Real Estate Investors and Agents Decry Short-Sale Process

re: Real Estate Investors and Agents Decry Short-Sale Process

Torrey Brothers — Sun, 24 May 2009 17:31:17 GMT

@Nancy, This all depends on the position the Loss Mitigator is taking. For example, we are a loss mitigation company and we simply negotiate short sales where we are paid a loss mitigation fee. Now there are some properties where I allow the loss mit company to negotiate the deal and have my other company buy the home and flip it. When this is done, my loss mit team is paid a fee and my other company is paid through the spread. When I buy the property via a short sale, I bring in my own funds to purchase the property from the seller/lender. This way I can show clear title to new buyer. New buyer is also shown the pre-approval for the short sale. We disclose everything to all parties in our short sales. This is very important. Also why should lenders check to see if buyer is still on title? They don't care once they sell the property, as long as no fraud has taken place. If anyone needs their short sales negotiated for them, please visit our site. We assist homeowners, Realtors, buyers, investors, attorneys, lenders, and anyone needing a short sale negotiation. http://www.help.managemyshortsale.com

RE:Real Estate Investors and Agents Decry Short-Sale Process

Jai Michaels — Tue, 13 May 2008 11:00:00 GMT

Clarification needed on parties involved in a short sale: Do R.E. agents represent buyer/seller? Do short sales typically utilize services of mortgage broker for other than arranging loan?Does the Mortgage Broker negotiate short sale with loss mitigation departments or should own of property negotiate short sale? How does the prospective lender view the buyer of short sale property? What parties do or can be paid of a short sale transaction? Answers to the above would really create an understanding of the human resource relationship to the short sale process. Thanks, Jai Michaels

RE:Real Estate Investors and Agents Decry Short-Sale Process

NANCY — Mon, 14 Apr 2008 11:00:00 GMT

Loss Mitigators please comment on short sale flips. The person who is negotiating the short sale on behalf of the distressed owner has already sold the property for thousands more. Do lenders ever check that their short sale buyer is still in title? What are lender remedies? Would they ever take action?

RE:Real Estate Investors and Agents Decry Short-Sale Process

Bill — Fri, 14 Mar 2008 11:00:00 GMT

I was able to accomplish a short sale last year with the help of an investor group. My property had been on the market almost two years and I had reduced the price 6 times. Then my wife lost her job and my income at work was cut in half. I sent a hardship letter to the lender in Oct. 06, and a short sale was approved in April 07. The home was in pre-foreclosure at the time because the lender dragged their feet on accepting the short sale which had been offered four months earlier.

RE:Real Estate Investors and Agents Decry Short-Sale Process

Anonymous — Fri, 11 Jan 2008 13:00:00 GMT

I need to short sale a property in Maplewood and would like to know how I can avoid this goin on my credit reportit needs to "show paid in full," anyone know how to do this?

RE:Real Estate Investors and Agents Decry Short-Sale Process

Doug — Tue, 04 Dec 2007 13:00:00 GMT

We(sellers) have an offer that 2 mo ago about 7k below what we owed. Now It is 10k due to fees and payments and we still haven't received any news. We played their game and sent them everything. We were more prepared than our agent.. Today we got a letter that we have pre-approval to list at 11k over our submitted offer with no news as to yes or no on the submitted offer. We had to send everything in twice since supposedly it went to the wrong department. BTW the bank rhymes with hells cargo..

RE:Real Estate Investors and Agents Decry Short-Sale Process

Toks — Fri, 26 Oct 2007 11:00:00 GMT

How many buyers can wait around for 3 months to 1 year for a short sale? How many homeowners know how to put the complete package together? That is the service I provide and it is profitable. Yes the profit is the margin. If you don't know by now that PROFIT is the reward for useful SERVICES and PRODUCTS, then you are STUPID and you will remain a LOSER.

RE:Real Estate Investors and Agents Decry Short-Sale Process

John Boring — Thu, 25 Oct 2007 11:00:00 GMT

Well I read most of this article and am surprised. The banks that I have spoken to have told me that they are in favor of a short sale. I know that they can take quite some time and be a pain. So I have been working with another realtor from another company and they have only missed getting 2 deals done in the last 2.5 years and are averageing 3-4 short sales closed a month! I am not willing to give the name of his company yet because I don't want my deals to take burnner, I will later though.

RE:Real Estate Investors and Agents Decry Short-Sale Process

Frank Wible — Wed, 24 Oct 2007 11:00:00 GMT

I handle a ton of short sales here in New Jersey. As an agent, I find that I have a lot more success than I had as an investor. Knowing the right package to send and making sure it's complete is the key. If your short sale package and application is clear and all items needed are there, you will have much better success. I don't think I have had one go over a month or two and my approval rate is really high. Make sure those short sale packages are done right!!!

RE:Real Estate Investors and Agents Decry Short-Sale Process

D.C. — Wed, 24 Oct 2007 11:00:00 GMT

Lenders wake up! When did common sense dissappear in the mortgage industry. It is unbelievable that the lenders want to incur the expense of foreclosure and the loss from a short sale versus negotiating with the homeowner. The lenders loss would be greatly decreased if they negotiate and ammend the homeowner's Note to avoid the unaffordable increase in the monthly payments. Focus on avoiding the loss rather than trying to managing the overflow! D.C.

RE:Real Estate Investors and Agents Decry Short-Sale Process

Max B — Wed, 24 Oct 2007 11:00:00 GMT

Short sales pre-ceded the stupid real estate gurus. Loss mitigators have been around for as long as homeowners have been over their heads. Nothing new here. Don't rail at investors-rail at the lenders who duped the homeowners that brought on this crisis. Real estate investors give the homeowners a way out. A third party loss mitagator who is a full blown agent - irritated?? Don't figure.

RE:Real Estate Investors and Agents Decry Short-Sale Process

Curt Pifer — Wed, 24 Oct 2007 11:00:00 GMT

I certainly hope some ill advised real estate investors read your E-Zine. I have been railing on these stupid real estate Guru's for over two years who are duping real estate investor wanna-be's out of large fees to attend nonsensical seminars, webinars and bootcamps. If I see the headline "Make Zillions of Dollars Every Short Sale" - "Huge Investor Profits on Short Sale" or "Buy Pre-Foreclosures 30% to 50% Below Market" I'm just going to start referring the ads to the Attorneys General.

Stupid investors making stupid offers promulgated by stupid Guru's are clogging up the system. I can't wait for your third report in the series regarding "homeowners contacting their lenders" for help. That is also a big load of horsepoop that our liberal press is reporting very badly. Oh yeah, I'm a third party loss mitigator with a full-blown real estate agency that works real hard to help distressed homeowners and their mortgagees. Am I irrated? Yes.