Upside down on your Cape Coral mortgage or Fort Myers loan? Loan modification not working? The professionals at Florida Future Realty, Inc are here to help!
We have experience with short sales in Lee County, Florida. In the last few years we have been able to assist over 100 families successfully sell their house as a short sale in Cape Coral and Fort Myers.
Hi Susan -
Just a note to say THANK YOU (!!) for everything you did to get our property sold and a short sale agreement from the bank. We truly appreciate all of your efforts. I would definitely recommend you to anyone looking for a realtor in your area. I believe many in our group feel the same as you were instrumental in helping many of us at a difficult time. I know for us, you did it all without making us feel bad about ourselves because of the situation we were in and that is also greatly appreciated!! As we worked through our emotions about what happened, it was nice to have a voice on the phone that conveyed nothing but “I’m here to help you.”
Thank you again!!!
Lisa and Steve DiSalvio
You can read MORE testimonials from other short sale sellers at the link below:
Successful Short Sale Sellers Tell All
Florida Future Realty, Inc understands that the decision to short sale your house is not an easy one. We would like to help you avoid foreclosure and get your house sold. We are a team of highly motivated professionals experienced in the short sale process. We are able to; with written permission speak directly with your lender to negotiate on your behalf. All we need from you is your complete cooperation and confidence in our services and together we will get your house sold.
Our services are completely FREE.
Be careful of non-local companies looking to assist you, investors asking you to deed over your house or real estate agents hiring outside companies to negotiate on your behalf. We handle the negotiations in house, at no additional charge to you or the buyer. This makes the process much easier & quicker!
We are licensed real estate sales associates in the state of Florida and our job is to market and sell homes.
Please follow this link to learn more about the short sale process.
Complete the short form & we will promptly send you the details explaining the short sale process.
Put your faith in us, we will do everything we can to get your house sold!
Yours in Success,
The Florida Future Realty Team
(239) 542-8521 Ofc
(888) 764-6665 Toll Free
inquiry@floridafutureagents.com
Ask for our information packet to be emailed directly to you or call our broker, Susan Milner, to have your specific questions answered!
~ Before you decide to sell your house as a short sale we recommend you contact BOTH a CPA/tax professional & an experienced Attorney to discuss YOUR specific situation. Laws & guidelines change frequently and you want to be sure a short sale is in YOUR best interest! ~
After hours, call Susan Milner on her personal cell phone at (239) 218-2229 or email directly to Susan@SusanMilner.com
Tags: cape coral short sale, fort myers short sale, help with short sale, short sale specialist
Here at Florida Future Realty, Inc. we have assisted many homeowners & investors with the short sale of their home & investment properties in Cape Coral, Fort Myers, Lehigh Acres, Estero & the beaches. Many of these sellers have sent us testimonials about their experience with us.
Below are several of our recent short sale success stories.
“Hi Susan -
Just a note to say THANK YOU (!!) for everything you did to get our property sold and a short sale agreement from the bank. We truly appreciate all of your efforts. I would definitely recommend you to anyone looking for a realtor in your area. I believe many in our group feel the same as you were instrumental in helping many of us at a difficult time. I know for us, you did it all without making us feel bad about ourselves because of the situation we were in and that is also greatly appreciated!! As we worked through our emotions about what happened, it was nice to have a voice on the phone that conveyed nothing but “I’m here to help you.”
Thank you again!!!”
Lisa and Steve DiSalvio
~ ~ ~
“Susan,
I just wanted to send you a huge thank you for all you did to sell our property in Cape Coral.
When we realized we were going to be upside-down at the completion of our new house we started looking for a local real estate agent to help us. After several calls I stumbled upon you and considered myself lucky that I did. You were very professional and knowledgeable about the market for both buyers or sellers.
You were also knowledgeable about ’short sales’ and foreclosures, which is what I needed at the time. You personal knowledge of this process combined with your contacts made the complex process simple. After providing you with some basic information, you took care of everything up to the point the Bank accepted the offer.
