Short Sales = Industry Salvation
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August 13-14
August 14, 2013
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Frank or Brian,
I’m getting mixed messages in regards to when I can purchase a home again after a short Sale… can you advise if 24 months is true or where I can confirm this. Are most lenders or brokers aware of this Fannie guidline? My short sales has just been approved by Chase after almost 12 months but with different buyers…I thinks your shows ROCKS!
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Short sales and foreclosures are for people that have no morals. The homeowners and banks have ruined it for all of the honest, hard working people that have morals and believe in paying their bills. All of you people should be ashamed of yourselves. You realtors are misrepresenting and not helping the situation to get better, your just trying to get a piece of the pie. It is disgusting! Alma Lee that wrote up above has got it right, a bunch of losers living a lie of cheating and being dishonest.
Self righteous idiot
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Sorry you guys went out of business, used to enjoy your shows.
Out of business? Heck no! We just had some dang Google Feedburner issues, but we’re fixing it ASAP. Rest assured we’re still here.
I’m guessing that either you guys are out of business, or just out of touch. I’ve enjoyed your show, but non-communicato is not a good way to run a blog. Will keep looking for another couple days, but am not hopeful…..
We’re not out of business…. come on guys, have a little patience… We’ll see you on Tuesday.
What is the deal with your Real Estate Marbles Customer Service. I called 5 times to cancel my account and am constantly told that Kate is the only person capable of closing my account and she never returns calls. Not only are you wasting my time. You have forced me to cancel my business debit card and have to reset all the other debits which I already had setup. Thanks for nothing.
Sorry to hear about that Manny! and just to let you know you can cancel anytime from your profile in your my marbles page. But if you want to call our number and ask for me I’ll talk to you about it.
Hey Manny, well I took the time to dig into this matter. We do keep record of every phone call and email. I do see your request to cancel which was sent to Katie who called you only to find your voice mail full. That’s was unfortunate as it could have saved you the whole bank card matter. At any rate sorry for your troubles and if you ever want to chat about it feel free to reach out to me directly.
~Frank
Your constant issues are just too much for me. You had a good show but I can’t handle it anymore.
Okay Chris. Sorry for the stress. We’ll be back on Tuesday. Hope to see you then.
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MISS you guys….hurry back!!!!!!!!!!!!!!
Great idea guys BUT getting underwater/distressed homeowners to even respond (before it’s too late) is the biggest problem most Realtors have when it comes to short sales
I used to be an avid listner. You changed tor format and I was never able to get the show again. I even called and did not receive any assistance. I was also on the rate alert service but dropped that as well over the issues.
Nick Parino 775-232-8127
Not sure why you wouldn’t receive it Nick. It’s Google Feedburner that’s having an issue. Again we’re working on an alternative and have found it. Hopefully you start getting the shows, but in the meantime you can always come to TBWSDailyShow.com.
I am sure this depends on where you live but in Northern CA, you have to look at your alternatives. The only people short selling are those who are being transferred, have died or they no longer live in the house and it has been a rental. Many are able to refinance at a lower rate and keep the monthly payment down and if they are smart, they get the home reassessed to lower property taxes. Our rents have skyrocketed. I heard about a 3/2 home in Oakland that had been rented for $2,400 a month. When they brought it back on, they listed it at $3,200 a month. $1,500 for one bedroom apartments and this is Oakland, not SF. Good show about short selling and I am involved in five right now – 4 listings and a buyer. They are great and knock on wood – seem to always close around here.
Does anyone know if the Fannie/Freddie seasoning time frame changing to only 2 years is 100% taking place in November? A link to info ? Also….
1) What date exactly its coming out?
2) Does buyer have to have made all payments prior to SS on time or can they have been late?
3) Can they put down only 5% or does it need to be greater ?
This is the first notice I have received in several months. Nice to get one again. Thanks for working on it.
Great show, I got on the Short Sale train years ago and have told my clients recently, that there has never been a BETTER time in the history of America, than now – to do a short sale, so thank you for putting it in a video.
