Getting Your Short Sale File Approved Painlessly With US Bank
Good day, welcome to short sale shift I’m Sara and I’m Josh we’re your premiere short sale team. We weblog on a regular basis to help all Minnesota owners learn just a little bit about what short sales mean for them. Our purpose for the year is to shut 100 short sales and it begins with reaching out to folks and giving them options and knowledge based mostly on our experiences. Right this moment we will probably be talking concerning the recent success we have now had with coping with US Bank. Generally there employees have a different mentality about working with short sales and supply you a timeline with what needs to happen to your short sale to be a success. A lot of agents who will not be experienced in short sales are constantly complaining in regards to the negotiation course of at US Financial institution but we have had an excellent relationship with there negotiators. Even when the method is rigid and tedious a very powerful half is the approval for our client. US Financial institution is currently restructuring to better serve short sale agents by creating a seperate department to make the short sale course of extra efficient. Because of this alteration US Bank now has extra man energy to work by way of the various information related to Minnesota short sales and get you in your way. US Financial institution also uses e-mail as there main form of communication, which is sweet as a result of your agent will all the time have record of all e-mails exchanged as an alternative of losing some data over the phone. In compiling all these e-mails it also provides us a resource to grasp what to anticipate with future short sales and the potential stop indicators raised by US Bank. Overall a positive outlook towards US Financial institution has helped us immensely. If in case you have any short sale questions concerning your US Financial institution file fill out a contact type and we will get back to you ASAP.
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How Do We Close Lots Of Short Sales
Hello. I’m Josh Pomerleau with Shortsaleshift.com. I’m being joined by my partner, Sarah Willman. We are Minnesota’s best short sale group. Today we would like to answer one of the most common questions we hear. Everyone wishes to know how we close short sales so effectively?
Firstly, our mindset is that we are not going to give up on a file. Also, no matter what the bank says, it can be done. Nothing is ever what it seems in this industry. At the end of the day we are going to uncover a lender employee that will give us the solution we are looking for.
Second, our technique is very detailed. This helps enormously when we are a few weeks into the procedure and the lender does not know what is going on, we can rely on our previous experiences and our system full of easy to access information.
Finally, we do a lot of pre screening. We screen our sellers to make certain that the short sale is a good alternative for them, because it isn’t the best alternative for everyone. We also screen the property to make sure that it is priced accurately. And finally, we examine the buyers to make sure that they are prepared to stick with us throughout this process.
We have also received lots of education recently. Josh recently met with seven of the top short sale agents in the nation to compare their process. They are people that know the short sale route at a very high level and that was our goal too. We have now achieved that goal of understanding the short sale method at a high level.
All of these traits make us the leading short sale realtors in Minnesota. Call us or contact us today.
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One Focus, To Close Your Short Sale
Hello and welcome. We are Kevin Kauffman and Fred Weaver of Group 46:10. We have closed hundreds of short sale transactions over the past couple years. One of the things that we are asked by property owners and prospective customers is…
“Why should we hire your group instead of a different group?”
One of the things that sets us apart is our focal point. We refer to ourselves as Arizona’s premier short sale team, not Arizona’s best real estate group. We do handle other real estate needs, but we have identified that we want to help home owners complete short sales. The majority of our business is short sales.
Some of the other specialists and teams out there are not focused on short sales. We have people on our team that deal with the nuances of the short sale specifically. There is strength in a group working on your behalf. We have people on our team that spend the entire day calling banks to follow up on short sale folders. We have others on our team that spend their day managing deals, making certain that paperwork is getting where it has to be and closing is occuring at the correct time. We have an full group of people functioning for you.
If your real estate agent is specializing in a number of things, chances are that is is not a specialist in anything. Also, let us be clear, a specialist is not someone that has given themselves the label of specialist. A specialist is someone who has established results in the subject they claim to specialize in.
We have consistently closed hundreds of short sale transactions at a 90% success rate. We want you to be aware of that we are confident in what we do. We believe in what we do. We live for this and helping property owners keep away from foreclosure so that you can move on with your life.
We encourage you to fill out a form on our website. We look forward to talking with you.
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Does Hardship Really Matter In A Short Sale
Hello, we are Josh Pomerleau and Sarah Willman with Short Sale Shift. We are Minneapolis short sale realtors, the leading short sale agents in the Minneapolis region. We have been assisting lots of people through their short sales and avoiding foreclosure in the Minneapolis vicinity. We’ve got roughly 25 files right now, and we are receiving calls every single day about new short sales. We wanted to have a discussion today about whether a hardship truly matters.
What is true and what is not? We get calls each day about hardship questions, but we have never taken a short sale that didn’t get accepted. So, it’s probably true that the hardship doesn’t actually matter. There are hundreds of hardships that we can think up. In spite of this, at the end of the day, we merely have to show the lender that a short sale is going to get them more money than if they take the house to foreclosure.
