Ben's Short Sale Insights

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Real Estate Agent
RECENT BLOG POSTS
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Question from an agent: "Hello Guys, Hey I wanted to get some feedback from you guys. I have a couple of files that have charged off 2nd’s and the attorneys and third party collection company’s handling the short sale are asking for ridicules amounts to release the liens that the 1st’s are not wi...
03/16/2010
We closed a short sale two weeks ago. After the closing, it appears that US Bank, the short sale lender, changed out the locks and put a new LB on the door. The buyer went home today and found they couldn't get into their house. I talked to a lady at US Bank. You could tell she was worried about ...
03/15/2010
Bank of America is consistently the worst short sale lender I have dealt with. A lot of people send me e-mails such as the following: "Ben, you need to stop complaining. If you think having to re-open a file is bad, imagine working on a file for 8 months." Or, another guy e-mails me about Indymac...
03/11/2010
Bank of America did a lousy job on a short sale file. We waited 90 days for an answer on an offer. The buyer got impatient and walked. Fortunately we had a backup buyer. Instead of using the BPO that Freddie Mac paid for and reviewing the new offer, the negotiator closed the file. Freddie Mac sta...
03/10/2010
People need to be cash in on the stock market and buy rental properties. Besides, there are so many great rental properties that cash flow. It used to be that if you owned rentals, then you had lousy deadbeat tenants. Today, you can buy a rental in a good neighborhood. This makes it easy to find ...
03/09/2010
Question: "How do I find out who the investor on a loan is? How do I know if there is a PMI company involved and who they are and what the PMI company rules are? Thanks for all of the info and work, Steve Jackson" My answer: You never know for sure about PMI until you have the file submitted to t...
03/05/2010
High BPOs kill deals. They help out REO agents, but they hurt sellers, buyers, and the short sale lenders. We contest approximately one out of three BPOs. When you contest a BPO, send the negotiator your own BPO. Here is the most effective tool I have used to back up my value. It's the price per ...
03/04/2010
If you think you're safe because your house is paid off, then think again. A Massachusetts couple owned a paid off house. Bank of America still foreclosed on it. At least that's the story according to the St Petersburg Times. A couple bought a home in Spring Hill, Florida and paid cash. They thou...
03/02/2010
I'm making my second example of how servicers defraud loan owners. The example is how most servicers handle short sales. Short sales sell for less money than normal listings. The reasons are many. The biggest reason is because buyer's hate them. Buying a short sale is crazy. The short sale proces...
03/01/2010
We sold a short sale in Gainesville Florida. The loan was being handled by American Home Mortgage Servicing Incorporated, also known as AHMSI. AHMSI did not own the loan. Instead, they were collecting payments and handling the accounting for someone else. The actual owner of the loan was a Wall S...
02/25/2010
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