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 uncover the latest government “Noose” that WILL put the majority of short sale and loan modification companies out of business! Listen in as we also cover, how the M.A.R.S. (mortgage assistance relief services) change may cause you possible legal ramifications if your disclosures are not “good enough”, how this ruling will greatly affect the economy, who this new change will truly benefit (and it’s not the consumer),  how the change WILL affect every single Real Estate Agent and Real Estate Investor that negotiates debt. An update on 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 the newest guideline put into effect by Freddie Mac, which will crush the way short sale negotiators are paid! Listen in as we not only break down this hot topic but also how many First Franklin loans Bank of America purchased and where they went, how to overcome a “dumbass” BofA customer service rep that gives you the wrong information , an update on 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 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 dig into how to keep, a defaulted 2nd mortgage from going from a banks loss mitigation department to a banks recovery department! As you may or may not know, this will make or break your deal! Listen in as we cover this and the importance of doing a quick title pull down BEFORE starting a short sale, the important details you don’t want to miss when viewing the land records. We also cover how you can make a deal with a 2nd mortgage in a short sale easier on yourself. Plus the HSBC’s discount ratio BEFORE they send their bad debt to their recovery department and the HSBC’s discount ratio AFTER they send their bad debt to their recovery department, and so 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.

On this week’s Preforeclosure Daily Grind “Tip of the Week” we tackle what to do when you are negotiating a short sale and you get stuck with an over demanding loss mitigator. We cover how to figure out if the demanding requests for more short sale documents are coming from the actual lender (Chase), the lenders investor, the Mortgage Insurance Company or just an inexperienced negotiator; The different levels a short sale travels in order to get an acceptance. Plus the latest way Bank of America and their Equator system are jamming up your short sales when you are at the closing stages, and more.

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