The number one thing at the end of the day is your financial sheet. The hardship is irrelevant at the end of the day. Your situation may be dissimilar from anybody else. Nevertheless, everyone has a hardship to declare.
The bank will be motivated to do a short sale if you are missing payments. If we can illustrate that you can not afford the house, we will be dealing with a bank that is motivated to allow a short sale. When the bank understands that they will get a reduced amount of from foreclosure, the short sale is a lot better for the bank.
Thank you for stopping to talk about hardships with us at on Short Sale Shift. The hardship doesn’t really matter. Please contact us today to get help with your Minneapolis short sale. We are the Minneapolis region top short sale experts. Thank you and have great day!
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FHA Short Sales
We wanted to talk concerning FHA short sales today. We discussed it a long time ago, but we could all use a reminder. So, we wanted to speak concerning allowable vs non-allowable costs that relate to an FHA short sale. Non-allowable costs consist of homeowner fees, conveyance fees, courier fees, loan origination fees, pest inspection fees, HOA transfer fees, short sale negotiation fees, and lots of extra fees.
However, the big thing you have to take note of is that the FHA has a hard and fast rule allowing 1% closing cost assistance to the buyer. Additionally, that rule only exists if the new loan is an FHA loan. Nevertheless, we have seen them pay 1% to a non-FHA loan. Realtors out there, make certain that when you are taking offers on you FHA short sales, you let the buyer know that there is 1% closing cost assistance.
We’d also like to talk about hardships that FHA permits. There are just five applicable hardships that FHA permits. Nevertheless, we had a hardship that was not permitted by FHA, but we managed to get it closed successfully. It took us getting the vice president at the servicer involved to get the short sale closed.
So, there are two things that you should take away from this video. Firstly, that annoying 1% closing cost assistance rule needs to be remembered. Go do some research on allowable vs non allowable FHA fees. Secondly, there are only five applicable hardships allowable at FHA, but other hardships can be overcome. Like any other short sale, this process simply comes down to loss mitigation. If you can show savings over foreclosure, the short sale can be permitted with a little effort on your part.
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Short Sales Done Easy
Hello again. Steve Horn with Short Sales Done Easy. We are here with DW Smalle, our short sale administrator in Phoenix. We would like to talk about a few topics. What does it take to become a short sale negotiator? Not everyone can do it and not everyone wishes to do it. If you have ever tried to complete a loan modificaiton, you got a little taste of what it is like to be a short sale negotiator. We want to focus on what it is like to be a short sale negotiator in Phoenix.
DW started negotiating short sales in 1999. At that point the lender didn’t even know what a short sale was. The market was appreciating slowly at that period.
We are in a depreciating market at present. That is why there are so many short sale realtors now. As a short sale agent, you can not concentrate your time and energy on listing homes while negotiating short sales in Phoenix. DW is on the phone each day with the bank. His daytime is frenzied.
Arriving in the early hours, the negotiator starts making phone calls to follow up on terms, conditions and other formalities. The primary priority is properties that have a foreclosure date coming up in the next few days. It does not do any good to worry about foreclosure sale dates that are still a few weeks away since the bank doesn’t even make a decision on those until within a week to 48 hours of the sale date.
We prioritize our short sales and at that time take a closer look at the terms. After that, we need to begin negotiating the short sale. Getting approval letters from the first and the second and making certain that those approvals work with each other.
We start working early because if we get the lender on the phone early we have a better chance of receiving a reply. If you have questions, please go to our blog and offer them. Remember, at Short Sales Done Easy, we make your Phoenix short sale done easy.
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Lenders Can Not Regulate Title Fees
Welcome to shortsalepowerhour.com. We’re going to talk about title fees today. Recently we have been negotiating a lot of short sales where negotiators are finicky at the title fees. These lender workers are claiming that managers or investors or guidelines state that they can only pay a certain amount for title fees.
We hate to give you the terrible news, but lenders are not allowed to regulate title fees. We believe that the title fees are actually regulated by the Department of Financial Institutions. You can not modify the title fee. The DFI sets the fees. It is determined by the state and the bank can not do anything about it.
Our title official helped explain this situation. The rates for title fees are filed based on the purchase price. We can not diverge from those rates since deviating from those rates will cause us to get fined double the amount.
Our title officer in fact sent us a file rate law and the can not deviate law to advance to the lender. She was not happy with the bank’s behavior in this situation.
The title company would not ever try to dictate the lenders fees. Why does the bank try to determine title fees? Technically, the lenders are in reality asking the title companies to commit a crime. When you foreclose on the home, you have to pay title fees. When you short sell a home you need to pay title fees. The title fees are not negotiable. The state regulates title fees. I guess the best case situation is to escalate over the monkeys that are negotiating these short sales. Kevin would prefer that they simply fire the monkeys that work at the lender, but it may prove easier to simply escalate over their heads.
