Comments on: Short Sales Rules Change http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/ News and info on Atlanta real estate and north Georgia real estate from the experts at Better Homes and Gardens Real Estate Metro Brokers Wed, 17 Mar 2010 15:40:54 +0000 http://wordpress.com/ hourly 1 By: Sharon Dennis http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/#comment-1455 Sharon Dennis Wed, 11 Nov 2009 14:48:40 +0000 http://blog.metrobrokers.com/?p=1137#comment-1455 Brad, Right On!! I too, wish that FMLS and GAMLS had a section for short sales!! I also wish that agents would utilize the "pending" designation when they have an offer that is pending paperwork. It is so frustrating to have several properties to view only to find out (when the buyer is excited about seeing it) that it is under contract and we have no way of knowing!! Brad,

Right On!! I too, wish that FMLS and GAMLS had a section for short sales!! I also wish that agents would utilize the “pending” designation when they have an offer that is pending paperwork. It is so frustrating to have several properties to view only to find out (when the buyer is excited about seeing it) that it is under contract and we have no way of knowing!!

]]> By: Annette Osbourne http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/#comment-1453 Annette Osbourne Wed, 11 Nov 2009 07:00:13 +0000 http://blog.metrobrokers.com/?p=1137#comment-1453 Thank you guys for sharing, I had not even realize a potential program of this magnitude was available for shortsales. Thank you guys for sharing, I had not even realize a potential program of this magnitude was available for shortsales.

]]> By: Valerie McDonald http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/#comment-1451 Valerie McDonald Tue, 10 Nov 2009 18:33:33 +0000 http://blog.metrobrokers.com/?p=1137#comment-1451 Thanks for the clear explanation of this useful information. The banks have been so slow to respond in the past it meant that these sales were an option for only a few people. I carried this information with me on an appointment yesterday and shared it with sellers who are facing values that are much, much lower than what was paid for the house. Hopefully, this will be a help to them Thanks for the clear explanation of this useful information. The banks have been so slow to respond in the past it meant that these sales were an option for only a few people.

I carried this information with me on an appointment yesterday and shared it with sellers who are facing values that are much, much lower than what was paid for the house. Hopefully, this will be a help to them

]]> By: Brad Carlton http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/#comment-1432 Brad Carlton Sat, 07 Nov 2009 13:28:10 +0000 http://blog.metrobrokers.com/?p=1137#comment-1432 Ann, this is great news if the banks can actually make it happen! I've been involved with many short sales and my experience dealing with the banks has been very frustrating, to say the least! It has gotten to the point that I've hired an agent just to do the processing of my Short Sales which should help my clents in the long run! I think it would be helpful if FMLS & GAMLS would have a search category for "Bank Approved Short Sales" just like they have for "Foreclosures". As many agents have commented before, the general public is not getting this information for some reason, so it is our responsibility to help educate them. I've added a special page on my website titled "Avoid Foreclosure" which outlines the MHA program and provides a link to the MHA site. Yvonne Thomas Brooks actually put the page together for me in a Computer Lab session and I would advise all Metro Brokers agents to consider this as a way to help get the information out! Time will tell if the banks can get their acts together and it seems obvious there are many more Short Sales to come! Maybe Metro Brokers could start a "Short Sale Processing Department" with agents paying a % of their commission to the Processors at each Short Sale closing? I have heard many agents refusing to take on Short Sales due to what they've heard about the process, but if they had someone they could turn the process over to, they may re-think taking a Short Sale! Personally I have no problem paying someone if it meant I did not have to deal with the banks! Just a thought! Ann, this is great news if the banks can actually make it happen! I’ve been involved with many short sales and my experience dealing with the banks has been very frustrating, to say the least! It has gotten to the point that I’ve hired an agent just to do the processing of my Short Sales which should help my clents in the long run! I think it would be helpful if FMLS & GAMLS would have a search category for “Bank Approved Short Sales” just like they have for “Foreclosures”. As many agents have commented before, the general public is not getting this information for some reason, so it is our responsibility to help educate them. I’ve added a special page on my website titled “Avoid Foreclosure” which outlines the MHA program and provides a link to the MHA site. Yvonne Thomas Brooks actually put the page together for me in a Computer Lab session and I would advise all Metro Brokers agents to consider this as a way to help get the information out! Time will tell if the banks can get their acts together and it seems obvious there are many more Short Sales to come! Maybe Metro Brokers could start a “Short Sale Processing Department” with agents paying a % of their commission to the Processors at each Short Sale closing? I have heard many agents refusing to take on Short Sales due to what they’ve heard about the process, but if they had someone they could turn the process over to, they may re-think taking a Short Sale! Personally I have no problem paying someone if it meant I did not have to deal with the banks! Just a thought!

