Short Sale Strategies

<p> HAS ANYONE TRIED THIS OR DOES THE LOAN MOD. SABATOGE THE SHORT SALE? </p>

<p> I don&#39;t have a problem working with title companies in the area who are very supportive in the preparation of preliminary HUD statements for use in connection with short sale submissions but there are times when it would be convenient to prepare these without calling on the title company. </p> <p> I don&#39;t think this topic has been discussed here. If it has I missed it. I have not used this website but it sounds interesting. </p> <p> http://www.freehud-1.com/ </p> <p> I am curious if any of you have used this site or other free sites that allow you to prepare your own preliminary HUD 1 statements. </p> <p> John Cleek </p>

<p> I deleted the thread - Interesting how discussing getting paid as a Realtor is offensive to some??? no wonder banks chop away at our pay -anyway - I was asking for input but if we&#39;re under some sort of watchful eye for everything we say here than I better delete most of my posts -public is not the setting of a group I want for my discussions - chow for now - - </p>

<p> 3rd Federal sent me instructions for short sale, including required items and #7 on the list is &quot;Certified check in the amount of $250 for an appraisal&quot;. Who&#39;s supposed to pay that, the broke homeowner or the broke realtor? </p> <p> Does anyone here have experience with 3rd Federal? What are they like, besides delusional about the $250? Here is contact info that I found - please let me know if you have something different or if you have dealt with this guy: </p> <p> Jim Adamcik, 7007 Broadway Ave, Cleveland OH 44105 </p> <p> </p>

<p> I&#39;m in California and facing a new challenge. After tidious negotiations: 1st. (ING) agree to pay 2nd. (National City) 10% of the 2nd. loan; 2nd. insist on 25% of the loan or no-deal. seller agreed to pay $4,000 and buyer agree to pay the rest!!! letter of acceptance from 2nd. lender was resived. Now the big surprise.... the 1st. refuse to have 2nd. get this amount, in their words &quot;no matter where the money came from&quot;. They will foreclose in 2 months. I ran out of ideas and/or options especially after managing to get everyone agreeing to come-to-the-table. Did anyone encounter similar situation? Please help. </p>

<p> </p> <p> But it&#39;s not CDPE ... </p> <p> <a href="http://webor.readvantage.com/news_article.cfm?open&amp;link=http://realtytimes.com/newsfeed4js/WEBOR.htm?open&amp;Key=20091105_agent.htm&amp;What=Article">http://webor.readvantage.com/news_article.cfm?open&amp;link=http://realtytimes.com/newsfeed4js/WEBOR.htm?open&amp;Key=20091105_agent.htm&amp;What=Article</a> </p> <div class="RTHeadline"> Is Your Agent Experienced in Distressed Properties?<br /> </div> <div class="RTByLine"> By Broderick Perkins<br /> </div> <div class="RTPubDate"> November 5, 2009<br /> </div> <div class="RTBody"> <p> If you are buying a short sale, foreclosed home or other distressed property, you ought to have someone experienced in distressed properties working for you. </p> <p> Just in the nick of time, the National Association of Realtors (NAR) is coming to the rescue with real estate agents specifically schooled in those subjects. </p> <p> A new Short Sales and Foreclosure Certification Program (SFR) trains agents how to manage short-sales, foreclosures, and real estate owned (REO or bank owned) transactions, and keeps agents current on national and state-specific information and regulations on these issues. </p> <p> &quot;There&#39;s a lot of activity in this area and it is certainly helpful for buyers if they have someone who is better able to serve them,&quot; says Stephen R. Pearson, with Century 21 Classic Properties in Watsonville. </p> <p> &quot;There are some regular sales, but most of our market is short sales, REO, especially in Salinas, Watsonville. We have multiple offers on everything that comes up, so the better you can deal with them and work with banks and sellers, the better you can serve your clients,&quot; Pearson added. </p> <p> The SFR certification program is offered by the Real Estate Buyer&#39;s Agent Council of NAR. </p> <p> The program includes training for real estate agents on how to manage short-sales, foreclosures, and REO transactions. Agents learn how to direct distressed sellers to finance, tax and legal sources. They also learn to qualify sellers for short sales, how to negotiate with lenders and how to limit buyers&#39; risk associated with distress property transactions. The training provides resources to help Realtors stay current on national and state-specific information as the market for these distressed properties evolves. </p> <p> To earn the certification, agents must complete a one-day education program, either in-person or online, as well as in three one-hour Webinars. The certification program also will be offered at NAR&#39;s Conference &amp; Expo in San Diego, CA Nov. 13-16. </p> <p> &quot;Foreclosures and short sales can offer opportunities for home buyers, but it&#39;s extremely important to have the help of a real estate professional ... for these kinds of purchases,&quot; said NAR President Charles McMillan. </p> <p> Consumers needn&#39;t wait for NAR&#39;s SFR certified agents. </p> <p> &quot;Nothing beats on the job training. It&#39;s a great idea to ask a Realtor &#39;How many short sales, how many bank owned sales have you done?&#39; You want to be working with someone who has the right knowledge, right now. You wouldn&#39;t want a heart surgeon to do your brain surgery,&quot; said Jean Manner Schwimmer an agent with Coldwell Banker Gay Dales in Salinas. </p> <p> Schwimmer said many real estate agents are grappling with distressed properties for the first time and unless they are schooled and experienced, they may be fine for a regular sale, but perhaps not so much for distressed properties. </p> <p> &quot;I think certification gives some level of experience whether its from NAR or another educational group. I took a two day seminar on short sales and REOS and at that point no one was thinking about certification,&quot; said Schwimmer.<br /> </p> </div> <p> </p> <div class="RTCopyright"> Copyright © 2009 Realty Times. All Rights Reserved.<br /> </div>

