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!

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 expose the fact that Astoria Federal Savings is a huge reason why our economy is stuck in the dumps and will be for a long time! Listen in as we uncover how they are hurting homeowners chances of getting short sales accepted, how they are taking money out of real estate agents and loss mitigation specialists pockets, how Bank of America is now processing their FHA and VA short sales, what department/company is now handling HAFA short sales for Bank of America, why it is a “MUST” to follow up and make sure that every document of your short sale package was received by today’s overwhelmed and incompetent lenders, also an update on 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 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.

http://PreforeclosureDailyGrind.com On this week’s PFDG “Tip of the Week” we breakdown the new GMAC affidavit, which you MUST sign, in order to get your short sale offer accepted.  Listen in as we uncover what you can and can’t do in reference to property flipping  and whether or not you need to be licensed to flip properties, an inside look at what an appraiser looks at when they are valuing a Bank of America short sale property, what comparable properties B of A’s appraisal review department will accept and what properties they will reject when assessing whether they should accept or decline your offer, an update on the April 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! Visitwww.PropTrackr.com for more info.

On this week’s PFDG “Tip of the Week” we uncover the fact that One West Bank (the good old IndyMac bailout) is in fact screwing our homeowners… Listen in as we not only tell you how they are doing this but also, what company they are outsourcing their short sale negotiations to, a look at their short sale approval letter, a new code change that all rehabbers must know, how to deal with a jack-ass build inspector, 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 how to weed out unmotivated agents and sellers so you don’t waste your precious time. Listen in as we tackle this extremely important topic and also how we beat Bank of America and Freddie Mac at their own game. Why not quitting on your short sale client should be a “MUST” in your real estate business, plus who CitiMortgage is using as one of their collection companies and more on this week’s Preforeclosure Daily Grind Tip of the Week. 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 uncover the facts behind whether or not processing short sales for Real Estate Investors is a waste of time or a profit center you need to add to your business! Listen in as we also cover, what your starting short sale offer, as an investor, should be and what it should not be, what most lenders require in their short sale packages that maybe a surprise to real estate investors, what to add into your short sale package that could ensure a BPO Agent does not screw you out of your hard earned money 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 PreforeclosureDailyGrind.com’s “Tip of the Week” we uncover why it is an absolute must to add extra fees and costs on your negotiating HUD1 Settlement Statement! This is extremely important especially since short sales can take an awfully long time to complete, which leaves more opportunities for extra costs and liens to both accrue and pop up at the last minute! Listen in as we cover this fact and also the new closing process requirements on the Equator System that must be followed or they will close your file, an important fact about the difference between HFC (Household Finance Corporation) judgment liens vs. HFC mortgage loans and how they approach reviewing a short payoff. Whether or not HFC will settle their debt in full, how end buyers’ lenders are now requiring inspection reports, the newest and most profitable short sale niche to get into and why, 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.