Welcome to this week’s edition of the Pre-foreclosure Daily Grind! This edition will discuss a change at Real Time Resolution, a debt collection company that works 2nd mortgages for EMC and American Home Mortgage. We’ll also go over the importance of pre-screening buyers, ESPECIALLY when it comes to short sales.

But first, we will address the change coming to Real Time Resolution. They have recently changed their approval process. The negotiators working the files will now need to provide additional internal information regarding the loan. This enables the investor and Real Time management to clearly see what they’re losing, what they’re gaining, and whether or not it would make sense to accept the current offer. In previous instances, Real Time would primarily look at what they were getting and make a decision based on what percentage of the loan principal they were receiving. Now, management requires the negotiators closely evaluate the seller’s financial situation and base their decision from those findings. This is not anything we haven’t seen before when it comes to the majority of lenders out there. However, this IS something that is new with Real Time Resolution. Therefore, be prepared for the process with them to take a bit longer than previous deals, and be prepared to come up with at LEAST 10% of the loan principal in order to receive approval.

Our second tip for this week is something we’ve covered in the past. However, it is something that will always remain a crucial part of every short sale. That is, pre-screening your buyers. The reason we are discussing this topic in this issue is because we have had yet another property this week in which the lender has provided us with written approval that has covered over 2 months…and the buyer needs more time. Now, you might have listings in which some other extenuating circumstances come up, that precipitate taking a certain offer. For example, it may be the only offer that has come in over the last several months. Perhaps comps may require you to list a property higher than you’d like which limits the offers coming in, the condition of the property, etc, etc. With that said, know that you WILL face difficulties in the settlement process. Know that you may not even get enough time from the lender to close if you take on a buyer that will need to stretch quite a bit to be able to qualify and actually CLOSE on the property. A perfect example that we frequently experience in Connecticut is when an FHA or 203k buyer comes in wanting to purchase a home that needs a lot of work. If any of you have encountered this type of situation, you already know what you will face. A scenario in which worst case: the buyer won’t qualify at all, and best case: it will take a long time for them to close; perhaps more time than the lender is willing to spend.

Enjoy this week’s Pre-Foreclosure Daily Grind tip of the week, and have a great and profitable week!

Welcome to this week’s edition of the Pre-foreclosure Daily Grind! In this edition we discuss a couple of changes in the industry and how best to prepare for them. We’ll cover a nice new change within Bank of America that many of you will love to hear, and will make our short sales proceed much more smoothly. We’ll also discuss an initial hurdle with M&T Bank and how to overcome it.

This morning we, and all other real estate professionals out there, were greeted with a nice email discussing a very welcome change to how Bank of America processes short sales in Equator. It was titled “Now You Can Substitute a New Buyer for One Who Walked Without Restart.” As can be extrapolated from that title, we now no longer have to start from scratch whenever we lose a buyer! This surely comes as great news for all of us who have, and frequently do, find ourselves in this exact predicament. With this new change, we will no longer have to wait and go through all the same tasks again, and upload all the same documents again.

The way that this works is pretty simple. Most importantly, do not notify the negotiator you have lost your buyer until you have a new one in place! The reason for this is because the addition of the new buyer to the process works more like a substitution. In other words, when one buyer walks, it will then be necessary to immediately swap the new one in. Therefore, once you have your new buyer’s contract in your hands, the next thing to do is notify your negotiator via email through Equator. They’ll respond in 2 days asking if a backup offer is in place. Then they will ask you to complete 4 tasks which involve providing listing date, a marketing description, and then a marketing plan. They will also ask you to change over the status of the file to “Marketing.” Finally, the last task will be to upload the new offer. And then you’ll be back in business!

In other news, we had a bit of an encounter with M&T Bank this week. Upon calling their customer service department, we were told that this particular department will not speak to a 3rd party unless the homeowner is there present with you, or on the same call via a conference call. So when I asked about where to send written authorization, they said they wouldn’t accept it…period. Way to ensure the short sale DOESN’T get done! I called back a few more times and asked to speak to the short sale department instead. At which time they transferred me to their Homeowner’s Assistance Department, which handles their short sales. Thus, when you have a mortgage with M&T, just seek to bypass their customer service department, and ask to speak to the Homeowner’s Assistance Department instead!

Enjoy this week’s Pre-Foreclosure Daily Grind tip of the week, and have a great and profitable week!

