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It is no secret Mountain View as well as most of the Silicon Valley is experiencing multiple offers on homes for sale. While this is great for sellers, it can be extremely frustrating for buyers, and their agents. After losing 5-10 homes a buyer will unquestionalbly start to doubt their agent. They may feel that their agent is doing something wrong and maybe it is time to find someone else.

Will this work? Maybe, but there are limits to what a Mountain View real estate agent can do. A lot of winning an offer is up to the buyer, so maybe you need to look in the mirror first, before changing your agent.

In a real estate offer the buyer has some control over what happens. Here are some things you should do:

1. Are you making realistic offers? If a home is listed for $475,000, you know there are 10 offers, and you offer $470,000, what do you think is going to happen?

2. You have been pre-approved for $800,000 with 20% down. You only have down payment for 20% of $800,000, so you need to only offer a price that will make it through an appraisal. However, most homes are selling for prices higher than they can appraise for, so what do you do? You will need to find a less expensive home so that you have a 5-10% reserve of cash over the price where you think the home will appriase, i.e., you need to find a home where you can put down 25-30%, not 20%, so that when it does not appraise you have the cash to cover it.

3. The seller has completed a a full disclosure package, including a property inspection, termite, roof, chimney inspection, and you ask for a 17 day property contingency period. I am not saying you should not have your own inspection, but keep the time to a minimum.

4. You have a pre-approval letter from Happy Birthday Mortgage with nothing from an underwriter, and nothing from a direct lender. I don't care if the mortgage broker from Happby Birthday Mortgage is your mother, it is not going to fly. Get a full approval from a direct lender. It is hard enough to compete against a cash offer, but to try to compete with a pre-approval letter that may not be worth the paper it is written on is no way to act in a competitive market.

5. You are making an offer on a short sale and don't offer to open escrow until after bank approval. While that may be ok in a buyer's market, when there are so few homes for sale, and so many hopeful buyers, it is not going to work anymore.

So look at your self first. Tomorrow I will talk about what your agent can do to help your offer win.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

 
This Week's Popular Discussions

Free Member Teleseminar: Getting Short Sales Closed Hi guys, Here's the replay of Thursday's Teleseminar. "Getting Your Short Sales Closed". Enjoy!! The link is only up until Monday the 14th. G… Started by youLatest Reply
Did CDPE Teach You This Stuff? Hi guys, We just added a bunch of articles to the Advanced Short Sale Training Group to help you in your business. Be sure to pop over and… Started by youLatest Reply

Any way to "defeat" the Mortgage Insurance Company? We've been working a Bank of America short sale for nearly a year now. Offers continue to be rejected when we get down close to approval. C… Started by Gordon K	21	8 seconds ago Reply by Bryant Tutas
NEW HAFA CHANGES One of the HAFA changes is that the junior lien holders will be able to get up to $8,500. I thought that this change, along with the others… Started by Rita Cox	4	5 minutes ago Reply by Bryant Tutas
Why Did Titanium Solutions Stop Doing Short Sale Processing?? Any one Have Inside Scoop? I received a letter from Ken Tramp the CEO of Titanium Solutions informing HRC's that they will no longer be doing short sale processing an… Started by Evelyn Santiago	3	12 hours ago Reply by ElizabethWeintraub00697006LyonRE
Sharing short sale approval letters with buyer's agent....pros and cons? Does buyer's agent need to see letters? The buyer's agent says : "We would like to see what the letter is offering, that shouldn't make a difference and really no reason to hold… Started by Pacita C Dimacali	21	13 hours ago Reply by Joseph Alfe
Strategic Short Sale strategic short sale My clients (husband and wife) own their homes prior to getting married once they got married they decided to rent thei… Started by Mari Pedroza	8	13 hours ago Reply by Joseph Alfe
CA FTB Sales Tax Liens Hello, My sellers forgot to tell me at listing there are 4 separate CA FTB liens against the house due to a business the husband had where… Started by Joanne Hodge Wells Fargo New Approval Letter does not provide a waiver of deficiency!!! Has anyone had this issue recently??!!! Just received an approval from Wells Fargo it seems they now have new verbiage which states, "With the exception of a Home Affordable Alter… Started by Raquel Alberty 20 yesterday Reply by Sam	1	17 hours ago Reply by Harry Clay

Short Sale Superstars 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

The landscape for short sales is changing. As the inventory of homes for sale stays at historically low levels all over Silicon Valley, short sales are gaining in popularity for buyers. Added to that is the fact that short sales, while not a sure thing, are getting approved at increasingly higher rates.

