Avondale, Arizona Short Sale

Archive for the ‘Short Sale’ Category

Today’s episode is on site in front of a current listing in Mesa. It seems like a fine time to talk about the talk that we have with the property owner upfront. That is probably a 30 minute subject that we will not be able to cover fully today. Yet, you can get the whole talk information if you attend one of our forthcoming Crush It courses.

One of the things that we listen to from realtors recurrently is that the seller does not want to sign the approval that says they may be pursued for the deficiency. Or the seller was upset when they found out that the mortgage insurance group asked for a promissory note.

As an realtor, you have to be able to talk with your property owner and let them know what to expect at the end of this transaction. The realtor needs to explain to the property owner that there is not a single lender in the nation that accept the short sale and not take other financial aspects of the transaction into consideration.

When a property owner sees that they will receive a 1099, they become alarmed. It is vital that you coach your clients so that they know what to expect. To avoid problems in the end, you must do the talk upfront. Spend more time upfront and you will make the conclusion a great deal smoother.

Most of these details are obtainable in our Financial package on our website. The packet contains all of the tiny facts that you need to remember and some that you always overlook.

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 – 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.

Kevin Kuaffman and Fred Weaver are standing out on the blacktop in Tempe marketplace to speak approximately today’s theme. It is approximately 108 degrees and there might be a lender behind them. The focus today is one that has been discussed before, but today it is more focused on short sales. Nothing is ever as it seems.

We hear plenty of speak approximately if you do certain things with one lender they may black list your files. It just is not true. A further illustration, Fred called Chase this morning and he had to telephone seven different departments, being transferred all over their corporation. One person says that the folder is not set up. They have the documents and it is in line for a short sale. Then Fred is transferred to an additional location and the folder is categorized as a loan modification.

A lot of times a agent is told one piece of information that is conflicting to what they want to hear and then they think that information is accurate and do not go any further. We teach in our short sale procedure that you can ask the exact same inquiry ten times and get ten different answers. If you ask the inquiry enough times you will be able to figure out the reality because some of those answers will come up numerous times. Then you can put the reality of the situation together.

So, lesson number one is that nothing is ever what it seems. Nevertheless, lesson two is that you should never stop after just one answer. Continue to telephone and ask the same questions over and over.

The truth is that the lender wants to work with you. Keep notes on your conversations. Stay on the right track and do not believe all you hear.

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

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

Today’s subject is regarding Loan Modifications. We speak regarding them briefly on occasion, but we do not usually speak lots regarding them. Fred got a call from some friends that were basically wondering what their options were in the present economic era. They are essentially spending each dollar they make every month. They are not behind on payments, but they are just keeping up. One of their acquaintances suggested that they merely walk away from the home and another friend suggested that they attempt a loan modification with a principal reduction. There is a possibility that the bank would reduce the principal balance.

Fred would like to identify what everybody else has experienced with loan modifications. He’s merely wondering if anybody has actually seen evidence of a successful modification to a principal balance. There are thousands of spectators that watch Shortsalepowerhour.com, but Kevin and Fred have still not met anybody that has done a principal loan reduction.

We can presume that there are some good reasons that banks do not do principal reductions on a normal basis. If the banks did this for a couple home owners, everybody would be doing it. There wouldn’t be any incentive for home owners to pay their current mortgage.

Still, if the banks consent to a short sale, they get their cash right away. Then they can lend out that money again with a new loan. The short sale is visibly the greatest option for the bank and for the home owners. As further evidence from HAMP itself, the gov’t sponsored loan modification program, 25% of all HAMP modifications are at least thirty days delinquent. The short sale is visibly the greatest option for the bank and for the home owners.

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 Scottsdale – Foreclosure Short Sale Phoenix

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

Today is mindset Monday and we haven’t had any recent legal action. So, apparently, it is a lovely day. Today’s mindset session revolves around a friend of Fred’s who is attempting to get a short sale completed on the east coast. She asked some very pointed questions about what Fred would carry out in her present state. He noted that he would be unrelenting and phone every day. What Fred realized after the phone call was that she was searching for a How-to, but she could complete the How-to and still not get the deal completed.

Fred had a realization. It is not about what you carry out, but it’s about your mindset behind what you carry out. It is about what you really have faith in at your center. Brian Klemmer, a personal development guru, has a excellent book called “If How- To’s Were Enough, We Would All Be Skinny, Rich, and Happy.” It isn’t about what Fred would carry out in this state. It is about his mindset that he already sees the job as done.

Your deepest commitment will amount to the product. Often times the short sale isn’t about escalating or stacking your package in a certain order. If you make a decision to get the job completed, no matter what the difficulty is, you will be successful.

Even though you might know a lot about short sales, the method does not have to look the way you want it to look. If you discover yourself asking how to carry out something, you ought to step back from the state and ask why. You ought to spot what your deepest commitment is in life. Everyone of us has rival commitments in life. For example, Fred has a deep commitment to workout, but he also has a deep commitment to munch chocolate. Depending on which commitment is deepest, the results will vary. So, identify your deepest commitment and you will achieve the outcome from that commitment.

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

Today is a fantastically unique installment, because the idea for this installment is that Kevin will not talk. If he does, Kevin and Fred may end up in a courtroom. They were actually fired up about this state of affairs when it happened. So, they had to wait a little tad before chatting about it today.

Kevin and Fred have a file with Aurora Loan Services. To be sincere, Aurora does a grand job of setting up folders and ordering BPO’s. Nevertheless, their procedure as a whole is getting poorer. It appears that they have a hitch processing their short sale folders. There is a BPO and the file is verified. All that is left to do is hand it to the investor or make a decision. Nevertheless, they like to tell people that they will just review folders in a timely manner if there is a foreclosure sale date approaching. Kevin and Fred are being told that they have to hang on 90 to 120 days for your file to get reviewed.

The file that we have had a huge trouble with has now been escalated to a Senior VP at Aurora. We are tired of having to dispatch emails because they can not procedure short sale folders. The Senior VP only sought to inform us to back off. She did not care about the information of the file. Furthermore, this Senior VP decided to have an attorney phone Kevin and Fred. The attorney told them that they can not telephone members of senior management anymore.

Plainly, the difficulty is not with Kevin and Fred. Aurora seems to have outstanding setup, but they do a dreadful job of reviewing folders. Kevin and Fred are not asking for individual attention. They just want Aurora to improve their procedure, which would benefit everyone. We understand that Aurora is overwhelmed with folders. Nevertheless, they ought to work on discovering solutions rather than sitting on their hands.

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 – Short Sale Arizona

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

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

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

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