On this week’s PFDG “Tip of the Week” we dig into the best ways to get a hold of your loss mitigation negotiator when he or she is not calling you back on your short sale transaction (which happens all too often)! Listen in as we not only cover how to get a hold of an unresponsive negotiator, but when to go over their heads and demand to speak to their supervisor, and when you should NEVER try and go behind their backs.  We’ll also cover Wells Fargo’s new short sale platform and how it differs from Bank of America’s, how Wells Fargo and B of A are handling their HAFA short sales, and also an update on our new and improved CRM (or Small Business Workspace) FinerSolution.com, and much more.

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On this week’s PFDG “Tip of the Week” we dig into which Foreclosing Lenders are pissing off sellers due to their multiple requests for updated documents. Listen in as we not only cover which lenders are causing undue stress on your short sale transactions, but how to make sure your sellers stay with you for the entire deal, how to work with “lazy” and uncooperative sellers, how to prevent any misunderstanding of the process. We take a look at the interesting update on Chase’s short sale approval letter and how it seems like they DON’T want to be paid. An update to our new “one stop” Small Business Workspace FinerSolution.com… Email Marketing, Social Media Marketing, Contact Management, Website & E-mail Hosting and the growing app market.

Take a 14 day test drive of the easiest, most comprehensive real estate management platform available! Visitwww.PropTrackr.com for more info.

http://PreforeclosureDailyGrind.com On this week’s PFDG “Tip of the Week” we break down what type of liens short sale lenders are no longer willing to pay and how this change will make closing your transactions more and more difficult! Listen in because this will affect whether or not your transactions get closed and whether or not it will cost you more of your hard earned cash to get deals closed. We also go over, why you should wait until you are 100% sure a deal is dead BEFORE telling a banks loss mitigation specialist or  negotiator, how to push through a “common objection” that could crush your deal AFTER your short sale is accepted , the launch of our new and improved CRM (or Small Business Workspace) FinerSolution.com, and much more.

On this week’s PFDG “Tip of the Week” we uncover some of the newest Servicing Companies that are breaking into the short sale scene and how they are trying to steal money right out of our seller’s pockets, who CitiMortgage is now outsourcing their short sales to, the new policy that IBM has in regards to BPO’s and Appraisals, a “slick” way to weed out BPO agents, an update on the launch of our new and improved CRM (or Small Business Workspace) FinerSolution.com, and much more. Take a 14 day test drive of the easiest, most comprehensive real estate management platform available! Visit www.PropTrackr.com for more info.

http://PreforeclosureDailyGrind.com On this week’s PFDG “Tip of the Week” we uncover the latest changes to Bank of America’s Equator system and how we now can get a hold of the company doing the property valuations and the BPO’s (this encompasses both Broker Price Opinions and Appraisals). Details you NEED to know and NEED to pay attention to on HSBC short sale approval letters. A real-time update from last week’s video on how we overcame a “Fraudulent” BPO/REO agents mischievous ways. PLUS an update on the launch of our new and improved CRM (or Small Business Workspace) FinerSolution.com, and more. Take a 14 day test drive of the easiest, most comprehensive real estate management platform available! Visit www.PropTrackr.com for more info

On this week’s PFDG “Tip of the Week” we uncover the hidden truth behind how BPO Agents are defrauding homeowners, lenders and the economy! Listen in as we not only go over how this could seriously affect you and your real estate business but also, how Chase and some of their investors are attempting to screw over homeowners, a couple of benefits to the HAFA Program and how Chase is trying to keep them from the homeowner. An update on the launch of our new and improved CRM (or Small Business Workspace) FinerSolution.com, and more. Take a 14 day test drive of the easiest, most comprehensive real estate management platform available! Visit www.PropTrackr.com for more info.

On this week’s PFDG “Tip of the Week” we uncover whether or not Fannie Mae will approve your short sale transaction if their loss is greater than $125K. Why some Real Estate Brokers are doing everything they can to screw you out of your short sale negotiation fees. The inside workings of how Flagstar Bank processes their short sales. Whether or not it is possible to escalate a file, with Flagstar Bank, if there is no Foreclosure Sale Date set. Plus an update on the launch of our new and improved CRM (or Small Business Workspace) FinerSolution.com. Take a 14 day test drive of the easiest, most comprehensive real estate management platform available! Visit www.PropTrackr.com for more info.

On this week’s Preforeclosure Daily Grind “Tip of the Week” we dive into the important points that you should know in regards to what debt is and what debt isn’t discharged when a short sale client files Chapter 7 Bankruptcy. Listen in as we cover this extremely important topic and also an introduction to H&R Block Bank and what they allow for a maximum real estate commission and seller’s concessions, whether or not you are allowed to prequalify your end buyer when Bank of America is originating the loan, why it is CRITICAL to educate your buyer’s agent when dealing with a short sale property, the common misconception that a short sale lenders and a buyers lender actually communicate when they are the bank and much more.