<p> My client 2nd lienholder was WAMU, but during the transfer to Chase they seemed to have lost the account. Neither bank says there is a mortgage. This definitely makes it tough to get a negotiator. </p> <p> </p> <p> And advice would be greatly appreciated. </p>

<p> To all San Diego and neighboring areas, </p> <p> I&#39;m thinking of organizing a monthly/bi-weekly get together to discuss our short sale experiences and bounce ideas off of each other ...... or rather yet, just to vent .... lol. </p> <p> Any takers? If enough are interested, I think this would be a great idea and can help our business. </p>

<p> Does anyone know any information about a New Law that went into affect on Oct 1st, stating home owners Must attempt a Loan Mod before proceeding with a Short Sale? </p> <p> I&#39;ve heard about this Law, but can&#39;t find any info on it. </p> <p> Thanks </p>

<p> Have a non recourse 1st and heloc, both used to purchase. Not worried about the fed tax but CA state is another issue. Differing opinions on how it&#39;s treated in CA. Some sites say Deed in Lieu has no tax consequeces in CA?? Versus foreclosure or short sale?? Some sites say no mortgage relief tax but capital gains comes into play. Comments please. I&#39;ll also check with my CPA and report back. </p>

<p> I&#39;ve being following the SS for some time, and seems like it all happens in CA. are there any experiences in WA state? </p>

<p> I&#39;m thinking of obtaining approval from the jr. lienholder first, then submitting for approval to the 1st with jr. lienholder&#39;s demand on the HUD. </p> <p> Anyone have any thoughts on this? </p> <p> 1st is EMC and 2nd was GMAC, but as of today SLS is the new service provider. </p> <p> With my luck, at the same time, EMC is switching their ss dept to TX so my negotiator is no longer my negotiator. My file is on &quot;pending negotiator assignment&#39; status with EMC now. (Both my negotiators at EMC and GMAC were easy to work with! I&#39;m praying for the same experience with the new negotiators but SLS is tough!) </p> <p> One of my files with SLS came back with an approval within weeks. So I&#39;m guessing I may get an approval on this one as well within weeks. By then, I should be assigned to a negotiator with EMC and I&#39;ll have an approval from the jr. to send to him/her. </p> <p> Any thoughts? </p>

<p> I am stuck! </p> <p> Sale date is set for 11/9/09 </p> <p> First lienholder (IndyMac) is allowing $3,000 to Jr. Lienholder (SLS). Jr. Lienholder is not accepting it. They want $12,508. </p> <p> I had Jr. Lienholder resubmit for investor approval to net the same $12,508 but $3,000 through escrow and the balance in the form of a note signed by the seller (but due at sale of property). </p> <p> I am still waiting for the Jr. to get an approval of this re-structuring. Everytime I call, they keep saying they would be surprised if the Investor approves on this b/c this investor doesn&#39;t blink an eye to at least 20% of the unpaid balance. The unpaid balance is $117,000 which is much higher than $12,508. I ask them if they would consider that they approved on this same net before, it&#39;s just a restructuring of the approval. They all say the same thing. &quot;I&#39;m surprised they approved at $12,508 to begin with and might realize their mistake and come back with something higher.&quot; </p> <p> So now I am at the waiting stage. I&#39;ve asked the 1st lienholder to postpone the sale date and she won&#39;t. (I&#39;m banking on the fact that with an approval from the 2nd, she&#39;d be willing to but for now I have no 2 legs to stand on.) </p> <p> I have contact information for the 1st&#39;s short sale dept. supervisor as well as the customer service supervisor. Do you think I should involve them now and ask to postpone the sale date since my negotiator won&#39;t? Or should I wait until I get a definitive answer from my 2nd? </p> <p> And in the worst case scenario if my 2nd declines the restructuring of the original approval, then what? Let this go to foreclosure? All b/c the 1st wasn&#39;t willing to pay an extra $9,500 to the 2nd or vice versa, the 2nd wasn&#39;t willing to take $3,000? </p> <p> I know I have several questions in this posting. I would appreciate your advise/opinions. Thank you! </p>

<p> If you are or know of a 3rd party negotiator/Realtor I need someone for my own Vegas property. Need the arms length.WaMu Chase. </p> <p> I own the property 3bd 2 1/2 ba 2 story 2car built1993 about 2000sqft- And I know an investor who would purchase cash. </p> <p> </p> <p> </p> <p> </p>

<p> I&#39;m taking a short sale listing this week..... both husband and wife&#39;s names are on the deed, however only the wife&#39;s name is on the mortgage. Since it is just her name on the mortgage, will the lender who happens to be Bank of America, use both his and her income, or just hers. </p>