Avondale, Arizona Short Sale

Archive for the ‘Short Sale’ Category

We are setting out on day two with Trent Chapman and we’re staggered by the number of appearances Trent has had on shortsalepowerhour.com. We asked Trent to come back to speak about the Short Sale Genius Designation program. Everybody knows that we are not big fans of designations. We have contributed on our own designation in recent times, but we stole that from Trent. Still, Trent has decided to do a real designation. The designation is for agents who work with distressed houses.

The designation is different from other designations. With other designations, you go to a lecture and take a test and receive your designation. With the Short Sale Genius designation, there are different levels based on how many short sales you have closed.

If you take the class you will get a general designation, but it will also note how many short sales you have closed. Trent merely figured that taking a class and passing a test didn’t make anyone an expert. So, he decided to add a little bit of common sense and honesty into the procedure.

On another note, software is something that lots of other agents ask about. Trent offers software that is state of the art with features that assist the agent that is doing a couple transactions or hundreds. His system actually coaches you along in the short sale procedure. There are red flags that let you know if a folder is out of compliance or taking excessively long. There is also a characteristic that permits the property owner to log in and see the status of their folder. It was purposely built for short sales. Check out the theshortsalegenius.com

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Maricopa – Mortgage Short Sale Arizona

For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.

Short Sale Power Hour is thrilled to welcome Trent Chapman, Short Sale Genius, back to the episode. Trent has spent a large amount of time educating agents how to escalate. He offers a form letter on his website, theshortsalegenius.com, to give people an exemplar of how to convey the escalation idea to the bank. In essence, it gives a general script as to how you can clarify that the short sale is better than foreclosure.

Unfortunately, since too many people have simply copied and pasted the file, Matt Vernon may have a problem with it. For those that do not know, Matt Vernon is a bigwig at Bank of America. So, Trent will be contacting Matt Vernon to chat about the escalation letter.

The inspiration behind the letter is that Trent wants to help agents in knowing how to escalate. When you are addressing somebody that is higher up in the bank, you need to make the story as short as feasible. We suggest that you tell them the following. This is the home. It has been on the market for ‘x’ days. We have a bid. It’s full market value. Here is the fair market value based on these comps. Then you give them the numbers. With a short sale, you will obtain this much funds and if this forecloses, you will obtain this much funds. That is the general picture of the email.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Apache Junction – Mortgage Short Sale Arizona

Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

Today, Kevin and Fred have decided to cover a topic that they have never covered in the past. Additionally, they haven’t ever discussed it in one of their Crush It lessons. The topic is post short sale approval troubles. In essence, you previously have an approval from the bank and troubles come up. How do you deal with them? What is really occuring out there?

With a transaction that closed yesterday, our escrow representative was looking to get the closing HUD approval from our negotiator at Citi. It was closing today. The negotiator denied the final HUD despite the fact that all of the terms were met. The worst part was that the negotiator wasn’t willing to articulate in plain english to make clear that the HUD had to look a specific way. It is essential to note that just because the transaction is approved, it does not mean it is completed.

Realize that your approval note at most banks says that they have to approve of the final HUD. Because the approval letters do not specify what they are paying and what they are not paying, you may not know if they will approve it.

We had another post approval problem recently, with an approval from the coordinator. We planned the closing. About a week into the closing, we got a telephone call from a new negotiator that introduced themselves as the the new negotiator for this folder. She asked for a number of papers so that she could get the folder accepted. When we informed her that we previously had the folder accepted, she let us know that that approval was no longer applicable because they never got the folder accepted from the backer.

This is the sort of stuff that is occuring out there that you will not here in a ordinary short sale teaching lecture. The point is that there are post approval troubles and you are going to have to deal with them if you desire to be successful in this industry

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Casa Grande – Short Sale Arizona

Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.

We are going to chat about mindset again today. We have noticed a trend on our favorite social media website, facebook. Coincidentally, facebook recently surpassed 500 million users. So, that is a magnificent lead generation method on mindset Monday. Simply ask the 23 clients that we got through facebook and closed on.

The theory that we would like to chat about is that we have noticed a lot of realtors on facebook that are complaining. We aren’t mad at them because several of them are our associates. Nonetheless, we see a lot of the status updates about which lender you loathe. Also, there are loads of status updates asking if anyone has a good contact at this specific lender or that specific lender. In light of these facebook postings, we would like to transport people back to the January 2nd installment.

