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Hello SuperStars! Has anyone had a situation where their buyer wants to cancel, is past their waiting period, and the seller won't sign the cancellation form? Seems the Buyer should be able to get out of the contract but I've heard they need the Seller to cooperate. Your experience? --Sue
Are you considering short sale, but torn thinking it may be the most ruinous personal and financial decision you will ever make? You are not alone. As more families are confronted by upside-down real estate values, jobless or with limited income, the short sale question is daunting. To many, it is a moral choice.
I am not discussing “strategic short sales”, meaning those who can afford to pay their mortgages but choose to dispose of their property due to negative equity. I am talking about homeowners or investors who have spent most of their savings or drained their retirement accounts to keep their payments current. Homeowners in Florida are some of the most affected in the United States. According to the Mortage Bankers Association: “Twenty-four percent of all mortgages in the country that are in foreclosure are in Florida and 23 percent of the loans in Florida are anywhere from one payment past due to in foreclosure.”
I’ve spoken to Destin Florida investment property owners who are devastated that they might have to stop paying their mortgage, or have already, to save their family’s ability to keep their primary shelter, health and sustenance. Especially for an older borrower, with even more remote job prospects, the emotional turmoil is great.
I can understand why the majority of homeowners are emotionally affected by deciding to do a short sale. Many have stellar credit, and have been stable workers their entire lives. They question their self-image when challenging a core tenet of their being. They feel there is a social stigma to short sale. It is hard. The only words of comfort I can give are for them to understand:
1. You are not alone.
2. You must decide whether you can continue paying your mortgage and still be able to protect your family’s primary needs.
3. You must try to think of a short sale as a business decision, not a personal decision.
The most difficult, but helpful hurdle to overcome is removing “personal” from short sale. Did you know that businesses short sale real estate all the time to keep afloat? Consider this, even the Mortgage Bankers Association, which touts home ownership, sold its own commercial property as a short sale. And recovery from a short sale can be quick if there is a settlement and credit is good in other respects.
If you are about to fall behind on your mortgage, or already have, take action now and stop the pain. Call your lender and try to work it out. Consult with a Florida attorney. Consider your options. If you decide to pursue short sale, it may be the solution that allows you to move forward with dignity.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Destin Short Sales & Pre Foreclosure Help.
Read Wendy's Destin Real Estate Blog
Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
IMPORTANT NOTICE: Rulnick Realty, Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
I am still amazed at the number of REALTORS® that continue to list short sales and either attempt to process the short sale themselves and/or turn the file over to a third party title company. In many of these instances I have noticed the title company charging “short-sale processing fees” at closing in direct violation of the law. In fact, such a charge may be considered a felony as it violates Florida Chapter 494.
Federal and Florida laws involving short sales and their processing have continued to evolve over the past 2 years. Attorneys are now a most necessary and intricate player in the short sale process.
Florida Sellers be aware that it is unlawful for anyone other than a Florida admitted attorney to charge a fee in order to process a short sale. Real estate professionals and/or title companies are NOT permitted to charge any additional fees relating to the short sale and/or its’ processing. Only standard commissions and/or fees are deemed permitted.
Many title companies are attorney owned. However, such ownership does not make it lawful for that title company to charge a short sale processing fee. Title companies do not provide legal representation. Most typically, the title company’s attorney owner also does not provide legal representation to either the Seller or Buyer; their representation is typically considered transactional.
In the typical short sale all Sellers should consult with a competent attorney familiar with the short sale process and possible long term financial consequences. The short sale negotiations with the lender(s) should be handled exclusively by the attorney providing the Seller with legal representation. Such representation will typically be detailed in a representation agreement between the Seller and their attorney.
Our company routinely requires any and all short sale Sellers to consult with an attorney. Typically, we introduce the Sellers with a specific attorney that processes almost 100% of our short sale listings. This attorney has extensive short sale experience along with substantial real estate, litigation and bankruptcy experience. This provides for the best combination of professionalism and compliance with the law. Furthermore, our short sales are processed much more efficiently and to the benefit of all concerned parties.