After telling a few investors that were in the same unfortunate position as me, they contacted you and you were able to do the same for them. I have dealt with dozens of agents over the years and you are certainly one of the best!
At this point, if anyone asked me about a realtor in Southwest Florida, I would highly recommend they contact you.”
Kurt Baltutat
~ ~ ~
“By getting both of my houses sold in such a tough time, you have helped me get on with my life – I can’t thank you enough – I’d recommend you to anyone! Be well & best wishes!”
~ Mark Iler
~ ~ ~
“Our transaction was seamless! All because of your hard work. Again, Thank you. We will always refer others to you!!!”
~ Ken & Wendy Bess
~ ~ ~
We have many more great & emotional testimonials from other grateful customers. We look forward to adding your name to that list as well.
Should you have any questions at all please call and ask for Susan. She can be reached during the day at the office at 239-542-8521 or on her personal cell phone at 239-218-2229.
Be careful of non-local companies looking to assist you, investors asking you to deed over your house or real estate agents hiring outside companies to negotiate on your behalf. We handle the negotiations in house, at no additional charge to you or the buyer. This makes the process much easier & quicker!
We are licensed real estate sales associates in the state of Florida and our job is to market and sell homes.
Please follow this link Short Sale in Cape Coral to get started.
Complete the short form & we will promptly send you the details explaining the short sale process.
Put your faith in us, we will do everything we can to get your house sold!
Yours in Success,
The Florida Future Realty Team
542-8521
inquiry@floridafutureagents.com
Ask for our information packet to be emailed directly to you or call our broker, Susan Milner, to have your specific questions answered!
After hours, call Susan Milner on her personal cell phone at (239) 218-2229 or email directly to Susan@SusanMilner.com
~ Before you decide to sell your house as a short sale we recommend you contact BOTH a CPA/tax professional & an experienced Attorney to discuss YOUR specific situation. Laws & guidelines change frequently and you want to be sure a short sale is in YOUR best interest! ~
Tags: cape coral short sale, short sale agent, short sale experience, short sale testimonials
Trying to sell your Cape Coral short sale? We can help. We cannot keep inventory at our Cape Coral real estate office. We are successfully closing several short sales each month. We need more Cape Coral home inventory. If you are behind on payments and want to short sale your house, please call Susan Milner. She can be reached at 239-218-2229 or via email: Susan@SusanMilner.com Susan has much experience in negotiating short sales for sellers.
Susan Milner
Florida Future Realty, Inc.
(239) 542-8521
Susan@SusanMilner.com
If you were looking to buy a Cape Coral short sale, you can be notified of our Cape Coral short sale inventory as it becomes available.
Tags: cape coral short sales
Can’t afford your Cape Coral house? Need assistance with a short sale? We can help. Our office has helped many homeowners like you sell their house ’short’. We negotiate with your lender(s) on your behalf. Our service costs you NOTHING. The only thing we require from you is your cooperation. We’ll need many documents to get started. It also helps if you can keep your house in good condition so we can find a buyer sooner than later. Beyond that, we’ll handle the transaction for you.
If you are interested in getting started or learning more about the short sale process please complete the form below. Someone from our office will be in touch with you with more information within 24 hours.
Yours in Success,
Florida Future Realty, Inc.
(239) 542-8521
Susan@SusanMilner.com
Tags: cape coral short sale, cape coral short sale help, short sale cape coral house, short sale my house
Cape Coral Foreclosures Stopped – Here are the FACTS.
Cape Coral, FL Florida Governor Charlie Crist along with the Florida Banker’s Association and Florida Credit Union League urged banks and credit unions in Florida to put a halt on Foreclosure activities for the next 45 days.
Some banks and credit unions agreed to NOT file any new Foreclosures on primary residences in the state of Florida for the next 45 days (as of Dec 2, 2008). They will also NOT be scheduling sale dates either.
You can read the release from the Governor’s office here
This could be a relief for some of the homeowners facing these stresses during the holiday season. It would provide them the opportunity to work with the banks or their real estate agents on a solution.
I haven’t been able to find a conclusive statement in regards to which banks or lenders are or are not following the Governors plead to stop foreclosures for the next 45 days.
