Buyers and buyer's agents sometimes ask to see the demand/release/approval letters but I am not convinced they should be allowed to.
Approval letters belong to the sellers, they are addressed to the sellers, mailed to the sellers, and contain the very private consequences of the short sale to the seller.
On the occasion when a lender is buyer specific, like Wells or BoA, the buyer's name will appear on the letter just so they deal CANNOT close with a different buyer.. A short sale has no bearing on the buyer whatsoever.
The title/settlement company must have a copy of the demand letter, of course, that is how they know they are allowed to release the lien.. and I can see why the buyer's lender would want to see the letter as a closing condition, but the buyers and buyer's agents? I don't think so....
What are your thoughts?
oday of my favorite buyer’s agent asked me the above question… “But why so many obstacles?”
For the most part, I have been very lucky with the buyer agents who I have worked with in my short sales listings. We though it out and make things happen; we work together, towards the goal: CLOSING!
But that is only a part of the success. Working with the lenders is a huge challenge - in every way… from lost documents, to banks who do not allow for emails, to loss mitigators who have not cleared out their voicemail boxes in two months, MI companies who are ruthless, 2nd mortgages who are insured,
A closed short sale is a phenomenon to be celebrated!
Living and breathing short sales 24 hours a day, 7 days a week for as long as I can remember now, I could write for hours to answer her question.
But I wanted to keep it short (for her sake) so here are 4 main points
1. Banks DO NOT CARE. The incentive of $1000 or $1500 to approve a workout is too small to make them do anything but make them laugh. It doesn’t actually speed up the process and they get bailed out regardless of what they do.
2. The Government that bails out the banks has ABSOLUTELY NO POWER OR INFLUENCE on the way the banks process short sales or mods and can’t actually make the banks do anything.
3. Bank staff is overwhelmed, undertrained and underpaid – they also DO NOT CARE. They get paid, the same, regardless of what they do. There is no “end” client and no one knows who to complaint to. The bad employees are shield from “bad reviews” unlike other businesses. The ones that do get paid a bonus, the bonus isn’t big enough to make a real difference.
4. The investors who own these loans are “penny smart and dollar stupid” and make ridiculously retarded decisions.
So, this mess is left for people like you (Yes, you, who are reading this!) to deal with and figure out the best that we can, without having any chance to change the VERY broken system.
Even though we are the ones working on the issues everyday and actually have solutions….
I would love to hear your opinion and experiences.
I have worked 7 days a week for the past 10 months and I cannot wait to be on VACATION!
I don't think I have ever needed a vacation as much as I do now.
Working short sales have been one of the most gratifying jobs I have had in the real estate field but it has left me exhausted.
Dealing with the banks/lender/investors can make anyone lose their minds. Hold times of more than one hour (GMAC!!!!) and loss mitigators who have not checked voice mail messages or email boxed for weeks will not be on my mind for the next ten days.
My incredible hubby and I are flying to Las Vegas, spending a few nights and then renting a car. We will be driving all Utah and then to Reno and then back to Las Vegas...
I would love to hear about places we "must see" while driving through Nevada and Utah.
I have worked 7 days a week for the past 10 months and I cannot wait to be on VACATION!
I don't think I have ever needed a vacation as much as I do now.
Working short sales have been one of the most gratifying jobs I have had in the real estate field but it has left me exhausted.
Dealing with the banks/lender/investors can make anyone lose their minds. hold times of more than one hour (GMAC!!!!) and loss mitigators who have not checked voice mail messages or email boxed for weeks will not be on my mind for the next ten days.
My incredible hubby and I are flying to Las Vegas, spending a few nights and then renting a car. We will be driving all Utah and then to Reno and then back to Las Vegas...
I would love to hear about places we "must see" while driving through Nevada and Utah.
The Feds shut down Florida Based Bank United yesterday (05/21/2009).
Bank United is the 34th bank so far to to under THIS YEAR alone.. this closure is going to cost the FDIC 4.9 Billion dollars. This figure is second only to IndiMac's take over that cost FDIC over 10 Billion.
You can read more datails here: BankUnited Seized By Regulators
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I am a Licensed Real Estate BROKER - REALTOR® who specializes in listing non-distressed and distressed single family homes, townhomes and condo in South Florida.
I am the BROKER - Owner - REALTOR® for Green Realty Properties and I am listing specialist. Being a REALTOR® to me is not just a career, it is my life! I truly love what I do, I think you need to in order to work 14 hour days and enjoy every minute of it! Being a REALTOR® is about helping people figure out how to navigate through a major transaction that is likely foreign to them. It is about guiding, teaching, sharing knowledge but most of all it is about compassion and understanding. In tough times like these, my sincere need to help others has granted me the ability to stay in a business that I adore wholeheartedly.
If you are reading this and you live or are relocating to my gorgeous part of the world - South Florida, (Miami- Fort Lauderdale, Aventura, Davie, Cooper City, Coral Springs, Plantation, Sunrise, Pembroke Pines, Hollywood, Southwest Ranches, Weston and the Palm Beaches), I look forward to your call so I can assist you with your Real Estate and Financial needs. And I can also assist you in Portuguese and Spanish especially since being fluent in different languages is an asset in a multicultural area like South Florida.
As a Seller in this complex market, hiring a Broker-REALTOR® who specializes in listing homes, is probably the single most effective step you can take in order to get your home sold. As an experienced Licensed Broker Associate Realtor, I can price your home appropriately based on recent closings, current listings, inventory levels and any particular conditions of your home and neighborhood. With 87% of buyers starting their search for a home on the internet, my sellers enjoy the exposure their homes receive with my intense internet marketing in over 20 sites. I will provide the marketing necessary to expose your home to as many buyers as possible. The peace of mind that I bring to my sellers is second to none, from listing to closing they know that myself and my team will handle every detail with excellence.
