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Bank owned bob lachance chris bowes debt negotiating foreclosure auction foreclosure class foreclosure course foreclosure mortgage foreclosure property foreclosure training foreclosures investing in real estate loss mitigation patrick precourt Preforeclosure Real Estate real estate foreclosure investing real estate investing real estate investing beginner real estate investment real estate investors real estate short sales REO short sale mortgage short sale training Short Sales
On this week’s Preforeclosure “Tip of the Week” we cover what to look for on a Short Sale Lenders Short Sale “Acceptance Letter” so your attorney or Title Company doesn’t try and kill your deal! We also cover how closing costs are listed on short sale approval letters, featuring approvals from Bank of America, Chase, and Wells Fargo, why these lenders format their approvals that way, a recent short sale deal we got approved where we how to work with the title agent to reconcile our approval letter in order to get the deal closed and much more. Visit www.PreforeclosureDailyGrind.com for more real estate videos from Bob Lachance and Chris Bowes of North Shore Enterprises.
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Bob & Chris,
I love that your phone rings during the videos sometimes. I have been trying to make some videos lately and can not get the phone to stop long enough to even get off a 3 minute spot…
Keep up the great work and information sharing. It let’s me know that I am on track with our business.
Recently we had to “educate” our title company about the inclusion of an $8000 contribution to the PMI company that was being paid for the seller by the buyer…it is always something…and we have worked with this title company for going on 6 years.
Hey Chris and Bob,
In case you want to share this with your students ~ our last 58 short sale approval letters are posted here: http://seattleshortsales.com/approvals.htm
I post lender name, lien position, how long it took, and total discount. I black out all the confidential info, but you can review them for how they break down their closing costs, what kind of promissory notes they are asking for, and their deficiency language.
Side note – we still have sellers complaining about the deficiency language in the 1st position Bank of America approval letters. Today we got an email from a equator negotiator telling us that while they couldn’t remove the deficiency language, that we can tell the seller that they will be getting a 1099 at the end of the year. That is pretty significant. This particular seller was going to let the house go to foreclosure if they couldn’t address the deficiency issue. Hopefully we can get a promise like that in writing from every B of A negotiator.
Keep up the great work!
Ross Kilburn
Seattle Short Sales, Inc.