Adapting to the current market place

(Quote) Enjoying success requires the ability to adapt. Only by being open to change will you have a true opportunity to get the most from your talent. "Nolan Ryan"

We are entering a very exciting time in the short sale market. While it is a very stressful and trying time for the homeowner, we as REALTORS have a great opportunity to be of service. The lenders are in line to close short sale transactions with a great system in place to ensure a smoother process. We are seeing alot of homeowners reaching out for help. They are desperately looking for guidance. For someone to show them what to do. As professionals, we have the honor of being that light in the dark for them. It is a different market. With the amount of adversity out there it has been my experience that I have had to change the way I look at my job and the people I work with.

I remember my first introduction to a short sale listing appointment years ago. I was with my mentor at the time This was a past client of his. I was to listen and learn only. The homeowner had 3 properties she bought from him awhile back and all 3 were under water. He had his contracts ready and was pushing for her to sign them . In a traditional market that would have worked with this client however; she was in tears and she was extremely emotional about being in the position she was in. She had shame attached to not making her mortgage payments and felt overwhelmed. What I heard in her voice was she needed someone to listen. She wanted to know all of her options instead of being told she needed to sign the contract. He did not get those listings after that appointment.

The inability to adapt to the current market place was the reason those listings were lost. The ability to be versatile, to deal with a wide variety of people who are suffering; to arm yourself with the proper knowledge and to be well versed in short sales so you can give that desperately needed guidance to your clients; will set you apart and give your clients a good feeling about the choice they made to list with you. There is no greater feeling than being of service. It is the fastest way to heal yourself and others. That is the level of compassion needed in this market place.

On another note; there are some changes with HAFA and lender requirements I would like to share with you.:

HAFA ( Home Affordable Foreclosure Alternatives ( Bank of America)

Time Line:
The HAFA short sale or deed in Lieu of Foreclosure may be initiated up to December 31, 2013 however; the transaction must have a closing date on or before September 30, 2014.

Subordinate Lien Increase:
The aggregate cap of $6000 was increased to $8500 to satisfy second lien holders.

Occupancy Requirements:
Occupancy requirements have been removed for HAFA eligibility.

HAFA Relocation Incentive:
The $3000 relocation assistance money will be paid only to a primary resident. Homeowners may use this money to pay transaction costs. It must be reflected on the HUD and a letter from the homeowner signed and dated must be sent to the short sale lender. The HAFA money CAN NOT be used to pay second liens.

AURORA BANK

Aurora will no longer be servicing loans. They are re directing their loans to Nation Star. There may be one other lender Aurora will be sending loans to however; they have not disclosed that yet. If you currently have a short sale with Aurora you will need to ask your client if a letter was received in the mail stating their loan was sold off. You may have to start over. The good news is Nation Star uses the Equator system which will make the process go alot smoother. If you have had experience with Aurora then you know how difficult and frustrating they are.

If you have any questions in regards to these changes please feel free to contact me and I would be happy to help. I wish all of you the best of luck and Lotus Realty Group thanks you for your continued business.

Call us today and let us show you a system that works to help you expand your business and effectively and efficiently close short sale transactions.

LOTUS REALTY GROUP
PROFESSIONAL SHORT SALE NEGOTIATORS

At Lotus Realty GROUP, helping people ethically succeed is at the forefront of who we are...