Short sales can still be time consuming and frustrating, but when there are so few choices for buyers they begin to look better. So if you are thinking of selling your home as a short sale here are some tips to make things smoother.

1. PICK AN EXPERIENCED SHORT SALE AGENT TO LIST YOUR HOME. IF YOU ALREADY HAVE A RELATIONSHIP WITH A REALTOR WHO IS NOT EXPERIENCED WITH SHORT SALES ASK THAT AGENT TO CO LIST WITH AN AGENT WHO KNOWS HOW TO PROCESS AND NEGOTIATE A SHORT SALE.

2. Price your home realistically, not at a rock bottom price. The market is already hot and and appreciating. Banks are not stupid. If the home is worth $600,000 and you list it for $400,000 and get an offer for $500,000 it is unlikely to get approved.

3. Have the buyer put the deposit in escrow upon acceptance by you, not at acceptance by the bank. 

4. If possible get inspections before you put the home on the market. It will make the transaction go much smoother.

5. Talk to your lender before putting the house on the market. find out what they need for the short sale and get it ready to send as soon as you get the accepted offer.

6. Enjoy your short burst of popularity. In this market everyone loves a seller, even a seller of a short sale, so enjoy.

7. Hopefully in 2-4 months you will hear the words from your agent, "Congratulations, you are off the hook."

If you have any questions about buying or selling a short sale in San Mateo or Santa Clara county please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

When I first heard about the Bank of America Cooperative Short Sale Program, I thought it might be more blah blah and less ah ha!

I was initially skeptical, A) because banks are famous for coming out with “new programs” that don’t end up getting squat done! And B) because I was told that with this program, the bank does the appraisal BEFORE an offer is received for the property.

Issue “B” was what I was more concerned with. I thought that with an appraisal being done before an offer is received, that there were great odds of the bank determining a value for the property much higher than we could actually get an offer for.

I thought of a way around this tho! We processed the file through their co-op program, and the seller received a check for $2,500!! So how did we get around the value issues with the lender? Give me a call and I’ll be happy to share with you how we get this accomplished now without having to worry about a high value when dealing with Bank of America co-op short sales. Now I’ve closed several through the Bank of America Cooperative Program, and my clients are getting checks! If you would like to see if you can qualify for the Bank of America Cooperative Program and receive a check for doing a short sale, contact me right away!

A quick side note about the BofA Cooperative Program: The process of going through the Bank of America Cooperative Short Sale program can take a little longer than a traditional short sale with BofA. This is because they outsource a lot of the processing. Of course this may be a benefit to you, depending on your situation. I have also found another benefit to this tho. Hit me up

Just got approval on another short sale in San Jose with Chase. They are getting to be one of my favorites!

This was not straight forward. Client lost his job and was not able to make payments. He tried a loan mod but did not qualify due to having too much in retirement account. Client is close to retiring.

Put condo on market and got 13 offers. The San Jose inventory for small affordable condos is quite low. Accepted an offer 30% over asking price, cash, with no appraisal contingency. Asking price was market value at the time of the listing. Last 2 sales in the complex were within 5K of listing price.

6 weeks later get approval from Chase but buyer, who was an investor, dropped out.

I start to worry because none of the other 12 offers were over 10% over list price and I am afraid Chase (or actually Freddie) will want more since first offer was so high.

Submit a back up offer for 10% over list price, cash with no contingencies. 4 weeks later get approval.

Everyone is happy!!!

So fortunately the first offer which was so high did not taint the the process, and since there was no foreclosure date set there was not a danger of losing the condo to a foreclosure. But this is a risk in short sales in the Silicon Valley. The inventory is low. There are many investors and first time buyers in the market competing with each other. Sometimes people make ridiculous offers which they later regret.

