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So my question is why is it that agents individually, continue to have to defend their paycheck against investor’s efforts to reduce commissions below the customary 6% and the never ending interference with a contract of which they are not a legal party to? Why is there not some sort of class action lawsuit on behalf of many thousands of agents that would have a ligament claim? Why is there not some sort of collective representation for real estate agent?

I would like to know. Recently I had the 6% total real estate fees cut to 5% with the typical ultimatum and threat to comply or the short sale would be denied. This was after 5 months with a prior offer approved in writing with an approval letter and paying the 6%. This was a bank owned short sale with Chase and no outside investors or MIP. All done by Chase and they simple said oops, sorry we made a mistake agreeing to the 6% on the first offer. We are reducing your fee to 5%.

So where is the collective effort by real estate agents to defend themselves?

Seriously can we not do better then this.

Is there any current collective efforts being made by somebody somewhere?

Michael

They finally did it! After years of the VA Compromise Sale net requirement being 88.13% of the VA liquidation appraisal value, it has been reduced! It is now 85.05%.  The VA Circular 16-13-15, “New Percentage to Determine Net Value” made the change effective October 8, 2013.  What does this really mean? If your VA Compromise Sale home in Crestview, Fort Walton Beach, Navarre, Niceville or Destin Florida, appraised for $100,000, the net proceeds from the sale would have to be $85,050.  The net proceeds are what is left for the Veterans Administration and your loan servicer (for example, Bank of America), after closing costs are paid. Closing costs can include state transfer taxes, (like documentary stamps on the deed), prorated taxes, Realtor commission, association dues, etc. The previous net requirement would have been $88,130, so there would be more than $3000 extra in this scenario. I think this is a good change. The net allows for higher closing costs. Why is that good?  If the service member has a junior lien, there would be more funds available to pay them to allow the short sale. It also allows more closing costs to be able to able to pay some buyer closing costs.  In the end, this benefits the service member from Eglin Air Force Base, Hurlburt Field, Duke Field or Whiting NAS airman.

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

Here is the complete Veterans Administration circular:

VA Compromise Sales Required Net by Wendy Rulnick

Just Sold! 56 Valley Street, Williams Bay, WI 

We are happy to announce a recent short sale home closing in Williams Bay, Wisconsin. Due to our extensive online advertising campaigns, we were able to bring in a buyer for this listing. This was a fantastic cozy but open concept home, sold at a great price! I'm sure the buyers will enjoy it for many years to come. Congratulations to everyone involved!

If you are thinking of selling or buying a home in Wisconsin, we would be happy to assist you.

Give Rock Realty a call at 877-774-7625. We are a full service real estate brokerage.

 
Madison, WI Homes for Sale

OTHER ARTICLES

• Getting Pre-Approved for a Mortgage Before Looking for a Home
• First Time Buyers: How To Wade Through Real Estate Lingo
• What’s Just as Important As Location When Choosing a Home?
• 10 Things that are Good to Know Before Buying a Home
• Tips for your first Home Inspection
• Tips for Purchasing a Foreclosure
• Tips for Picking the Right Wisconsin Home

Bank of America's team of short sale specialists are dedicated to assisting you and your client through the short sale process. Occasionally, an issue arises that demands immediate attention or an escalation. The best way to resolve escalated issues is to follow the steps below:

1. Notify Your Short Sale Specialist. Your short sale specialist can resolve most issues that occur during the short sale process. Simply send a message from Equator to your short sale specialist by selecting "negotiator" (or "closing officer") from the drop-down menu in the "To" field and provide the details of the issue.  Within two business days, you should receive a response. You can also contact your short sale specialist at the phone number previously provided to you and your client. If you have not received a response after two business days, or if the short sale specialist cannot resolve your issue, then go to step two.
2. Notify The Short Sale Team Lead. In those cases where your short sale specialist has not responded, you can contact the Short Sale Team Lead by sending a message from Equator. Select "Team Lead" from the drop-down menu in the "To" field and provide the details of the issue. Within two business days, you should receive a response from the Short Sale Team Lead. In those rare cases where you have not received an answer from the Short Sale Team Lead, or the team lead cannot resolve your issue, then go to step three.
3. Contact Short Sale Customer/Agent Care. To escalate the unresolved issue, call 1.866.880.1232 Monday-Friday, 8 a.m. to 10 p.m. and Saturday, 11 a.m. to 4 p.m. Eastern and provide the details to the short sale representative. Customer/Agent Care monitors the response rates for Equator messaging and will provide the best escalation option for your issue. They will ensure the escalation process is followed and tracked.

