Metro Detroit Home Style
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What happened to the good old days?
I really don’t understand why you need a physical exam and the bank needs to know if you have a gun permit for a bank to approve you for a loan now a days. The good old days were just before the bank would give anyone a loan with a heartbeat and that could fog a mirror. Just before that time you could get a loan with reasonable documentation. Now it is way over the top. Even private lenders that I used to work with have taken on the trend of the big banks. We need that happy medium where even if you don’t fit into one of there really tight pigeon holes you can get a loan. We had a buyer of a $34k condo that took longer that 45days to get done. I could have bought a $50k car with less hassle. Lenders listen up the government gave you money to get the economy rolling again not to sit on and pad your bottom line!!!
Mitigate This!
Posted by:mitigatethis
Posted by:rebron99
Working with The Short Sales Group
Are you a Real Estate, Financial or other Business Professional that is working with clients who need to short sell their home or investment property? If so, listen up! I am going to explain 1. How we handle the intake of your business; 2. How you can send us business; and 3. Several benefits of working with The Short Sales Group (TSSG).
There are a few different ways that affiliates utilize TSSG (and I will go into more detail about that in a few), but essentially you send us a client that wants to do a short sale. We will contact your client and work with your client in order to obtain all the necessary documents required to submit a short sale request to their lender(s). Once we have everything, the file will be entered into our online short sale system, Short Sale Support (http://www.ShortSaleSupport.com). As soon as communication is initiated with the lender(s), a note will be entered summarizing the event. This note/update is then pushed out to all associated parties such as: the listing agent, homeowner(s), and every member of our processing team. This contact list is customizable in order to meet the needs of the transaction. Everyone loves to be kept in the loop and our online short sale system makes it easy to communicate what’s going on with your case. Through Short Sale Support our processors update both you and your client every step of the way!
Sending us business is generally done in 3 different ways.
1. Seller Intake Web Form - http://www.MyShortSaleInterview.com/.
This quick and easy intake form can be accessed while on the phone with any prospect, lead or client. Submitting this web form will immediately put us in contact with your client. We ask that you advise your client that your short sale team will contact them to answer any additional questions they may have about the process and to provide them with information needed to proceed. We will handle the communication and document collecting from this point and keep you posted every step of the way! Let us know if you want to use this online form, or if you prefer, we can provide a printable PDF form.
2. If you are a well-oiled-listing agent, you will most likely put us in contact with your client once you have already listed the property.
3. For all those online efficiency experts you can register for a free account at www.ShortSaleSupport.com where you can create your client account and upload the documents. Once a new contact or file has been created you will be contacted by a member of our team for further instructions or a list of items needed to proceed.
One of the benefits of working with TSSG is that you can be as involved or uninvolved with the short sale process as you choose. We truly tailor our service to meet the needs of each and every one of our affiliates because we are YOUR back office. Other benefits of working with TSSG include:
- Personal service for you and your client
- Seller pays no out of pocket fees
- We oversee the entire transaction; we manage the short sale process from cradle to grave
- We can provide Investor Offers to kickstart the process and motivate the lenders
- We offer Attorney-backed loss mitigation
- We negotiate and prepare the preliminary HUD-1 and oversee final HUD approval
- No lien too tough
- We are a full time Loss Mitigation Team!
Getting started is easy! The Short Sales Group looks forward to working with you!
Every homeowner deserves this level of support. Feel free to contact The Short Sales Group for more information.
The Short Sales Group, LLC.
2900 Union Lake Rd. Suite 210
Commerce, MI 48382
Tel: (248) 232-2565 - Fax: (248) 232-2543
info@theshortsalesgroup.com
Posted by:kranks9
Dear BPO Agent,
Dear BPO Agent,
I know that it must be hard to break into the business as a BPO agent. Mortgage lenders and banks hear from hundreds of agents hoping to be put on the list. You either know someone, or you have worked very hard at getting noticed. You are no stranger to marketing yourself because as a Realtor you must market yourself everyday to everyone.
I recognize that you work hard. You may have several drive-by or internal BPOs a day. You probably put thousands of extra miles on your car every year.
I would think one of the hardest parts about your job is scheduling the appointment. Your client (the mortgage lender or bank) will place an order and you will have a short time to fulfill such order. You will have to coordinate the appointment with the listing agent’s office, who may have to coordinate directly with the listing agent, who likely has to coordinate it directly with the homeowners. It takes time…and time is money. I get that.
