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Did you know that Personal Judgments can affect your Short Sale? June 7, 2013

Posted by orlandoshortsalefl in Bank of America short sale, FHA short sale, Florida Foreclosure, Foreclosure in Orlando, judgments and short sales, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, orlando realtor, Orlando Short Sale, Orlando short sale Realtor, short sale, Wells Fargo short sale.
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My husband Scott who is also a Realtor works very hard and very smart. Our specialty….Short Sales of course. 

Recently Scott has been working diligently on a Short Sale due to the Pending Foreclosure Sale date. As you know when that date is set, the clock it is a ticking. By the way Scott works diligently for all of his sellers. Well the title work came back and there are personal judgments against the seller. Can these personal Judgments prevent this Short Sale from closing? The answer is:  Yes they can.

Let me explain. A personal Judgment goes against the Seller and although it’s not attached to the Home it’s attached to the person trying to sell their home which can prevent the sale unless satisfied. So let’s talk about what types of personal judgments there are.  You can have a small claims case in which it didn’t go in your favor. You may have a criminal traffic ticket that hasn’t been paid or you were sent to collections court in the Clerk of court for that ticket. You may even have a credit card you stopped paying on years ago and just never did anything about it. These are just a few examples.

Now here is what you need to know. These types of challenges can ultimately hurt your chances of selling a home, but like any challenge there is always a solution. Here are a few steps you can take to correcting a situation like this. First off, when your listing your home in a Short Sale be up front with your Realtor/Broker, tell them about these outstanding items. Remember we are trained to handle these types of challenges. You can also pay them to get them recorded and satisfied. And if this is your personal residence you can file what’s called a “Notice of Homestead”, which then has to be sent to all creditors and there’s a 45 day response period before they are no longer active.

If we know about these Judgments upfront, we can give you the information you need to make this a Successful Short Sale.  

One more thing…. We understand it may be difficult to tell us this personal information that you may feel uncomfortable but just remember we ALL have bumps in this road we call life and in the end we ALL put our pants on the same way. One leg at a time.

Hope this helps those that are reading my Blog today.

Wendy Golding

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. At Asset One Realty, Wendy and I have this knowledge and we have the documentation to back it up. Remember foreclosure is the last resort. Contact us at our Web Site or Short Sale Answers this site has videos of the 5 most asked questions regarding a short sale and video testimonials from our clients. Email us direct at paganorealtor@gmail.com or assetonebroker@gmail.com

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Summerlin Winter Park Florida we have Cash Buyers June 14, 2012

Posted by orlandoshortsalefl in Bank of America, Bank of America short sale, Citi short sale, HAFA, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale investment property, short sale realtor, Stop foreclosure.
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WE HAVE CASH BUYERS FOR  SUMMERLIN AT WINTER PARK CONDOS

Dear Property Owner of Summerlin Condos at Winter Park:

My Name is Wendy Golding, Broker/Realtor/Owner of Asset One Realty, Inc.  My husband Scott Pagano and I work primarily with Distressed Home Sellers, these are Short sales.

As many you may be aware the housing crisis has hit Orlando Florida very hard. For some of us who have invested in the peak of the boom we are facing defaults and foreclosures.

There are options out there for you.  Right now Asset One Realty, Inc. has qualified Buyers for Summerlin at Winter Park Condos located in 32792.  These are cash buyers who are very eager to own at this location.

Scott and I have negotiated many Short sales for Investors and would like to assist you with yours.  Now is the best time we have Cash Buyers waiting for Condo’s at Summerlin at Winter Park.

Please contact us today, there are three ways to reach us: email:  assetonebroker@gmail.com

Wendy’s Cell Phone 407-470-3894 or Office Phone 407-299-1888

web: www.OrlandoFLShortSaleCenter.com

We guarantee that we will get your Short Sale approved. Visit www.orlando-shortsale.info for videos on your Short sale Questions

Sincerely,

Wendy Golding

Broker/Realtor/Owner Asset One Realty, Inc.

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. At Asset One Realty, Wendy and I have this knowledge and we have the documentation to back it up. Remember foreclosure is the last resort. View our happy clients testimonials at our web sites, Contact us at our Web Site or Short Sale Answers this site has videos of the 5 most asked questions regarding a short sale.  like us on Facebook and view our homeowner help video. Email us direct at paganorealtor@gmail.com or assetonebroker@gmail.com             Click here for your free E-Book

Equator Bank of America March 24, 2011

Posted by orlandoshortsalefl in Bank of America, Bank of America Equator, Bank of America short sale, Equator short sale, Florida Foreclosure, Foreclosure, Foreclosure in Orlando, Orlando Short Sale, short sale realtor.
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We have now completed multiple short sales with the equator system. I will have to say BofA is now my favorite bank to work with. I still can’t believe I just wrote that. I was around when we had to fax BofA 4-5 times just to get the documents imaged. Well that has all changed for the better since Equator.

