Thursday, August 23, 2012
Hottest topics in Real Estate today with George Chamberlin on KOGO
Please join Lotus Realty Group and" SPECIAL GUEST" number one Real Estate Attorney in San Diego "David Bright" on 95.7 FM and AM 600" MONEY MATTERS" with George Chamberlin Sunday August 26, 2012 at 10:30am.
George and David will be discussing the market, legal issues with short sales today and the new FANNIE MAE AND FREDDIE MAC improvements to allow homeowners to short sale their property in a more effective and efficient manner. Tune in and get the latest updated information in real estate today from the top professionals in the industry.
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.
Monday, August 13, 2012
Cultural Shift by Cari Drolet, Founder of Lotus Realty Group
http://www.visionmagazine.com/archives/1206/1206_viewpoint_worms_waking.html
Sleep my little baby-oh
Sleep until you waken
When you wake you'll see the world
If I'm not mistaken...
Kiss a lover
Dance a measure,
Find your name
And buried treasure...
Face your life
Its pain,
Its pleasure,
Leave no path untaken.”
― Neil Gaiman, The Graveyard Book
Sleep my little baby-oh
Sleep until you waken
When you wake you'll see the world
If I'm not mistaken...
Kiss a lover
Dance a measure,
Find your name
And buried treasure...
Face your life
Its pain,
Its pleasure,
Leave no path untaken.”
― Neil Gaiman, The Graveyard Book
Tuesday, August 7, 2012
Fannie Mae and Freddie Mac Updated Short Sale Guidelines
(Quote) Education is the most powerful weapon you can use to change the world.
"Nelson Mandela "
There have been several changes over the last 6 months with short sale guidelines. It has always been important for me to make sure you are all up to speed with the most current information so you will be able to ask the right questions and set proper expectations with your buyers and sellers. Staying on top of these changes will only allow you to better explain to your potential clients what to expect moving forward. In addition to being well versed in short sales and charming your clients with your knowledge; you will bring some much needed peace of mind back into their lives. It is no secret that losing your home is no picnic and this is a very stressful time for them. Be your clients glimmer of hope for a knew beginning, a new chapter. One homeowner at a time, we can make a difference.
Below are the most recent changes with the government backed loans and Bank Of Americas Cooperative short sale program:
Loans owned by Fannie Mae and Freddie Mac will take longer than a regular short sale. The investor has to sign off on the value and their review process takes 45-60 days to complete. In addition; Fannie Mae and Freddie Mac first liens will only give 10% up to $6000 to second lien holders and no other parties can contribute to the second lien payoff.
A great way to be able to set expectations with your clients is to ask them if their loan is owned by Fannie or Freddie. ( See seller interview questions) If they are not sure they can go to the government sites and get that information by entering the property address.
EXTRA TIP OF THE DAY
Bank of Americas Cooperative short sale program that offers incentives for homeowners to short sale their property has stated ; if the second lien has Mortgage Insurance, the homeowner will NOT qualify.
For more information please contact Cari Drolet, Lotus Realty Group at 858-764-7300 or by email cari@lotusrealtygroup.com
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...
Monday, July 30, 2012
Is The Worst Over?
(Quote) Hope doesn't come from calculating whether the good news is winning out over the bad. It's simply a choice to take action.
Anna Lappe
There have been alot of opinions going around about our market and if the worst is over. There are signs that the market may be stabilizing however; I feel that we need to keep our eye on the local market and weigh it against what is happening nationally. Often times the two do not align because of our relatively robust market compared to many areas of the nation that are having much deeper problems.
Keep in mind that this is an election year. Historically, those in politics that are trying to get elected, or get their candidates elected, are doing whatever they can to make people feel that they are better off than they actually are. Therefore, I expect we will see an even stronger push to help people keep their homes or short sale them.
I believe we will experience increased foreclosures, which is inevitable as some people have abandoned their former homes, or have no desire to go through a short sale. There is already a large inventory that falls in this category ( Ghost Inventory).
It is in the investors best interest to do whatever they can that causes the inventories to stay low. So the longer they keep the ghost inventories in the closet the better their chances of diminishing deep losses.
