I am on hold waiting for REDC to explain to me what "marketing period" is. She claims it is the amount of time allowed by them to handle a short sale. I say it is the amount of time an active listing is allowed on the market before the cooperative short sale expires. IF  a purchase contract is not received within the marketing period of 90 or 120 days the coop short sale is declined. Otherwise the coop short sale must conclude to its end. 

A purchase offer was signed two weeks after the coop listing was on the market. All counters were excepted, agreed upon. Been waiting for an approval letter over a month now. Suddenly we receive a letter coop declined due to the marketing period expired.  We have other coop short sales longer resulting in approval letters. 

I have been back and forth with them that they erroneously declined this coop. Nobody wants to find fault with themselves and blame everybody else. BOA blames REDC. REDC blames BOA. 

Has anybody else been through this?

Can anyone tell me if they have received leads for short sale listings from the Lead Machine that they talk about on here.

Do the leads come from the owners of the property.

 I would like to list foreclosed properties can anyone tell me how you get these listings.

Good morning Superstars.

Here's a sampling of this week's Superstar discussions.

Discussions	Replies	Latest Activity
What is the max amount that Fannie Mae will pay to subordinate lien holders? I have a short sale going with Chase as the 1st lien holder, SLS as the 2nd lien holder and an attorney who is representing Discover card a… Started by Team Thayer	7	yesterday Reply by Brian Avery
Is $8,500 required to the junior lien holder in a HAFA short sale? I have an approved HAFA short sale with Wells Fargo on the 1st. The junior lien holder (Chase) is saying they will not accept anything but… Started by Amy Owens	11	yesterday Reply by Amy Owens
Thoughts on Fannie Mae's Homepath ShortSale Escalation portal! Are your overpriced counters getting resolved? yes or no Hi all! Time to check in and register your thoughts about the wonderful portal to fixing nothing...suggested by Fannie Mae! The reason the… Started by Sheyenne Schultz	4	yesterday Reply by Wendy Martin
BECU denies HAFA short sale even though Seller qualifies... I am currently working on a short sale right now where BECU straight out denies participation in a HAFA short sale because they don't allow… Started by Trong Dang	3	on Friday Reply by Trong Dang
Commisssion Reduction Requests General Questions; Since 2006 when Short Sales the norm; 1) Have you been asked / told to cut your commission? 2) Did you agree to do it?… Started by Thom Colby CA Broker	3	on Thursday Reply by Patricia Bravo
Updates on Fannie Mae & Freddie Mac Inflated Value Issues Just looking for any input on others experiencing the Fannie & Freddie inflated value issues. Any recent updates or solutions? I have… Started by Raymond Kennedy	34	on Thursday Reply by Donna McClelland

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I have a property that is in the foreclosure process in Florida. Sellers served with docs in Oct.2012. Waiting for mediation. Loan Modification failed. Received email from realtor today requesting to gain access to property for interior BPO. Property is not on short sale yet. Has anyone been getting these requests? A mediation appt has not been set. Want to know if this is legit or not.

Thanks
Ismael Jusino

Short sale listings are different from listings where the seller has equity. When we receive an offer on the listing and the seller agrees to the price it does not mean that the lender will accept the price. We mention a settlement date in the original accepted offer but may not hear from the lender until after that date.

When I receive offers on a listing I talk to the buyer agent and explain how the process works and also state that it is important for them to provide any information requested as soon as possible and that we usually get only 3 days . I also tell them it may take time and to make sure buyers have the option to extend their lease . 

                         Here are some things buyers and buyer agents  should be made aware of :

1.  These days lenders are pricing the homes at close to market value so do not expect 'to steal ' the house in some markets.

2. If it is an ' as is '   sale, figure out the costs of use and occupancy permits, possible  lender required repairs and other repairs before making an offer.

3.  If it is a short sale, if the seller has signed it, it does not mean the sellers lender wil agree to  the price and terms. Be prepared for a counter offer. You often have only 3 days to accept , counter or reject the counter offer and you may not receive this counter  offer for weeks .

4.  Once the offer is accepted by seller's lender and signed off by lender , in short sale,they  may  expect buyers to close in 30 days..

5. If it is a short sale , do not give notice to your current landlord until you know when you are closing. If you are required to give 60 days notice, you may have to be prepared to lose one months rent.

6.Different lenders have different policies so ask your agent to find out from listing agent about what the lender expects in terms of closing date. You will also receive an addendum from the seller's lender , that you have to sign .

7. Have buyers sign the short sale addendum and make them aware that it is a short sale.

8.If the buyer agent is going on vacation ask them who will cover for them.

9. We may have to work twice as hard when we have a short sale and those who are not prepared to work hard should refer the listing to an agent who will and who has patience.

