Short Sale / REO

<p> <span class="Apple-style-span" style="font-family: Verdana; color: rgb(51, 51, 51); -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;">This came up on a bank addendum. Anyone know what &quot;Subject to NNI&quot; or &quot;Subject to QC&quot; means?</span> </p>

<p> I&#39;ve been working for my broker who does close to $60,000,000 in REO volume. I manage all aspects of approximately 10% of his properties with little or no involvement from my broker. I put in approximately 40-60 hours a week. Besides his REO business promotional expenses, his out-of-pocket expenses for my properties are for an in-office assistant to process offers and billing staff. </p> <p> I do all field inspections, monthly reports, BPO&#39;s and listing maintenance from sheriff sale (six month redemption) through close. I pay my own office fees, licensing fees, MLS fees, equipment, supplies, including sign installs and listing surcharges. </p> <p> What&#39;s the industry standard for commission splits for this level of participation/involvement? </p>

<p> It&#39;s fantastic when you finally clear closing but it;s even better when you have a ready and able buyers network built who is ready to buy that property from you once you&#39;ve closed. </p> <p> We&#39;re trying out some new technology regarding personal investor websites for real estate. </p> <div style="margin: 0in 0in 0pt"> During the Beta testing phase you can get your own website at no charge, no hosting fee&#39;s nada, zippo zilch. A Totally free investor&#39;s website valued at $2,000 while they last. </div> <div style="margin: 0in 0in 0pt"> </div> <div style="margin: 0in 0in 0pt"> Check out my ugly mug and sign up for your own personal real estate investors&#39; website while they last at <a href="http://www.realestateheavyweights.com/">www.realestateheavyweights.com</a> You can&#39;t beat FREE! </div> <div style="margin: 0in 0in 0pt"> </div> <div style="margin: 0in 0in 0pt"> Hope you are all doing well. </div> <p> It&#39;s great to get the SS through the pipeline but it&#39;s also nice to have a deep buyers network in place once you do. </p> <p> </p>

<p> Who are the buyer&#39;s agents on the forum? When you&#39;re working with a client and placing an offer for a short sale how do you convience your buyer to wait the amount of time it takes for a short sale. </p> <p> Do you find that the listing agents are generally helpful, knowledgeable, keep you informed (scheduled updates) or not? </p> <p> Any other comments are appreciated. </p>

<p> I need some advice. </p> <p> Can I submit a SS package without an offer? so many realtors have said banks will not even bother looking at it - especially that homeowner does not live in house nor is late in payments (depleting savings). </p> <p> This home has 2 mortgages, I have it listed at 405k and want to reduce to market value to get an offer to $360 - I have had it listed since 1/09 and have been reducing slowly from $469k. </p> <p> #1 should I reduce slowly or reduce at market and go direct from $405 $380k<br /> </p> <p> #2 I don&#39;t want to do this without bank being informed at least so they don&#39;t go for deficiency judgement (2nd mortgage holder said it matter of factly like what else do you expect us to do) </p> <p> <br /> #3 I have partial financials (w2, taxes, income/expense) should I submit with the hardship letter and agent letter incuding listing history market eval, etc. and see -- or can I hurt the homeowner by providing too much info too soon??? </p> <p> Any input is appreciated. </p> <p> Thanks- </p> <p> Maha </p> <p> PS-I took the CDPE training - </p>

<p> Hello everyone. A friend of mine had purchased new construction in Pociana County, from Tuscanny Builders, near Lake Marion, he thinks on Bay Lee Road. Does that area make sense to any of you in the Florida market? Anyway, he asked me if I knew a REALTOR in that area that he could speak to about his purchase. You can reply to me privately at <a href="mailto:Joe@MarovichBusinessInstitute.com">Joe@MarovichBusinessInstitute.com</a>. Thank you. </p>

<p> I have recently signed on with a few companies to received BPO requests and hopefully they will turn into short sale listings. Has anyone ever signed up with one of these companies? If so, how long did it take for you to receive leads? </p>

<p> I have a very difficult short sale that has been dragging on for some time. The first loan amount is approx $220,000 to Wells Fargo (ASC). The second loan is approx $90,000. The condo association is owed $9000 in back fees. The property is located in Illinois. </p> <p> I completed the entire short sale packet with the seller &amp; seller&#39;s attorney. Everything appeared to be completed to the servicer&#39;s (ASC) requirements. After listing this property for $250,000 about eight months ago we received an offer and negotiated a purchase price of $240,000. The BPOs for both lenders were completed and came in at $240,000. The second lender was going to accept $3000 and an unsecured note for $5000 from the seller. </p> <p> After two months the buyer walked. We did find another buyer and negotiated the same $240,000 purchase price. After submitting this second, updated short sale package, the loss mitagation person assigned to this file said that &quot;the investor has flagged this file for investigation&quot;. He also said that the originator of this loan (not ASC) had to audit their origination paperwork. The loss mitagator said that there was nothing that he could do to move this along as the originator had to audit their file on this. We are going on three months and the loss mitagator has postponed the auction date several times. </p> <p> I am wondering if there is anything that I can do to get this file moving again. I have requested several times that the file be escalated. The loss mitagator has said that he has escalated to his manager. </p> <p> Any thoughts would be much appreciated.<span><font face="Arial" color="#0000FF" size="2"><br /></font></span> </p>