The theory that was discussed on that installment was to do something distinctive. This is not an installment to get mad at realtors. The aim is to not get stuck in a rut doing the same thing all of the time and hoping for distinctive results. You will have to do something distinctive.

One of the things that we recommend to realtors is to chat to somebody distinctive at the lender. If you are wondering how to achieve that, try jigsaw.com. We get emails all day for contact information. It is important to note that we will never reply with contact information, but we will regularly reply with a recommendation to try jigsaw.com

Just one example of doing something distinctive, Fred couldn’t get a lender worker to stop talking today so he just started pushing buttons on the phone. It probably wasn’t the most adult thing to do. However, he was doing something distinctive. If what you have been doing is not getting you the results you desire, try something distinctive. The worst thing that can come about is you will still not get the results you desire.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Phoenix – Short Sale Arizona

Welcome to shortsalepowerhour.com. We are joined by our elite guest Pete, who knows short sales. Filming from Mission Beach on one more cloudy day, we are live on the road during rush hour. If you haven’t turned the episode off thus far, let us chat regarding short sales and the short sale marketplace.

If you are one of those agents that thinks that short sales will not turn up in your vicinity of the country, now is the point in time to alter your frame of mind. There are tons of people saying that short sales will not be a big piece of your marketplace or that short sales will not affect your real estate marketplace. It is probably time for you to forget what those people are saying.

Start tuning in to what is occuring in our nation. We have been chatting for the last couple weeks about figures in the marketplace. Sales are going downward. Prices are going downward. And Observably short sales and REO sales are going up. It brought back some recollections of conversations that Kevin and Fred had with some local real estate agents in the San Diego vicinity. We told them that we were in real estate and we dealt with short sales. They told us that short sales would never get to the coast.

Pete is one of the big real estate agents in the San Diego vicinity. This road sign used to state Pete knows PB, but now it says Pete Knows Short Sales. Even the people that just rode by on bikes and rang a bell comprehend that short sales are piece of the marketplace now. So, for those of you that continue saying that short sales are not a piece of the marketplace or for those of you that continue saying that short sales will only be around for a couple years, it is time to recognize that short sales are here and they will be in the future. If Pete has shifted his industry practices, maybe it’s time for you to mull over a change in your business practices.

If you are thinking of getting into the short sale trade, check out our Crush It Short Sale seminar in the Phoenix vicinity on Friday, August 13th.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Paradise Valley – Arizona Short Sale Specialist

Kevin is flying solo at the moment. He’d like to talk concerning a couple different things today. First of all, we would like to re-examine yesterday’s blog concerning HAFA. We talked concerning the lack of impact that HAFA, or anything with four letters, has on the short sale market. With concerning 15 different people responding yesterday, we found exactly zero completed HAFA short sales. So, as we confirmed yesterday, HAFA is basically not a game changer. We even got a note that stated that a realtor was on day 67 of their 15 day HAFA route. That was humorous. It has not been impactful to the short sale market in spite of what others may have claimed.

The second thing that we would like to talk concerning is a little internal document that we were given from a representative of Bank of America. I do not believe that this is a Bank of America specific document. I believe it is an investor specific document. This document is an impact analysis. We wanted to communicate a few things with you from this impact analysis. It has the borrowers information, how much the loan total is, the origination amount, the home worth today, and the offer amount. This document also shows what they suppose the residence would sell for as an REO. Nonetheless, here is the shock. The anticipated marketing costs on this $271,000 home is roughly $34,000.

You need to keep this stuff in mind when you are told by your negotiators that they will take the residence to foreclosure. The lender will never get extra cash from an REO. It costs them too much money to take a residence to foreclosure sale.

One final reminder for our Crush It Short Sale Seminar. Friday, August 13th we are hosting our lecture. You absolutely do not want to miss this lecture. It is being taught by guys that are in the trenches completing short sales. So, if you are a Phoenix area realtor or even somebody who understands the importance of this lecture and is willing to jump on a plane to get some big education in the short sale business, you will not want to miss this lecture.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Apache Junction – Avoid Foreclosure Arizona

Kevin and Fred are lounging on Mission Beach in the San Diego area. It is a bit gray on the coastline, but that isn’t keeping Kevin and Fred from enjoying the seaside. Since relaxing is more crucial to them than chatting in relation to HAFA, they have determined to make this one of the shortest short sale power hour videos ever.

