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Short Sale Listing Information

Common Short Sale Misconceptions

by Atlanta Short Sale Agent on June 15, 2010

Common Real Estate Short Sale Misconceptions

  1. The bank owns the home – Nope! The home owner owns it until the bank takes it in foreclosure (or deed-in-lieu).
  2. All offers on the home go to the bank – Actually, by Georgia Real Estate Law, all offers need to go the seller.  If the seller decides to send them all to the bank or just one, that’s up to the seller. [click for more short sale info...]

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GMAC Short Sale Exchange

by Atlanta Short Sale Agent on May 7, 2010

The more short sales simplify the more they get complicated, instead of complaining about it here, I thought I would show you from quotes from e-mail correspondence with GMAC Loss Mitigation department:

Hi,

Thank you for submitting an offer.  I have a counter offer for your offer. If possible, you should reply to this note through Equator Messages so your reply is delivered correctly and tracked. To reply, log in to the Equator System and go to the Messages section.

Not too bad here.  After 4 exchanges:

Joshua,

Which offer do you want me to review? I have HUD1′s and purchase agreements for what appears like 3 different offers. Whichever offer you wouuld like me to work, please make sure there is a signed purchase agreement and HUD1 to match it already uploaded into the library. I will then have to have Equator remove the other two offers.
Thank You

My response:  “There were 4 offers.  Thankfully, we want you to consider the highest one.  See what was uploaded to your equator system.”

Then this happened:

Joshua, please call [NAME] they said they are going to foreclose – Client

Now, normally we are expecting this type of response and we called in and we took care of it, but got this e-mail response:

@ GMAC return my call today.   Please contact her asap, she  told me that we can’t depend on the equator system to avoid foreclosure. The most recent information in the equator system as of 4/29/10 was incomplete.  Please provide her a copy of the Hud 1, Executed Listing Agreement, Buyer pre-approval letter.

That wouldn’t annoy me if they didn’t force us to use the silly system in the first place.

As Grandaddy used to say, “If it’s broke, but you can’t make it better, don’t fix it.”

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Citi Short Sales | Citibank – Atlanta GA

March 30, 2010

Citi or Citibank short sales are very simple when you know what to do.  They have their own set of forms to fill out and they process very quickly once you have those forms.  The forms can be found on their website or simply have them faxed to you by calling your bank.  The bank [...]

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Short Sales Aren’t Short or Simple

March 24, 2010

Short Sales can be really simple, or very complex. Let’s us a real life example of a short sale we are working on with Suntrust.
In this example, Suntrust is just a servicer, while another “investor” is holding the “investment”  Suntrust takes orders from this investor which can delay the process significantly.   This situation [...]

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Wells Fargo Short Sale Video

March 2, 2010

We recently recorded a video (got to learn how to use a mic) about a Wells Fargo Short Sale. Here we go into why we like Wells Fargo Short Sales.  Wells Fargo is the most consistent of the banks we typically deal with.  They also seem to be the most lenient when it comes [...]

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The Bank’s View

February 25, 2010

It’s important to understand the bank’s viewpoint.
BPO (Bank’s Appraisal is High)
They think the home is worth more so their REO comparisons have a “happy ending.” Meaning, they think they can resell the home for more then your offer.
You Want More Closing Costs so You Increase The Price (the Net to Seller Remains the Same).
They believe [...]

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I need my home listed ASAP!

February 5, 2010

This happens quite a bit.  I get a call from someone about their short sale and they are frantically wanting to get the home on the market.  In some cases, they want to get their home on the market but they can’t make time to meet with our team or make the home available for [...]

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What does “PMI” have to do with a Short Sale?

January 29, 2010

Here’s your scenario:
PMI (Private Mortgage Insurance, also known as Mortgage Insurance) company has a policy on the shorted loan that says they will pay the investor 20% of the loan amount.  So if you have a 400K loan, that’s $80K total payout.  In order to pay this, the insurance policy has certain things in place [...]

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Program 3648 – Other Certifications

January 19, 2010

After a late night of browsing I stumbled onto a site that said it had Certified Program 3648 Advisors.  I thought for sure this would be something that I would be immediately certified in, simply due to the sheer volume of short sales I’ve been able to complete in the last few years.
NOT SO!  Apparently [...]

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Short Sales – Top 3 Worst Banks To Deal With Not Named Bank Of America

December 14, 2009

As the leader in Short Sales in Georgia, we’ve  developed a list of banks that we do not like.  Of course, Bank of America would be on this list but what others?
Aurora Short Sale
Aurora short sales have this impossible to understand practice of resetting the ENTIRE process once a new buyer is presented.  For example, [...]

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