"To be very honest and frank with you, short sales are a beast to work with on the listing agent side. Even though you submitted the same offer that was accepted from the previous contract does not mean it will go any faster. Everytime a…"
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HELP! GMAC is holding out for $5K!!!
Started this discussion. Last reply by Patti Guilford Jan 12. 10 Replies 0 Likes
My short sale situation is this: CITI Mortgage is the 1st and GMAC is the 2nd. CITI has agreed to the short sale but has stated that the MI Company will only allow $1K paid to GMAC. GMAC on the…Continue
Hope Counsulting of America????
Started Aug 30, 2011 0 Replies 0 Likes
This is a 3rd party negotiator that I recently set up to do my short sales. I was told 45-60 day closings and that they are a group of lawyers and are able to retain their fee without jeopardizing…Continue
Sheila Vardakis's Page
Latest Activity
Sheila Vardakis replied to Stephen Dotlich's discussion Making sure your Realtor is on top of thingsSheila Vardakis replied to Mark Balaban's discussion DIL"Crazy that you should ask that when I just spoke to a potential seller yesterday who told me that Wells Fargo said that I would get paid if he did a DIL.
NO we don't get paid............we didn't do anything. DIL…"
Linda Strasberg commented on Sheila Vardakis's blog post 2nd lien is Collection Agency....................."the amount that needs to be handled is $1447 the difference between the amount the lender will pay for the HOA issue...1145 and the hoa demand for $2592...I reduced that from $38K
the short sale negotiator suggests the buyer to pay for it to…"
Catherine Gheen commented on Sheila Vardakis's blog post 2nd lien is Collection Agency....................."The best thing to do in a situation like this is to have this file moved into the HAFA program. Sometimes you can have your seller write a handwritten letter requesting the HAFA program. The reason you want to get this file into HAFA is…"
Linda Strasberg commented on Sheila Vardakis's blog post 2nd lien is Collection Agency....................."I have a situation right now...I am wondering what course of action to take. The lender approved a cooperative short sale. The lender asked for HOA demands prior to approving the offer...when the HOA demands came in the HOA had hired a…"
Sheila Vardakis commented on Sheila Vardakis's blog post 2nd lien is Collection Agency....................."thank you Anne for your response..............sorry to hear yours went sour"
"This happened to me. No one walked away with a dime."
Sheila Vardakis posted a blog post2nd lien is Collection Agency.....................
I have a situaiton where the first has approved the short sale and have specifiedt that they will pay the 2nd lien $3K to release. The 2nd lien is with a collection agency and they won't accept anything less than $8K. The reason they said they won't accept anything less is because the commission being paid out is for $11K. They don't see letting the agents get paid more than they get for a their lien. I have worked this file for over 9 months and to have this be the reason for the hold…See More
Sheila Vardakis replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"our buyers agency agreements allow for putting in a minimum commission so if the agreements staes a minimum of 3% and the buyer buys a listing that is 2.5% then the agent can rightfully charge the .5 percent to their client due to their…"
Sheila Vardakis replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"See I disagree with you on that Fred. As already stated, listing agents do much more than just take the listing and present contracts. There is a lot to learn on how to do short sales and a lot to keep abreast of the changing rules and…"
Sheila Vardakis replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"I would love to hear what other agents do in markets where you get a listing that is as low as 10K and the seller wants help? I get a lot of under $30K deals and can not find it to turn them down. By the time I get paid out of the deal…"
Sheila Vardakis replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"Not heard of this in our market Tracy....................I do a split of 3.5/2.5 as I am unable to charge a seller transaction fee. Buyers agent can charge their fee and ask for the difference of .5. I do this because we work…"
Sheila Vardakis replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing"This is what I do................I charge a 6% to seller and divide it 3.5 listing and 2.5 selling. I feel the extra work put into these deals by us give us the priviledge to do this. I also can't charge an administrative fee to the…"
Steven Gomez commented on Sheila Vardakis's blog post Redemption States & Freddie Mac - new rule"So very true, can't ignore the court ordered sale date. All the more reason for a close working relationship between the Realtor working the short sale and the attorney representing the debtor. "
Sheila Vardakis posted a blog postRedemption States & Freddie Mac - new rule
FYI..............just found out that two or so weeks ago, Freddie Mac decided that the seller could no longer sell their home as a short sale in the redemption period. The only way the seller could get redeem it is to pay it off.............well that will be pretty much none of the sellers selling short sales out there. If I can give one piece of advice, if you are under contract, GET THE FORECLOSURE POSTPONED!!!!See More
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- I have been in Real Estate for 12+ years and specialize working with Investment Property. Four years ago in April 2007, the market was taking a turn for the worse and I felt a calling by GOD to help the distressed homeowners.. I have since helped over 40 homeowners avoid Foreclosure. I serve the entire KANSAS CITY METROPOLITAN area. I serve both KS and MO areas and office at RE/MAX State Line. I look forward to serving you!
