How To Sell HUD Homes Event

How To Sell HUD Homes

                   by Tina Marie Estrada, with The Omni Group

Also,

>Simplifying 203K Loans

by Darrell Gipson, with GOTMORTGAGE

>Q&A with HUD Inspector

by Harold Adams, CA

>Making Your Short Sales Easier

                   by Elizabeth Wojtaszek, The Short Sale Department

>Closing HUD Escrows and Short Sales

by Lisa Day/RJ Burke Tiempo Escrow II

FREE FOOD DRINKS and Wine Tasting

Sponsored by

Gotmortgage, Tiempo Escrow II, The Short Sale Department

and Train Your Smart Phone

Date: March 22^nd 4-6pm

Location: Total Wine and More

16272 Beach Blvd
         Huntington Beach, CA 92647
   (714) 861-4047

Please R.S.V.P to dantej@te2corp.com

ATTENTION: Keller Williams Agents, Team Leaders, Coaches, Commercial and Residential

As a member and part of the committee for NAHREP-OC we are hosting an AGENT BOOTCAMP in April and I am wanting for KELLER WILLIAMS to participate with our non profit organization to teach and explain what makes Keller Williams the #1 Real Estate Company? What does KW have that no other real estate company has? 

This would be a great way to recruit and meet agents looking to change and be with a great company. 

Please contact me for details: 1shortsaledirector@gmail.com

-The Short Sale Department

BOFA using DTS to pre-screen short sales for them...Get In The Know

Attention Realtors BOFA has decided to use a 3rd party company to pre-screen their short sales. This allows the realtor to register and through an agent portal allow them to upload their short sale listing to get screened by the various short sale programs that BOFA is offering.

You can count on the following when registered for the service:

·                Higher close rates

·                Up-Front Valuations (prior to offers) and other qualification factors to avoid surprises

·                Faster closings

·                Technology that provides real-time access to the progress of each file

·                Proactive communication with a dedicated Account team

·                Better outcomes for eligible homeowners

·                No fees paid by the agent, the homeowner or the buyer

·                Receive full commission

·                Account ownership system, specific associate assigned to each file, continuously monitors and clears tasks in the Equator

·                Preapproved listing price without an offer

For your client:

- Relocation incentive of at least $2,500.00 (can be between $5,000.00 and $30,000.00)

- Deficiency forgiveness

To get more information email me at: 1shortsaledirector@gmail.com

-The Short Sale Department

Listing the Short Sale with BOFA as the lender

Bank of America recently came out with this reminder. When listing the home on the MLS make sure you do it correctly. Below is the memorandum that BOFA sent out this week.
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In our continued effort to ensure acceptable and fair marketing activity for all short sales, this is a reminder that Bank of America requires all properties to be listed on the Multiple Listing Service (MLS). The property must have been listed prior to the acceptance of an offer. All offers must be submitted by the buyer subsequent to the listing date, and the property must be marketed on the MLS until a short sale approval letter is issued. Any property not listed on the MLS may experience processing delays, and/or the Short Sale file may be declined. The following actions can help prevent processing delays and/or file declines. List the property on the MLS and include all basic property detail, including:   Number of beds/baths, square footage, lot size, year built, location, interior features, etc. All known property information used to market the property to prospective buyers. Alternative language such as "unknown" or "unavailable" should be used - instead of leaving fields blank - when you encounter certain property characteristics that may be unknown via public record (e.g., Property taxes, deed information, and other fees).    Ensure the MLS remarks and/or comments do not reflect unacceptable language such as:   "Do not disturb homeowner, property not available for viewing" "Bank has already approved the short sale" "Cash offers only" "Preapproval through listing agent lender only"   Ensure the listing status is current and active on the MLSuntil a short sale approval letter is issued Per investor guidelines, additional documents may be required and will be communicated, as applicable, by the Short Sale Specialist.

JUST IN!!!! Wells Fargo makes the Process through Equator Easier

Wells Fargo to roll out new Equator Low Doc Process

Effective 2-15-13, for all loan portfolios except FHA, agents will no longer be receiving the following tasks within Equator

·         Hardship Reasons

·         Financial Information

Equator has removed these tasks in order to provide agents a better experience when navigating through Equator and to provide agents a quicker response and decision timeframe for their short sale.

On 2-15-13 Agents will receive the following task instead:

·         Upload Required Documents

Prior to agents receiving this task, Wells Fargo will review the file in order to request only the documents needed to review that specific file.   This avoids agents from having to upload blank or search for and upload potentially unnecessary documents.  

What does this mean for you as an agent?

If we don’t need a document, we won’t ask for it, and you won’t have to find it.    This will allow your file to move quicker through our processing pipeline and get an approval even faster!  

More Approvals = More Closings! 

How does this affect your current files?

As with any transition there will be impacts, and we have done everything to ensure a smooth transition for agents.  However, any active files will have to be converted to the new Equator Low Doc Process.  

Each file still requiring documents will be systematically reverted back and will restart its lifecycle within Equator, while this sounds tedious; it will be very quick and is the best solution to ensure a smooth transition.   

Agents will be sent the following tasks:

“Upload 3^rd Party Authorization”

“Borrower Contact Information”

“Is there an Offer”

Once the tasks are completed each file will end up right back in its respective workflow.