Most issues in the short sale process can be prevented by following the tips below:

1. Ensure Documents are Error-Free. Document errors are the main reason an issue occurs in the short sale process.  To avoid document errors, make sure you are:
   1. Using the correct form.
   2. Including all signatures, printed names, and initials in every applicable space on each page of your documents.
   3. Checking that signatures are in the proper format. Most issues arise if a document does not allow electronic signatures. If it does not, handwritten signatures and dates will be needed before the documents can be submitted.
   4. Providing complete, consistent buyer and seller information. Names, addresses, zip codes, and other information must be consistent on each document and on the HUD-1 or the seller's tax forms.
   5. Submitting clear and legible documents and a complete short sale package including a signed and dated hardship letter. Enter as much information electronically before you print the document.
   6. Including all agent information. Be sure to provide the names and license numbers for both buyer's and seller's agents.
   7. Submitting all requested documents on the same day. Each time documents are requested by your short sale specialist or Equator task, be sure to collect and submit them right away to expedite the process.
   8. Keeping the original title of each document. For faster processing, keep the original name of the document you download from the Agent Resource Center to refer to when discussing with your short sale specialist.
2. Be Aware of Deadlines. Many steps in the short sale process are time-sensitive. Check for Equator tasks daily and make note of deadlines provided by your short sale specialist. By using Equator for all communications, you can keep track of all communications and responses.
3. Understand the Equator Processing System. Equator is the best way to communicate with your short sale specialist and track the progress of the short sale. If you are not familiar with the Equator Processing System, education guides are available in the Agent Resource Center to assist you with the steps to complete a short sale.

Your short sale specialist is available to assist you and your client through the short sale process. For more information, please visit bankofamerica.com/shortsaleagent or call 1.866.880.1232.

They told me I do not need to bid and the highest bid will be offer to me first.
Now the investment company from TX where the Nationstar is located is buying this property in LA.
If you read the Real Estate book you will know that Real Estate broker / Agent  have moral and Ethical obligation to General Public and if you cheat them and do not treat them within your obligation you can be prosecuted and if find guilty be fine or go to jail.

Nationstar is a mortgage company and is license with NMLS
As well they are acting as Re\al Estate agent.
They are also working with Auction.com and pushing all shortsale to Auction.com

Hi

If you have issue with Nationstar mortgage / Auction.com

contact

Attorney General office

and

Department of Business Oversight

consumer service office

and file your complain

Hi Nancy,

I just want to follow up with you on your file to see if NationStar plan to close the sale with your buyer or not.

With my situation it is 9 days now and my last call to nationstar was on Thursday which I spoked with assistant VP as well as the asset manager manager.

They told me that if the bidder did not close they will offer the property with the highest bid to me.

It is 9 days pasted and the bidder does not look like is closing.

No one contacted the listing agent.

Plz let me know how is  your transaction.

Thank you

We do not know what to do but wait. 

Does anyone have a contact at Hudson City Savings? I have a short sale that was approved once through Citi as the servicer, but now have a new buyer and the new negotiator has said that the investor (Hudson City Savings) wants a full payoff. I have a hard time believing that they have been approached with the deal because the new negotiator came back with an answer as soon as she received the file.

4136 N River Rd, Janesville, WI 53545 - $190,000

2500 Square Foot Home on Waterfront Acreage

Well maintained riverfront property. With 2500 s/f and over an acre lot, this will not last long! Call Michael Collins at 608-921-8536 to schedule your showing! Click any image below to see additional details. Previously sold for $278,000 back in 2003!

Property Highlights

• 2 Car Garage
• Lot is on the River
• Over an Acre lot
• Fireplace
• Central Air
• Great Location

Features

The panel will explore the successes and challenges of the nascent real estate crowdfunding movement. Newbery will also discuss AHP’s experience empowering accredited investors to crowdfund the purchase of distressed mortgages from banks.

American Homeowner Preservation (“AHP”) Founder and CEO Jorge Newbery will moderate the Crowd Funding Real Estate Investments panel at the Midwest Crowdfunding Conference on November 15 at One Financial Place, Chicago, Illinois. Joining William Skelley of iFunding and Brian Fritton of Patch of Land. The panel will explore the successes and challenges of the nascent real estate crowdfunding movement. Newbery will share AHP’s experience empowering accredited investors to crowdfund the purchase of distressed mortgages from banks. AHP then offers viable solutions for families to stay in their homes with reduced payments and discounted principal options. If homes are vacant or families do not want to stay, AHP offers incentives to borrowers to sign deeds in lieu of foreclosure in order to promptly put homes back in service.