How do you know what is the best offer? Is it the highest, is it the owner who wants this home more than anything, is it the person who puts the most money in escrow, has the least contingencies?

This is a complicated question that deserves its own blog. But my best advice to sellers of short sales is start by picking an experienced agent who knows how to analyze offers from a short sale perspective. This is not the same as a traditonal sale perspective. And understand that sometimes things go south, so be prepared for some bumps in the road to finally get to the magic words:

Congratulations: You are off the hook!

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

There are often overlooked benefits to buying an owner occupied short sale home. It’s amazing just how much of a difference having someone living in a property can make. Here are some of the upsides that I have noticed in a Wisconsin owner occupied short sale home versus a vacant Foreclosure:

-  It feels like a home. When someone is living in a short sale home, there is furniture and pictures on the wall. It has already been somewhat ‘staged’ for showings. This helps potential home buyers get a feel for what an office or kids bedroom would look like if they purchased the home.

- The grass is mowed. This helps with weed and rodent reduction. It also keeps the neighbors happy.

- The air conditioning remains on. I have come across some foul smells in vacant foreclosure homes. When a property sits sealed up for too long, there is almost always a stale smell that results.

- The heat remains on in the winter. This helps to prevent plumbing from freezing and the resulting water leaks.

- The electricity remains on. In Wisconsin, this is important for basements. When sump pumps don’t have electricity, flooding often occurs. This can result in a very costly fix. It also means that the refrigerator is cooling and dishwasher is being used. This can prevent mildew growth.

- The water is being used. Many Wisconsin homes require a water softener due to hard water. With the water being used, the softener is allowed to work. This will prevent sediment build-up which can ruin a water heater and clog up pipes.

- Property Condition Report. When a bank lists a foreclosure property, they do not have to provide a Property Condition Report. Wisconsin doesn’t require a report if the current owner has not lived in the property. In a Wisconsin Short Sale, the owner is legally required to inform potential buyers of any defects they are aware of.

Why It is a Good Idea to Choose a Realtor®

While there are a lot of licensed real estate agents in most locations, the industry is quite tough.  A large number of people who apply for their license end up leaving the industry in a short time.  This means that there is a small number of Realtors® with licenses who have the experience and knowledge to truly help a person buy a home.
The NAR (National Association of Realtors®) shows that sales people with the Realtor® designation are sworn to uphold a set of Ethics.  They also participate in various training sessions each year and have access to information about the local community and other houses for sale.  Members of the NAR are normally visible participants of their community.  They usually have a membership in PTA, volunteer for neighborhood organizations and/or participate in local government boards.  This type of involvement helps Realtors® stay in touch with the area and keep tabs on improvements and changes.


Realtors® Help Clear up the Confusion

It could seem that browsing through a few internet sites aimed at real estate listings could be enough to help a person find their next home.  However, every home is unique.  Homes are like snowflakes in that way.  Even homes that seem similar on the outside and were built by the same contractor will have different features.

In addition to the differences in the home, each transaction is unique.
 Home purchase contracts,
 closing costs, mortgage loans and inspection requirements will vary from home to home.  This complex assortment of loans, contracts, legal forms, pricing, negotiations and inspections can be quite overwhelming.  That is why so many people seek out the advice of a professional Realtor® who is established in the community and has a track record of helping people buy homes.


Picking a Realtor®

Since the real estate market normally has a large numbers of Realtors® there is quite a bit of competition among agents. That is why it is a good idea to speak to other people that have used a Realtor® and get recommendations.  Using an experienced Realtor® with a successful track record of finding homes that meet the buyer’s needs and makes the buyer happy should ensure that you are using a Realtor® that can do the same for you.


What the
 Realtor® Can Do for You

After you have asked around to some friends and read over testimonies from happy clients, it is a good idea to set up a meeting with the Realtor® for a first consultation.  Establishing the right relationship with the Realtor® is important to help your home purchase, or sale, go smoothly.

The Realtor® will explain to you their method for marketing homes and finding homes for buyers and also disclose the agency’s rules.  This basically establishes the contract between you and the Realtor®.

Once you have established your contract with the agent the Realtor® can begin to inform you of the current conditions of the market as well as prevalent lending options that are currently available.