HAFA has proven to be a non issue in the short sale business. Dave Sutherland at Bank of America says it HOFFA, as in Jimmy Hoffa, who is not anywhere to be found. That is a good deal like HAFA, which is not anywhere to be found. Back in March, there was a four letter designation out there and other companies selling their documentation and telling real estate agents that they need to get qualified for HAFA because it was going to be a game changer.

HAFA has not mattered at all. At this juncture we are on July 21st, and HAFA was rolled out on April 5th. So far, of the few hundred agents that Kevin has spoken to in that timeframe, not a single one has reported completing a HAFA short sale.

We aren’t saying that no HAFA Short sales have been closed. We are only saying that we have not experienced it or know any agents that have experienced it. So, here is what we would like from our spectators at the moment. We are requesting your remarks below the video in at least the form of 2 records. First, how many HAFA short sales do you hold in the system. And secondly, how many HAFA short sales have you completed.

The first month that HAFA was rolled out there were lots of trainings to learn about HAFA. Now those education courses are CE credit courses. It seems that all of the lessons that don’t in fact matter goes to a CE credit course since you would only go to it if you could actually get credit for it.

We are hosting a Crush It Short Sale Class in the Phoenix area on Friday, August 13th. It is a real life, in the trenches, information you can employ, lecture. Get signed up today!

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Gilbert – Foreclosure Short Sale Phoenix

Kevin and Fred are hanging out at Taco Surf in Pacific Beach, California. Fred in fact held his wedding reception at Taco Surf. If you are ever in the San Diego area, you should check out Taco Surf. The reason Fred is having such a tardy lunch today is because he has spent a number of hours this morning babysitting foreclosure sale dates.

The first file, serviced by Metlife for Freddiemac, has been a pest during the complete process. The first time we attempted to close this file, MetLife wanted to foreclose. So, we went to Freddiemac and they gladly deferred the sale date. Nonetheless, the buyer on that deal fell through following inspections. At the present we have a new buyer and we submitted that contract at the end of June. We have been dealing with Metlife to get them each and every one of the documents that they needed until last week. Last week they notified us that they could not suspend the foreclosure sale date because it was extremely late. So, this morning, Fred had to phone Freddiemac yet again to get the foreclosure sale date deferred. Freddiemac, once again, gladly deferred the sale date and sent Metlife an email asking them to suspend the sale date for an extra 60 days because the offer on this property is more than the BPO. It definitely makes you question what Metlife is doing in the short sale business.

The second file, dealing with Chase, has been very wearisome. Fred was told last week that the sale date has been deferred and all is fine. Fred has talked to a few of people that have been very helpful and nice, but the trustee has previously told Fred that the house is going to foreclosure sale tomorrow. Fred called the trustee for the second time today and he established that it is certainly going to sale.

At last, the Chase worker called Fred back and confirmed that the sale had not been deferred. It seems that, Chase deferred the sale internally, but Chase forgot to get consent from the financier. So, Chase had to go to the financier and request that they sale date be deferred.

We aren’t picking on any servicers or investors, but we want other agents to recognize that you must verify foreclosure sale dates with the trustee. Trust no one in the banks and corroborate everything.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Short Sale – Mortgage Short Sale Arizona

Last Friday we talked about a commission dispute with Condor Capital. They are not actually a servicer of loans. They are essentially a purchaser of loans. They label themselves a scratch and dent lender. It turns out that Condor Capital goes out and buys up the worst loans out there for a specific proportion of the outstanding balance. Then they pass them off to their loss mitigation squad and try to turn a profit. They do this through closing short sales and additional strategies.

The loss mitigator that we talked with last week was energized about the agreement with Fred because he knew his corporation was going to make a profit. Nevertheless, the real catch here is that the loss mitigator receives a cut of Condor Capital’s earnings on the transaction. He’s not merely getting a bonus for closing files, but essentially getting a percent of the earnings.

So, when you are working with Condor Capital, take into account that the negotiator is making a commission on the agreement. This doubtless leads to some additional encouragement for the negotiator. You may want to review some of the techniques that you use when negotiating a short sale with Condor Captial. Take a little atypical style with Condor Capital because they are making a profit and you are making a profit. So do your best to deal with them.

There will be loads of guests coming up in the next couple episodes. So be sure to check out the next several days of episodes for some extremely unique guests.

Also, a reminder, that August 13th we will be hosting an additional Crush It Short Sale seminar in Phoenix. It doesn’t matter if you have seen us live before, we have so much fresh matter to reveal with you. If you can not make it, send your negotiator or transaction administrator. We will blow your mind and magnify your production!

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Mesa – Avoid Foreclosure Arizona