You’re sure you’re a shortsale specialist?
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Part II of this shortsale article series examines the pedigree of a true “shortsale specialist” and highlights the many tedious aspects of short sale training, the shortcomings of common short sale courses and the process of qualifying a negative-equity homeowner for a shortsale with his mortgage lender’s loss mitigation officer.
The new and present normal, sort of
The shortsale has resurfaced to again become a commonplace feature of the home resale market in the wake of the Lesser Depression brought on by the dire job environment. Hundreds of thousands of California homeowners have no sufficient financial means to keep paying on the mortgages encumbering their negative-equity properties, a requisite condition for a lender’s consent to a short payoff.
Roughly one in six multiple listing service (MLS) sales transactions statewide today is a shortsale ― the result of the financial fallout of the massively inflated real estate prices of the past decade and the current lack of job opportunities for unemployed or underemployed homeowners. [For more information regarding the California jobs market, see the August 2011 first tuesday article, Jobs move real estate.]
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About The Author
ft Editorial Staff
is the writing staff comprised of legal editor Fred Crane, In-House Broker Consultant Fernando Nunez and writer-editors Connor P. Wallmark, Giang Hoang-Burdette, Jeffery Marino, Carrie B. Reyes, Sarah Cantino, Matthew Taylor and Matthew Shade.
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Sounds good and as a general rule the short sale process should go something like that–
In reality we are dealing with no knowledge,no care and crappy pay agents at the banks who could care less if a deal closes and time lines set by the government or the banks mean nothing.They will try and beat your commission down if it is not a HAFA. I have seen the servicer’s kill a deal before they will pay the full commission and I have promptley helped them do it before I reduced it. Two sided deals are the worst ,they think you should work for 1/2 the pay for 5 times the headache .Then there is the Zillow using appraiser of property done by some moron in Tim Buck Too who over inflates the value and you have another time waster. Short sales are a massive headache unless you can get to a decision maker at the bank and they change them on you regularly so you have to build repoure with a new person—-Getting the bank to sign a listing agreement with your commission structure filled out is mostly not going to happen. Then when a offer comes in ,look out if it is not a HAFA deal,the lost and repeat paperwork is as bad as doing a modification —another time waster, after they bury you in late fees and interest charges you are in a Impossable to get out of money pit –
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