Ben Benita's Blog (13)

•Short Sale Tip - How To Get Your Voice Mail Heard FIRST!!•

When leaving a message, ALWAYS hit the "#" sign after your message.

Not all, but most messaging systems will allow you to mark your message as "urgent" after you do this.

What does this mean?

When marked as "urgent", your…

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Added by Ben Benita on March 28, 2014 at 7:17pm — 1 Comment

✬"Short Sale Tip - How To Get Your Voice Mail Heard FIRST!!✬

When leaving a message, ALWAYS hit the "#" sign after your message.

Not all, but most messaging systems will allow you to mark your message as "urgent" after you do this.

What does this mean?

When marked as…

Continue

Added by Ben Benita on March 14, 2014 at 2:14pm — 2 Comments

Which Banks Are Currently Paying 8% - 10% commission to agents on their Portfolio Loan Short Sales?

For those that saw us on the short sale cruise in February – YOU ALREADY KNOW (and you missed a GREAT TIME)!!!

 

For those agents that are currently making better use of their time and letting us process your short sales – YOU ALREADY KNOW!!!

 

FINALLY you can get what you are worth!!!

 

Short sales are can take dozens of hours to complete and some banks finally are…

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Added by Ben Benita on July 27, 2013 at 7:00pm — 1 Comment

Short Sales - 8 years in, first time I have had this happen!!!

We have been helping agents all over the country process their short sales and THIS IS A NEW SITUATION:

 

We were working with a smaller bank and THEY ACTUALLY ASKED US TO HELP THEM WRITE THEIR APPROVAL LETTER!!!

Yep, first short sale the bank had ever done.

 

They asked us what documents they needed to see, and, asked us to send them a copy of an approval letter from another bank so they could see what it looked like.  The short sale was quickly approved…

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Added by Ben Benita on July 7, 2013 at 4:54pm — 4 Comments

WHAT THE _________ DOES "LITIGATION STATUS" mean when you call in for a short sale update?

New one -

Anyone know WTF "litigation status" means?  

Pardon the "WTF" if you are offended but I hit a roadblock this afternoon with a SCHMUCK of a negotiator who said she could not even tell me what that means!!!!    

We can do NOTHING on the file while it is in this status and I am trying to see exactly what it is (I do have calls in to higher ups but figured I would check here as well).....

Any input is welcome, I am at…

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Added by Ben Benita on March 18, 2013 at 7:47pm — 4 Comments

Wells Fargo Short Sale - HEADS UP!!! - "Contract Addendum" = "Short Sale Affidavit"

For those that do not know, or, have not had this issue, FYI:







In Equator, when asked by Wells Fargo to upload the "Contract Addendum", they are REALLY asking for the document titled - "Short Sale Affidavit"







We learned this the hard way (we lost about 10 days processing time).



DO NOT LET IT HAPPEN TO YOU!!!



If you are having trouble with your short sales - CONTACT ME!!!



If you are NOT having trouble with your short… Continue

Added by Ben Benita on August 16, 2012 at 5:19pm — 7 Comments

Advanced Question - What is the difference between the Investor and the Trustee on the note?

I am working on a NIGHTMARE short sale with........



Can anyone guess?



Bank Of America - WINNER WINNER WINNER



I was told the Investor on the note is Bank of NY.

Contacted them directly, and, they said they are the "Trustee" on the loan and that B of A has final and sole decision making power?



Huh, anyone know the difference or can better explain what the "Trustee's" role is on the loan or short sale?



I have calls in to the 3 persons I… Continue

Added by Ben Benita on June 12, 2012 at 1:10pm — 5 Comments

LOVE to get some opinions on this - Offer is $505,000, BPO is at $575,000, foreclosure auction price - $464,000!!!!! ???????

I will let everyone know how THIS story ends, but, certainly welcome thoughts/opinions.



We have a short sale, offer is $505,000

BPO Value (verified through the BPO agent and executive office) - $575,000 (and this is the SECOND time in 45 days the BPO has come in this price range)



CURRENT STATUS - Offer DENIED, too low



The "odd" thing:

This house currently has a foreclosure date of May 6, opening bid, $464,000!!!!



Love to get any… Continue

Added by Ben Benita on April 22, 2012 at 1:02pm — 16 Comments

WARNING TO YOUR SELLER'S REGARDING DEFICIENCY LANGUAGE!!!!!

WARNING for any of your Seller's thinking they can just agree to the deficiency rights post closing, and, then declare bankruptcy to "make it go away" later.



We just got an approval letter for a Wells Fargo second lien, and, it SPECIFICALLY PROHIBITS the Seller from including the banks deficiency rights should they elect to declare bankruptcy in the future!!!



Translation - even if the Seller declares bankruptcy, the DEFICIENCY RIGHTS CAN NOT BE… Continue

Added by Ben Benita on January 25, 2012 at 12:28pm — 6 Comments

Dear Chase.....Why Do You NOT Leave Client Names Or Addresses On Your Messages? Ben Benita, ATG Title

So I learned today from the escalation deparment that this is Chase's policy on leaving voice mails (yes, sometimes you can get your negotiator or his supervisor to leave you a voice mail, it happens....)



Chase Policy On Voice Mails -

"We are not permitted to leave the name, address, or account number for the client we are calling on...."



I negotiate short sales for agents, have for the past 7 years now, and, when I am on the other line, and, someone from the bank… Continue

Added by Ben Benita on January 10, 2012 at 8:22pm — 1 Comment

New Reality Show - Have You Been Screwed By Your Servicer???

To qualify:

 

You must show proof that you have been TRYING to get a loan mod. or short sale done with your Servicer for at least 12 months.......

 

Contestants will be taped making phone calls, sending faxes in to one fax number, then, learning that was the WRONG fax number, waiting on hold, being transferred time and time again, being told one thing today and another thing tomorrow, etc.

 

WINNER - he/she gets a new home as soon as the bank…

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Added by Ben Benita on February 2, 2011 at 1:20am — 1 Comment

25 years of no payments, now THAT is a strategic default, no short sale here....go granny go!!!!

 

This is just awesome, she last sent in a payment in October of 1985!!!!

 

Have a read:

 

http://realestate.msn.com/article.aspx?cp-documentid=27145486&GT1=35010

 

A large dog certainly helps, but, I sure wish she would put out a course on HOW to do this so ALL deserving homeowners (the ones that are currently getting screwed on their short sales and…

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Added by Ben Benita on February 2, 2011 at 1:13am — 2 Comments

Short Sale approval letters are ONLY offer letters from the banks

EVERYTHING on your short sale is negotiable......when we negotiate for agents, buyers, or homeowners, we ALWAYS let them know it ain't over until you say it is.

On your approval letter, if you do not like the wording, your commission is being cut, or, the consequences to the Seller are unacceptable, then ASK FOR THEM TO BE CHANGED!!!!

most of the time the bank will crack (particularly if you hav reached out to teh Ivnestor directly)

Make it happen…

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Added by Ben Benita on August 15, 2010 at 9:12pm — 2 Comments

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