March 2010 Blog Posts (19)

Never give up.........You never know when your Hail Mary pass will work........

A few weeks ago I had a BofA short sale originally started on Equator go south really fast.

In fact , I was continually told all was well when in fact it was not.

I had escalated twice and then brought in the office of the president.

At first it seemed like they could help. Then they said no it was going to trustee sale and denied.

this past friday I received approval letters from the 1st and 2nd and escrow was opened today.

I threw another Hail Mary…

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Added by Terry L. Osburn, SFR on March 29, 2010 at 11:53pm — 2 Comments

Getting Started

So I recently decided to take a new approach in my Real Estate Career. I know it is the right thing to do, but honestly there is so much information to feed through. I read article on SSSN, then I read some articles on CRS. All I really want to do is get some training and jump full throttle in. I am a hands on kind of girl and I am so excited abiout getting started with Short Sales. I want to make a difference for the consumer's that don't know their options. I know I won't be able to help… Continue

Added by Teri Jo Fox on March 28, 2010 at 2:14pm — 10 Comments

Making the Buyer's Agent Pay for a Negotiator?

I was talking with another agent in my office this morning and she was concerned about not getting paid on her short sale. She's hired a negotiator (1%) for the deal and is now "expecting" the buyer's agent to split the deal with her.



My issue is that is total crap. When listing short sales in the Central Ohio MLS you are "required" to include in the agent-to-agent remarks "any reduction in commission will be split 50/50 between the agents" (the percentage is up to the… Continue

Added by Toby Boyce on March 25, 2010 at 3:54pm — 17 Comments

Questions to ask a listing agent in a short sale



Qualifying a Listing agent for a short sale



Lets face it. Time is money. When working as a buyers agent in a short sale, it is extremely important to

qualify the listing agent for…

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Added by Mike Linkenauger on March 24, 2010 at 11:30pm — 4 Comments

Certified Short Sale Guide Designation Training Program

We're offering the Short Sale Basics

Course…
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Added by Mike Linkenauger on March 24, 2010 at 6:00pm — 34 Comments

Another Short Sale listing Taken

Another seller I am able to help thanks to the short sale specialist network. Thank you! The seller's are overjoyed when they meet someone who knows what they are doing with shortsales. Feels great to be able to help and make some money :o)

Added by Cidalia Mendonca Matukas on March 24, 2010 at 1:54pm — No Comments

Title companies claiming to have investors for Short Sales

Just curious, has anyone ever been approached by a title company offering to handle all sides of a short sale transaction? They claim they have investors (Buyers) for the Short Sales that we refer. They can only work with our listings and they promise the standard 6% plus an additional 3%. I'm a little hesitant but have asked for references and am going to research further. If anyone has experience with a compnay like this please let me know your thoughts. Thanks in advance!!

Added by Nathan Boynton on March 22, 2010 at 3:45pm — 23 Comments

Rate of Commission lenders will Pay.

What is the max commission that Lenders will Pay in a short sale?. I know that most will pay up to 6% which is good, but sometimes in my situation there could be three agents involved in one transaction.( which cuts our $$$) Do you think

(in this case) I would be pushing my luck to ask for 7%. I'm not greedy, but we put in a lot of hard work as you all well know. Any one had any experience?

Added by Hazel Graham on March 20, 2010 at 6:44pm — 8 Comments

Short Sale mediator

Has anyone used a short sale mediator and could share their experiences. I find short sale to be very time consuming and yet I am hesitant to use a mediator. At the moment, I have 3 with B of A, 1 with Wells Fargo and the upcoming ones are with Aurora Loan & CITI.
As experienced as I am with short sale, there are still surprises that would come up and take so much of my time.

Added by Esther Harrow on March 20, 2010 at 1:20am — 5 Comments

When Homeownership is No Longer an Option.



Even if you are unable to keep your home, there are options to foreclosure.

I understand there is a lot of confusing information that prevents homeowners to take a better decision than foreclosure.

Before you walk away from your home, you have to know that You still have the Short sale option at not Cost to…

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Added by Cecilia Rodriguez on March 16, 2010 at 4:21am — 2 Comments

So you find a short sale will be in your best interest...

You have investigated your options and have touched base with a real estate tax attorney and/or CPA.

It appears short sale will be your best option.

What's next?

Make sure you have already communicated with the bank that your intent is to perform a short sale.

Find an experienced Agent who has a proven track of short sale experience. Certifications and designations does not always make for a seasoned agent even though many of the…

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Added by Terry L. Osburn, SFR on March 15, 2010 at 10:40pm — 3 Comments

BofA went south.........

I have closed many short sales with BofA. In December I had my first one for Equator. I took this listing over after another agent who had it listed and brought in an offer was denied short sale. There was several months separation in between the time I took it over and the original first short sale denial. The investor denied a $289000 offer at that time. It is a condo. Complex has history of several defaults.

Make a long story short, there was several glitches in my…

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Added by Terry L. Osburn, SFR on March 15, 2010 at 10:26pm — 2 Comments

Oxymoron=Short Sale!



The Short Sale – Not so Short!

What do “same difference”, “airline food”, “free gift”, and “accurate estimate” all have in common? Answer: They are all “oxymorons” (a figure of speech combining…

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Added by John Meyer on March 12, 2010 at 3:37pm — 1 Comment

Loan Modication or Short sale ?

LOAN MODIFICATION or SHORT SALE ?

a loan modification isn't for everyone.

A loan modification may not be viable if:

• The modified loan comes with payments you still can't…

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Added by Cecilia Rodriguez on March 12, 2010 at 1:15pm — 1 Comment

HUD Short sales, Pre foreclosure sales

Do You have an FHA-insured home and need to do a short sale?

Some of the guidelines that you need to know.

You must be delinquent 31 days or more at the time of sale.

You must list the property with an un-related Licensed Real Estate Broker The Pre foreclosure must between two unrelated parties and be characterized by a selling price…

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Added by Cecilia Rodriguez on March 12, 2010 at 11:23am — 1 Comment

Short Sale Commander

Just signed up for the free version at the Re/Max convention. You might want to check it out. I hate having to mess around with putting the loan numbers on all the documents. Best thing about it is that you upload your documents and then click create package and it puts all of the loan numbers and info at the top and bottom. Unfortunately it won't work on a MAC yet, but that is coming within 2 mos. If you sign up for the expanded version, you get lender numbers, forms etc and you can upload as… Continue

Added by Debbie Parkans, CDPE, CSSG, CRS on March 11, 2010 at 6:09pm — 13 Comments

Equator

Hey Gang,

I'm doing my first short sale using the equator program and I have a question;

When I checked the status is said "HELD". Does anyone know what that means. The status went from "assigned to a negotiator" to "HELD".

Any comments?

Added by Theresa Young-Rock on March 11, 2010 at 10:46am — 6 Comments

Tonight on NBC News two of our very own!!

NBC's Brian Williams is doing a story on Pres. Obama's new short sale rules tonight and he's interviewing two of our agents Traci & Dan Rochon with one of their short sale clients! Check it out tonight at 7PM on NBC!

Added by JP Ott on March 9, 2010 at 11:30am — 2 Comments

Bank of America Short Sales - Delegated or Non-Delegated?

Explaining the mechanisms of a beauracratic giant like Bank of America might be an exercise in futility. For those of you (sellers and agents) working a short sale for which Bank of America is a lienholder some basic information will "illuminate" their short sale process.

First of all Bank of America is a servicing company. They rarely own the note on the property. An investor owns the note and the investor has to…

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Added by David Gubler on March 8, 2010 at 5:01pm — 1 Comment

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