[SD Realtor]

Adebesi would you care to make a friendly wager on who has a better solds to cancelled/expired/withdrawn ratio in 2009?

I will even let you pick any realtor who posts here.

Lets see you put your money where your mouth is.

Also do you want to post how many solds Battiata has verses how many cancelled, expireds and withdrawns he has in 2009?

Or if you like, I can post those numbers.

I guess if you think a 40% ratio is good, then so be it.

[SD Realtor]

Adebesi would you care to make a friendly wager on who has a better solds to cancelled/expired/withdrawn ratio in 2009?

I will even let you pick any realtor who posts here.

Lets see you put your money where your mouth is.

Also do you want to post how many solds Battiata has verses how many cancelled, expireds and withdrawns he has in 2009?

Or if you like, I can post those numbers.

I guess if you think a 40% ratio is good, then so be it.

[SD Realtor]

Adebesi would you care to make a friendly wager on who has a better solds to cancelled/expired/withdrawn ratio in 2009?

I will even let you pick any realtor who posts here.

Lets see you put your money where your mouth is.

Also do you want to post how many solds Battiata has verses how many cancelled, expireds and withdrawns he has in 2009?

Or if you like, I can post those numbers.

I guess if you think a 40% ratio is good, then so be it.

[SD Realtor]

Adebesi would you care to make a friendly wager on who has a better solds to cancelled/expired/withdrawn ratio in 2009?

I will even let you pick any realtor who posts here.

Lets see you put your money where your mouth is.

Also do you want to post how many solds Battiata has verses how many cancelled, expireds and withdrawns he has in 2009?

Or if you like, I can post those numbers.

I guess if you think a 40% ratio is good, then so be it.

[SD Realtor]

sdr nailed it. The release is crucial and it is basically one of the final steps. You want a full lien release. Different lenders react in different ways. Like I said in another thread USAA was not gonna play. I found Wells Fargo to be okay at least in my dealings with them and they issued full lien releases. In other cases I have seen other lenders not issue a full release and basically convert the unpaid balance into an unsecured loan.

Again this is usually towards the end. Get to that point first and then if they do not issue the full lien release work with them to get it.

[SD Realtor]

sdr nailed it. The release is crucial and it is basically one of the final steps. You want a full lien release. Different lenders react in different ways. Like I said in another thread USAA was not gonna play. I found Wells Fargo to be okay at least in my dealings with them and they issued full lien releases. In other cases I have seen other lenders not issue a full release and basically convert the unpaid balance into an unsecured loan.

Again this is usually towards the end. Get to that point first and then if they do not issue the full lien release work with them to get it.

[SD Realtor]

sdr nailed it. The release is crucial and it is basically one of the final steps. You want a full lien release. Different lenders react in different ways. Like I said in another thread USAA was not gonna play. I found Wells Fargo to be okay at least in my dealings with them and they issued full lien releases. In other cases I have seen other lenders not issue a full release and basically convert the unpaid balance into an unsecured loan.

Again this is usually towards the end. Get to that point first and then if they do not issue the full lien release work with them to get it.

[SD Realtor]

sdr nailed it. The release is crucial and it is basically one of the final steps. You want a full lien release. Different lenders react in different ways. Like I said in another thread USAA was not gonna play. I found Wells Fargo to be okay at least in my dealings with them and they issued full lien releases. In other cases I have seen other lenders not issue a full release and basically convert the unpaid balance into an unsecured loan.

Again this is usually towards the end. Get to that point first and then if they do not issue the full lien release work with them to get it.

[SD Realtor]

sdr nailed it. The release is crucial and it is basically one of the final steps. You want a full lien release. Different lenders react in different ways. Like I said in another thread USAA was not gonna play. I found Wells Fargo to be okay at least in my dealings with them and they issued full lien releases. In other cases I have seen other lenders not issue a full release and basically convert the unpaid balance into an unsecured loan.

Again this is usually towards the end. Get to that point first and then if they do not issue the full lien release work with them to get it.

[SD Realtor]

You can call the lender. Think of it like this. Anyone that the realtor talks to, you talk to. Also one thing that I did was every time I made a call to the lender I logged it, got the employees name and number and would send it to my clients. I did this more for my own protection then anything. There were times where I sent faxes into the lender 4 and 5 times before they somehow, “found” what I was trying to send them.

Your realtor should have passed on to you a list of items that the short sale lender has demanded. I would hope that this entire package accompanied the offer that was sent in.

As you are very early in the process, what you should be assigned a negotiator HOWEVER a negotiator probably will not be assigned until that package is complete. Now there is NOTHING from stopping you from calling your lender or servicing organization and checking on how things are going. Did they receive the ENTIRE package, when was the last time your realtor called them, has it been assigned a negotiator, if not when… etc…

Empower yourself.

