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:
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:
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.
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.”
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 feels that the forms are the responsibility of the homeowner, even though we do provide them for the homeowners.
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 to their borrowers in terms of not asking for promissory notes.
Every month as more and more short sales come to our team, we’re still amazed with how fast Wells Fargo (or rather ASC) moves the short sale through. In fact, it’s so amazing that we’d almost pay just to work with Wells Fargo Short Sales.
A Wells Fargo short sale will take less time to close and usually has less overall hassle. Still the deal will hinge on a good BPO, but overall Wells Fargo is the best in short sales.
Our team is experiencing the following:
- 30-45 Days to close
- Full Commissions
- Forgiveness of the entire debt
- No Hassles at closing
Are you missing out on moving up? or are you upside down in Hamilton Mill?
15 homes for sale in Hamilton Mill are currently listing for Short Sale. In addition, about half of them are listed by agents that have never closed a short sale! How scary! it must be for the homeowners.
Since June, 2 homes have closed that were short sales.
Hamilton Mill in Dacula is a great community and will rebound in the coming years, but right now you can get in as low 209K! That’s outstanding when you consider the highest price home is $1.1 Million.
Either way, you know who to call for the best deals in Hamilton Mill – The Jarvis Team.
This is an excellent article on why you need to hire professionals to help you with this! Luckily they don’t cost a thing! Here’s some tidbits that are important to remember:
- The JarvisTeam has a 90% success rate (significantly higher than the 23% national average.
- We handle the paperwork and have connections at the bank from our volume, none of this “not knowing.”
- We have buyers ready to go who are patient, from this website.
- We have a full time negotiator so that you (and I) don’t have to wait 3 hours for a response.
I’ve highlighted the things in the article that I think are worth while. Help is coming to shorten the process, but it’s likely that Government involvement may not streamline anything. Here’s the article from USA Today about frustrated sellers.
Scores of homeowners who thought they’d cut a deal with their banks to sell their houses for less than their unpaid mortgages are seeing those agreements fall apart months later, contributing to the mounting foreclosures that threaten the housing market’s recovery.
Instead, many homeowners are watching potential buyers walk away as months pass while they deal with lenders’ lengthy delays, lost documents and unreturned calls, according to the National Association of Realtors (NAR). Not all the snafus are lenders’ fault; inexperienced real estate agents who fail to turn in complete paperwork also are causing holdups, as are severely underpricedhomes.
The problems have become such a kink in the market’s recovery that banks and the federal government are launching new efforts this month to simplify and speed up the short-sale process.