This systems allows me to upload all documents from the computer direct to the bank. The tasks are assigned as soon as we initiate the short sale. The first task is 3rd party authorization which allows me to speak to the bank on your behalf.

The next section is the offer worksheet which is very similar to your HUD-1. The numbers will show BofA their net on the short sale. Make sure your agent knows how to read a HUD-1 as these numbers must be accurate the first time.

After this usually within 24-48 hours you will have another task assigned to upload the MLS sheet, Purchase contract, HUD-1, property photo and MLS number. This is all done within the first 3-5 days. WOW! This document collection in the past would have been 4-6 weeks if not longer.

Now they will order the BPO for the valuation stage of the process. This is a good time to have the homeowner upload his documents. Pay stubs, bank statements, tax returns, hardship letter and financial worksheet. For my clients I upload all of these documents into the library under the tasks bar, upload supporting documents section.

The valuation stage moves fairly quick, I have actually had the BPO ordered within 3 days from this task assigned. The value comes in within a week. Now we move to my favorite part the negotiator. Again I am still shocked because old BofA would take months to get to this stage. Good job Bank of America for using Equator.

The negotiator will counter the first offer, ALWAYS. You do NOT have to accept the counter offer, you can counter the offer which we have done successfully every time on every file. They will usually ask for a price increase from the buyer and a prom note or cash contribution from the seller. This is the part where you want an experienced agent on your side with contacts at the bank in the VP, SVP position if needed. Wendy and I have these contacts and if necessary we will reach out to them if the negotiator is being unreasonable.

So thats it, the last file we had after countering 2 times the offer was approved within 27 days. 27 days, no that is not a misprint. I will say again BofA is my favorite bank to work with since the Equator system happened.

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember Foreclosure is the last resort. Contact me at http://www.scottnwendy.com or paganorealtor@gmail.com

Bank of America Equator Short sale April 3, 2010

Posted by orlandoshortsalefl in Bank of America, Bank of America short sale, Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, Orlando pre foreclosure, Orlando Short Sale, Orlando short sales.
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Well Bank of America is finally closing out the old way of doing short sales. From what I have been told the fax machine to send the documents will no longer be available to agents or homeowners. 

The bank will only accept offers from Owners and Realtors. No more For Sale By Owners, FSBO. They want to make sure the offer is listed in MLS now. I have not had to use this system.  I have heard good and bad about it. The buyers and sellers must be told upfront what is expected from them. 

From the negotiators I have spoken to, they believe it will make the short sale process go much faster. The last negotiator I spoke with on Thursday told me 60 days start to finish. If this is the case then we are in for a treat. 

The system assigns tasks to the Realtor, the homeowner and the negotiator. All parties are only given a certain time to complete each task. One problem if you miss this deadline they close your file. Also if the buyer backs out you have to start from the beginning. Ouch!! 

I hope they come up with a way to fix those last two issues. Only time will tell if this will work. Once I have an Equator file I will post on the results from start to finish. My three files I have with Bank of America are all in the final stage of negotiation. I am sure I will have another file to start soon. 50% of my clients have had Bank of America loans. Equator here we come whether we like it or not. When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104

Short sale Bank of America March 8, 2010

Posted by orlandoshortsalefl in Bank of America short sale, Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale.
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I am sorry I have not posted in a while, I have been on hold with Bank of America. Ok well it sure seems like it sometimes. We have closed many short sales in the last few months. However one bank stands above the rest in challenges. Guess who?

Here are some of my recent Bank of America Short sale complaints. As a Orlando short sale REALTOR® I work with this bank at least 50% of the time. No easy task at all. I am not sure if you are all aware of the new system the bank has in place called Equator. This is supposed to streamline the short sales. The problem is a computer is decision maker on your property’s value and on the time it takes to complete each task. The computer will close your file if you are too slow. I have refused to use this system when I list a new short sale. So far so good, however one day I will be told this is the only way you can do a short sale.  That will be a dark day for sure.

The next problem, I had happen once before. Back in August we were scheduled to close on a Bank of America short sale. Three days before closing they sold the second lien to another loan servicer. We did close in September but not before I sent a letter to every board of directors member at the new lien holder. What a mess, you would think once in a life time. Well it happened again In February. Bank of America sold the second lien again, this time the investor sold it. This was 5 days before closing. We were able to close again because we had a good negotiator at Bank of America. I will give him, not the bank credit for this.