Researching locally I found an article on the News Press’s website. The article stated that Circuit Court Judge John Carlin set sale dates for most of the Lee County Foreclosures – 418 cases this morning, December 4, 2008! So obviously our local court system is prepared to move these cases already pending along quicker.
News Press’s website also stated the following:
“For those who, like the Shuaipis, were still living in the foreclosed home, Carlin set the date for 60 days from now instead of the usual 45 days to give them more time to leave.”
So if you are currently still living in your house you may be given an extra 15 days to vacate. You can see this article on the News-Press here.
What can you do now?
Solutions can be:
· Talk to your lender – they may help
· Talk to Hope NOW
· Call your mortgage professional – there may be options
· Call your attorney
· Call your Realtor – they might be able to sell it. Regular or if needed via a short sale
We handle many short sales here in Lee County, Florida including the cities of Cape Coral and Ft. Myers. This potential moratorium on Foreclosures could buy us some extra time as well. The lenders should still be negotiating with borrowers (or sellers) to either modify their loan or process a short sale approval during this timeframe.
My thoughts for the big picture if banks do stop Foreclosures are:
We are only putting off the inevitable by asking the banks to stop foreclosures. I do not foresee many homeowners attempting to keep their homes. Most have already attempted to work with their lenders to no avail. Some have simply given up. If you’d like help with a potential modification we may be able to assist you. Sometimes this equates to simply tacking the missed payments onto the back of the loan and/or extending the years to repay said mortgage. It can also equate to a lower interest rate but very rarely are we seeing principal balances reduced. Most lenders have stated their intent to help homeowners stay in their homes but many have not followed through properly. Hopefully more pressure from the state will resume.
Our expertise is in the short sale process. We can sell your house for you and negotiate with your lender to accept a short pay off. You can check out the links below for more information on how short sales work.
How Short Sales should be handled
If you are interested in learning more, feel free to call me at 239-218-2229 or toll free at 888-764-6665.
Yours in Success,
Susan Milner
Florida Future Realty, Inc.
copyright 2008 Susan Milner of Florida Future Realty, Inc.
Tags: cape coral foreclosures, cape coral short sale, fort myers foreclosure, ft. myers short sale, lee county foreclosures, state of Florida foreclosures
Cape Coral Real Estate – How Short Sales should work – our opinion
Short Sales and How I Think They Should Be Handled
First of all I do not believe that any real estate agent should list a home as a short sale without having done some research first.
Research
You should have a preliminary title search done to determine if there is a second mortgage or any other liens on the property. Determine who the owner(s) are.
Document Collection
Next, you should collect all of the necessary paperwork that the lender will require for their short sale package. (Some banks require less/more documentation but this is a very ’standard’ list)
Obviously the following that you’d normally complete:
- CMA – YES, you need to know the market value of the property!
- Listing Agreement
- Short Sale Addendum (if your board doesn’t have one yet you should get an attorney to create one for you)
- Seller’s Real Property Disclosure (Yes, even AS IS deals)
- HOA documents/ HOA/Condo disclosures as necessary
- Lead Based Paint Disclosure as necessary (pre 1978)
- Last 2 year’s tax returns
- Last 2 month’s bank statements
- Last 2 pay check stubs
- Letter of Authorization
- Financial Statement
- Hardship Letter
(if customer is missing a tax return or pay check stub have them write an explanation as to WHY (i.e. No paycheck stubs because they are 1099 contractor)
*for your info: Copy of mortgage statements
- If there are 2 lenders you will need these documents for each.
Listing Activities at property
- Take multiple photos of the property – the good and the bad. Obviously use the prettiest photos for your marketing material but disclose any known defects. The bad photos are good to show the seller’s lender.
- Put an electronic lockbox on the front door or hidden if seller/tenant prefers. Agents that have to pick up a key or schedule to meet an owner/tenant/agent are WAY less likely to show that home. Especially in this current buyer’s market. There are too many other choices available. Check out my previous blog about tenant occupied short sales.
- Install your sign.
