Tim And Julie Harris

Hi,
Great answers!
You guys rock.
We just updated our REO coaching program. Offering a free
book and e-course on REOs. Here is the link:
http://www.AgentREOSecrets.com

Also, if you can check out our blog. I am posting at least once per day
about the quickly changing Short Sale FHA laws (new guide lines just released
and are on the blog).
http://www.timandjulieharris.com - Sun Jun 29 2008, 00:46

Don, great answer...thanks.
Well written and thought out. - Fri May 16 2008, 22:11

Thanks for the responses so far...please include you contact info in the post as you want it to appear. - Thu May 15 2008, 18:42

HI,
WAMU and all the others are swamped with SS files...to get yours processed quickly..
1) turn in a complete package.
2) send them a REO vs SS spreadsheet.
3) Control the BPO.
4) Email always vs calling.
5) Dont be afraid to go over the negotiators head.
6) Call in the evenings (if you are going to call) and on Sat am. Yes, they are there.
7) Pricing..last sold comp-10 to 15%. They want 82% of the BPO.
Hope this helps...
www.AgentShortSaleSecrets.com - Thu May 15 2008, 16:15

WARNNG...potentially Self Serving Answer..
www.HarrisRealEstateUniversity.com
www.TimandJulieHarris.com
www.AgentShortSaleSecrets.com - Thu May 15 2008, 16:09

Hi,
Call me or email me directly and I will do whatever I can to help you. coachtimharris@gmail.com
Here are a few of the things that most agents mess up when doing short sales:
1) Over pricing. General rule..last sold comp - 10%
2) Not submitting the paperwork correctly (called 'the package').
3) Not understanding how the banks work....for example. They will take a short offer that nets them 82% but, less in a market that is declining. In Cali they will take offers that are 15% less that the last sold comp.
4) Not controlling the Brokers price opinion. The brokers price opinion is the banks eyes and ears. You need to understand that most brokers price opinion's are done by agents who spend little to no time on them...and...believe it or not...brokers price opinions are now being done overseas...in India. They are using free online sites to pull info on comps...and everyone knows how reliable that info is.
5) Loss Mitigators are paid on the number of shorts they close per month...they have min number of shorts they have to close every month. Here is a fun fact...the closer to the BPO they get...the more they are paid.
6) ALWAYS get their emails. They will try to avoid telling you. Every bank has the same email pattern...
leanne_smith@countrwide.com for example. Emailing gets far faster response.
7) Send over a net sheet with the package that shows the net to them accepting the short vs if if goes into foreclosure. Recently national stat...,lenders are only netting 50% of the original mtg balance when propertes are sold via reo.
8) Not every upside down seller has to or should go short. You can work a short payoff where they will pay all or part of the negative equity back after closing. No negative stuff on their credit.

Hopefully this helps.
Tim - Thu Apr 24 2008, 21:02

Shortsales. Learn the business. Millions of homeowners who need services of agents who know how to do
short sales. Yet, most agents don't or won't learn the process.
Check this out...free short sale e-course. - Thu Apr 24 2008, 13:42