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Sheila Vardakis's Blog
2nd lien is Collection Agency.....................
Posted on May 7, 2012 at 3:47pm 5 Comments 0 Likes
I have a situaiton where the first has approved the short sale and have specifiedt that they will pay the 2nd lien $3K to release. The 2nd lien is with a collection agency and they won't accept anything less than $8K.
The reason they said they won't accept anything less is because the commission being paid out is for $11K. They don't see letting the agents get paid more than they get for a their lien. I have worked this file for over 9 months and to have this be the…
Continue Redemption States & Freddie Mac - new rule
Posted on April 10, 2012 at 12:01pm 1 Comment 0 Likes
FYI..............just found out that two or so weeks ago, Freddie Mac decided that the seller could no longer sell their home as a short sale in the redemption period. The only way the seller could get redeem it is to pay it off.............well that will be pretty much none of the sellers selling short sales out there. If I can give one piece of advice, if you are under contract, GET THE FORECLOSURE POSTPONED!!!!
Comment Wall (1 comment)
- At 11:52am on September 30, 2011, Mike Linkenauger gave Sheila Vardakis a gift…
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Forum
Are FHA loans eligible for HAFA?
Started by Cinda Rose in Rants and Raves. Last reply by Cinda Rose 5 hours ago. 2 Replies 0 Likes
Making sure your Realtor is on top of things
Started by Stephen Dotlich in Rants and Raves. Last reply by Sheila Vardakis 8 hours ago. 17 Replies 0 Likes
Bank of America Short Sale Incentive Relocation Assistance
Started by TeamKane Realty in Rants and Raves. Last reply by Robin Mitchell 17 hours ago. 3 Replies 0 Likes
Supreme Course rules on Quicken Case - Fee does not violate Section 8(b) of RESPA
Started by Patti Guilford in Rants and Raves. Last reply by Fred Shocklie yesterday. 2 Replies 0 Likes
What does Analysis stage mean Bank of America
Started by Craig Schneider in Rants and Raves. Last reply by Craig Schneider yesterday. 9 Replies 0 Likes
Bank of America changed closing date
Started by Kevin Hayes in General Discussion. Last reply by Dawn Marie Richeal yesterday. 5 Replies 0 Likes
Bank of America NDS Co-op on Proactive
Started by Olesya Drozdova in Question and Answer. Last reply by Jack Dudenhoeffer yesterday. 3 Replies 0 Likes
Is There A Maximum Dollar Amount That Qualifies For A Short Sale?
Started by James Ybarra in Rants and Raves. Last reply by Mike Linkenauger yesterday. 4 Replies 0 Likes
Does anyone have any short sale experience with Ocwen Bank?
Started by Varnie Jules in Network Talk. Last reply by Joseph C. Alfe on Monday. 15 Replies 0 Likes
Can the seller pay additional commission?
Started by Jose Hernandez in Question and Answer. Last reply by Satar Naghshineh on Sunday. 63 Replies 0 Likes
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