Back at office
- Call bank(s). Ask them where to send the authorization to release and what their short sale process is. They’ll either tell you over the phone or send you some additional package of information. Also make sure to verify where/to whom you will send the package once you do have an offer (ALWAYS goes to some different #/Dept)
- Enter property into MLS. Use multiple photos. Use a full description. Make the showing instructions easy to find and follow.
- Enter property onto the best internet sites. We typically start with point2agent and Realtor then add as necessary. Our listings are enhanced on Realtor so we can add more photos and a better description. Point2Agent is a great website to use to get your listings onto several other real estate websites.
- Add the property on your blog. Make it interesting. Use lots of photos. Talk about the emotional benefits.
Yay, Showings and Offers!
You get showings, and now an offer comes in. GREAT! How do I think offers on short sales should be handled? Like any other sale.
Present all in a timely manner. Encourage your seller to make a decision asap. If they like the offer, have them sign the contract. We require all contracts to be on the Far/Bar As-Is contract along with the Short Sale Addendum. We also require a bank letter of funds available or a pre-approval letter and a copy of the buyer’s escrow check.
What’s next? First of all, stop taking other offers! After the buyer and seller have agreed the property is now for all intents and purposes PENDING. Yes, there is a third party approval required but that DOES NOT mean that you do not have a CONTRACT. You do. I’m sorry to go off a little here but this one of my pet peeves. We have buyers write up all of the time to hear weird things like the following:
1) Our seller isn’t going to sign – it’s up to the bank
2) The seller has already accepted 4 other offers, they’re waiting on the bank to respond
3) They accepted another offer last week
ETC.
My response to each:
1) Then we don’t have a deal. I will continue to look for homes for my buyer. This obviously makes no sense. The contract is between the buyer and the seller – the bank is a third party approver only. Most banks won’t even look at a file unless all documents are correct and signed/dated and still within timeframes.
2) Why would you obligate your seller to sell his/her property 4 times? Again, I’m going to find my customer something else. This is a waste of time. I get what the agent is trying to do. For lack of better terms, ‘have their cake and eat it too’. If one buyer gets tired of waiting, they’ll have possibly 3 more in line. I get that but it is not done correctly. You can have one offer you are working on and 3 back up offers but not 4 contracts on the same house. That’s utterly ridiculous.
3) Really, then WHY is it not marked pending or active contingent short sale (that’s our MLS’s new rules for short sales that have been agreed on (under contract) but are waiting on bank approval)?
Listing agents: If you want to play the multiple offer game that is fine. I realize you want your seller to go with the most likely offer to get accepted and be able to close. That’s a no-brainer. But you have to disclosure what you are doing. Like many bank owned listings, they’ll say “We will be accepting offers for 5 days before we’ll get an answer from the bank. At that point the bank will most likely ask for everyone’s ‘highest and best offer’.” My response: GREAT, here’s my buyers offer. It expires in 6 days. At least they know what they are doing. That makes sense!
Submit That Offer
Ok, now back to the seller’s bank. You should have already spoken to the bank(s) to know exactly what to send and to where. Create a nice coversheet detailing the borrowers (that’s your seller) Property Address, Name and Loan #. Include page #s like a table of contents. Include the contact for the BPO/Appraisal. Include a preliminary Hud1 (get from your title company), updated financial if out-dated, comparables and property history of the property. Send this and call the following day to verify. (Some banks say it takes up to 72 hours to receive so you may have to call back again) DO NOT STOP CALLING UNTIL YOU HAVE VERIFIED THAT THEY HAVE RECEIVED THE PACKAGE AND THAT THEY HAVE EVERYTHING THEY NEED. Most of the time if you are NICE they will look through the package while you are on the phone and let you know. Also find out who the negotiator is and when the bpo/appraisal will be ordered. Get the negotiators Full Name, #, Extension and Email address if at all possible.
Follow up
From today on, call at LEAST once a week. Some banks may have an answer within a week; others may not for 2-3 months. All banks work differently. Always ask them what their timeline is. Do not leave multiple messages in the same day. You will irritate the negotiator. They are very busy people. Most have 100-300 files on their desk. Make sure you acknowledge that and make their job easier by having everything ready for them. If they prefer email, shoot them over a quick email for an update. They appreciate the non-intrusiveness of email.