Does this seem like the right hand does not know what the left hand is doing? Oh yea it does. The communication within the banks department’s is terrible. They should put a system in place when a short sale is approved hands off the liens. It happened to me twice in 6 months. How many other people has this happened to? Other agents may not have known what to do and the short sale would have fallen through.

The bank is like a puzzle. More like Rubik’s cube. You never know what you will get when you turn the thing. The last complaint for now, Not only can the Equator computer close out you sale. So can short sale support computer for an insufficient offer. This happens before you are ever assigned a negotiator. No one calls to tell you this. It is a surprise when you call in for an update. The bank does not care that you have a buyer and a seller in distress. The next step is like pulling teeth. Try to find out what the offer should be. For some reason it is a secret. My advice here is call in and speak to different team members. Someone will have a heart and give you a price range. I just did this today.

OK these are my complaints for now. I will say we are closing Bank of America short sales. BUT they are no easier now than they were before. If we are ever going to get some of these sales closed quicker, the banks are going to have to step up and work with you and me.

When you hire an agent ask them to show you their Bank of America approval letters. You want to have an expert on your side. Wendy and I have this expertise and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com 1-866-647-8425 EXT 104

Bank of America Countrywide short sale November 9, 2009

Posted by orlandoshortsalefl in Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, Stop foreclosure.
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In the next few days I am going to Blog about my experience with the banks I am working with. I am hoping to give you some insight on how the different lenders short sales work from my point of view.

Some of you may have your original loan with Countrywide bank. As you know the bank has merged with Bank of America. My last few short sales have been Countrywide Short sales. I have heard complaints from other agents that the Bank of America short sale agents can not view Countrywide loans for short sales. I can not confirm this.

My negotiations with Bank of America and Countrywide have been very slow. However I have closed every short sale with these banks. This is by far the slowest company to work with. The reason is quite simple the bank is overwhelmed with short sales and understaffed.

You have to fax all documents in to BOA (Bank of America/Countrywide) This process is very slow. All the documents are sent to a central imaging area. Then they are converted into a computer file I assume a PDF. This can take any where from 5 days to 14 days. The reason again is quite simple, hundred of thousands if not millions of documents that enter into the system on a weekly basis. Then all of these uploaded into one imaging system. Talk about Major break down.

OK now comes the waiting game. This is where I call every three days and request updates and get told the documents are in setup to go into short sale. Now after a month I have a new strategy that gets the file moving again. Once I know the bank has all required documents I can reach out to my senior level supervisor.

She has been very helpful in the past on BOA file that get stuck in the broken down and overwhelmed machine called short sale. Bottom line is if you have a Bank of America or Countrywide short sale be prepared to wait. The average is now 4 to 6 months until closing. Don’t get frustrated, I have closed every short sale with Bank of America/Countrywide. I just want you to know that I have approvals from these banks. You must make sure the agent you interview for your listing has these as well. I can get the short sale completed.

Contact me today at www.scottnwendy.com or paganorealtor@gmail.com or call my toll-free 24 hour recorded info hot line at 1-866-647-8425 Extension 104. Remember foreclosure is the last resort. I can help.

The next blog is on Suntrust bank and the ins and outs of their system.

 

 

Bank of America Short Sales in Orlando August 30, 2009

Posted by orlandoshortsalefl in Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, Stop foreclosure.
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I had posted on this a few months back when the switch from Countrywide to Bank of America happened. Well the news is not all good. This bank is still the slowest one to work with. Approvals to closing are still taking 5 months. There imaging system needs to be upgraded due to tremendous volume.  The imaging system converts your fax to a PDF file for the negotiator. Which brings me to my last problem, getting a negotiator assigned.

The file I spoke about in my last post is closing on Friday. This is the one that was turned down and re-opened in the same day. I must say that getting to this point was no easy task. The setup people, these are the low level employees you will speak to every time you call in. They are programmed not to think outside of the box. This is where the system slows down to a crawl.

So how do you get past these low level people? The average agent does not have a contact at the bank. Even with my contact I still have to go with the flow of  speaking to the setup people. Once I know Bank of America has all the info they need including the appraisal/BPO, I then can email my senior negotiator and she gets the file assigned to her.

This is why you want to have an experienced short sale agent on your side. I have worked with her on multiple files and every one has closed. If you have a Bank of America loan in Orlando I can help you. The time to get all the docs in place will still be slow, however the outcome will be positive. I must say my negotiator is the only bright spot so far at BOA.

Remember foreclosure is the last resort. I can help you, even if you have a Bank of America loan. Contact me today at www.scottnwendy.com or paganorealtor@gmail.com.