to broker a deal that all parties can agree to, sometimes even before they have an offer.  We do this through negotiations where both agent and servicer present cases on what each of the terms should be and why.

Step2.  Once that is agreed upon, the listing agent offers those terms to the buyer’s agent and the seller.  If countered, the servicer and listing agent negotiate another settlement.  Once agreed by the servicer, seller and buyer.

Step3. Servicer sends the approval to the investor and/or mortgage insurance company

Step 3B.  If there is more than one lien/loan on the home, the listing agent will simultaneously negotiate that file as well.

Step 4. Investor will accept, deny or counter the file.  Each of these outcomes requires further negotiation.  Even an acceptance by the investor may still need negotiation if the terms are unreasonable to the seller.   More negotiation is often needed at this phase.

Step 5 once approval is agreed upon, the buyer gets his/her financing and as long as the home appraises, the sale should be fine.  

 

It is critical that the realtor negotiation the short sale has a clear understanding of the process and the parties of the transaction. That realtor has to have a proven track record of closing short sales.  Ask for references and proof that the realtor has closed dozens of short sale before listing your home with them or writing an offer on their short sale listing

Mike Sher
Max Broock Realtors
248 496-1572

 

2010 results: 75 units sold, over $10,000,000,00 in sales and 365 days of FOCUS!

The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Novi, Huntington Woods, Royal Oak & Auburn Hills. Call us at (248) 644-4700 X 242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mik

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DiscussionsRepliesLatest Activity

jennifer mullen

Buyer's agent asking to speak to negotiator

I've had this happen before and my sellers have never been willing to give third party authorization to another agent but I'm curious about…

Started by jennifer mullen

249 seconds ago
Reply by Bryant Tutas
Harry Clay

Seterus: A Case Study in Stupidity

This is a followup to my Seterus thread from last week. I submitted a very thorough, comprehensive, & well documented offer to Seterus…

Started by Harry Clay

91 minute ago
Reply by Bryant Tutas
Harry Clay

Warning to Agents re Seterus

Clients contacted me with approx 2 weeks to go before the scheduled Trustee Sale. I just closed an 11 month IBM / LBPS / Seterus / National…

Started by Harry Clay

223 minutes ago
Reply by Bryant Tutas
John Young

How to get HAFA to move on this?

I have a buyer with an approved offer on BofA short sale. He requested an extension which was submitted to BofA about Oct 18 with an Origin…

Started by John Young

611 hours ago
Reply by John Young
Jen Basnight

HAFA and Inspections

Hello, I am currently working several short sales and learning something new each and every day. On a HAFA sale, buyers submitted a lower o…

Started by Jen Basnight

012 hours ago
Amy Summers

Arms length transaction?

I have been asked to do a short sale. The owner of the home is also an officer of the corporation that owns our brokerage. I am also an of…

Started by Amy Summers

121 hours ago
Reply by Kimberley Kelly
Thomas Zdanowicz

Co-Op Short Sale Assignments

Has anyone gotten an e-mail from this company DTS or Dignified Transfer Solutions who is teamed up with Bank of America to assign contacts…

Started by Thomas Zdanowicz

1922 hours ago
Reply by Kimberley Kelly
Joshua Gayman

USAA HELOC - satanic

I have a file with a USAA heloc. The homeowner is in foreclosure because she is way behind on her first lien, however she never stopped mak…

Started by Joshua Gayman

322 hours ago
Reply by Kimberley Kelly
JayFriedman

USAA is demanding 50% of the debt on a HELOC!!! Can anyone help me with contacts or ideas?

Ive been working a short for over a year now.. The first is BofA and USAA has a HELOC 2nd....Originally USAA was going to cooperate with th…

Started by JayFriedman

322 hours ago
Reply by Kimberley Kelly
Investor

Buyer changing their offer on a SS while waiting for approval.

Here are the details: A house that has a balance off 400k and the offer is 320k which is right at 100.00 per sq foot. The bpo was done 3 m…

Started by Investor

122 hours ago
Reply by Kimberley Kelly

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This site is owned and operated by REGrow, LLC

A Licensed Florida Real Estate Brokerage

ShortSaleSuperStars@gmail.com

DISCLAIMER

REGrow, LLC does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community.

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