Good morning Superstars. Jennifer Allan-Hagedorn has invited me back to discuss short sale with her members over at Sell With Soul. Of course I said "Yes!" but only if our Superstar members could tune in for f.ree.

So.............

"Getting Short Sales CLOSED" with Broker Bryant Tutas

(a free SWS teleseminar)

We had so much fun last month with Broker Bryant Tutas in the "Short Sales - the Very Basics" teleseminar that it seemed like a good idea to have him back. Agree? 

But there were so many things we had left to talk about... and we couldn't decide what to focus on... so we polled the audience and asked:

Would you be more interested in a follow-up show about...

1. Getting Short Sale Business, or

2. Getting Short Sales CLOSED?

Well, it certainly wasn't unanimous, but by a margin of two to one you voted for #2 - Getting Short Sales CLOSED. So, that's what we're going to talk about in this sequel to our April 5th Short Sale Basics show.

What you... as listing agent or buyer agent can DO to get your client what they want and need (i.e. the successful purchase or sale of a home) and, of course, get YOU what you want and need - a satisfied happy client and a paycheck for your efforts.

Sound fun? Hope you'll join us for another fun-filled, fact-filled hour (or more) with Broker Bryant Tutas, founder of Short Sale Superstars (www.shortsalesuperstars.com).

REGISTER HERE

THE DETAILS
Date: Thursday, May 10th, 2012
Time: 8:00am Pacific / 9:00am Mountain / 10:00am Central / 11:00am Eastern (Please show up a little early to get settled in.) 
Duration: 75 - 90 minutes
Equipment Needed: A computer with a high-speed connection and speakers, or a telephone.
Cost: Free, but you must register, above.

This is the first time I have worked with Metlife, and they are just simply AWFUL!!  This is an FHA short sale, so it is PFS with an ATP (Approval to Participate).  Circumstances are the wife still lives in home (Illinois) and husband moved to Texas.  Shouldn't be such an issue.  We have had a complete package in with them since mid-March (3/6/12), and can't get them to get a BPO ordered.  Always some excuse!  The latest excuse is they said they sent out a package on 3/2/12 including the ATP, and never received it back.  Banks don't even issue the ATP until valuation is received, which they have never done!  Escalation to managers has been done, to no avail.  Very frustrated...ANY help or advice would be much appreciated! THANKS~

This week's popular discussions.

BofA Not Wanting To Pay FL Incentive As Promised Why offer a program and then do the bait and switch with the seller at the end? Seller was told absolutely you qualify and this is the amou… Started by Kathy Marlowe	3	6 seconds ago Reply by Bryant Tutas
Dealing With A Rental Short Sale Are the short sale qualifying guidelines the same for a primary residence vs. a rental house? I have a client who is currently short sell… Started by Lisa Woolverton	4	6 minutes ago Reply by Bryant Tutas
NYCB issues with deficiency I'm working on a 2nd lien approval with NYCB (formerly Amtrust) in Ohio. I had an approval from Jan 2012 that was waiving the deficiency f… Started by Albert Clark	1	8 minutes ago Reply by Bryant Tutas
Can the seller stop the short sale right before it goes to investor for approval?? We've been in the process of buying a short sale for the past 3.5 months. We just got a counter offer front the bank 2 days ago, which we… Started by rezaN	1	12 minutes ago Reply by Bryant Tutas
Washington Federal Short Sale In process of doing a short sale with Washington Federal. I was told today by two separate people at the bank that they do not do short sal… Started by Angela Elliott	1	12 hours ago Reply by Chris Bierrum
BofA FNMA COOP $3,000 RELOCATION INCENTIVE This is my first time working with the relocation incentive... where is the $3,000 relocation incentive placed on a HUD, or is it placed o… Started by Frank Biganski	2	13 hours ago Reply by Lisa Cedillo
BofA Co-op -- Allowable Fees to Attorney I am working on a Bank of America co-op short sale (Fannie Mae) where the negotiator states that the maximum allowable settlement fee to th… Started by Donna Clayton, Broker, MBA	2	yesterday Reply by Keji Ogunleye
Short Selling after Receiving First Time Homebuyer Tax Credit Seller received the initial $7500 first time homebuyer tax credit. She is now upside down and unable to find work and needs to relocate. … Started by Janna Rankin Scharf	2	yesterday Reply by Kevin - Greenville, SC
Is it normal for Agent to go to another office, but still handle SS?? We have been working with 2 agents from the same office in the purchase of a SS. Agent 1 appeared to be the "point person" with Agent 2 as… Started by Tamara Vannest	4	yesterday Reply by Satar Naghshineh

Need Training?

