Short Sale Strategies

<p> Can somebody explain how PMI works in a short sale transaction? </p> <p> I had an agent who represented a buyer, got their offer accepted, and the listing side got the approval from the lender. The buyer went through the home inspection, ordered appraisal and went through the loan process. Then, the listing agent says they are having a problem with PMI that they didn&#39;t know about until now so they couldn&#39;t close escrow. The buyer had to get the lock extended, etc. etc. In the end, the PMI issue couldn&#39;t be resolved so escrow fell out. </p> <p> I&#39;ve never run into PMI issues so far. But another agent shared this experience with me. </p> <p> How does PMI work? And would PMI issues have show up on title early on for the listing agent to have known in advance? </p>

<p> I have a transaction possible with a client who is the sole principal on the loan, but on title, shares ownership as &quot;tenant in common&quot; with a friend. I&#39;m not entirely sure the reasoning behind that, but the question is.. if she does a short sale, could her friend buy the property thru the short sale. Her friend lives in the property and wants to continue. </p> <p> The lender(s) are Citi and USAA. </p> <p> Does anyone know if this would cross the line of arms length? Some addendums I&#39;ve seen discuss familial relationships only. This is not family . On the banks that do not have an arms length addendum, do we still have a duty to assure an arms length transaction? </p> <p> Any suggestions? </p>

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

<p> There appears to be much confusion and miscommunication on this new process. Does anyone know how this is supposed to work? B of A short sale support has no idea. Some other blogs state that all new loans have to be sent through Reotrans (new name Equator?), but I have sent new files to B of A as recently as Nov 3. Then they state that the seller needs to sign up on the web site as well and then the seller selects the agent thathas listed the property. Who at B of A places the loan on the REOTRANS website with my information? </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 am getting ready to process a short sale with Ocwen Financial on a mortgage that was originated with Taylor, Bean &amp; Whittaker. Ocwen ended up with the mortgage when TB&amp;W was seized at the end of July. The mortgage is securing an investment property. </p> <p> Has anyone handled a short sale with Ocwen on an TB&amp;W mortgage? </p> <p> Or has anyone handled a short sale with Ocwen in general? </p> <p> Any advice would be most helpful! </p>

<p> Help! I need the contact number for a senior person in the Short Sale Dept for Bank of America Countrywide covering California (Bay Area). We just listed a home as a short sale and have an immediate offer and a full package plus an authorisation letter and there is a NOS for next week that we need to get postponed. </p> <p> Bernard Gibbons </p> <p> +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++<br /> Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist<br /> J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526<br /> Phone (925) 997-1585<br /> <a href="mailto:bernard@bernardgibbons.com">bernard@bernardgibbons.com</a><br /> <a href="http://www.bernardgibbons.com">www.bernardgibbons.com</a><br /> DRE License #: 0131583 </p>

<p> I&#39;m getting ready to negotiate a short sale with a Wells Fargo first and second. They use Premier Asset Services for their mortgage servicing. Does anyone have recent experience with this company and how responsive they are to working with realtors and homeowners to affect a reasonable short sale. What commissions are they willing to pay? Any suggestions appreciated. </p>

<p> Hi, gang. I have an offer on a possible short sale. I am the listing agent and my seller has already moved out of state. The lender is Chase. The buyer has a FHA loan pre-qual. Does anyone have experience with Chase? I&#39;d appreciate any insight you can offer. Thanks. </p>

<p> I had a short sale approved. We didn&#39;t close on time and they want to start over! I have buyers (it&#39;s my listing) living in a truck. They told us 120 day turn around on something they already approved! THIS IS WHY AGENTS HATE Shorts. </p> <p> If you have information for escalation, let me know what I need to do to exchange information or how I can repay the favor. </p> <p> Thanks! </p> <p> Joshua </p>

<p> A client of mine who is preparing for a short sale was told by Wells Fargo that if he was delinquent for 150 days or more, then they automatically freeze the account and will not consider a short sale. (He is not 150 days delinquent yet.) </p> <p> Has anyone heard of this? </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>