I have had a cooperative short sale since November. It was going smoothly except for the poor communication, We had a buyer within a week of listing. We accepted all their terms even though they put the blame on others of why the file was losing the race against the tortoise. Blah..blah..blah..Fannie Mae...blah..blah..blah..This month I get "3-4 days and sending approval" with the usual nonsense attached to it. 

Then BLAME. Quote: We have received information that the buyer has withdrawn their offer on the property at XXX.  ACTION REQUIRED: Complete the 'Listing Data' task and continue marketing the property for a new offer. IF YOU HAVE ADDITIONAL QUESTIONS: Please contact M. SCHMIDT, your short sale specialist, by selecting the 'NEGOTIATOR' role in the Equator messaging system or call Short Sale Customer Care at 1.866.880.1232. Visit the Agent Resource Center at bankofamerica.com/realestateagent for short sale educational guides, news and additional resources. Do not reply to this message as this mailbox is not monitored: Unquote

HUH? I leave a ton of message on what is going on here?

I call and get back that the Cooperative has expired. Really what is it? Expired or you stating the buyer withdrew? Now I am advised that I have to start all over again and it has to be a traditional short sale. 

(Meaning: We let this thing hang on till it expired because we don't want to pay relocating fees anymore). '

I'm not going down without a fight on this. Now this is what is called unconstitutional. 

I have a client that has contacting me about his home.

He was foreclosed on in 2009. He tells me he has been making payments to Chase Bank since the foreclosure, he can no longer afford them and wants to know what to do? I really do not know where to tell him to go next. At the time, the bank informed him that foreclosure was his best option, gave him $2,000 to get out quickly, and worried about his family he did as they asked..Now he is hearing about friends not paying anything after foreclosure. He does not know why he is paying but is afraid of ruining is rebuilt credit if he stops paying.

Help !!

Loan modifications are a popular option most homeowners turn to when they are struggling with mortgage payments. It isn’t a secret however that it hasn’t worked as well as we hoped. The idea of “modifying” your current loan to create a more affordable payment plan seems enticing but do these popular loan modification programs actually work? Let’s looks at the data.

Don’t get me wrong, loan modifications do work for certain homeowners. Statistically, it is not for the majority. Mortgage Metrics Report reveals only 47.7 percent of the estimated 2.9 million loan mods are current or paid in full since 2008.

*excerpt from dsnews.com

“About 7.1 percent are currently less than 60 days delinquent; 14.2 percent are 60 or more days delinquent; 7.7 percent are in the foreclosure process. Lastly, 7.3 percent have already been foreclosed.

The OCC reports higher success rates among particular types of modifications. For example, the agency finds greater success among HAMP modifications. However, the OCC notes, “more restrictive qualification criteria restrict the number of borrowers who may qualify for a HAMP modification.”

Do you know of any friends or family who is successfully using a loan modification? What have you heard?

Peter

www.seattleshortsaleblog.com

Good morning Superstars.

Here's a sampling of this week's superstar discussions. Please stop by and participate.

Discussions	Replies	Latest Activity
Who is Your Favorite Short Sale Lender or Servicer? I'll start. BB&T, PNC and Bank of America: BB&T and PNC for being straightforward and their quick response time. Bank of America fo… Started by Wendy Rulnick	4	29 minutes ago Reply by Wendy Rulnick
Shortselling 2nd lien only, questions I am a buyer recently involved in short sale. Owner has 2 liens, both with 1 major bank. The listing agent told us the owner is just shor… Started by Layla John	12	11 hours ago Reply by Layla John
Has anyone dealt with a Mortgage Insurance company saying no to a short sale? Can they stop it? I've been on here several times with posts of a HORRIFIC short sale. I am the owner of the house involved in the short sale process which… Started by Carolyn Roberts	10	yesterday Reply by Dirk Jeanis
Updates on Fannie Mae & Freddie Mac Inflated Value Issues Just looking for any input on others experiencing the Fannie & Freddie inflated value issues. Any recent updates or solutions? I have… Started by Raymond Kennedy	24	yesterday Reply by Dirk Jeanis
Nationstar / Auction.com What's your story? Is your client being forced into Auction.com? Started by Thom Colby CA Broker	219	yesterday Reply by Thom Colby CA Broker
What Do You Think About The Short Sale Lease Back Program? Hi guys, Wondering what your thoughts were on the short sale lease back program that is starting gain traction in the short sale arena. Sh… Started by Peter J Kim	47	yesterday Reply by Paul (No Bad Days) Smith
Freddie Mac Audited - Be proactive! I just got off of the phone with Freddie Mac, only to find that my assigned account manager has been moved to a new division due to "restru… Started by Teresa Keeler	3	yesterday Reply by Teresa Keeler
Discharged Bankruptcy - Short Sale Does anyone know the guidelines for a discharged Chapter 7 Bankruptcy? FHA LOAN: Chase 1st, PNC HELOC Does the seller have to provide all o… Started by toni blount Do You Need More Short Sale Listings? Short Sale Superstars wants to make generating Short Sale leads easier for you. So..... .....here is a FREE one hour course on Short Sale Lead Generation that may help you. Let's make 2013 a banner year for Short Sales. Together we can help a lot of folks avoid foreclosure.	4	yesterday Reply by Ron Scribner