Join the Advanced Training Group

Short Sale Superstars 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

One for the books! Boa holds the second lien- in the middle of my deal they changed the status in equator to deed in lieu ? Has this happened to anybody else?

I'm working on a 2nd lien approval with NYCB (formerly Amtrust) in Ohio.  I had an approval from Jan 2012 that was waiving the deficiency for the borrower.  Buyer walked 2 days before closing and we had to put the property back on the market. 

Have a new buyer, 1st lien approved and now the 2nd (NYCB) is approving the short sale with the right to pursue the deficiency.  Saying they will not waive the deficiency this time as their policy has changed. 

They also won't try to work out an agreement before closing to waive the right to the deficiency because "the 1st being FNMA, doesn't allow us to take any funds at closing."  Have not heard that one before. 

In any case, has anyone had a similar experience with NYCB and been able to get them to waive deficiency in the end?  Your thoughts are much appreciated.

West Bloomfield MI Short Sale, Escape Your Unmanageable Mortgage: Getting free doesn’t have to mean running away. Mike Sher, Certified Distressed Property Expert, Max Broock, (248) 496-1472

West Bloomfield MI Short Sale, Escape Your Unmanageable Mortgage: Getting free doesn’t have to mean running away. Mike Sher, Cetrfied Distressed Property Expert, Max Broock, (248) 496-1472

Perhaps you have heard about it.

On the news, a reporter tells a story about how the housing crisis has caused some homeowners to simply walk away from their homes. It sounds crazy, but many people are being led to believe that walking away from their home is a good (or even the best!) option.

It is called Strategic Default. For distressed homeowners who believe that they have no good choices left, the idea of walking away free of consequence may sound like a relief. The reality, however, is that choosing strategic default has serious repercussions on your credit.

THERE ARE BETTER OPTIONS AVAILABLE!

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially-challenged homeowners with options to escape from unmanageable mortgages without running away.  

Facing your problems head-on is always the best solution. Let me help.  Learn more at www.shortsaleoaklandcounty.com

The Mike Sher Team has assisted homes-owners in over 100 short sale payoffs.  We work with all banks and can help homeowners get out from under their loan(s)!   Most homeowners do not get a 2nd chance with a short so seek a Realtor with a long track record of success.  Request references and ask lots of questions.  You do not want to find out too late that they are unable or unqualified to help you.

Mike Sher, Max Broock Realtors (248) 496-1572

About Mike Sher

• He has negotiated over100 short pay offs for my clients
• He is a Short Sale expert panelist for the Real Estate Investors of Oakland.
• He is Real Estate One's and Max Broock's Short Sale consultant and Short Sale Instructor
• He is a published Short Sale resource for the Detroit Free Press
• He has an over 90% Short Sale success rate (national average is 33%)
• He has instructed over 500 agents on how to successfully close short sales.
• His weekly http://mikerealtorblog.com/ is used by 1000's of professionals as a Short Sale help site
• Realtors know me as a "Short Sale Expert" which attracts more buyers to my listings
• He is a Certified Distress Property Expert
• He is a Fox2 contributor.
• He is a CPA CME instructor for the Michigan Association of Certified Public Accounts regarding Short Sale transactions tax liabilities.

Mike Sher , Max Broock Realtors, Michigan at (248) 644-4700 x 242

I have a case where the borrower's lender is Chase and she has been told she needs to work directly with Fannie Mae to do the short sale. This is a first for me..has anybody had this kind of situation and if so, how do you even start?

Please let me know..

Thank you, 

Mily Arroyo 

 Cannot seem to get a direct answer on this. Anyone done one of these?