I shared it on my facebook/konahometeam page and sent it to every lender that I like to do business with.
Thank you again
Lance
It feels like I’ve been doing short sales for 100 years!!!! I’m in Metro Atlanta and have found that short sales are harder to close now, than they were 3 or 4 years ago. The banks are driving me crazy – inept employees who tell me something different every time I call – who won’t talk to me because “we can’t find the 3rd party authorization” after I’ve been talking to them for 60 days – who ask for the same documents over and over – I could go on and on. I don’t know why CNN or somebody does not do an expose on this debacle and put a fire under somebody. The worst part is when the bank denies the short sale, forecloses, and then puts the house back on the market for $60K less than the offer I took them. Then the buyer buys it at the lower price, the value goes down in the neighborhood, and I worked all those months for free. Arghhhhhhh
Love your show!
Severely disappointed here.
Wrote a missive, and your damn recaptcha (seriously sucks…have to hit multiple times to get it, then it throws the message into the trashcan).
Fire your servicing company, and get someone reliable, or your base will fade away. You of all people should know this. Or are you “too big to fail?”
I’ve been listening and commenting for years. Mainly positive, but sometimes responding with my own take on events. I usually listen early, and start my day with a bit of your offbeat humor, and some seriousl learning. But this is going too far. If we can’t find you, and when we hunt and do, and find reruns or apologies, it doesn’t bode well.
I’ll actually save this on my clipboard, so if Captcha screws me again, I’ll try to resend.
I’m just sayin”……………
Missed the Show!!!!
Great ideas, agents and lenders should be calling their database. Prospecting is part of the business. As for short sales My team and I have 46 short sale listing under contract right now. Approx 80% will close. MLS stats here in Vegas are 10% close. We are picky about which ones we take and that is why our numbers are higher. Two loans with two banks and good luck. You can get them through but you will spend twice the amount of time and still the probability of closing drastically reduces. The seconds or thirds need to take what they can get and stop hindering the process. I will give an example we have one now where the seller is military, a double amputee from his fifth tour in Iraq and the first approved quickly and gave him 25k. The second USAA is hindering the entire process and now the first approval has expired an extension will be necessary and USAA does not care. I normally do not like to take on USAA just for this reason. They don’t care about helping people out. As long as lender like them are out there the market will continue to suffer. The ones we get that do not close we find that lenders do not want to cooporate with the short sale. In fact we find on pretty much with all of them the \negotiator\ does not want to cooporate. These negotiators are twenty something kids with no idea what they are doing and that impact on the decisions being made. They are under pressure to get these cleared from their system in a timely matter and if that means just rejecting the file, that is what will be done. Until the banks get better processes to get these done it will continue to be an up hill battle and the market will continue to suffer. I remember completing shorts in California during the 90′s and since these loan were not packaged as they are today they were easier then. These lenders need to figure this out so we can clear this market out and get this country back financially stable again.
What gets little attention is the permanent and paradigm shift in borrower’s attitudes toward default. Even new home buyers at least think about the possibility and banks are finally adapting to the change.
Even those who decried their neighbors’ getting a modification or principal reduction now realize prices would not have plummeted so far if the banks were faster to offer solutions rather then a foreclosure which in Florida takes 2-3 years and results in total losses to the banks of 60-75%.
Love, love, your show!!
I have to respectfully disagree. Short Sales are causing downward price pressure because a Short Sale owner doesn’t care how low the property sells for as long as he is forgiven the loss. It’s common for Short Sale owners to let a property deteriorate (roof leaks, abandoned without electricity, etc.) and also strip a house of appliances, light fixtures, kitchen cabinets, bathroom vanities, even A/C systems. Also Short Sales in Florida are a mess because many owners are “working the system” and living “rent free” for years or collecting free rent money from a tenant for years. We also see a fair amount of fraud with short sale flips with fraudulent repair estimates, high “negotiator” or “legal” fees added to buyer costs, etc. The often “lowball” listing prices of Short Sales also create a misrepresentation of lower prices, too. Let’s get Short Sale listings off our MLS! REOs and Regular sales ONLY.. they can actually close within 45 days! I have to continue shopping for months with a client even though he has 3 contracts on Short Sales!