This way of scheduling seemed to be working for the most part for quite some time. I know that when I get a call for a BPO, I do my best to schedule it and provide the BPO agent with property access information in a timely manner - because I would expect the same if the situation were reversed. But, I am finding more and more that BPO agents are calling the listing office to schedule a “showing”. Not only does this provide inaccurate showing data, but it’s also dishonest. As a Short Sale Specialist, and someone that works with several banks on a daily basis, this is very frustrating. The “showing” will occur and we have no idea that it was actually a BPO. Weeks may be wasted as we wait for the BPO agent to contact us and/or the listing office to schedule the appointment. The bank only knows that the BPO has been ordered and they often do not have the value in their system for 7-14 business days after the BPO has been completed.
My request dear BPO agent is for honesty and consideration. Please make the appropriate efforts to coordinate the appointment with the listing agent’s office or the bank’s designated point of contact. Please understand that we are all trying to do our jobs efficiently and effectively. And, although you may be performing a job for the other team — as Realtors we are all upheld to the same code of ethics. And, I am determined to make real estate and all that is associated with real estate a glamorous, honest industry (again).
Sincerely,
Kranks9
Posted by:kranks9
Many people wonder…”Will BOA pursue a deficiency judgement after my short sale has closed?”
I get this question all the time and it’s so hard to answer because, first of all, receiving a short sale approval (BOA) with a full release of deficiency depends on a lot of factors. There are no standards, and it seems as if the BOA themselves are still trying to get their hands around short sales - constantly changing the rules. Receiving short sale approval with a full release of deficiency, or as BOA says, “upon receipt of the agreed amount, BAC Home Loans and Servicing, LP, and/or it’s investors will waive the remaining balance due…and waive all rights to pursue further judgment or deficiency,” is not black and white. It depends on the loan product, the investor backing the loan, the loan position, and the difference between sale amount and loan amount, as well as the man behind the curtain saying OK.
Often times we will see verbiage in Bank of America’s short sale approval letters stating that they “may pursue a deficiency judgment for the difference in the payment received and the total balance due”. And, that leads many people questioning whether or not they should proceed with a short sale if that is the case. Unfortunately, I still don’t have an answer for you, but I wanted to share some thoughts from a homeowner faced with this same dilemma (below you will find a link to the actual blog):
-
[I’m not an agent. I’m just a dumb home owner…I short saled a 2nd property (not my primary) in Texas. Texas is a recourse state.
After careful research, I decided to forego an RE attorney for counsel. The reason?
I was convinced that B of A would never issue a “waiver of deficiency judgement”. I just never saw an instance where they gave up that right without consideration. Why should they give it up? They’re driving the bus!
Anywho, my agent found a SS buyer, short sale was approved and completed in August 2010. I told my wife to swallow hard and wait for the hammer to drop…from B of A…from the IRS…from the Franchise Tax Board…
Received in the mail, last Friday. “Release of Lien” stating the following verbage…
“…does hereby acknowledge that it has received full payment and satisfaction of the same, and in consideration thereof, does hereby reconvey, without warranty, to the person or persons legally thereto,…yada, yada, yada…”
We owed 140K. Net SS proceeds to B of A: 41K
I ain’t the brightest bulb but it sure smells like teen spirit to me…
My rationale was thus: The motion to pursue a deficiency judgement is a judicial action and if the smucks (us) have defaulted on the mortgage in the first place, maybe B of A surmises that it will be throwing good money after bad by paying lawyers to try to squeeze another ounce of blood out of the turnip. Capice?
This post is for troubled homeowners wrestling with this gut-wrenching decision…”Should I pursue the short sale when the bank won’t provide the waiver?”
My answer: I don’t know…
We rolled the dice and, now, it looks promising (but I will never stop looking over my shoulder)…
What I know is I conducted my business in good faith, found a reputable RE agent experienced in SS, found a experienced title agent (great source of SS information, too!), did not pay an RE attorney because I could not find one who could guarantee a waiver in hand…
And trusted one very important piece of advice I got very early in the game…
B of A is, presently, an organizational mess with no departments providing creditable information to the other.
Under these circumstances, I believed it was right to move forward with the SS with no guarantees from the bank that they would not come after us for the defficiency.
This was my insane logic dealing with an insane system. I hope this helps someone out there in need of help.
Deal in good faith, be a shonest as you can, and try your very best. It may not work but, hopefully, you’ll sleep better at night. Hope this helps!]
The full story can be followed at: -
(http://shortsalesuperstars.com/forum/topics/bank-of-america-waiving-future?groupUrl=bankofamericashortsales&id=3468065%3ATopic%3A16296&groupId=3468065%3AGroup%3A207&page=2#comments)
Posted by:kranks9
Many people are wondering what an “REO” is and how a house comes to be an “REO”. REO stands for Real Estate Owned and is in reference to any property a bank owns. So the question arises of how a property becomes the bank’s and what the process is of purchasing for yourself as an investment or as…
Posted by:rebron99
This Deal is FHA approved and ready to go!!! this is a must see house in Clarkston!
Posted by:shortsaleben