Also each week, call your seller to let them know what the bank said. Call the buyer’s agent to tell them what is going on. Tell them to call their buyers to advise. Call the title company to keep them in the loop. Communication is key. If you keep everyone in the loop your chances of a successful closing go WAY up!
Approval
Now you have an approval. Make sure the closing date will work for everyone. Send the approval over to the buyer’s agent and the title company. The buyer may need to get financing so make sure they have enough time for that. They’ll also want to have an inspection completed. Make sure to have the electricity and water turned on for that. If your seller cannot afford to have it turned on then turn it on for them! You took the listing knowing the financial situation of the seller. Don’t stop helping them out now.
You know the rest of this, now it is just like any other transaction.
Close on the property
The sellers have now SOLD their house. The buyers have now BOUGHT the house they wanted at a good price. Everyone wins.
Conclusion
Good luck out there.
Buyers, don’t be intimidated by short sales. Just make sure you have an agent working for you that understands the process. They’ll be able to inform you right away if something doesn’t add up or seem right.
Sellers, please do not make the mistake of listing your home as a short sale with just any agent. Make sure they fully understand the short sale process. This is a very important transaction in your life and not everyone is cut out to handle this for you.
We look forward to working with the other professional real estate agencies on short sales and the many buyers and sellers as well.
© Susan Milner 2008
Yours in Success,
Susan Milner
Florida Future Realty, Inc.
888-764-6665 toll free
239-542-8521 local
Tags: Cape Coral Real Estate, cape coral short sale, how to do a short sale, Short Sale
Cape Coral Real Estate and Property Owners have been facing many challenges as the number of foreclosure filings throughout the nation increase, banking woes continue, the credit crunch looms, and the economy changes daily. Many of these homeowners are trying to get a grip on what options they have to maintain, sell, or transfer ownership of their homes.
LISTEN TO OR DOWNLOAD THIS BLOG AS AN MP3
The good news is that many options exist for those who are in or are going to be in a preforeclosure situation in the next six to twelve months. Through our professional experience in speaking with customers over the past years these seem to be the five top options most homeowners are choosing to pursue. The information below is a display of options avaiable. The information should not be interpreted as legal or tax advice. The options below may not represent every potential options your lender may be offering you.
Option # 1
- Loan Modification/Loan Restructuring – This occurs when your lender changes the terms of your mortgage due to a hardship. Typical examples include going from an ARM (Adjustable Rate Mortgage) to a Fixed Rate, Principal balance reduction from the current amount to the properties current appraised value, and recently Countrywide/Bank Of America has announced they will refinancing/modify home loans down to a 34% housing debt to income ratio starting in December of 2008.
Option # 2
- Deed-in-lieu of Foreclosure – This is basically a fast foreclosure. You volunatrily transfer all ownership rights of the home to the mortgage holder by signing over the deed to relieve all the debt owed on the property. This option may have similar credit implications to a Foreclosure however you may not start accumulating 30, 60, and 90 day lates on your credit report.
Option # 3
- Bankruptcy – This is a legal process in which a homeowner legally declares their inability to pay those organizations and institutions that have extended them secured and unsecured credit. Depending on whether you file Chapter 13 or Chapter 7 you may still be responsible to sell you home. A bankruptcy attorney will be able to provide you the most accurate information.
Option # 4
- Foreclosure - This is when you stop making payments all together and the lender takes back your property through legal action in the court system.
Option # 5
- Short Sale – This occurs when you list your property for sale at its present market value, obtain an offer from a perspective buyer, and negotiate with your lender to release the lien on the property for less than what is owed to facilitate the transfer of the property to a new end user. This presents an opportunity for you to sell you home rather than just letting it go.
LISTEN TO OR DOWNLOAD THIS BLOG AS AN MP3
CONTACT US TODAY TO GET STARTED ON YOUR HOME or PROPERTY - We will send you the information and forms needed for us to start the process of assisting you with performing a Short Sale on you home, condominium, or property.
