Short sale agent with designations and short sale home conditions

When you put your East Valley home on the market as a short sale it is important that you maintain the home in a presentable way. No one wants to walk into a home and see trash all over the floors and junk on the counters.
No, you do not need to professionally stage your home, just make your home inviting to the people viewing it. Make it a home they can see themselves living in and a home that looks like it is enjoyable to own. A home that looks like it was cared for is going to get a much better offer than a home that is trashed. That better offer is going to make it much easier to get your offer approved.

Another subject that gets me fired up is designations. Why is it that almost all designations you need to pay for and then pay the designation company every year to keep using it? This of this, you go to ASU (Go Sun Devils!) get your degree and then every year ASU comes to you and says if you want to say you got an education from us you need to pay us every year (insert student loan joke here.) Also that designation does not mean you know how to do anything, it means you took the class.

The exception may be the SSG or Short Sale Genius designation. With this designation once you have it, you have it. But the kicker is, you actually need to have closed short sales before you can use it. But even then I would not hire an agent just because they have the SSG designation. When interviewing an agent make them explain to you the process the use and ask them questions on how they do things.

Fight for clients in short sale approval

Not every short sale is going to close, no matter how good you are. Often times issues like PMI are going to get in the way. But you should be taking the fight to the bank for your client to get the deal done and sellers when interviewing agents make sure you ask them what they are going to do when the bank says no.

But I don’t have PMI?!?!

So you purchased your East Valley home with a 80/20 loan so you would not have PMI. Now you need to sell your home and you find out the PMI company is asking for a cash contribution or a note for $10,000 to be signed. Why is that?

Well it turns out that investors who purchased your mortgage didn’t trust you so they purchased PMI for them. That is all well and good, and allowed, but that PMI company is not allowed to ask you for a contribution. Well they can, but they are not supposed to.

When they do this it is called 3rd party bad faith. The problem, even through you are right it is going to be more expensive to fight it than just pay it. I think this is going to end up leading to a class action law suite.

Tempe Short Sale: A lot tougher when agent seller don’t have great 2-way communications

Short sales are hard, short sales when the seller and the listing agent don’t have great open communications is even harder. A recent Tempe short sale experience showed that. The home owner did not communicate about some financial circumstances and the agent negotiating (me) was hit from no where by banks negotiator.

Bank of America short sale resolved quickly by not hearing no

This Bank of America short sale problem was resolved because when they said no, we heard KNOW. Many people hate short sales because they say no to often and many people hate Bank of America because they are slow to respond. When you get the two issues together it could create a problem.

Many times when banks say no the agent negotiating should be hearing KNOW not NO. When you have that mindset it becomes a problem to solve. What do they not KNOW that will make them change their mind.

I actually enjoy Bank of America short sales

People love to rip Bank of America short sale department as being the worst. I myself have done some videos on the subject saying the same. But the truth is they are now probably the most improved. I recently talked to a lady looking to short sale her Tempe house and she was shocked when I said I was looking forward to Bank of America deals.

Now every deal is different, but their times have been greatly improving. Just this last week I got approval on a deal in only 22 days. Bank of America deserves praise for what they have done to improve things and let’s hope they keep it up.

Is the bank to be blamed when a short sale is declined?

That short sale should have been approved, both agents know it, the buyer the seller, they all know it. Yet it wasn’t. Who’s fault is it? The banks right? Not always, often it is the listing agents fault.

I recently had a buyer interested in a house that was a short sale on the market for $146,000. The listing agent submitted a full price offer to the bank and started negotiations. It wasn’t long before the bank declined the offer and the deal went to foreclosure.

After the foreclosure costs, and the carrying costs for over a month and listing it with an asset manager, the house was finally listed on the market for $136,000. So why did this happen? Most likely the agent heard “no” when they should have heard “know.” The bank obviously did not know enough information to make an informed decision.

There are many things that could effect this, but in 9 out of 10 cases the agent should be able to fight this and get this house sold. I will discuss more about setting the tone with the BPO in my next video.

Solving the housing crisis in under two minutes, with no taxpayer money. I’m not a rocket scientist, but I did stay at a Holiday Inn Express once

Video 72: Tempe real estate agent Dean Ouellette does in a video less than two minutes long what the President and Congress have been unable to do with billions, if not trillions of dollars and over a year of work, solves the housing crisis. In a easy two step plan, that involves none of your money (it’s not the governments money) we make houses more affordable for those way upside down and put recent homeowners who suffered a foreclosure back on the market. Would love to hear your thoughts, you can leave a comment or e-mail me Dean Ouellette.

Dean Ouellette rants about government spending, short sales, TARP and our money, not theirs

Video 69: The government likes to tell people how they are spending their money to help people, to help secure the housing market and to help with things like loan modifications and short sales. First part of the rant… it is not their money, they have no money, the government only has money by taking it from you, your friends, your family and myself. And what they are doing with the TARP money is making life miserable for many of those they have taken the money from. If you are doing a short sale the money you are paying for the housing assistance may be the same money that is preventing your short sale. Would love to hear your thoughts, you can leave a comment or e-mail me Dean Ouellette.

Is it true that a short sale is easier to get approved now and quicker too?

Video 45: So I got an e-mail asking if a short sale is easier to get approved now, and quicker too. Well the reason there are so many more Tempe short sale listings on the market these days is because it is easier to get short sales approved. But the problem with more listings and more deals getting approved is the banks are not hiring more loss mitigation specialists so they are still taking as long and even longer in some situations. If you have a lender like Wachovia, there may be some special programs to get get your short sale approved quicker, but for most lenders, no it is still taking a good solid three months. I would love to hear your thoughts or any questions you may have about short sales, you can leave a comment or e-mail me Dean Ouellette.