Tag Archive

Tag Archives for " negotiator "
1

Short Sale Listing Agent’s Common enemy

Who is the Short Sale Listing Agent’s common enemy? Is it the lender, the negotiator, or the market? Well…none of the above. The common enemy of the listing agent is the BPO (Broker’s Price Opinion) as requested by the short sale lender.

In order to have the BPO, it is requested either by the short sale lender or the servicer. Sad to say, the listing agent has no power over who’ll choose to prepare the BPO.

In sending the short sale package to the short sale lender, the package is placed to the loss mitigation systemand that is when a BPO is ordered. Along with this, an appraisal may also be needed as determined by the lender. The requirements along with the BPO depend on the note holder and the amount of loss there is. It can be accompanied by an appraisal, BPO only, or two BPOs.

Like Fannie Mae and Freddie Mac, they entered into a deal with a huge BPO company to do the work of their BPOs for the short sale notes that they own. With this, the servicers will not need to worry about ordering BPOs. Herewith, the short sale processis shortened, but can affect the seller and the listing agent.

Most agents want to have a BPO immediately so that price will be up when the property will be listed. This is mostly done in theory but too seldom in practice. The problem would then be if a BPO is old, the listing will stay on the market for quite some time.

As for Fannie Mae and other note owners, their short sales are now required to have a BPO and an appraisal if the loss mitigation is greater than $125,000. Some agents perform this in anticipation of getting the listing when it is an REO. But it is doubtful for a lender to give a particular agent the listing should it become an REO. There are also agents that turn ordered BPOs and are bringing considerable income, but usually this is not the case.

Other Articles to Read:

Gainesville Short Sale Cost

Why it is Important to Understand the Short Sale Process

Options To Prevent Gainesville Foreclosure when Unemployed

Fraudulent Short Sales and Passing the Hardship Test

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Gainesville Short Sale Agent and Attorney Communication

Gainesville Short Sale Agent and Attorney Communication
Short Sales sometimes carry a bad stigma when it comes to the amount of time it takes to work through the short sale process. Though short sale lenders are improving their process timelines there is still much to be said about taking 4 – 6 months to work a file and keep both the buyer and seller on pins and needles.

It is important to have an attorney as part of your short sale to assist in answering any legal questions that may arise. If legal counsel is sought I would recommend doing so in the very beginning. You will also want to ensure the attorney you speak with not only handles (processes) short sales but also has plenty of experience. There are many attorneys out there that are great and those that have not navigated short sales, do not understand how to work with the banks and look out for their bottom line. Please make sure to do your homework on the attorney you hire and find out how experienced they are.

If and when you decide to bring an attorney on board it is imperative that you communicate with your short sale agent. Lack of communication and not having both your attorney and short sale agent on the same page can be detrimental to your short sale. You very well may experience delays, file holds, and refusal from the bank to work with your short sale agent.

Even if you provided your Gainesville Real Estate Agent authorization to work with the lender, bringing an attorney in after the file is established can prevent your agent from moving the file forward. The attorney must provide authorization as well for the short sale bank to continue to communicate with your agent.

I had a client who took advice from a friend and hired an attorney midstream of the short sale. I was not informed up front prior to the attorney contacting the lender and the file went on hold. The attorney was hired for short sale approval letter advice only but it prohibited me from having any communication with the negotiator until I was able to get a written and signed letter on letterhead from the attorney stating I was authorized on the account. Unfortunately, the attorney right after being hired was to be out for 4 weeks on medical leave and the file was unable to move forward.

The negotiator needed information from a representative of the file and I was unable to help since I needed the attorney authorization and the he was no where to be found. Since he was his sole office, no partners, I was unable to have another attorney provide it on his behalf. I had the seller contact the lender directly and write a letter stating they no longer were working with the attorney and wanted to file to continue. The negotiator demanded a letter from the attorney stating so. The seller finally retained another attorney to write the letter and provide the representation in order to prevent the file from being closed and from losing the buyer.

We had a successful closing but not without some unneeded delays and additional work on behalf of many parties involved.

Other Articles to Read:

Why Don’t I Just Let the Bank Foreclose?

3 mistakes to avoid when short selling your Gainesville home

Gainesville Short Sale Cost

My Gainesville Home Need Repairs, Can I still Short Sale?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents