Short Sale Tools

Comment

Comment by Steele V. Propp on December 28, 2009 at 5:21pm

An article that came out today stated that one thing that many homeowners don't understand is that a loan mod is often hurting their credit during the long process. I'll see if I can find a copy.

That and the fact that the track record of successful loan mods has been pretty dismal could be used in helping owners make a decision.

Comment by Kent Dills on December 28, 2009 at 5:06pm

Michael,

What provider do you use for your postcards? I'm doing something similar and my provider is screwing it up big time!

And what tool do you use for the loan mod vs. short sale comparison? Sounds like an awesome tool and answers one of the biggest objections too!

Comment by Michael Patton on December 28, 2009 at 3:53pm

I use a full time processor and attorney, so don't have a thing to add regarding software to keep track of deals.

But, I use a few software programs and outside vendors to market for short sale listings.

Handwritten cards that go out quickly and without me actually having to write them - helps establish that quick connection with people by using something other than the form letters.

Analysis software that quickly shows the difference between where they're going to be with a loan mod vs going short sale - when they see the $100,000 plus advantage to a short sale they quit struggling to get a loan mod done!

Comment by Jasper Silvis on December 9, 2009 at 6:41am

Just got a short sale request last Wednesday for a property going into foreclosure on 12/11 from GMAC. Didn't receive all the required paperwork until early morning 12/8. Was still able to get 45 day extension due to the completeness and organization of the short sale package (words from the processor from GMAC). Just 2 weeks ago I purchased an account on ShortSaleBuilder.com (not putting any links here so no affiliate spamming). Yes, it is $1,997 with about $100 monthly maintenance, but you can easily afford it once you close your first short sale. My title agent loves it. She can updated HUDs herself. My attorney loves it (she handles the more complex short sales (2 - 3 mortgages and $1M+ deals where I really want a big spread). And it seems now that lenders love it. Now I push back on homeowners and Realtors so that my process is 100% paperless.

That isn't the best part. 4 weeks ago I submitted a short sale package to Bank of America. They still either don't have it or they have not yet assigned it to a processor. Foreclosure for both of those properties (same owner) was set for 12/30. Decided to enter it all in ShortSaleBuilder and resend package yesterday morning. Later in the afternoon I called BoA to ask for an extension. They already had the first house short sale package scanned in and were in the process of scanning in the second. I was able to get a processor assigned and a 60 day (roughly) extension on both foreclosure dates same day!

I have been doing short sales for 2 years, but using this software for only 2 weeks. I have 8 deals in the pipeline (I know, not a lot for some of you experts), but I am easily keeping track of them all and more are coming every week. Now I don't fear volume; I can keep track of all my deals.

I am no expert at it yet but learn quickly. I can hopefully answer some questions if you have them. Their web page will explain things very well. Pricy but powerful and worth it for my company.

Later, SuperStars!

Comment by Yvonne Westerman on November 17, 2009 at 8:05pm

Hi Superstars,

I don't have any tool tips right now just wanted to join. Talk to you soon.

Comment by Petra Norris on September 8, 2009 at 8:12pm

I did purchase the editor, but failed at my first attempt to edit a pdf file. Reading directions would be most helpful :)

Comment by Bryant Tutas on September 7, 2009 at 6:44pm

Ok folks you have got to try this. $19.95 for a PDF editor.

Print, merge, convert, add footers and headers, edit, and so much more.

http://www.pdfill.com/index.html

Comment by Ute Westphal on August 17, 2009 at 10:43am

I uploaded a script about talking to your Sphere of Influence about short sales and foreclosure. I am in Illinois, so this document give IL specific info. But you might be able to replace this with your state specific informtion. Hope someone will get a lead with this idea.
Ute from Saint Charles in Illinois

SOI Script_97.doc

Comment by Wendy Rulnick on August 7, 2009 at 1:46pm

Cool group idea Petra!