Short Sale Lease Back Program

The Short Sale with Lease Back is a program that was created for homeowners to short sale their home and lease back for 3 yrs with a possibilty of re-purchase. This program is not that simple for those to qualify for. 

These are the requirements:

Homeowners must work with a licensed agent who is trained and certified by the Short Sale Lease-Back Program.

A qualified non-profit would purchase the home in a short sale.

The homeowner’s lenders must approve of the lease-back terms — the intent of the sale and tenancy cannot be hidden from the lienholders.

The seller would lease the home for a minimum of three years, allowing their credit to heal so that they could qualify for a mortgage.

Homeowners must attend ongoing HUD and financial-literacy counseling and speak with legal and tax experts to ensure the program is the right fit.

If approved, the former owner might be allowed to repurchase the home, perhaps at a giant discount from what they once owed on it.

Not all homeowners qualify for the program. Borrowers must have sufficient income to afford the monthly rent payments in addition to their other debt payments.

If the homeowner doesn't meet with this criteria a Short Sale would be there best interest that if negotiated right can lead to relocation money from 3k-45k.

If there are any questions in regards to this contact The Short Sale Department .

-The Short Sale Department
1shortsaledirector@gmail.com

Do you know which banks are doing Principal Reductions?

This is a quick view of the lenders who are participating in principal reductions on mortgages. Pay attention to the information that is given about some of these lenders.

Banks Participating in Principal Reductions:

1. BOFA
2. CHASE
3. WELLS FARGO
4. GMAC
5. ALLY BANK
6. CITI MORTGAGE

The lenders above have certain criteria that is important when processing these principal reductions:

1. Must be 60 days late
2. CANNOT be a Fannie Mae, Freddie Mac, HUD, VA, GSE Loan. These are government loans/investors that will NOT participate in the principal reduction program.

Requirements for Wells Fargo, Citi Mortgage, GMAC:

These lenders can do the principal reduction if they own the loan. This means the loan is with these lenders and it hasn't been sold, transferred, or serviced with another bank.

Example: If your mortgage has been Wells Fargo from the day you started paying the mortgage to this present day then the principal reduction can be done. However same example but you recently received a letter in the mail that the mortgage is being transferred to "ABC Bank" and that's whom you will have to pay from now on then the loan, this loan will not qualify for a principal reduction.

The 2 banks that don't need to own your loan for principal reduction are BOFA and Chase. If you had your mortgage with either of the two and have been transferred to another servicer they are able to review your file for principal reduction.

As always contact the lender and ask if the borrower qualifies. This will lead to a great relationship and possible future business.

-The Short Sale Department

Independent Short Sale Negotiator

I have come across investors, realtors, and others in the real estate business that have decided to stray away from the thought of buying, selling, investing in doing a short sale. Just last week I was at an event and an investor that I had met told me that he would rather buy at an auction because it's easier for him. He gives his short sales away for others to deal with.

I have to admit I was completely floored at the idea that it's so easy to give the short sales away and not want to negotiate them but that's why there is a solution. It's called an Independent Short Sale Negotiator.

I am an Independent Short Sale Negotiator who works independently negotiating all short sales. I am not associated with any so called short sale companies that are advertising or with an escrow office. I am free from those third parties to make the process easier for the agent/investor who hire me. I keep a pipeline of over 35-45 files in process and have a quick turn around time. Updates on files are provided on a weekly basis and contacting me is open to agents even after business hours to answer questions. Postponements of sales are monitored closely and an open communication between the agent and myself is required to make the transaction smoother.

***IMPORTANT CALL TO ALL AGENTS AND INVESTORS*** If you come across a short sale remember all purchase prices can be reduced and the short sale can be a win win for all parties. When not wanting to handle the paperwork and the hassle of the lender contact an Independent Short Sale Negotiator to work the file and negotiate. Contact me.

-The Short Sale Department

My Interest for Short Sales and Negotiations

Any Realtor can say that they are a Short Sale Specialist and that they know how to negotiate with a bank but can they say that they themselves have experienced what it is to go through a Short Sale ? Not many can but I as a negotiator can.

I experienced what a seller has to go through when they have to choose between a loan modification or short sale. Obviously everyone wants to start with a loan modification because it gives the opportunity for payment reduction, but what happens when it's not possible? Short Sale is the next step.

Personally the thought of having to do a Short Sale, list the property and disclose "short sale" on the MLS made me feel embarrassed as if I let myself and my family down. The idea of owning a home was coming to an end. Sellers feel this way now and need to feel nurtured and secure with their realtors.

When handling short sales I take every file and think of the family and their hardships.
I know what it is to be denied for a loan modification and get advised to do a Short Sale. I know what it is to get the letters in the mail, the calls and harassment, and the unlimited amount of mail in regards to being behind and getting told that you are in foreclosure status.

Observing the agents and the files that I get it gets bothersome to see how some are in it for the numbers and are cold with their clients while the other realtors actually become part of the file and part of the final chapters of the sellers home life.

With my past experience going through a short sale myself and having the experience of being a negotiator I take every file seriously looking out for the seller and making sure they benefit from the file by getting them relocation money, incentive money from the lender, and release of deficiency from the sale of the home.

To have your short sale processed with a worthy negotiator who is hands on contact The Short Sale Department.

-The Short Sale Department