I finally broke down and responded to an automated Bank of America email survey.  The email was titled "Help Us Improve Our Process."  I received the email because one of my Destin short sales was declined in Equator. Why? Our seller was a day late getting us newly requested documents. We had to re-initiate the short sale a few days later.  It's seems like a bunch of "make work", but that is what we do. Work for the short sale lender.

Overall, Bank of America does a pretty good job. They are one of my top short sale lenders to work with, along with BB&T and PNC.  They are fairly quick to respond, and if they don't, you can always use the Twitter Escalation team (call their Social Media team), with whom I've had fabulous results.

If one of Bank of America's inconsistent deadlines for returning documents is not met by a day or so, they will close your file. Or as they love to say "YOUR FILE WILL BE DECLINED." They love using that word - "Declined".  Why don't they use something else, like ''Denied! Killed! Trashed! Deleted'?" I suppose "Declined" is supposed to sound ominous and threatening. I wonder why Bank of America does this?  I cannot imagine telling one of MY CLIENTS, that if he didn't send me a copy of his home survey in 72 hours I would CANCEL his contract and his sale would be DECLINED.

Some negotiators give a fair amount of time for new documents to be returned, some demand "within 48 hours", with no regard whether it's a Friday evening or Saturday at 1:00 p.m..  I've had that demand, and when asking for a further update, after scrambling over a weekend to get a document, the negotiator disappears for a week or more. OK, so then what was the rush?

Maybe they like to keep their file count down to save their negotiators time from checking on extra "dormant" files.  But let's look at the big picture. It seems it takes twice as much effort on their part and OUR part to "re-open" a file. Then they have to re-assign a negotiator and request all the same documents.  We have to re-upload the same initial documents.  Just give it a few more days, dude.

I commented on the survey: "Do not treat the real estate agent as an employee. They are not employees of Bank of America. I don't work for your company. I am trying to help someone out with a short sale, basically gratis. We do the best we can to respond to every request, which are put forth as "demands" without politeness, or we are threatened dismissively with "your file will be DECLINED".  Is this appropriate and customer-service related language to use to real estate agent, with whom I am sure you want future business?  You do, don't you? Use some common sense." Allow a "human amount" of time for a new request to be fulfilled.

It's Wendy!

Feel free to email or call me if you wish to discuss this further. Wendy Rulnick 850-650-7883 or itswendy@rulnickrealty.com

As a follow-up - Kathy has referred this file to an individual who is now handling it. Communications has picked up and emails and phones calls are working well. Unfortunately, because of the delay the current pay stubs and bank statements are outdated. I now need to go back to the homeowner and asked for another more recent set. This would be the third time i have sent in "recent' pay stubs and current bank statements.. The next thing will be a need to get a new appraisal because a decision has not been made. i think the documentation is a little overkill based on what was already sent . Either its a good offer or it isn't -There absolutely is a better way !!!

The Winchester, Virginia real estate market is showing signs of good health.  The first quarter of 2013 has had a radical decline in foreclosures and short sales compared to the first quarter 2012.  In the 2012 first quarter, 276 properties closed.  Of those properties, 50 were short sales and 76 were foreclosures.  That means 45.7% of that 2012 first quarter was made up of distressed properties.

The 2013 first quarter is painting a different picture.  Of the 271 properties that closed in the first quarter, only 82 were distressed properties.  That is only 30% of the overall properties were in that distressed category.  Short sales were down 52%, and foreclosures were down 24% in the first quarter.

Another positive note is that of the current available listings of 465 only show 9% distressed properties.  There are 26 short sales and 22 foreclosures.  This could mean two things for the local market.  One, the market is truly rebounding, foreclosures are legitimately dropping and fewer homeowners are having to sell at a short sale.  That might also signal that the job market is becoming stable again.

The second thing that the new market could mean is that people who have sat on the fence expecting the short sale and foreclosure market to continue are likely to miss a great opportunity to get a good deal.  Sellers are starting to take control of the local market again, and buyers are starting to get involved in bidding wars.  Sale prices are closing with smaller percentages +- of list, discounts are fading and the local inventory is shrinking.

The market may be truly recovering, but let's give it another quarter or two to make sure of that optimistic hope.  The current signs all point that way.  This might be the year that sanity returns to the real estate market in Winchester, VA.

The Winchester, Virginia real estate market is showing signs of good health.