"I just asked Nestor: are we going to get strong armed into paying money, like exertion, just to say we have the CDPE after our name since we have been doing short sales before they ever invented that designation and that class? Nestor says we…"
"Thanks Mike- That is what I was thinking as well. Plus we met with Jason Root who we met when he was the director of loss mitigation at Citi and now is the short sale director at Freddie Mac. He said what you just said. That the asset does not…"
"Chris, the companies sure are strong-arming agents out of a point even when they don't refer a homeowner and they love to step in at the very end of the deal, right after the acceptance letter comes in, when they finalize the final HUD, they…"
"Mike- so there will be the asset manager getting a point of our commission and then a referral fee to short sale specialists too? Hmmm, are short sales going to become like 1% to the listing side? That would not even be worth the effort. Maybe I am…"
"That is not something we embrace at all. In fact, the asset management companies will want a cut of your commission for the referral. I know already that Freddie Mac has stated they WILL NOT participate in this type of referral. They believe it is…"
"Yes, this is true however you can get an exception from Fannie Mae who oversees the HAFA program:
Taken right from the HAFA guidelines:
Without Fannie Mae’s prior consent you must not consider or solicit a borrower for HAFA…"
"Shelly- Chase has become the new BofA! BofA get done so fast now with Equator. Chase used to be great. We got Chase deals done in less than 60 days day in and day out. But when they converted to WAMU's short sale procedures- everything changed."
"They can always say no. The fee has to fit in their guidelines, but hope for the best. It won't be a problem just where to put it to make both your lender and BofA happy. You can always go to a supervisor at BofA closing dept if there is an…"
"Angela- it is BofA policy to not pay any attorney fees at all. We close some with a title company that is great and then we get a lot of referrals from attorneys and those get to be closed with them so they can paid for the title work. We have…"
Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
Yes, over 12 Million
About Me/Profile of yourself: - Please add your Brokerage Company name also!
Nestor and I are short sale agents in South Florida. We have been doing short sales since 1995. I have been licensed since the early 80's and we have been through some major recessions. We bring negotiating and compassion to the table for our sellers who need to do a short sale.
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December 12, 2011
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