ADDITIONAL QUESTIONS FROM BUYERS OR SELLERS ? Contact me here for additional information or by calling me direct at (239) 340-1384.
Search Homes and Condos For Sale in Cape Coral FL & Fort Myers FL
Scott Slocum, REALTOR
Licensed Real Estate Broker Associate
Florida Future Realty, Inc.
2816 Del Prado Blvd South Unit 2
Cape Coral FL 33904
Direct: 239-340-1384
Scott@The-Extreme-Team.com
Search for Cape Coral & Fort Myers Homes
“Copyright © 2008 by Scott Slocum. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed without the written consent of the author.
Tags: Bankruptcy, cape coral short sale, Deed in Lieu, Foreclosure, fort myers short sale, Loan Modification, Short Sale
What to Expect when you are expecting to buy a short sale
So, you are expecting? Expecting to buy a short sale? Short sales are handled much differently from traditional sales. Here we will go over the differences to help you through the process.
The first thing to consider: Your time frame for purchase
Do you have enough time to wait for an answer? Short sales can take 30-60 days to receive an answer. We’ve heard horror stories of it taking 5-6 months in some cases as well. This could have been due to a number of factors that we cannot thoroughly cover here.
The next thing to consider: Choosing a Real Estate Agent
Have you found a real estate agent who has the knowledge to guide you through the short sale process? Ask them questions like “have you helped a buyer purchase a short sale before?” if so, ‘how did the process go?” Then ask, “Have you ever negotiated a short sale for a seller before?” and if so, “how did that process go?”
Watch for the agents’ opinion of short sales. If an agent has had a bad experience with a short sale you’ll be able to pick up on that. If they feel like they are a waste of time you’ll notice that too. Then you need to find someone who understands the process and can help you through it.
Next thing you’ll do: View the homes
Next your agent will schedule appointments to show you the short sales you are interested in. While you are viewing these properties, take note of the condition of the property. How long ago did the seller stop maintaining the property or is it still being maintained? If there are tenants living there – when does their lease expire? Are they willing to stay or do they plan to leave? Are they keeping the house or property neat? Or are they destroying it?
Ready to Submit an Offer: Make sure it is written up correctly
Your agent should of course called the listing agent to determine the status of the short sale. Does the seller plan to accept 1 offer or many? Have any offers already been submitted? If so, what was the outcome? Was there a previous bank approval? What were those terms? Does the seller plan to sign an offer and then take the property off of the market or do they intend to keep it available for sale?
Your offer will consist of the following:
Far/Bar As-Is Contract: This is an approved as-is contract. It does not require for the seller to be responsible for any repairs. It does give the buyer the right to inspect.
Short Sale Addendum: This form spells out the timeframes. You can give any number of days for the seller to obtain bank approval. You can make the offer’s effective date good from the time of acceptance by the seller or from the time of receipt of written approval from the bank. We advise the latter as to not lose money with inspections without knowing the outcome of your offer.
Approval letter if financing: This is a letter from your lender approving your financing.
Or
Proof of Funds if paying with cash: This can be a letter from your bank stating “Mrs. Buyer has adequate funds available to close on said property for $this much money” or it can be a copy of a bank statement.
Earnest Deposit: Typically at least $1,000. The seller’s lender will want proof of this so go ahead and have it ready. It shouldn’t matter who is holding the escrow but if the seller is already working with a specific local title company it is best to have it placed there.
Seller Acceptance:
Seller acceptance shouldn’t take more than a day or two in most cases. Remember though, the seller is only agreeing to sell the property if their lender agrees to a short sale. It is critical that you have a contract signed with the seller. Otherwise there is no deal.
Then you: WAIT for seller’s lender’s approval
Determine how often you’ll get updates. Do you want to know what is going on every week? Only when there is progress? Do you want to be called? Emailed? Communication is key. You and your agent should have a plan.
GREAT NEWS: Approval
Now your effective date starts. This means that your inspection period starts, your loan approval period starts. Make sure you work diligently on your financing because asking for an extension can be a real headache.
