I have a buyer that has waited the short sale process out for over 4 months.  We have an approval from Wells Fargo until 12.4.2012, however, the negotiator won't give us an extension.  We have everything ready, but she is getting a downpayment from FHLB and that needs 48 hrs to approve HUD, then 48 from Wells to approve that HUD, which will allow us to close by Wednesday of next week.  What can I do?  I have escalated, sent her supervisor and email.

HELP!!!!!

Good morning Superstars.

We are quickly closing in on 2013. Do you know how many transactions you need to close next year to reach your goals?  If not then this will help.

First I want you to punch your numbers into this chart. We are looking for how much GFI (Gross Commission Income) you need to meet your financial obligations based on the lifestyle you want to live.

The amount of GCI (Gross Commission Income) needed is $117,500. So how do you get there?

• Average sales price in your market area X the average commission X your % split=Your ADPT (Average Dollar Per Transaction).

• GCI divided by ADPT divided by 12=How many transaction you need to close per month.

• Active Listings in your Market divided by Listings Sold Per Month=How many listings you need per sale X transactions you need to close per month= How many saleable listings you need to maintain.

The math based on the numbers in my example would be:

• $125,000 X .0275 = $3,437 X .70 = $2,406 (ADPT)

• $117,500 (GCI) / $2,406 (ADPT) = 49 / 12 = 4 (need to close per month)

• 600 (Active Listings) / 100 (Sold per month) = 6 X 4 = 24 (Saleable Listings)

Based on this example you would need to maintain 24 listings at all times and would need to list 4 a month. Throw in some Buyer deals and you could have a fairly decent year.

The point of this exercise is to show you how to lay out your financial map so you can make sure you are meeting your obligations with ease.

A final tip:

There are only three ways to increase your GCI.

• Increase the number of units you sell.

• Increase the sale price of the units you sell.

• Increase the fees that you charge.

We hope this help?

Has anyone out there ever heard of a company called JUSTICE ONE FOUNDATION? Here is what I have just experienced. . .I have a negotiator at CHASE that denied my sales price while on a CHASE phone call, then called me the next day from a PRIVATE number, said he wasn't in the office but wanted to refer me to JUSTICE ONE FOUNDATION which is a company that will negotiate my short sale and get my seller more $ at closing and then the seller could give the money back to the buyer after closing. I have been contacted by JUSTICE ONE FOUNDATION and sent a generic 'permission to release information' that they want my client (the seller) to sign and send back to them. The negotiator did tell me this had to be done without CHASE knowing of his involvment! I have tried to get in touch with his supervisor without success, I have called a couple of hotlines and executive offices, this all happened Friday, now today I have the negotiator calling me like nothing happened and saying he is going to deny my file~ any adivce? #'s I can call?? PLEASE HELP~Janie

Before you go back to school, take this quiz. 

My academic pedigree has always been something I make light of, but it has served me well over the past couple decades.  I've always said, "With all of the education behind me, you would think I'd be smarter than I am."  Well, there's a lot of truth in that.

I'm starting to find this in real estate too.  The learning never ends.  I've been in and out of real estate classes all week this week.  Ironically, I already have all of my CEUs for my next license renewal in Virginia and West Virginia, but there are topics I'm just attracted to that all showed up in available classes at the same time.  Fortunately, most of the studies have been in my community, but today I was off to Richmond, VA for a class.

Getting up at 4:45 am and heading down the highway just after 5:00 am was not my idea of a great way to start the day, but I learned a long time ago that education that is valuable is worth a little sacrifice.  Not only is it exercise for the brain, but it sharpens you like the tip of a sword.  I'm not a big fan of voluminous certifications and long strings of initials behind a name (even though I have a number of them), but I am a huge fan of smart, timely and effective information.

A certification, or a class that can immediately help me be a more efficient business person is a class I view as well thought out and well taught.  Before you sign you up for a class, webinar, seminar or a certification, ask yourself:

• Will this make me a better Realtor?
• Is this something I can't learn at the level I need outside of the classroom?  One class I took this week failed this test.  
• Will this make me a more confident and proficient professional? Too many webinars, seminars and certifications only skim this question positively.
• Is the education I'm about to receive worth the price?  I went to a seminar in the summer that ended with a sign-up phase that was so expensive that I couldn't justify it on a good year.  If I'm going to spend five figures for the education and service, it better produce a six figure result.  There were no guarantees or refunds.  I have over 230 graduate and post graduate credits in the degrees I hold.  I could have bought a house with the tuition I've paid, but the value added impact on my life has far exceeded the money spent.  Is it worth the price?
  
• Will the information I'm learning be valuable a year from now?  You can pretty much guarantee that certain phases of the industry are going to change nearly every year.  You wouldn't need to attend a seminar on the value of using a fax machine in real estate.  That is so last decade.  What about the value of using email?  The majority of my clients want me to text updates.  Email is quickly becoming irrelevant.  Is the information you're about to pay for with your time and money going to matter a year from now?  You're tech savvy enough to know if something is passe.
  

