I tell people all the time that these operations are a scam, but people just don't listen. I'd like to know when the banks are going to get penalized for their "Loan Modification" scams? A so-called "Loan Modification" is the bank's way of squeezing three more months of mortgage payments out of you. They do it by putting you on a three month "trial period" and then on the fourth month you're told that you don't qualify. And just like that, the bank got three month's more mortgage payments out of you!!!
Three people arrested in mortgage, foreclosure scam - News - ReviewJournal.com
Thursday, October 27, 2011
Tuesday, October 25, 2011
Saturday, October 8, 2011
Nevada Announces New 'Foreclosure Fraud Reform' Law www.dsnews.com
Nevada Announces New 'Foreclosure Fraud Reform' Law
www.dsnews.com
http://www.dsnews.com/articles/nevada-announces-new-foreclosure-fraud-reform-law-2011-09-29
I think this will be a double edged sword and possibly hurt more folks than it actually helps. There are so many people already that miss the opportunity to Short Sale either because of misinformation or just not doing anything at all about their mortgage situation. Now, once homeowners get the word that there is a chance of the bank not being able to foreclose on them, they will wait and stall until the very last moment thinking that there is a way for them to stay in their home. However, by then the bank will produce all necessary paperwork and the option to Short Sale will be lost because there won't be enough time and the property will end up being foreclosed on anyway.
www.dsnews.com
http://www.dsnews.com/articles/nevada-announces-new-foreclosure-fraud-reform-law-2011-09-29
I think this will be a double edged sword and possibly hurt more folks than it actually helps. There are so many people already that miss the opportunity to Short Sale either because of misinformation or just not doing anything at all about their mortgage situation. Now, once homeowners get the word that there is a chance of the bank not being able to foreclose on them, they will wait and stall until the very last moment thinking that there is a way for them to stay in their home. However, by then the bank will produce all necessary paperwork and the option to Short Sale will be lost because there won't be enough time and the property will end up being foreclosed on anyway.
Friday, October 7, 2011
Email thread and voicemails...
I cannot understand why Realtors do not include the chain or thread of emails in their emails. It is idiotic to me when I'm having an email conversation with someone and all the previous emails aren't there for me to review so I can see what was previously said and by whom. It's a very simple settings change to include all previous emails in your email.
In addition to to including the conversation history in the emails, is it that complicated that Realtors don't know how to have a signature block with their contact information in it.
Also, why don't people learn how to leave a proper message. Leaving a message that says "call me" is asinine.
When you leave a message you should say who you are and what you're calling about, while trying to include as much detail as possible. If you leave a message that only says "call me", when that person calls you back and you don't answer what type of voicemail is that person supposed to leave for you since you said absolutely nothing other than call me.
Whew! I've been wanting to get that off my chest for awhile now. LOL
In addition to to including the conversation history in the emails, is it that complicated that Realtors don't know how to have a signature block with their contact information in it.
Also, why don't people learn how to leave a proper message. Leaving a message that says "call me" is asinine.
When you leave a message you should say who you are and what you're calling about, while trying to include as much detail as possible. If you leave a message that only says "call me", when that person calls you back and you don't answer what type of voicemail is that person supposed to leave for you since you said absolutely nothing other than call me.
Whew! I've been wanting to get that off my chest for awhile now. LOL
Monday, September 26, 2011
Offers received...
Received offers on two different Short Sale listings this weekend. Once my sellers sign them tonight, the fun can begin. Sending the offers into the bank(s) and negotiating the terms of the Short Sale is much more interesting to me than marketing the property and waiting for an offer to come in.
After the initial phase of meeting with the sellers to address their needs and concerns and to determine if I can help them or not, comes the marketing phase where I determine a price, put the property on the market for sale, and all the other things that I do for exposure. After this I'm basically waiting for an offer to come in before I can do anything else. Sure, I'm continually marketing the property on Craigslist and other websites daily, lowering the price weekly, holding Open Houses, and talking to the bank every Thursday but until an offer comes I feel like I'm not accomplishing anything.
Once I have an offer to send in, then I have something concrete to discuss with the bank(s). I can then have the bank(s) start their process of ordering an appraisal, assigning a negotiator to the file, and then determining an acceptable net proceeds amount. It's all downhill from this point...
After the initial phase of meeting with the sellers to address their needs and concerns and to determine if I can help them or not, comes the marketing phase where I determine a price, put the property on the market for sale, and all the other things that I do for exposure. After this I'm basically waiting for an offer to come in before I can do anything else. Sure, I'm continually marketing the property on Craigslist and other websites daily, lowering the price weekly, holding Open Houses, and talking to the bank every Thursday but until an offer comes I feel like I'm not accomplishing anything.
Once I have an offer to send in, then I have something concrete to discuss with the bank(s). I can then have the bank(s) start their process of ordering an appraisal, assigning a negotiator to the file, and then determining an acceptable net proceeds amount. It's all downhill from this point...
Saturday, September 24, 2011
Lowball offers...
Why do buyers' agents submit lowball offers on my Short Sale listings without running the comps? If I have a property priced at $200K (based on Fair Market Value/FMV) some buyers' agent will send me a "low-ball" offer for $160K. It never fails. Then when I ask the buyers' agent if this offer is based on him or her recently running the comps, I always hear "no", that's just what my buyer wanted to offer. That makes no sense and also means that the buyer's agent is not doing their job by running the comps to determine FMV and advising their client(s) accordingly. Yes, the banks are discounting properties to get them sold, but it has to be within reason. Banks are NOT accepting ridiculous "low-ball" offers.
#Hashtags
I'm going to start using Hashtags on all my Short Sale postings to Twitter. This will include all Short Sale properties as well as all Short Sale news and information. I hope this helps my Twitter postings. #LasVegasShortSales
Subscribe to:
Posts (Atom)