So I think it would be better for lenders and borrowers to be given 3 options:
1) Deed in Lieu and receive $3k after property is vacated and all appliances, light fixtures, a/c systems, etc are intact and house is swept clean.
2) Deed for Lease, allow the borrower to remain in the property and pay slightly below market rent for 3 years
3) Loan Modification
The borrower should be given 30 days to submit all financials. The “servicer” can then have 30 days to evaluate. If the Deed in Lieu is approved, the borrower needs to move out within 30 days of notice of approval. If the borrower doesn’t send in paperwork within 30 days then it’s non-stop to foreclosure, no delays for any reason. This will expedite the Real Estate recovery.
Lastly as far as Fannie, Freddie and HUD withholding properties, it may be because they are planning to continue selling these properties in bulk. See
http://www.fhfa.gov/Default.aspx?Page=360
The REO Initiative is a program that will require the investor to rent out the property for 3 years. This is a good thing to reduce supply of properties and with our shortage of rentals it will provide more rentals, too.
believe me….the loss is not forgiven…someone somewhere is paying for that loss and the fact that you haven’t paid for it is taken into account by the IRS…
As as lender, I would have a hard time calling people to advise them to short sale, just as I couldn’t suggest that they walk away. Let them come to the conclusion on their own but be a part of it. Any lender who does this is self-serving. It’s just wrong on several levels.
Firstly: I am a former Real Estate agent in IL. Moved on to other things but keep an eye on what’s happening because it impacts our business.
According to this presentation http://www.foreclosureattorneyillinois.com/ approximately only 10% of short sales are approved by the lender. (He may be referring only to the state of Illinois.)
Experience in my neck of the woods: In 5 different short sales, 4 of the buyers walked because the lender dragged their feet. It astounds me that these banks had buyers at the door and they either didn’t want to or were incapable of pulling the trigger. IMHO, you can’t have short sales if the banks won’t cooperate.
Love your show, sorry your having issues, hope your up and running soon.
Any suggestions when a short sale is denied? We have an approved purchaser and Wells Fargo MI company has denied the short sale.
Have they required the buyer sign a promissory note to repay the PMI company?
Will your Seller be better off just signing a Promissory Note? You may want to suggest your seller contact an attorney and/or CPA to verify the tax and legal consequences, too. This is especially critical when it is not the primary residence because the amount forgiven may be 1099′d and the Seller may have a large tax liability. Also if the State Laws (Florida) will allow the lender to get a judgement and collect from the Seller, it’s crucial the Seller have an attorney review the final demand letter to assure they are “forgiven” the loss!
When a short-sale is denied, you should be thinking http://www.home-liberty.com if they are in AZ or CA.
Your customer gets to repurchase at or even below appraised value. You get commission as buyer’s agent in the repurchase transaction *and* you get a customer for life because you saved their home and turned around what looked like an impossible situation.
Make sure those folks thinking about doing a short sale know about the potential tax implications on the forgiven amount. That is treated as income and the tax amnesty on that is scheduled to expire at the end of the year.
Hey guys! You hit the nail on the head once again! Love it…great job!
It’s about time we concentrate on this! Thanks for bringing up! Go to CloseWithPam.com for solutions to help underwater homeowners exit underwater homes and keep credit intact, correct erroneous credit from short sale (disclosed as foreclosure versus short sale), or stay in underwater home but regain equity the quickest! Helping 16 MILLION underwater homeowners needs to be a focus!!!
“11 million folks that are seriously behind on their mortgage”? Did you mean under water. Big difference.
The only reason someone would do a short sale is if they were underwater and my guess is most of the 11 million that are behind are underwater.
GFood show. However still not getting your email letting me know there is a new show.
We know.. we’re on it.