Everybody has a product to sell, but not every product will make you better at your job.  Do your homework before you sign on to a product or service.  Talk to others who have experienced the class or product.  Pick and choose wisely, and get your money's worth so you reflect your investment by your competence and performance. 

Good morning Superstars.

Here are this week's Superstar discussions.

Sellers Bailing on SS last minute, need some advice! I have a BOA approved SS that is set to close. The second lien was removed due to national mortgage settlement act and the file is in BOA's… Started by Derik Bjorgo

Am I wasting my time? Flagstar Short Sale Hello all, I have been reading posts on here for a while and I thought I'd post on my situation to see if you think I am wasting my time an… Started by Erik
Servicer Release impact on title, incorrect discharges, servicer authority, etc... I have been running into title problems with servicers such as Green Tree and Seterus who are negotiating on behalf of entities like BOA. B… Started by Marty Macisso
GreenTree Gets Their Jollies One More Time I haggled with GreenTree since July, with more than 2 dozen contact notations in the file. We got our approval to participate in August, bu… Started by Harry Clay
CHASE SKEWING HAFA GUIDELINES??? Seller listed with another agent July 31, 2012. Received low offer, CHASE requested comps to support offer, agent did not and after waitin… Started by Mary Ann McKinnon 7 Tips To Help Ensure The Short Sale Buyer Stays On Board Good morning Superstars. So you have been working for 4 months to receive short sale approval only to have the buyer walk. As a short sale… Started by you FHA waivers What's the likelihood of getting an FHA approved waiver to pay closing costs for buyer that is either non-FHA buyer or needs more than the 1… Started by Linda Cadotte Advance Your Career - Advanced Short Sale Training Learn marketing, listing, negotiating, escalation tricks, HUDs, junior liens, FHA and VA tips from Bryant and Wendy. Make your Holidays and New Year a success with our Advanced Short Sale Training Webinar. Current $50 off coupon below. ***Each session is 60-90 minutes of audio (MP3) with PDF materials. Are your short sales declined? Are you losing closings? Are you losing buyers? Losing sellers to foreclosure? Do you have to re-start your short sales dozens of times? Are your short sales taking forever? Are you stressed out over your short sale success or...worse, your short sale failure? And no one seems to be able to show you how to do it quickly, with no stress? UNTIL NOW. WE can HELP YOU Succeed with Short Sales! Broker Bryant and Wendy Rulnick... Real Answers from REAL PRACTICING SUCCESSFUL SHORT SALE BROKERS. Get More Info Order Now ***Use coupon code sss10000 for an instant $50 discount   1

So you have been working for several months negotiating a Short Sale. The junior liens have been sorted out and the Seller is receiving $12,000 from the lender as an incentive.

You spoke to the negotiator at the Servicer/lender yesterday and they stated the Short Sale was approved and you should have the approval letter in the next 48 hours.

Being the experienced Short Sale Agent that you are you contact your Sellers to give them the good news. They start crying on the phone they are so relieved to hear their ordeal may be close to being over. The $12,000 incentive will be used to move and pay some HOA fees that the lender won’t cover.

Then you send a quick email to the Buyer’s Agent giving them the same info and asking that the Buyer start moving forward with their financing so they are ready to move towards closing as soon as the written approval is received in a couple of days.

Another Short Sale success story. Almost. The following day you log into your email and this is in your inbox:

IMPORTANT MESSAGE ABOUT YOUR LOAN

We have received your request to complete a short sale on your property. We are sorry to inform you that we are unable to approve your request for the reason provided below:

• DECLINE-SERVICE RELEASED.

Oh. No. Say It Ain’t So!!! What now?

Serviced Release loans are causing quite the problem in the Short Sale world.  The loan can be Serviced Released at any point prior to the transaction closing. And in most cases you will have the start the Short Sale over with the new Servicer.

Plus the new Servicer may or may not offer an incentive to the Seller.  This can be devastating to a Seller who really needs money to be able to move.

We as agents have ZERO control over if and when a loan will be serviced release.

So what can we do? Discuss this possibility with the Seller at time of listing. Be sure they completely understand that everything related to their Short Sale can change up until the transaction is not only closed but the Short Sale lender has accepted the closing documents and funds.

Based on conversations I have had with the lenders about this they usually know 30-60 days out if the loan is being Serviced Released. Be sure to ask your negotiator every time you call if they can check this for you.

The Lender may have the ability to keep a loan from being Service Released where the approval has already been received. But you have to stay on top of it. Escalate if needed BEFORE the loan is Service Released.

A Service Release can be initiated by the Investor or the Servicer/lender. Both may benefit financially.

This is just another in a long line of issues that can derail a Short Sale. Please be sure your customer/client is made aware of this possible issue very early on the process. That’s really all we can do.

What say you?

Are you looking for Mira Loma CA real estate agents and Mira Loma CA REALTORS to sell your Mira Loma home in this tough real estate market?

• Do you need a Mira Loma Real Estate agent that can maximize your realty sale to ensure the highest possible price for you Mira Loma CA home or property?
• Do you believe that extensive marketing and advertising of your Mira Loma listing is how to attract the most possible buyers to bid?
• Do you need a tough negotiator with attention to detail to avoid the many transaction and other real estate sale pitfalls that can arise from a Mira Loma CA real estate transaction?