<p> </p> <p> I have a seller who has moved out of state. We are exploring the short sale option. Since the home is no longer their primary residence, it is my understanding that they will be taxed on the difference if they do a short sale. </p> <p> Has anyone ever negoitated with the bank to waive the 1099 ?? Is that an option ?? </p>

<p> I am finding that in this area you have the bank prices and the fair market value prices but are they really fair market value prices when one part of the market are REO&#39;s and the other part of the market are not REO&#39;s. There is one market.......... </p>

<p> Good morning!<br /> I too want to make sure I advise my client appropriately and would like your opinion/s. This REO has been on the market for a little over a year and is now listed 71% below trustee sale price. It is also listed with a second agent since the trustee sale.<br /> My client wants to preview it and has stated making a low ball offer. When we preview it, determining condition will be key in determining value and my sense is that it probably needs work. Otherwise in this price range and neighborhood it would have sold by now. The property is located in a fairly decent neighborhood of homes built in the 1940&#39;s with an average sales price of $163,000, compared to the Vancouver, WA average price range approximately, $300,000. The current list price is $92,500 and the original list price in December 2007 was $159,900 and the November 2007 trustee sale price was $129,754. </p> <p> With that background info, my questions are<br /> -how flexible are lenders with price especially with the above in mind?<br /> -how long does it take to get a response from the lender?<br /> -anything else should be considered in working with lenders? </p> <p> My client will be offering cash. </p> <p> Looking forward to your comments. </p> <p> </p> <p> </p>

<p> Good morning all: </p> <p> I have a situation I would appreciate some input in. A potential clients bought her home in 2005 for $725,000 with 10% down, and now she is upside down of course. She is current on the mortgage but can&#39;t afford to make the payments much longer. The situuation is complicated because she is on title with her mother (who does not live there) as tenant in common. The loan is in her mother&#39;s name although my client has been making the payments. To make things even more complicated, her mother has filed for bankruptcy. </p> <p> My client wants to know what her best options are. Obviously I will be advising her that she must talk to an attorney but I wondered what input the group could have to that. Do you think a short sale is feasible? It sounds better than a foreclosure, particularly if she can stay current on the loan for a couple more months. </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> </p> <p> Please send me your referrals - I will treat them like family.<br /> 25% paid up to $1m - 30% over $1m </p> <p> </p>

<p> Good morning all: </p> <p> I have a situation I would appreciate some input in. A potential clients bought her home in 2005 for $725,000 with 10% down, and now she is upside down of course. She is current on the mortgage but can&#39;t afford to make the payments much longer. The situuation is complicated because she is on title with her mother (who does not live there) as tenant in common. The loan is in her mother&#39;s name although my client has been making the payments. To make things even more complicated, her mother has filed for bankruptcy. </p> <p> My client wants to know what her best options are. Obviously I will be advising her that she must talk to an attorney but I wondered what input the group could have to that. Do you think a short sale is feasible? It sounds better than a foreclosure, particularly if she can stay current on the loan for a couple more months. </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> </p> <p> Please send me your referrals - I will treat them like family.<br /> 25% paid up to $1m - 30% over $1m </p> <p> </p>

<p> Hi All, </p> <p> I&#39;m working with a client who has depleted all funds with the exception of the retirement funds and kids college savings funds. </p> <p> Do you think a short sale is still possible with money in these accounts? </p> <p> Thanks in advance,<br /> Tamara Inzunza, Associate Broker, CDPE<br /> Serving Northern Virginia<br /> website: <a href="http://www.MovingToNova.com">www.MovingToNova.com</a> | blog: www.MovingToNovaBuzz.com<br /> <a href="mailto:tamzoo@movingtonova.com">mailto:tamzoo@movingtonova.com</a><br /> 703-623-8759 </p>

<p> Hello: </p> <p> My name is Joann, but I prefer jojo. I&#39;ve been an agent since birth and look forward to meeting people and networking. I&#39;ve been doing BPO&#39;s and after numerous months of doing these properties, I decided it&#39;s got to be a better way to get in with these companies. I like the fact that&#39;s it&#39;s internet based, and your checks are sent through the mail, however the time constrictions, and enormous amount of work for $50.00 was a real turn off. I have associates who don&#39;t mind, but for me, no thanks. I want the listings and believe in time I will acquire business. After all, our business is about faith. </p>