Spoiler Alert!
Clear your Monday morning calendar! You are going to want to view Short Sale Power Hour, with a very distinctive guest!
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Your Credit Score Doesn’t Define You -The Short Sale Decision
Welcome to another edition of Mindset Monday. First, we would like to inform you about a fantastic experience that we had last week. We had the chance to provide a free live seminar to property owners. The seminar was specifically to help home owners be familiar with how the short sale process works. There is a large deal of misinformation out there. So, we tried to provide a little truth to these house owners.
This seminar got us thinking. There is something that we say throughout our courses and we tell home owners. Nevertheless, we haven’t discussed the topic on shortsalepowerhour.com. That point is straightforward.
“Your credit does not define you!”
What does that mean and why do we declare it? Yesterday was a fantastic example. In talking with house owners, the first thing they said was that they had never missed a payment in their life. These people realize that they need to do a short sale. They are afraid to miss payments because it will harm their credit score.
People link their worth to their credit score, as if paying their mortgage makes them a good individual and not paying their mortgage makes them a bad person. Agents need to keep this in mind. It is a good way to soften the blow of facing this difficult decision.
Your credit should never run your life. As a society we have been programmed to believe that we have to have great credit scores and we need to charge everything. The wealthiest people in the world do not use credit to define who they are. We could all learn something from them.
Also, if you are not from the Arizona area but you would like us to come to your area to educate, please fill out the form on our blog. We are beginning to reserve classes for the first quarter of 2011.
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Short Sale Process - Pricing Your Home
Hello again. This is Matt Fetick, with soldbyshortsale.com. We are the Philadelphia leading short sale realtors. This is stage 3 of our 7 stage short sale procedure video series. If you have not seen steps one or two, please take the moment to go check those steps out. My group has developed a seven phase procedure designed to have great success with short sales. We have determined that following these seven steps provides us the best chance of getting a short sale accepted.
This is step three, which deals with the challenge of pricing your house. We need to know what to price your house for and what it is valued at. Getting the most amount of money for your property is extremely important. Nevertheless, the market has shifted, and regrettably in the Philadelphia locale the market is declining. So, we need a accurate look at house values and what your property will sell for.
Here is what we do. When you are set to put your home on the market for a short sale, we are going to compare it to other properties on the market. We will price your property based on what a buyer will pay for it and what a bank will give that buyer to purchase your house. When the new buyer’s lender goes to do an appraisal if there are not comparable homes to substatiate the price, the transaction will not be closed.
We will advise you on where we judge your house will sell. We need to price is competitively. The longer your property sits on the market the closer you get to foreclosure. Moreover, we have a poorer chance of productively closing a short sale.
Your bank is not going to agree to a price that below a certain number. They determine an acceptable amount based on a BPO. An independant agent finds similar properties for the bank to decide this value.
Regardless of what the value is, our goal is to get the property sold for a price that is acceptable to a new purchaser and then encourage your bank to agree to that proposal. We take all of the strain off you. We work hard to get the most amount of money in the least amount of time.
As always, feel free to give us a call. We are the premier Philadelphia short sale realtors.
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Escalating Bank Short Sales Is OK With Banks
Good morning. This guy hanging over my shoulder here is Coach Collard. We are now finishing up with Bank of America event at Brian Gubernick’s office. Yesterday we challenged realtors to get their heads out of the sand. The BofA executive that chatted with us today actually mentioned a few things today that referenced the outback.
The BofA manager noted that sometimes you will come across situations where the transaction is a good deal for the lender, but the negotiator just doesn’t seem to get it. At times you will have to fight and work your way up to a executive because the workers that you deal with on a daily basis have guidelines and limitations to work within. They also do not have the power to make these decisions.
I do not know how many times we have stated this but you need to escalate, or hear ‘no’ eleven times, or get hung up on three times in a row. You have to be prepared to rattle somebody just enough to let you to go on to the next step. Are you ready to do what it takes to find a solution?
As Brian Gubernick said a few weeks ago, the realtor has to be more concerned with your client’s foreclosure than hurting a negotiator’s feelings. The outback provides you the mindset to shift into that empowerment.
The BofA executive noted that the negotiator does not always have the ability or authority to make decisions on file and it is OK to escalate if necessary. He also mentioned that he needs other information concerning BPO’s. The bank wants more details than they already have. In addition, guidelines are lender specific and investor specific within BofA. However, there are exceptions. At the end of the day it is entirely about loss mitigations.
BofA services about 25% of all loans in the nation. Of the loans that they service, BofA is the backer in 20%. The additional 80% are loans that they do not own, but they may be delegated on. One out of each five short sales you send to them is a decision they can make themselves.
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