What is your biggest challenge?

Comments [2]

1. June 30, 2009 1:46pm MST

   by Jeannette

   Thank you

   Thanks for the mention in your article!!
2. June 30, 2009 12:01pm MST

   by Jeannette

   Thank you

   Thanks for the mention in your article!!

Comments [15]

1. July 2, 2009 12:05pm MST

   by Laura Irizarry

   Mortgage Modifications

   Realtors are doing them, but most banks aren't paying for them. You should negotiate with the homeowner, a pal of mine asks for 695.00 up front and another 695.00 just before they finalize everything, some of the time he ends up with a short sale, so be warned, this might happen to you too.

1. July 2, 2009 11:59am MST

   by Laura Irizarry

   MI Insurance

   Is an insurance on a % of the entire mortgage, some are 3%-30% of the original mortgage. When it goes into default, the M I company pays out the policy. Now there is also M I Default insurance, when the mortgage goes into default they pay the difference bettween the sale price and the original mortgaged amount. I know that Fannie Mae will not take the loss, that goes to the current lender of the portfolio. So when the lender says yes, and M I says yes, usally Fannie ,Freddy or HUD say yes as well.
2. July 2, 2009 11:43am MST

   by Laura Irizarry

   Cash For Keys

   The lender gives the homeowner cash for his Keys, or I should say the Realtor gets authorized to give the homeowner cash (2500.00) in exchange the homeowner leaves the home in broom swept condition and gives up his keys to the realtor. Very important never give the cashiers check to the homeowner until you have inspected the property and you get his keys, some lenders will require the Realtor to pay for any debris removal, so you want to get this part correct. Lenders approve these because it will save them time and money. Make sure when you negotiate with the lender the amount of cash 4 keys is a good amount or the homeowner will refuse and you'll look not to smart, you may not get another assignment from this lender, and remember the homeowner is a person, he didn't go into foreclosure on purpose, and cash for keys will help to relocate him.
3. July 2, 2009 11:34am MST

   by Laura Irizarry

   Smart Short Sales

   The biggest problems are, lenders are too too slow on the process, and Realtors allow their buyers to think they can by a home for a nickel. I am an REO agent, I get the listing when a short sale goes south and the homeowner doesn't pay their bill. I have a listing now for 190,000 and it is getting a lot of traffic, short sale offer was 135,000 and the mortgage balance was 350,000. Check to make sure your short sale doesn't have an insured mortgage on it also, if you were a lender why would you even think of a short sale. Do your home work, think like the bank and give them all the paper work that they require, and you'll speed through the process, never never allow the buyer to think they can buy for a very low price, the lenders are not as desperate as you might think!
4. July 1, 2009 6:02am MST

   by Jim Hood

   Cash For Keys

   Basically is deed in leu but the bank pays the owner for leaving it in good shape. Check out about . com They have a good article. Can't leave links here... sorry.
5. June 30, 2009 2:55pm MST

   by Sandy Pearce

   Mortgage Insurance

   Can someone enlighten me as to how mortgage insurance affects the approval of a short sale? I just had one refused by the MI company after 3+ months in the approval process. Bank said yes, MI said no. Frustrated buyer.
6. June 30, 2009 1:38pm MST

   by Marilynn

   Short Sales

   I think it depends on the negotiator that's assigned the file, rather than the banking institution. Some are better than others, and you need to be their ally, and try to understand they are overwhelmed with files, and difficult people. I know we are working hard, but in order to make things happen favorably, we sometimes must bite our tongue, and think of the long term benefits of working well with others, and extending ourselves first before expecting anything positive from the other person.
7. June 30, 2009 1:35pm MST

   by Marilynn

   Short Salees

   What difference does the identity of the mortgage investor make, whether bank portfolio, Fannie or Freddi, or Wall Street securitized?
8. June 30, 2009 12:53pm MST

   by Chuck Dawson

   Cash for key's:

   a bribe for seller-owner's cooperation to assist them in moving from the property at close of escrow.
9. June 30, 2009 11:48am MST

   by Mali

   Mod

   I'm not too sure that does Realtor allow to do loan Mod for people? Anyone can answer?
10. June 30, 2009 11:00am MST

    by ken

    Bank Of America

    It depends on which B of A company is servicing them. While this formula is true with Countrywide it is not with Home Services Inc. which is also another B of A company when the bought Merril Lynch. You can never get an answer from them as they keep pushing you from one person to another. It seems as though no one can make a decision whether it is loan mods or short sales or when you do get an answer it is some ridiculous number as I think their BPO agents are hoping for the listing or in one case 60 miles away from the subject property.
11. June 30, 2009 7:37am MST

    by Carey

    Cash for Keys

    Mortagage companies offer cash for keys to avoid 'setting' people out. The occupants agree to voluntarily vacate premises and hand over keys to the banks representative. The amount is usually based on market rents in the area. Mortgage companies have done this for years. This also, lessens the amount of destroyed homes, making them more marketable to sell.
12. June 30, 2009 7:17am MST

    by Jeanne L. Little

    Cash for Keys

    Jan,
    In these difficult times people not paying their mortgages, people renting not paying and not allowing viewing and other situations also occur, agents and banks have found a solution. They offer an amount, usually an amount for the individuals to pay a security deposit or first months rent or both at another location. The occupants of the home agree to take the money, get out and give the keys to the property to the entity making the proposal. Thus Keys for Cash.
    Jeanne L. Little
    Century 21 Gawen Realty, Inc.
    (703) 973-7742
    Selling Virginia by the Yard!
13. June 30, 2009 7:13am MST

    by Norberto Vignoli

    Infamy/Champions list

    It would be great if you'd do a survey to list which are the best and worst Banks you can work short sales with based on their: willingnesss/refusal to communicate, expediency, common sense approach, etc.
    
    At the top of the worst I would list Ocqwen and Indymac.
    I did what you suggest in your article, got an offer approved by Indymac after 2 months, the buyer walked away, within two days from that got another offer that leaves Indymac nine thousand dollars more than what was originally approved. It has been over fourty five days since the second offer was submitted, and I still don't have an approval and nobody to give me a status. The second buyer is about to walk away too.
    
    By offering such list, maybe agents would stay away from listing or making offers when these worse Banks are involved, and won't shy away from the others, by asking the lister or potential seller who the Bank/s is/are.
    
    I know for a fact that the average short sale leaves the banks more than the average foreclosure once they consider all the expenses associated with each.

1. June 30, 2009 7:06am MST

   by Jan Diedrich

   short sales

   I may sound ignorant but what is "Cash for Keys"

Comments [1]

1. June 23, 2009 10:08am MST

   by Glenn Russell, Broker

   sell "Value" not cost...

   well done! Good presentation of this timeless truth.