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By Ryan Smith (951) 595-7490 | Agent in Temecula, CA
  • Tarbell Realtors or Tarbell, Realtors

    Posted Under: Agent2Agent in Orange County  |  May 16, 2011 9:00 AM  |  1,026 views  |  3 comments

    I don't know why this bothers me so much, but it does.  Have you noticed that some Tarbell Offices add a comma after Tarbell and before Realtors?  Does anyone know why they do this?  That is the first part that bugs me; the other is the lack of uniformity.  If one office has it, shouldn't they all?  Since it's not a franchise and privately owned, one would think they would have better quality control.

  • Orange County Short Sale: What does it mean when the bank says the file is going to the investor?

    Posted Under: Home Selling in Orange County, Foreclosure in Orange County, Property Q&A in Orange County  |  March 28, 2011 10:29 PM  |  1,150 views  |  No comments

    Orange County, CA – I recently received a question from a home owner in Orange County

    " When the bank says the file should be going to an investor soon what does that mean?"

    Here is my answer.
     It means that whoever ultimately owns the loan will make the decision. For example, you might be negotiating the short sale with Wells Fargo, however, Wells Fargo may not own the loan. (Around 80% of all the loans they service are owned by someone else.) Wells Fargo will take all of the short sale documentation and send it to the actual loan owner.

    (The actual loan owner could be anyone from Fannie Mae, Freddie Mac, Goldman Sachs, a Pension Fund, or another Wall Street Entity.)

    That loan owner will review the short sale file themselves. Then, they will either approve the short sale or deny it. If they deny it, they will usually let you know why.

    Then you can find out the reason they denied the short sale and re-apply. Often they want more money for the house, a missing document, or some other item.

    It is a popular misconception that banks own all the loans they handle. Little do most people know that most loans have been sold to a third party.

    Many experts agree that this was actually a good thing because it spread the losses across a lot of different people in the economy.

    If all the losses had been with 3-4 large banks, then those banks would have experienced crippling losses. 

    I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ryansmithteam@gmail.com. I will contact you for a free consultation.

    When we talk, I will explain how the process works in detail and answer any questions you may have. 

    Thanks for reading this, Ryan Smith.

  • Strong Arm Tactic to make your lender APPROVE your Short Sale

    Posted Under: Home Selling in Orange County, Foreclosure in Orange County, Property Q&A in Orange County  |  March 23, 2011 10:51 PM  |  1,023 views  |  No comments

    Orange County Short Sales – Here is a technique you can use to “strong arm”  your lender on your short sale. The number one reason people short sale is to salvage their credit.

    After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.

    How would you feel if you worked hard on a short sale only to watch it fall apart because your lender dragged their feet?

    Later on the property sells for even less money than the short sale offer you had. I have said in earlier posts that, in my opinion, you could sue the lender for the damage caused to your credit by the foreclosure.

    After all, the only reason the short sale wasn’t successful was because they dragged their feet.Here is the technique you can use to strong arm your lender to accept the short sale.

    Use your rights as a homeowner to get more information about the Broker Price Opinion (BPO). The BPO will be a short version of an appraisal.  An inaccurate BPO is the number one reason short sales fail.

    Getting your hands on a copy of the BPO will help your agent contest an inaccurate BPO. And it would be a big help in any future lawsuit. Here is the step by step strategy:

    1. Request a complete itemized payoff from the beneficiary. In addition, request a copy from the lender themselves. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.

    2. Review the payoff to see where the BPO is itemized. If a BPO has been ordered, it will most likely be itemized on there. If not, it may be included in some other payoff cost. Get confirmation of that in writing from the lender.

    3. Since the BPO is added onto the amount owed by the homeowner, they have a right to a copy under the Equal Credit Opportunity Act. Fax the lender’s legal department a request for a copy of the BPO.

    Send a copy of the payoff and circle the spot where you think the BPO payment is. Request a copy  under the Equal Credit Opportunity Act. In addition, also mail the lender’s legal department the same request.

    If the lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at www.ots.treas.gov;, the FDIC at www.FDIC.gov, and the Comptroller of the Currency at www.helpwithmybank.gov;.

    Indicate on your correspondence with the lender that if they do not comply, then you will be filing complaints with those agencies.

    Thinking about a short sale?

    I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ryan@yourrealtorryan.com . I will contact you for a free consultation.

    Thanks for reading this, Ryan Smith.

  • Rolling out the Red Carpet for my clients.....

    Posted Under: Market Conditions in Riverside County, Home Buying in Riverside County, Home Selling in Riverside County  |  November 8, 2010 7:58 AM  |  536 views  |  1 comment
    Does your Realtor roll out the Red Carpet for you?  When thinking of buying or selling real estate in Orange, Riverside or San Diego Counties, contact Ryan Smith.  I will hold your hand through the entire process, negotiate the best deal possible and roll out the Red Carpet.  You deserve to work with an agent that raises the bar.  

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