Ben's Short Sale Insights

Question from agent: "Client owes 270k. Value is about 180k by anyones call with basic experience. We got dual offers and a bid war in October on a sfo and highest we could get buyers was 170k. 150k cash. 170k with loan. Hence, we submit. The lender did 2 drive by bpo's and tells us value is 220,...

I am so sick of the incompetence and arrogance of people in the banking industry! It seems like the incompetence never ends. We have a short sale closing this week. The underwriter for the buyer's lender didn't like the way the short sale approval letter was worded. They wouldn't approve the loan...

I got 2 related questions from agents about the same thing: Question #1: "Ok now that the sellers shortsale is accepted... The seller won't sign and sell because of the judgment they the bank (bank of america) will slap on. How should I council the seller. ?? Best Regards, Sandy Mueller" Question...

When I first started doing short sales, I had four short sale offers I needed to get approved. Each of the banks had turned down the offer. I had hear about escalating the file. But, I didn't know exactly how to do it. What if the negotiator got mad at me for going to their supervisor? They might...

Question from an agent: "Can an investment property that was inherited be a successful short sale????? without the owner having to pay back the deficiet? Thanks, Marlene Berrier" My Answer: I would say yes. I would guess that there would be no deficiency is because the loan was probably in the de...

Quick Reminder: Please fax congress along with me. One person sending a fax here or there won't make a difference. We need every single agent in the country to fax congress about short sales. There are over 1 million of us. I'm sure if we all contribute, then we can make a difference. Get your co...

One person sending a fax here or there won't make a difference. We all need to fax congress about short sales. I put together a sample fax template to use. Please send this fax to as many congressman and congresswoman as possible. We only need to talk about one thing: Fannie Mae & Freddie Mac. Th...

Whether or not you wanted health care to pass, at least the debate is over. I wanted to start a campaign to congress about how lenders are doing a pathetic job on short sales, thereby causing Fannie Mae and Freddie Mac to lose money. Fannie and Freddie compromise over 50% of all outstanding loans...

Problem: Buyers don't like short sales because of the uncertainty and the wait. How do we solve this problem? If you have a short sale in process, the BPO gets completed, and the bank won't accept the buyer's offer, then request the bank to keep the file open. There are two reasons that banks sho...

I got some good news today. I finally got a call from the editor at our local newspaper. They are considering running a story about Bank of America. After talking to the editor I think I have my argument laid out. I've got it down to where it is easy for the "Average Joe" to understand. I got som...