“We have a social mission, but also offer investors financial returns of 9 – 12%,” said Newbery, describing the AHP’s impact investing goals. AHP began in 2008 as a 501(c)3 nonprofit and has evolved into a for-profit socially-responsible hedge fund, and has now added the crowdfunding component. “By acquiring distressed mortgages at big discounts from banks, we are able to offer transformative solutions to families to keep their homes, plus exceptional returns to our investors,” said Newbery.

“Crowdfunding is an extraordinary vehicle for investors to connect with opportunities, and largely bypass the fee-generating bureaucracies of Wall Street. Additionally, for pursuits such as American Homeowner Preservation, a great deal of social good can be achieved,” Newbery said. Crowdfunding platforms have sprung up recently offering investments in all sorts of ventures. These are pioneering times for companies and investors alike, according to Newbery.

American Homeowner Preservation to be included in Midwest Crowdfunding Conference

Crowdfunding is an extraordinary vehicle for investors to connect with opportunities, and largely bypass the fee-generating bureaucracies of Wall Street- Jorge Newbery

AHP is currently accepting investors for their 2013C opportunity, which features 249 assets. 90% of the assets are First Mortgages and 10% are REOs. The total investment of $5,660,000 is 38% of the $14,772,615 value of the homes securing the mortgages. Investors can earn 9% for a one year investments, 10.2% for two years and 12% for five years. Revenue is distributed to investors monthly, and the minimum investment is $10,000.

Other participants in the Midwest Crowdfunding Conference include author Daryl Montgomery, Jon Goldberg of VCapital and Brian Korn of Pepper Hamilton. To learn more about the Midwest Crowdfunding Conference, please visit http://www.midwestcrowdfunding.com.

About American Homeowner Preservation:
American Homeowner Preservation started in 2008 in Cincinnati, OH as a 501(c)3 non-profit. Today operating as a for profit in Chicago Il, AHP aims to empower accredited investors to crowdfund, buy pools of distressed mortgages, and generate impactful social returns and compelling financial returns. Our goal is to help secure your future by securing someone else’s. For further information or inquiries please visit http://www.ahpinvest.com or call 800-555-1055.

Hello All. I would really like to hear from anyone who is having trouble with auction.com/Nationstar.  I would like to try to make a change with their policies that are being forced on us.  It is not a win win.  I understand the lender does not have to do a short sale, however, when they send out letter asking people to do short sales and saying the will help then they should be honest about it.  Please provide any feed back.  There is power in numbers and I need your help.

thank you in advance

American Homeowner Preservation buys pools of distressed mortgages at large discounts from banks. After acquisition, AHP works to find a solution to keep homeowners in their homes. Sometimes homes are already vacant and abandoned. In cases like this, our asset managers work to get vacant homes back into service to help revitalize blighted communities.

A recent AHP acquisition in Kansas has made one community very happy. A vacant property in Kansas City was purchased as part of a distressed mortgage/REO pool for less than $2,000. Then, AHP was able to sell the neglected home to a new owner in order  to return the home to serviced. AHP finance the sale for a $1,000 down payment and a loan for $7,900. The homeowner purchased the home in order to rent and bring a new family into the neighborhood.

AHP sold this property to a new home owner who is fixing it up and turning it into a rental property

Because the house was vacant and needed a lot of work done to get it back to working condition, the owner began the remodel with a new coat of paint to the outside of the house and landscaping. Meetings with city officials revealed that the property had some code violations that the new owner would have to fix.  Even with the code violations, the city official was glad to hear that the property was placed into the hands of someone who really cared about the property and wanted to get it back into service as soon as possible. The city official revealed that prior to AHP and the new homeowner; the city would receive calls weekly from neighbors complaining about the property and how it was affecting the character of the community.

The new owner has ample experience renovating homes and brought his own construction crew from California to begin the remodel. He is currently 3/4 done with the remodeling process and hopes to rent the property to a family in the coming months. Neighbors are excited and happy to see the home being taken care of and be putting back into service.

3/4 done with the remodel, this property is almost ready for a family to rent. The community is glad the home is being cared for.

Click here to learn more about American Homeowner Preservation’s social impact.