Short Sale Humor

Comment

Comment by Pattilynn Guilford on January 7, 2010 at 6:13pm

I'm spinning Makoto's take on Reotrans. Enjoy:

Reasons Why I Won’t be Drinking the Reotrans Koolaid…

USEFUL INFORMATION BEFORE GETTING STARTED:
1)Buyer's Full Name and Address
2)Buyer's First 5 SSN
3)Buyer's Birth Date
4)Buyer's Phone Number

HELLO! My buyers do not want this info out in the terrestrial. What if there is no approval? and now another entity has their private info. If a buyer has to do this, they will find another property. If this is for the purpose of validating a contract – then the bank should look at the lender pre-qual letter or proof of funds, if a cash deal.

When you initiate a SS in the Equator system:
1) Initiate the SS and the system will task you with uploading the Authorization to Release. Good luck, mine got deleted and another agent’s file was assigned to me by mistake and another one was assigned to a local REO agent where we were set to close within days.
And super good luck with getting the seller to do the following:

2) Seller should have gotten a password from them for the short sale. They will log in to:

www. shortsale.bankofamerica.com

Have them log in and fill out the questions they are prompted with. You will be unable to go any further or have any other tasks assigned until your sellers upload their info. AND if this is not done in a timely manner your file wil be closed. Well, what if your seller isn’t computer savvy or old, like most of mine.

NOTE: Bank of America sent my client a link: "www.bankofamerica.com/shortsale" but that is not the correct link. Yep, they provide the wrong link…ridiculous.
Do any of us want our sellers talking to the bank, anyway? Except for verbal financials before closing if necessary…uh..no, we don’t.

3) After the seller fills out their information and uploads their docs, you will be assigned another "TASK". You will need to "Submit Short Sale Offer".
ONE NOTE: Before you begin entering information about the Short Sale Offer, you will also need the 1st 5 digits of the BUYER'S SSN!!! The BUYER'S Birth Date and the BUYER'S Phone number!! (mentioned above) The Equator form doesn't allow a "Save" function so ALL of the information has to be entered in one sitting. Again, you will be given a deadline or your file will be closed.

Some people are using fake info for the seller: Birthdate, phone, social etc. As a licensed agent and RE paralegal who has clients who are FBI, Homeland Security and FREC – I will not do this. It’s fraud.

Here is my MO:

When I fax in my package, on the cover letter I state: DO NOT INITIATE in REOTRANS. That will get the package going the old-fashioned way.

Listen, this is exactly what it is – Another stall tactic. Yes, there will be some successes to prove the system works. But my system is working and not broken so I’ll keep fine tuning and running it until I am absolutely forced to buy into this. Period. Let me know how it goes….

Comment by Katerina Gasset on December 3, 2009 at 12:53pm

Jeff- I never go with what the mls says; based on experience that is not a fair assessment. In the 'hot years' of RE- we niched in land assemblages. We would get different land parcels together, never took a 'listing', these landowners did not want people to know their land was for sale, we did commission agreements and NCND agreements and we sold these assemblages to developers like Centex and Pulte. In fact, Pulte hired us as their buyers agent and paid us a commission on the assemblages so that we did not have to get the commission from the sellers. This saved a lot of time in that day when the builders were all fighting for the land. But not one of those deals was ever in the mls. In fact, we made more money that year than ever before in our entire careers and not one closing showed up in the mls.

On the other hand, many agents do one short sale and call themselves an expert. We don't have any designation for short sales, the designation does not make you an expert. In fact, no offense to the designation, most of the stuff they learn in the class is obsolete when you walk out of the class.

The bad thing is that I think we are going to have to waste our time and money getting at least the NAR designation for short sales because our great NAR is going to get Freddie Mac to make some sort of requirement for agents to have to be able to be in the HAFA program.

Comment by Mori Langshaw Sr on December 3, 2009 at 12:24pm

Ah! Tisk tisk!

Comment by Jeff Payne on December 3, 2009 at 12:18pm

Any other time I would say yes, but I know this agent and know better.............

Comment by Mori Langshaw Sr on December 3, 2009 at 12:16pm

I agree with Wendy, I aint no "expert" either. But to defend the agent, maybe she has wholesaled quite a few short sales or flipped them. Just because its not in the MLS doesnt mean she is not experienced. Track that sale and see....

Comment by Wendy Rulnick on December 3, 2009 at 11:43am

I am not an "expert" in anything!!

Comment by Jeff Payne on December 3, 2009 at 11:31am

Yes it is. I for the life of me can not figure out why someone would claim to be an expert at something when they have no experience in it. I mean, I love football and have for all of my life, I played it, I coached middle school football and watch it every weekend. Why is Notre Dame not calling me?

Comment by Wendy Rulnick on December 3, 2009 at 11:27am

Jeff - That is funny, but alo SCARY!

Comment by Jeff Payne on December 3, 2009 at 11:08am

I don't know if this is funny or not but check this out. In the realtor remarks section of the MLS, the agent stated "Listing agent is a Certified Distressed Property Expert and is trained to do short sales so this one will be easy" Being the inquisitive person that I am, I pulled that particular agents statistics and could not see any short sales that she closed in the last 2 years. Funny that she thinks we would fall for it but sad if she is telling her seller the same thing. Nothing against CDPE, the problem lies with lying to someone about being an expert.

Comment by Bryant Tutas on November 2, 2009 at 3:39pm

tee hee

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