]]> By: Sandi Rdorick http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/#comment-1429 Sandi Rdorick Fri, 06 Nov 2009 15:30:27 +0000 http://blog.metrobrokers.com/?p=1137#comment-1429 When someone hears the word 'short', one might think small, quick, concise and a real estate Short Sale is anything but. The past few days the news has been reporting that FNMA, etc will be contacting homeowners to discuss renting their homes in an effort to avoid foreclosure. Your timely article explains it so much better and in such detail. While the end goal of any agent's transaction is their commission, to consistently get there an agent needs a good realtionship with the people involved. What better way to make a life-long client and open doors to many other referrals than by helping someone who dared to dream the Amercian dream of homeownership keep the dream alive?! Real Estate has always been profession that takes money to make money. Sometimes that means stepping back to look at the big picture rather than rushing to the bank to deposit a check. Metro Brokers agents sell homes and inside every home, most agents leave a little piece of their hear the grows the dream with every sale. When someone hears the word ’short’, one might think small, quick, concise and a real estate Short Sale is anything but. The past few days the news has been reporting that FNMA, etc will be contacting homeowners to discuss renting their homes in an effort to avoid foreclosure. Your timely article explains it so much better and in such detail. While the end goal of any agent’s transaction is their commission, to consistently get there an agent needs a good realtionship with the people involved. What better way to make a life-long client and open doors to many other referrals than by helping someone who dared to dream the Amercian dream of homeownership keep the dream alive?! Real Estate has always been profession that takes money to make money. Sometimes that means stepping back to look at the big picture rather than rushing to the bank to deposit a check. Metro Brokers agents sell homes and inside every home, most agents leave a little piece of their hear the grows the dream with every sale.

]]> By: Sharell Thomas http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/#comment-1426 Sharell Thomas Thu, 05 Nov 2009 18:35:41 +0000 http://blog.metrobrokers.com/?p=1137#comment-1426 This is wonderful news. I am a Flex employee with the company and admittingly haven't been doing any Real Estate work due to my full time job and other responsiblities. I just read this information and everyone's responses. It lead me to remember why I wanted to be a Real Estate Agent. You see, three years ago, when I was on the verge of losing my home, I didn't have the Making Home Affordable Program. I ended up losing my home and I wanted to make sure this never happened to me or anyone else for that matter. Shortly after losing my home, I became a student at the Academy. Thank you so much Ann. This is wonderful news. I am a Flex employee with the company and admittingly haven’t been doing any Real Estate work due to my full time job and other responsiblities. I just read this information and everyone’s responses. It lead me to remember why I wanted to be a Real Estate Agent. You see, three years ago, when I was on the verge of losing my home, I didn’t have the Making Home Affordable Program. I ended up losing my home and I wanted to make sure this never happened to me or anyone else for that matter. Shortly after losing my home, I became a student at the Academy.

Thank you so much Ann.

]]> By: Britt Argo http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/#comment-1423 Britt Argo Wed, 04 Nov 2009 13:34:28 +0000 http://blog.metrobrokers.com/?p=1137#comment-1423 Great News. I am hoping this will stop listing agents from setting unrealistically "Low Short Sale Prices" just to get tons of multiple offers, then making buyers all bid and wait months just to find out the bank negogiator will only take a price much higher than the short sale list price. Glad to hear that the bank negogiator will be more involved in getting the list price established first before the listing is posted. My biggest hope is that short sale listings won't get posted into FMLS till after some of this initial work is done between the seller and their bank. Would love to see the banks ask the sellers to complete their Hardship packet, complete their BPO, and get a Negogiator assigned --before they are allowed to advertise their short sale in FMLS. Think that will keep some of the longer waiting periods down for potential buyers who submit offers, and are having to wait 3-4 months for an answer. Great News. I am hoping this will stop listing agents from setting unrealistically “Low Short Sale Prices” just to get tons of multiple offers, then making buyers all bid and wait months just to find out the bank negogiator will only take a price much higher than the short sale list price. Glad to hear that the bank negogiator will be more involved in getting the list price established first before the listing is posted.

My biggest hope is that short sale listings won’t get posted into FMLS till after some of this initial work is done between the seller and their bank. Would love to see the banks ask the sellers to complete their Hardship packet, complete their BPO, and get a Negogiator assigned –before they are allowed to advertise their short sale in FMLS. Think that will keep some of the longer waiting periods down for potential buyers who submit offers, and are having to wait 3-4 months for an answer.

]]> By: Tricia Young http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/#comment-1420 Tricia Young Tue, 03 Nov 2009 14:11:21 +0000 http://blog.metrobrokers.com/?p=1137#comment-1420 This is great news. Clear and consistnt guidelines are certainly necessary for the short sale process. These procedures could help the economy all around as Bonnie said, if the banks hire more staff to help the process, this would decrease unemployment and stabilize the housing market. How often can you kill a few birds with one stone. Yeah OBAMA!! This is great news. Clear and consistnt guidelines are certainly necessary for the short sale process. These procedures could help the economy all around as Bonnie said, if the banks hire more staff to help the process, this would decrease unemployment and stabilize the housing market. How often can you kill a few birds with one stone.