We are Garrigus Real Estate, of Coldwell Banker Kivett Teeters and we have experience with standard sales, short sales, foreclosures, land sales and commercial real estate sales. We also have extensive marketing and advertising experience that can highlight your Mira Loma real estate listing and sell your Mira Loma CA property for a great price.

So let's talk! Let's see how we can help you sell your Mira Loma Home:

Call Now: (888) 9-List-It.

That's (888) 954-7848.

Or Just Click Here: SELL MY MIRA LOMA CA HOUSE

As always please call your CPA/Accountant or the IRS for detailed info. about your specific situation.  Here is the IRS publication that deals with cancelled debt.  One of the key things distressed sellers may want to look into is insolvency.

IRS for 4681 re: Cancelled Debt

Please contact me if you are a Broward county Florida resident who has questions about short sales.

Good morning Superstars.

We have a great discussion going on about Home Inspections and when to do them. Check it out.

Here are my thoughts:

First, there are advantages to the Buyer doing the inspection promptly. The main one being that If there are issues with the property the price can be adjusted PRIOR to the short sale being submitted to the lender. Secondly, why would a Buyer want to wait several months to do an inspection only to find out the property won't work for them?

As a short sale listing agent, having the inspection done asap is not the real issue. The real issue is the inspection contingency. If it's a good Buyer and they truly just do not want to spend money on the inspection before the approval then just write the contract and remove the inspection contingency. This way the Buyer can do the inspection later but if they cancel over it they lose their deposit. Make sure you get a good deposit at time of contract.

If the Buyer is still not agreeable you could negotiate the contract allowing the Seller to continue to market the property and accept a better offer if one comes in. Give the Buyer a First Right of Refusal.

Basically you need to make sure the Buyer understands that the Seller needs them to commit to the deal. If the Buyer won't commit then certainly the Seller shouldn't.

There is nothing worse than a Buyer using the inspection contingent to get out of a deal after we have worked for months to receive the Short Sale approval.

Seller contacted me and wants me to take over from his listing Real Estate Co. It was placed on Freddie Mac's

EXCLUSIONARY list. That co. also has the buyers side. EQUATOR will not take ANY info. from his previous Real Estate office.

I told seller to get a release from his listing co. they are NOT cooperating. ANY suggestions?

Good morning Superstars.

Here are this week's Superstar discussions.

When to do Inspections? It's been my practice in the past to have Buyers Agents not do inspections until after the Written Approval has arrived. I know that some… Started by Janis Schade	3	yesterday Reply by Jill Ford
Another Green Tree situation... value your input! This is my first with Green Tree and while I have done a lot of short sales, this one has me wondering which direction to take. I appreciat… Started by Joanie Cubias	2	on Thursday Reply by Ron Scribner
BofA assistance needed. I am representing Buyers in short sale w 2 loans. Chase holds 1st, BofA the 2nd. Have sale approval letters. Prelim shows seller has abstra… Started by Michael Boles	6	on Thursday Reply by Ron Scribner
Greentree file declined, need help. My client was initially told he did not have to default on his loan to be approved for a short sale. They also said the same thing to me,… Started by Stacy Gonzalez	3	on Thursday Reply by Ron Scribner
Letter of Indemnity - Fidelity??? Hi Guys, We've had the approval and have been ready to go to closing…..BUT the title company has not received the Letter of Indemnity yet.… Started by Tyra General	0	on Thursday
MI on 2nd loan.....question So we have only ever seen MI on first loans. Suddenly I have a BofA 2nd with MI. The negotiator (first good one in a loooong time) says h… Started by Wendy Martin	1	on Thursday Reply by Brian Avery
Condo Assessment -- Paid by the bank !! Has anyone be able to get any bank to pay an assessment (not back HOA's). I have a condo coming on the market that has an assessment that… Started by RoJane Maybee	6	on Thursday Reply by Wayne Brooks
Compass 2nd - wants $30K to participate in short sale Please help. 1st is FHA w/ MI and we have the ATP. Allowing $2500 to the 2nd. 2nd is Compass (recently released to LTD). Approx. bal is $5… Started by Kristy Hamilton Do You Need More Short Sale Listings and Approvals? Learn marketing, listing, negotiating, escalation tricks, HUDs, junior liens, FHA and VA tips from Bryant and Wendy. Make your Holidays and New Year a success. ***Each session is 60-90 minutes of audio (MP3) with PDF materials. Are your short sales declined? Are you losing closings? Are you losing buyers? Losing sellers to foreclosure? Do you have to re-start your short sales dozens of times? Are your short sales taking forever? Are you stressed out over your short sale success or...worse, your short sale failure? And no one seems to be able to show you how to do it quickly, with no stress? UNTIL NOW. WE can HELP YOU Succeed with Short Sales! Broker Bryant and Wendy Rulnick... Real Answers from REAL PRACTICING SUCCESSFUL SHORT SALE BROKERS. Get More Info Order Now ***Use coupon code sss10000 for an instant $50 discount	9	on Thursday Reply by Justin Berry