I am not an attorney and this blog is not intended to provide legal advice. Quite to the contrary, my advice as a real estate professional and recognized expert is that all Short Sale Sellers should engage the services of an attorney to process their short sale negotiations. Do not reply on the REALTOR® and/or a title company to provide such important legal representation.
Top 5 Mistakes Short Sale Sellers Make
As a Santa Maria Short Sale Agent, I see short sale sellers make critical mistakes time and time again. Here is my list of the top 5 mistakes I see:
1) They wait too long to put the home on the market.Many times sellers believe that they will work out terms with the bank and their loan modification will be approved. However, if your back up plan is a short sale, you need to leave enough time for an agent to get an offer and present it to the bank. Less than a week is generally not enough time to get a lender to stop a foreclosure sale -- it can be done -- but you are taking a big risk. If you want a short sale, you need to give your agent enough time to present a short sale application to the bank. There are routine delays with short sales; banks lose documents and packages have to be re-faxed. Don't wait until it is down to the wire.
2) They let the house fall apart. You should do all you can to make sure that your home does not fall into disrepair. A house with uncut grass and full of deferred maintenance is generally not appealing to buyers. And you still have to sell your home to a buyer. You can lower the price to compensate and attract a bargain hunting buyer, but ultimately the lender has to approve that price. And in my experience, a short sale lender’s estimation of value tends to assume that your home is in above average condition. Indeed, one of the most common reasons a short sale will fail is “the bank wants too much for it.” Now there could be other reasons that the bank wants too much (including the existence of mortgage insurance) but often the short sale lender will not want to take a hit on the price just because you decided not to repair that roof leak.
3) They make the home difficult to be shown. Many short sale home sellers are not happy about selling their home. Some are angry because efforts at a loan modification with the lender have failed. However, making the home difficult to be shown will not help the situation -- in fact, if you don’t have an offer on your home, it could put you in a jam down the road. If the bank determines that you are deliberately delayingthe short sale, and you have not been making payments, often they will simply continue the path toward foreclosure. Also a listing that is difficult to be shown gains a reputation among agents, so don’t assume that agents will begin eagerly showing your home again after you’ve spent months running them around about showing appointments.
4) They take too long to present the short sale application to the bank. Short sale sellers must remember that the buyer is waiting for the short sale to be approved as well. They have to put much of their personal life and their entire financial life on hold to buy a home in today’s lending environment They have concerns on their end as well, including when they are going to move, interest rate fluctuations, and the cheaper short sale next door that just hit the market. As a short sale seller, you should do your part and have your hardship letter and financial documents ready. Ideally, you should have all material for the short sale application ready to go when you put the home on the market.
5) They select the wrong short sale agent. Short sales are different than regular listings. They generally take twice as long, present unique issues, and require a specialized skill and approach. Some agents have never successfully closed a short sale, or they simply hate them. That is understandable because short sales require a certain level of experience, determination and tenacity. They are not easy listings to close and I believe you must be passionate about short sales to be successful at them. Accordingly, it is important to select an experienced short sale agent that can make it through the long haul, and is prepared to fight it out with the bank for you.
Before deciding whether to short sell your home, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent. If you are considering a short sale of your Santa Maria, Orcutt, or Nipomo home and would like ashort sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.
Tni LeBlanc is an independent Real Estate Broker, Attorney, and Short Sale Agent. She is a Certified Distressed Property Expert (CDPE) and Certified HAFA Specialist (CHS) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.
* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement. Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
Copyright© 2011 Tni LeBlanc *Top 5 Mistakes Short Sale Sellers Make*
Hi All,
Here's the link to the Fannie Mae live broadcast on the Short Sale Assistance Desk.
http://Fannie Mae Broadcast - CDPELive - Short Sale and Foreclosure Education
Marcel Bryar, Vice President at Fannie Mae, discusses the benefits of the Assistance Desk and how it can help real estate professionals speed up the process.
If you want your MLS to offer this service in your area, ask your CEO/President to contact Fannie Mae directly at ssad_information@fanniemae.com The Assistance Desk is a valuable benefit and it can help Realtors eliminate red tape, resolve issues quickly and gain a single point of contact at Fannie Mae.