Yeah OBAMA!!

]]> By: Yvonne Thomas-Brooks http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/#comment-1417 Yvonne Thomas-Brooks Mon, 02 Nov 2009 21:48:18 +0000 http://blog.metrobrokers.com/?p=1137#comment-1417 Ann, can you please make yourself available for the "Today Show", "Good Morning America", "CNN" and "Fox"! It amazes me how little is discussed about effective, positive recovery opportunities in the housing market by their so called experts! If you are a reader of this Blog, please share this Blog post with your contacts, neighbors and friends! Who knows how many people can be saved from foreclosure by this simple, yet incredibly informative Blog! Thanks Ann. Ann, can you please make yourself available for the “Today Show”, “Good Morning America”, “CNN” and “Fox”! It amazes me how little is discussed about effective, positive recovery opportunities in the housing market by their so called experts!
If you are a reader of this Blog, please share this Blog post with your contacts, neighbors and friends! Who knows how many people can be saved from foreclosure by this simple, yet incredibly informative Blog!
Thanks Ann.

]]> By: Nick Reuter http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/#comment-1416 Nick Reuter Mon, 02 Nov 2009 21:01:34 +0000 http://blog.metrobrokers.com/?p=1137#comment-1416 Hi Everyone, I just started a new software company which should be launching in the next week or so to help out with managing the short sale process. I know one of the biggest frustrations I heard when doing market analysis was the tediousness of the process, so this sounds like great news for sellers and investors looking to get the process moving quicker! www.shortsaleartisan.com (coming soon!) Hi Everyone,

I just started a new software company which should be launching in the next week or so to help out with managing the short sale process. I know one of the biggest frustrations I heard when doing market analysis was the tediousness of the process, so this sounds like great news for sellers and investors looking to get the process moving quicker!

http://www.shortsaleartisan.com (coming soon!)

]]> By: Dottie Wise http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/#comment-1415 Dottie Wise Mon, 02 Nov 2009 20:32:22 +0000 http://blog.metrobrokers.com/?p=1137#comment-1415 Very good news! Only regret, consistent guidelines for all lenders and agents have been so long coming. There are several families I could have helped with a quicker and clearer process. Maybe they would still be in their homes. My faith in the process has been restored, for a little while anyway! Very good news! Only regret, consistent guidelines for all lenders and agents have been so long coming. There are several families I could have helped with a quicker and clearer process. Maybe they would still be in their homes. My faith in the process has been restored, for a little while anyway!

]]> By: Arthur Harris http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/#comment-1414 Arthur Harris Mon, 02 Nov 2009 19:46:57 +0000 http://blog.metrobrokers.com/?p=1137#comment-1414 Great information Ann. The next one that I do will be a lot easier with these new rule changes! Thanks Great information Ann. The next one that I do will be a lot easier with these new rule changes! Thanks

]]> By: Bonnie Collins http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/#comment-1411 Bonnie Collins Mon, 02 Nov 2009 15:30:12 +0000 http://blog.metrobrokers.com/?p=1137#comment-1411 Hallelujah! It's high time we have some short sale guidelines. Today I have a closing for a short sale listing that has taken me a year to get closed with Bank of America. Last month I had another short sale listing with BofA that also took just over a year to close. Talk about needing the patience of Job! Hopefully the banks will increase staff to handle the volume. The challenge has been the length of time it is taking for homeowner approval for participation in the MHA Program. If the approval process can be streamlined upfront, it will establish whether or not the property is legitimately a short sale and confirm a sales price the lenders will accept. Less guesswork! Should help reduce buyer (& agent) skepticim about making offers on short sales. That's a very good thing! Hallelujah! It’s high time we have some short sale guidelines.

Today I have a closing for a short sale listing that has taken me a year to get closed with Bank of America. Last month I had another short sale listing with BofA that also took just over a year to close. Talk about needing the patience of Job! Hopefully the banks will increase staff to handle the volume.

The challenge has been the length of time it is taking for homeowner approval for participation in the MHA Program. If the approval process can be streamlined upfront, it will establish whether or not the property is legitimately a short sale and confirm a sales price the lenders will accept. Less guesswork! Should help reduce buyer (& agent) skepticim about making offers on short sales. That’s a very good thing!

]]> By: Tim Howell http://blog.metrobrokers.com/2009/11/02/short-sales-rules-change/#comment-1409 Tim Howell Mon, 02 Nov 2009 13:29:19 +0000 http://blog.metrobrokers.com/?p=1137#comment-1409 This is great news! This seems far reaching and should help a tremendous amount of people as well as help stablize the home prices evenmore. A new option to use to help homeowners and to become thier lifelong real estate professional. This is great news! This seems far reaching and should help a tremendous amount of people as well as help stablize the home prices evenmore. A new option to use to help homeowners and to become thier lifelong real estate professional.

]]>