Armando Bass

I know that the big buzz word in our field has been preforclosure short sales....where you convince the home owner to list the property with you and then attempt to sell it for less than what is owed on it. My experience has been that the loss mitigation departments of the lending institution are so overwhelmed by the sheer volume of defaults and preforclosures that, they have little time to negotiate short sales and that they need time to evaluate the borrowers requests for a short sale.

What are you, or have you been doing to decrease the lenders time to respond on your short sales offers in order to complete the sale within the buyers time line (and contract time line) to move into the home. My first one took about 4 months, from the date of acceptance to actual close, this was about 5 years ago. It was a WaMu default, and the departments within WaMu had very little communications with each other , so by the time the short sale figures and the HUD were approved and the close by date had been set, I received notice that we needed to close by a certain date, that date had already passed or was fast approaching, and the buyers lenders would not be able to close that quickly. So we had to go back several times to WaMu and renegotiate a new close date, each time the payoff was different so the figures had changed and had to be renegotiated as well.

One it was all said and done, I ended up having to adjust my commission to allow the seller(borrower) not to have to come to the closing table with money out of pocket.

Please let me know some of your short sale horror stories and your remedies to make your future short sales more rewarding and profitable.

as always thanks for your input.

Armando

I got my Texas Loan Officer license in 2/2008 and got sponsored by a local Corpus Christi Tx Mortgage Broker... I did this to be able to help my buyers, as a buyers agent be more familiar with the loan process. I have never perform as a loan officer and as a real estae agent in the same transaction , even though there are disclosure available to allow that.

I recently was "let go" and became inactive because the Mortgage Broker was FHA certified and it is against FHA guidelines to be a Loan Officer and work as a Real Estate Agent if the Mortgage Broker generates FHA loans. My question is what about Texas Real Estate Brokers who are also Texas Mortgage Brokers, do they have to give up FHA certification?

I also would like to know if I could go work for a Mortgage broker that does not do FHA loans with out any interference from any other government institution saying OH NO YOU CANT DO THAT!!! I would not have spent the time and effort getting licensed as a Loan Officer in the first place.

Please let me know what experiences you have had in matters such as these

thanks