Hope this is helpful.
Gail
I have a few short sales that are HAFA and if the second mortgage is not with the same as the first mortgage and they don't agree to hafa guidelines, then WHAT IS THE POINT OF HAFA?
The government put hafa to help but it seems like the banks are still in control of the process.
Also HAFA is suppose to have a response it 30 days. Haven't seen one yet.
Hello All,
I am looking for a loss severity calculator to help show loss of accepting short sale versus allowing the property to go to foreclosure. If anyone out there has one or knows where to get it can you please let me know.
Have a great day!
Imran
Now BOA says they want to decline the file due to lack of hardship (without submitting the file for PMI approval). Apparently, this particular PMI company has incredibly strict standards for hardship and are looking for, and I quote, a "destitute" borrower. I convinced her to resubmit the file to the PMI company in light of the borrower's willingness to contribute cash at closing and to execute a promissory note. We are now waiting to hear back from the PMI company.
Any ideas on what "Plan B" could be if PMI company rejects the short sale?
What???? Yes, first time in 5 years of doing loads of Short Sales with different Lenders, different types of Sellers, various emotional situations..pretty much everything I thought....
Retired Broker who was not representing herself, but did insist on showing her property herself. Yikes..alarm bells should've gone off. But..she was referred by a friend, and really, how bad could it be??? Primary residence, condo, well kept, only one loan with Chase. Slam dunk, right???
Buyer #1 withdrew their offer after the BPO came in too high. Not surprising. Seller was pretty good about getting me financials and did qualify for hardship. On to the next Buyer. Here begins the problem. No offers come in, I keep reducing, and I also keep getting e-mails stating that the Buyer did not want to deal with the Seller! Not once, but several times. I keep pleading.."please let me show it. I think it might be too close to your heart." No!
Monday another Realtor showed it with his client. Realtor calls and says he loves it and is writing an offer. Then it all went down hill. What happened? I'm not sure. But again, I receive a call saying, "Buyer doesn't want to deal with your Seller."
I had tried to fire myself twice before, but got talked into staying as List Agent. We're at about 8 months with a List Price of $125,000 and this time, I stuck to my guns. Listing is cancelled.
I had to throw in the towel, admit that I was just spinning my wheels. I know it was the right thing to do, but I still feel like a schmuck-a quitter I am not! Good luck to the next Agent...
by JON PRIOR
• Treasury reveals servicers doing the most through HAFA
• Mortgage servicers start 2,000 new HAFA transactions
• Failed HAMP mod short sales increase through September
• 64,393 HAMP failures resolved with short sales, deeds-in-lieu
• HAFA spikes, HAMP flat in April
Tuesday, July 5th, 2011, 5:14 pm
The Treasury Department is considering more changes to the Home Affordable Foreclosure Alternatives program in order to boost short sales and deeds-in-lieu of foreclosure, according to officials administering the initiative.
In May, the Treasury hosted a HAFA summit with representatives from the mortgage industry. They included mortgage servicers, investors, real estate professionals and insurers – the direct stakeholders in a short sale decision.
A Treasury spokesperson said they are looking at making "modest changes and clarifications to program guidance," but no details could immediately be given.
HAFA launched in April 2010 to provide servicers an incentive to boost short sales and DILs for loans that fell out of the larger Home Affordable Modification Program. Through May, participating servicers started 17,781 agreements under HAFA and completed 8,541.
JPMorgan Chase (JPM: 40.50 -1.29%) started nearly one-third of the agreements already in the process.
In January, the Treasury eliminated some HAFA rules that constricted eligibility. For instance, servicers are no longer required to verify a borrower's financial information or determine if the borrower's total monthly mortgage payment exceeds a 31% debt-to-income ratio.
But through April, the top-10 servicers provided more than 113,000 short sales and DILs through their own private programs. That's nearly 10 times the amount of HAFA.
A wider HAFA program could cut into the 2.1 million trial modifications the top-10 servicers denied or canceled due to insufficient documentation, redefault or the borrower was deemed ineligible through April. Roughly 646,000 of these loans received an alternative modification, but servicers started another 307,000 and completed 136,000 foreclosures through April, according to the Treasury.