At Closing: One extra form
Most banks are now requiring the buyer to sign an affidavit of arms length transaction. This ensures that nothing funny is going on. (like you are buying mom’s house). Some banks are even doing background checks on buyers to verify this as well. Otherwise your closing will be handled like any other real estate closing.
There you have it, What to Expect When you are Expecting – To Buy a short sale.
Keep in mind that this is not a full list of what could happen but it is a generalization to help you with the process. If you are considering a short sale purchase in Lee County please contact our team for help. We have the experience to advise you when a short sale can work and how to handle the transaction – start to finish.
We look forward to your successful purchase.
Search Short Sale (and other) listings:
You can search for all of the properties available in Lee County right online from the comfort of wherever you have internet access. Our website contains a user friendly real estate search engine and is 100% free to use. Go ahead, check it out: Lee County Real Estate Compare properties, see photos, get notified of new listings that match your criteria, save your favorites, schedule showings and more!
We look forward to hearing from you!
Yours in Success,
Susan Milner
Florida Future Realty, Inc.
239-542-8521
Copyright 2008
Tags: Buy, cape coral short sale, fort myers short sale, how to buy a short sale, Short Sale, short sale help
I’m a firm believer in only addressing a problem if you have the solution.
The recent blog I wrote about Countrywide short sales sure caused a lot of comments, emails and phone calls.
Not to worry, I have a solution.
Read the full article about Countrywide Short Sales and the WHY behind this post.
Here’s what I propose the banks do to collect the most money back on these bad loans:
1) Have an intake department with a checklist of items needed in package
(timeframe: same day of receipt)
a. Reject all that are missing items – send letter of explanation
b. Forward on all complete packages to analysis team
2) Analysis Team – reviews package
(timeframe: 2 days of review)
a. Verifies hardship
b. Verifies value
c. If good – forward to closing negotiator
d. If doesn’t work – send letter of why/reject
3) Closing Negotiator – closes file
(timeframe: 2 days of review)
a. Reviews file
b. Send approval
Ok, maybe I’m in dreamland but I think this would work. Banks would send approvals within a week. Sell off bad loans within 30 days. Our real estate market would improve as the inventory is sold.
Sound simple? Remember KISS? Yep, that’s right!
I’m sure there are thousands of incomplete, bogus-offers files sitting somewhere at every bank. If they would just reject those upon receipt it would give their staff time to work on files that actually make sense.
By the way, we will still handle Countrywide short sales. Just keep in mind that they might take longer than the others – at least until Countrywide fixes up their process.
Any loss mitigators out there? I’d love to hear your comments!
Read the full article about Countrywide Short Sales and the WHY behind this post.
As always, if you are considering buying or selling in the Cape Coral and Ft. Myers area, we’d love to assist you. Buyers, search thousands of homes for sale on our website. Sellers, if you need help with a short sale let us know. We’re here to help.
Yours in Success,
Florida Future Realty, Inc.
(239) 542-8521
copyright 2008 Susan Milner | Florida Future Realty, Inc.
Disclaimer: For those of you who are not familiar with short sales; this is NOT the way banks are handling short sales. This is how I propose they handle them. Currently many negotiations are taking 30-120 days to facilitate. Following the above advice would DRAMATICALLY reduce this time!
Tags: banks, cape coral short sale, countrywide home loans, countrywide short sale, Short Sale, short sale help, short sale solution
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www.The-Extreme-Team.com works with buyers & sellers in the SW Florida area. We specialize in Lee county; Cape Coral, Fort Myers, Lehigh Acres & surrounding areas.
We have available properties from Charlotte County; Port Charlotte, Punta Gorda, Lee County; Cape Coral, Pine Island, N. Ft. Myers, Fort Myers, Lehigh Acres, Bonita Springs & Collier County; Naples, Florida.
If you have a property to sell or if you are looking to buy in ANY area, we have contacts across the US & Internationally that we can connect you with.
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Tags: cape coral, fort myers, lehigh acres, short sales