If a client bought a home through a 1031 exchange a few years ago and is now short selling the home.....Are they still eligible to use the Mortgage Debt Relief Act and get out of the Income Taxes on the deficiency?

I have been working short sales in Maine exclusively for the past 3 years. You can look me up at http://martymyrealtor.com

Cheers, and keep up the great work!

Marty Macisso

Regency Realty Group

South Portland Maine

No one ever saw it coming!

The Sellers were moot until Escrow/Title discovered a NEW LIEN!!!

"Picture it" Sophia Petrillo, a Golden Girl would say,

except instead of Sicily 1922 - it was San Francisco 2012

- There was pepperoni all over the place! -

https://www.youtube.com/watch?v=9lH9_rbDQF0

You wouldn't have believed it! 

The preliminary title report showed three liens and we jumped over all three hurdles - only to trip a few paces before finishing and closing our latest San Francisco North Panhandle Multi-Unit Short Sale listing this year... (Ask and we'll give you the address - multiple offers no less!)

Like a mine under water, this lien NEVER appeared on the preliminary title or the subsequent preliminary title report issued for the buyer - but lo and behold - the SELLERS went into the title/escrow company to sign final documents and after running their Social Security Number it came up!!! I am always polite to my escrow officers, but even this one taxed little old me! 

It was scramble time as the lien for $4,200 came up, the attorney whose name it was filed under was difficult to find and the entire bill had to either be negotiated or paid before closing in 3 days. Thank goodness we had cooperative sellers who could find some cash! - Guido - I don't know where it came from, on with the story!

Another 11th hour and 55th minute story which gave yours truly a few more grey hairs.

In the end, we received a wonderful commendation from our SELLERS For our professionalism and attentiveness to detail... All I can say is; Thank goodness it's DONE!

Lately it's been raining cats and pepperoni in San Francisco these days, but then it's not Sicily, 1922.

Michael Ackerman and Oliver Burgelman - Zephyr Real Estate

www.PriceSquares.com  www.BuildingTrust4Life.com

415-307-5850 -  415-244-5846

Oliver and Mike are your home grown San Francisco Short Sale 'Busters' -

We can get it DONE!  With or without the pepperoni - We deliver - Just call! 

This Week's Featured Discussions

Tax Foreclosure In The Middle Of Short Sale? My sellers have been accepted into BofA Co-op sale. They had no tax escrow account and had always paid their taxes separately at the end of… Started by Julissa Jumper in Short Sale DiscussionsLatest Reply
Can I notarize client affidavits? With more and more notarized documents needed, I'm wondering, will banks balk if I get a notary license and notarize the signatures (while… Started by Jim Schneider in Short Sale DiscussionsLatest Reply
Need help with Arms Length definition FHA PFS Hi Everyone, I have had my sister-in-laws home listed for4 months. We originally thought the sale would be a regular sale and sell for som… Started by Heather Gennette in Short Sale DiscussionsLatest Reply
Short Sale Notification Hi Everyone: We are having a difference of opinion. When there are two lenders involved and the sale of the house will bring enough money… Started by C. Lew in Short Sale DiscussionsLatest Reply
Fannie Mae Requires Shorter Short Sale Timelines April 25, 2012 Fannie Mae Sets New Short Sale Timelines New Guidelines Will Expedite Process, Improve Foreclosure Prevention Options Andrew… Started by Jim Schneider in Short Sale DiscussionsLatest Reply
FHA ATP Question So for those of you who know the PFS program very well I have a question you know on the ATP how it states language like this Acc… Started by Travis Davies in Short Sale DiscussionsLatest Reply
Need a real decision maker at Bank of America for urgent short sale I am the selling agent on a B of A short sale where the property itself is truly distressed. There are three sump pumps in the basement. … Started by Ellen Levy in Short Sale DiscussionsLatest Reply
We Are Being Asked to Get A Full Appraisal and Re-Submit? Hi Everyone, Has anyone run across the latest trick by Wells Fargo AND Bank of America that we supply a full appraisal and re-submit the fi… Started by Rhonda Duffy in Short Sale DiscussionsLatest Reply
Two Counter Offers from Bank of America On April 4th Bank of America countered our offer on a short sale, they didn't change the purchase price just some of the closing numbers. … Started by Rick Maron in Short Sale DiscussionsLatest Reply
Any way to "defeat" the Mortgage Insurance Company? We've been working a Bank of America short sale for nearly a year now. Offers continue to be rejected when we get down close to approval. C… Started by Gordon K in Short Sale DiscussionsLatest Reply

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Short Sale Superstars 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

I took a listing with Citi Financial last November 2011. Thinking Citi one loan no problem. I though Seterus was bad but Citi Financial is taking the cake on this one.

