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Asked by Helene Moore, Henderson, NV Fri Apr 18, 2008

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Answers

3
Paula Bean, , Orlando, FL
Sat Apr 19, 2008
BEST ANSWER
Hi Helene,
Nevada is #1 for foreclosures and SSales, CA #2 and fortunately for me, FL is #3, so I know what you are going through.

I was going nuts not hearing about offers, pkgs, (took me 5 faxes just to get them that far). Most of the problems are the overwhelming numbers of these properties, then - depending on the lender, their experience level and the # of people they have to handle the sheer volume. I too, had an offer on a property that was turned down and later foreclosed on for much less. What I've started doing is sending in stats and BPO's with my offers so they will understand the value. If you have a lender in CA, and the property is in another State, they don't know the value.

They might get a BPO from an inexperienced agent as well.

I had decided at one point either not to do them anymore because they are so time consuming and frustration, THEN I happened upon an atty's office who has a division that takes care of all the processing, phone calls, etc. WOW! Now all I do is list it, get an offer and they do everything else. ahhhhh! For some reason, lenders respond more timely to an attorney ;-)

See if you can find one in your area and you will breath a deep sigh of relief. Actually, the one I deal with could do the same thing for you, all you would need is the listing and a good cma. And the good news is they know how to use email ;-)

If you are interested in this, let me know and I'll walk you through how this works. YOU retain control of the property and you still get paid, you just don't have to pull your hair out or invest in Clairol to keep from going gray!

Paula Bean
3 votes
Leanne Smith, , 95247
Sat Apr 19, 2008
HI Helene, ok first make sure you put the loan# of your seller on every single document you send in, papers always seem to come up missing on short sale packages to lenders. I would wait about 7 days after your initial fax and start calling, call every other day or so until your property is assigned to a loss mitigation person. when you are assigned to someone, and you can't get through to them, or their message box is full, fax them over notes, besure to have sellers loan # etc. on fax, email is great if they give you their email address! I do not yet have that magic trick to get them to respond quicker, besides being sure they get all my documents. I think that all the people working in the foreclosure industry right now are just 100% overwhelmed, remember 700K to 2mil properties will be forclosed on this year!
good luck
Leanne
2 votes
Loretta Buck…, Agent, Palm Harbor, FL
Sat Apr 19, 2008
I've heard that some of the banks are having BPO's farmed out to other countries as well, so ot is definitely a plus to send in a BPO with any offer. I'd like to hear more about attorneys who do all of that, since half of my listings now are short sales...
0 votes
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