It is always a good thing to remain hopeful. I have so much hope in so many areas of my life that often times I get disappointed when I feel that my hopes and aspirations are not happening as they should or returning to me fast enough. I can only form the best opinions and judgment's based on the information that I have right now to be able to move forward in a positive way and from where I a m standing I can see that we still have alot of global issues to work out. We still have a large unemployment factor and as long as this is a part of our economy we will still see a large number of homeowners unable to pay their mortgage and forced to either short sale or foreclose.
Yes, I believe that the government is doing what they can to implement programs for homeowners to stay in their property however; experience has taught me that nothing happens exactly according to plan and there is always a wrench thrown in the mix. For example; when SB-458 was passed stating that there will be no deficiency judgment once the short sale is complete; they extended that to second lien holders. What did that do? It actually further irritated the second liens and made it more difficult to negotiate the payoffs as alot of times they want to increase the amount since they are unable to pursue the homeowner for more money once they short sale is complete. Some things in life are bitter sweet I suppose. Light and dark. You cannot have one without the other to some degree.
For me, I choose to keep working out my systems. Making sure that I have a strong team in place to prepare for anything that comes my way in this market as nothing is certain and everything changes.
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...
Anna Lappe
Keep in mind that this is an election year. Historically, those in politics that are trying to get elected, or get their candidates elected, are doing whatever they can to make people feel that they are better off than they actually are. Therefore, I expect we will see an even stronger push to help people keep their homes or short sale them.
I believe we will experience increased foreclosures, which is inevitable as some people have abandoned their former homes, or have no desire to go through a short sale. There is already a large inventory that falls in this category ( Ghost Inventory).
It is in the investors best interest to do whatever they can that causes the inventories to stay low. So the longer they keep the ghost inventories in the closet the better their chances of diminishing deep losses.
It is always a good thing to remain hopeful. I have so much hope in so many areas of my life that often times I get disappointed when I feel that my hopes and aspirations are not happening as they should or returning to me fast enough. I can only form the best opinions and judgment's based on the information that I have right now to be able to move forward in a positive way and from where I a m standing I can see that we still have alot of global issues to work out. We still have a large unemployment factor and as long as this is a part of our economy we will still see a large number of homeowners unable to pay their mortgage and forced to either short sale or foreclose.
Yes, I believe that the government is doing what they can to implement programs for homeowners to stay in their property however; experience has taught me that nothing happens exactly according to plan and there is always a wrench thrown in the mix. For example; when SB-458 was passed stating that there will be no deficiency judgment once the short sale is complete; they extended that to second lien holders. What did that do? It actually further irritated the second liens and made it more difficult to negotiate the payoffs as alot of times they want to increase the amount since they are unable to pursue the homeowner for more money once they short sale is complete. Some things in life are bitter sweet I suppose. Light and dark. You cannot have one without the other to some degree.
For me, I choose to keep working out my systems. Making sure that I have a strong team in place to prepare for anything that comes my way in this market as nothing is certain and everything changes.
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...
Thursday, July 12, 2012
My Home Improvement Page sponsored by KOGO 95.7AM/FM RADIO
http://northsd.myhomeimprovement.com/pro/san-diego-short-sale
Don't forget to tune in to Money Matters radio with George Chamberlin every Sunday as George Chamberlin and Cari Drolet, Founder and CEO of Lotus Realty Group talk about "The truth in Short Sales" between the hours of 10am and 1pm.
(Quote) You have to start with the truth. The truth is the only way that we can get anywhere. Because any decision-making that is based upon lies or ignorance can't lead to a good conclusion. Julian Assange
Don't forget to tune in to Money Matters radio with George Chamberlin every Sunday as George Chamberlin and Cari Drolet, Founder and CEO of Lotus Realty Group talk about "The truth in Short Sales" between the hours of 10am and 1pm.
(Quote) You have to start with the truth. The truth is the only way that we can get anywhere. Because any decision-making that is based upon lies or ignorance can't lead to a good conclusion. Julian Assange
Wednesday, July 11, 2012
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...
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...
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