John Florez who is the Center Manager for Citi Financial in Phoenix has been harassing the homeowners to the point where they called me to see what options they had due to them having to relocate out of state for a job. I advised them about doing a Short Sale and after talking with their attorney and accountant they decided to do a short sale.

We put the house on the market and received an offer less than 10 days. I sent in all the paper work and called Citi to make sure they had everything they needed. Jennifer who works in the offer advised they had everything and that John Florez would call if anything additional was needed.

John called the next day and told me that he had a problem with the HUD. He said they will only approve 5%. I told John I would get the HUD revised. He also starting asking me about getting the homeowner to make 60% reduced payments for 5 months, and then after all 5 of these payments were made he would at that time approve the short sale."WHAT!" I had to repeat what he just said back to him to make sure I heard that right.

He said that after they make payments for 5 months at 60% reduction he would approve the file. I told him out of all the short sales I have done I have never heard of something like this.Why would you make the buyers wait 5 months before approving the short sale. John said this is how it's going to be if you want to make a commission.

Yes at this point was I ever so frustrated. I talked with my broker to see what he could do, but it seemed as if John does not answer to anyone, no boss.. I called John back and advised him I would see what I could do but could he order the BPO to make sure the offer is what they needed to net.

A couple days later John did order the BPO and then called me back saying the BPO is in line with what they need to net now he just needs to get payment from the homeowners, he asked if I could make them call him and give him payment. I told him I would give them the information.

I talked with the homeowner and advised them that I have never dealt with someone like this, someone so arrogant. The homeowners laughed and said now you know what we were dealing with and why we called you. I advised them to get the advise of an attorny and also advised them to make a complaint to the State Attorney General along with State Banking Commission.

The homeowner did make a complaint and were advised it would take up to six weeks to get an answer back. Because the homeowner refused to make payments with John Florez he called and left a VM for me saying the Short Sale is denied. I called John back and said that's fine can you issue a denial letter so I can cancel the contract with the buyers. He said he already sent it and did not have a copy in his file to send me and to ask the homeowners.

The homeowners never got the letter and John didn't have a copy in his file. John said the file has been turned over to their foreclosure department.

It's now January and I advised the buyers agent what was going on. The buyer decided to cancel their contract and I canceled the listing and advised the sellers to keep me updated when they get a response from the Arizona Attorney Generals Office.

They received a response in March 2012 and was asked to provide any additional information they had and also asked if they ever received the denial letter. They responded and the first week of April they received a call from from Citi Financial about the great new Short Sale program where now if they get an offer they don't have to make the 5 payments and at closing they would get 10% back from Citi.

I told the homeowners this sounds like a scam, they received a letter the next day telling them Citi would like them to short sale their home and to have the agent provide a copy of the listing contract, hardship letter, HUD1 and a 3rd party authorization form.

I took the listing and this time I took it at 5% knowing what had happened last time. I received an offer in less than 12hrs and submitted the purchase contract along with a new HUD to John Florez at Citi. He called me and said well since the buyers agent is with the same broker your going to have to reduce your commission to 4%. He laughed and then hung up the phone.

I'm very patient, and I understand that a short sale is an option and not a right, I just don't get how the John Florez keeps playing games with the homeowners and me as the agent. I'm so sick of these banks playing these crazy games. 

Citi you are now on my bad list of banks not to take short sales with along with Seterus.

For all of you agents thinking about taking a short sale with Citi I highly advise against it...

James Moyer

Arizona Real Estate Market

Please come and Join me as I show how Short Sales are more about effort and less about certifications.

Mike Sher