[SD Realtor]

You can call the lender. Think of it like this. Anyone that the realtor talks to, you talk to. Also one thing that I did was every time I made a call to the lender I logged it, got the employees name and number and would send it to my clients. I did this more for my own protection then anything. There were times where I sent faxes into the lender 4 and 5 times before they somehow, “found” what I was trying to send them.

Your realtor should have passed on to you a list of items that the short sale lender has demanded. I would hope that this entire package accompanied the offer that was sent in.

As you are very early in the process, what you should be assigned a negotiator HOWEVER a negotiator probably will not be assigned until that package is complete. Now there is NOTHING from stopping you from calling your lender or servicing organization and checking on how things are going. Did they receive the ENTIRE package, when was the last time your realtor called them, has it been assigned a negotiator, if not when… etc…

Empower yourself.

[SD Realtor]

You can call the lender. Think of it like this. Anyone that the realtor talks to, you talk to. Also one thing that I did was every time I made a call to the lender I logged it, got the employees name and number and would send it to my clients. I did this more for my own protection then anything. There were times where I sent faxes into the lender 4 and 5 times before they somehow, “found” what I was trying to send them.

Your realtor should have passed on to you a list of items that the short sale lender has demanded. I would hope that this entire package accompanied the offer that was sent in.

As you are very early in the process, what you should be assigned a negotiator HOWEVER a negotiator probably will not be assigned until that package is complete. Now there is NOTHING from stopping you from calling your lender or servicing organization and checking on how things are going. Did they receive the ENTIRE package, when was the last time your realtor called them, has it been assigned a negotiator, if not when… etc…

Empower yourself.

[SD Realtor]

You can call the lender. Think of it like this. Anyone that the realtor talks to, you talk to. Also one thing that I did was every time I made a call to the lender I logged it, got the employees name and number and would send it to my clients. I did this more for my own protection then anything. There were times where I sent faxes into the lender 4 and 5 times before they somehow, “found” what I was trying to send them.

Your realtor should have passed on to you a list of items that the short sale lender has demanded. I would hope that this entire package accompanied the offer that was sent in.

As you are very early in the process, what you should be assigned a negotiator HOWEVER a negotiator probably will not be assigned until that package is complete. Now there is NOTHING from stopping you from calling your lender or servicing organization and checking on how things are going. Did they receive the ENTIRE package, when was the last time your realtor called them, has it been assigned a negotiator, if not when… etc…

Empower yourself.

[SD Realtor]

You can call the lender. Think of it like this. Anyone that the realtor talks to, you talk to. Also one thing that I did was every time I made a call to the lender I logged it, got the employees name and number and would send it to my clients. I did this more for my own protection then anything. There were times where I sent faxes into the lender 4 and 5 times before they somehow, “found” what I was trying to send them.

Your realtor should have passed on to you a list of items that the short sale lender has demanded. I would hope that this entire package accompanied the offer that was sent in.

As you are very early in the process, what you should be assigned a negotiator HOWEVER a negotiator probably will not be assigned until that package is complete. Now there is NOTHING from stopping you from calling your lender or servicing organization and checking on how things are going. Did they receive the ENTIRE package, when was the last time your realtor called them, has it been assigned a negotiator, if not when… etc…

Empower yourself.

[SD Realtor]

I think you are doing the right thing. To move forward, my opinion would be to rent for awhile, work on rebuilding your credit, and save as much cash as possible. Live within your means.

Unfortunately you are listing with an agent who has about a 40% success rate. This is not my speculation, this is simply what the numbers show when you add up his solds verses his cancelleds, expireds and withdrawns for the past year.

It is your job to be proactive. You should be contacting him at least once a week to check the status. You should get involved with the transaction, find out who the negotiator is, check and see if your listing agent is doing everything and delivering all the documentation the negotiator requires. Normally I would not advise a seller to get involved like this. If you had a listing agent with a better track record for completed sales then I would not be worried.

The questions you posed about whether the lender will accept your offer is something that you should be calling the lender to check on. The lender will analyze the numbers and the paperwork you provided and check out what the BPO and appraisal come in at. Chances are they will accept the sale especially if you show them INCREASING credit card debt. Homeowners CAN increase probability of acceptance by SHOWING the short sale lender financial problems. You need to convince them or at least your realtor needs to. I would be proactive if I were you.

Also pose as a buyers agent and call Battiatas office to find out how easy it is for perspective buyers agents to get information about your home.

As for how easy will it be for you to buy a home in the future? That is speculative but you are not alone. Cleaning up your credit will be priority one but I believe if you clean it up, stay clean, start building up a cash pile you will be okay in a few years.

[Author]

Posts