Write to Jon Prior.
Follow him on Twitter @JonAPrior.
Great article today about the big banks abusing borrowers before and after their HAMP loan mods.
My offer was accepted from the seller on 3/20/11. The seller opt out of the HAFA short sale. Sellers agent received message on 6/3/2011 from equator “The valuation for the property at XXXXXXX is complete and we can move the short sale forward” and then on 6/24 the agent received the same message? Whats next? How much longer to receive a response on my offer? The offer is at FMV.
Have a short sale w/ GMAC.
Buyers are offering 140,000 w/$6,000 back towards closing cost, prepaids & points.
Will a bank ever accept an offer with way over 3% of the sell price going back to buyers for closing cost.
Thanks,
Dee
Unethical? I think so. Immoral? Pretty sure! Illegal? Biggest question yet!
I am in the middle of a short sale. I represent the buyer. The listing agent calls me and says we have short sale approval, move forward with inspection/appraisal. I ask for the short sale approval letter, which he flat out refuses to provide. He says that the approval letter is between his seller and their bank. I explained that since the contract says 'subject to third party approval', it is part of the agreement and must be provided.
Since he was still refusing, I wrote an addendum to remove the third party approval. All of this seems OK, right?
It did until I had a clear to close for my people. He said the sellers arent' ready. (What?!?) They have moved out of the house and they are now Not Ready? This seemed pretty strange to me. The timing seemed to be right so there wouldn't be any problems with closing. I knew there had to be some clues in my file that I had been missing.
Once I went back through the contract and all of the addenda, I noticed the signatures didn't jib.
After jumping up and down with both title companies, I finally have the full story.
Our PA was not signed by the sellers, but by a LLC that was formed a couple of days before they listed the house on the market. The primary person of that LLC is one of the Attorney's that is negotiating the short sale.
The listing broker still seems to think we are clueless as to what is going on.
According to the title company, they do not even have short sale approval yet. Why in the world would he have told us to move forward with the appraisal/inspection then?
I think it is illegal to have someone sign a purchase agreement that does not have any ownership in the house. Period.
I am anxious to talk to my E & O Atty. on Tuesday to find what he says about this whole mess.
My sincere thanks to Clay and Kathie Kime, CDPE, for the reply to my inquiry. I can't wait 'til tuesday, to talk to a supervisor... I love this website... Thanks, REGrow, and all those who share their experiences!
UNITED WE CAN!
I just sent a HAFA request together with an offer to Chase for some clients. Chase denied the relocation allowance of $3000 because they claim that under HAFA, if you already have an offer, they will do the short sale but won't give you any money to relocate. The clients are "dead broke", and without the relocation allowance, they won't sell... they will just fight the foreclosure and wait it out as long as possible. Does anyone have any ideas/suggestions? Should we withdraw this offer, and try again in a couple of months, look for a new buyer, etc.? If we do this, would the same happen when we bring in a new contract?
Thanks for your input...
If you like the rush, the careening highs and crashing lows that makes your Adreneline course through your veins like you've being chased by an unknown intruder..try a Short Sale! What a rush! What a ride! Kind of like a huge roller coaster zipping along....up, then down..back up, then down..yippee!
Even if you're a list agent used to the stress, it is NEVER predictable. The great ones blow you away because they are great-unexpected, but great. The crappy ones (generally crappy negotiator driven), drive you to scream at the computer, and in my case, get up from my desk, steam around the house for awhile, do some stretches, perhaps throw myself into the pool for a refresher..whatever. I come back to the computer with renewed vigor and energy..determined to overcome.
I have to admit I am an Adreneline Junkie..always have been. Polo playing satisfies that physically, but mentally, I have found that Short Sales are a perfect parallel to the game of polo and keep me focused and driven. I HAVE to beat the banks..I'm hyper competitive, and NOTHING gets me fired up like a challenge.
So..Short Sales are not for the feint of heart, but if you're an Adreneline junkie like me..they fit perfectly..
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