Buyers can get all the benefits, knowledge and experience of working with a REALTOR® at no cost.... Green Realty Properties has a team of experienced Buyer's agent who will bring enormous value and knowledge to the transaction. REALTORS who will tirelessly search to find your dream home and who have great negotiating skills that will benefit you in the contract phase.
There is also a chance that you are reading this from your beautiful part of the world and you are just looking for some guidance. I hope the information provided will be beneficial in your search for a great REALTOR® in your area who will never give up until you have found your dream home or have sold the home that you have outgrown. I truly believe that it is essential to be educated whenever choosing any professional. You may read some of my client's opinions at: Patty Da Silva's Testimonial Page
I am also a CERTIFIED DISTRESSED PROPERTY EXPERT©. Below you will find some information in regards to how this experience and certification can be of help to you. Thank you for your time and feel free to browse www.pattydasilva.com for more information.
Best of luck to you!
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As a CERTIFIED DISTRESSED PROPERTY EXPERT© I specialize in working with sellers who are in financial distress by avoiding the devastating consequences of a foreclosure with the successful negotiation of a short sale.
If you are in distress, please do not get discouraged! A successful short sale will end your foreclosure and give you the ability to move on and most likely be able to purchase a new home in two years. There is so much negativity out on the web about short sales and unfortunately they are not true facts about short sales. They are however the facts of a short sale transaction that was handled by an agent who was neither trained nor qualified to work in the complex, detailed world of short sales.
A home that is properly listed, properly documented, properly prepared and fully complete when presented to the lender should never end up in foreclosure. Take my word for it: LENDERS DO NOT WANT YOUR HOME! Lenders want to be shown all the reasons why they should accept the short sale offer presented to them. And they do accept them.. day in and day out... they just have to be shown, with facts, data, marketing material, etc... all they are required to know, plus all they could ever possibly wish to know about your home, your area's, city's, county's market condition. This information will help them be convinced that if they do not accept the offer, they will end up tens of thousands of dollars plus months later with a foreclosed home that they, themselves cannot sell.
If you are a homeowner facing financial difficulties and you have questions about your options, please do hesitate to call me or email me at pattydasilva.com
Visit: Patty Da Silva's Testimonial Page
"Patty, You are the greatest. At every step your services are above and beyond the call of duty. You are the best Realtor I have ever worked with and I am referring as many people as I can."
Samuel Snyder D.O. F.A.C.O.I., F.A.S.N., Chair and Associate Professor of Internal Medicine, Chief of Division of Nephrology
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Patty, I wanted to thank you so much for your hard work in the short sale of my condo. I am truly convinced had I chose someone else to handle this, my condo would either be held up being approved for the short sale or still on the market with dozens of other similar properties. Your professionalism, untiring diligence and keen attention to detail were keys to getting the job done in only 5 months!! Your proactive approach in handling my property (especially in knowing EXACTLY what my mortgage company needed for a quick approval) made the entire process very seamless and stress free. You have been a delight in what has been a financially and personally difficult time. You’re the best! Brian McRae Atlanta, GA
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"In an industry that has been plagued by illegal practices and deceit, it is refreshing to find a gem like Patty DaSilva. She treats each transaction as it were her own and you can be guaranteed she will give it 110%. In the two transactions I used her services, a line of credit and a sale of a condo, she proved to be very competent and knowledgeable. I left her in charge of the sale of my Miami condo when I relocated to Houston. I knew the listing was in good hands and my best interest was taken very highly into consideration. There was distance and a time difference, but staying in contact and receiving updates was never an issue. Choosing Patty for servicing your needs will probably be one of the wisest business or financial decisions you'll make. I congratulate her on her successes and would like to express my gratitude on her hard work on my transactions."
Ana G. Houston, TX
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"I have had the pleasure of doing business with Ms. Da Silva since 2002. I must say that her professionalism and work habits are exemplary. Patty has helped me in many different areas. From increasing my credit score to providing me and my family with the best possible mortgage loan rates, Patty DaSilva has shown me time and again that she is not only an expert in financial matters but also that she truly cares about her clients. I could not endorse an advisor any more than Patty DaSilva." Joe C. Miami, FL
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"Patty DaSilva, I cannot say enough about the professionalism, accessibility, and knowledge you have demonstrated in our dealings with you. You have been great, whether it was refinancing our mortgage, the purchasing and financing of our home, or advice on investments! I guess this is why we keep coming back! You are so passionate and knowledgeable about what you do. It has made life so much easier knowing we were working with someone who was looking out for our best interest. We were able to tell you what we needed and leave it in your hands, knowing that you would get the job done. Thank you for all your hard work!" Leisa & Henry W. Plantation, Florida
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"Patty DaSilva, you are the best. I cannot begin to express my appreciation for all your time, effort and patience relocating my family to South Florida! There are not enough words to express what a pleasure it was working with you." Heather D. Relocated to South Florida - Miami, FL
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"I've been working with Patty DaSilva for 3 years and in that time she has helped me raise my credit score, secure a loan to buy a new condo in downtown Miami and get a line of credit to furnish it . In a word Patty DaSilva is AWESOME!" Stephen E. Venice,CA
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"Patty Da Silva has done a great job for us in meeting our expectations for the entire process during our re-financing. When we ran into snags, she was alert and fast to make appropriate decisions on our behalf. She did this during a time when many lenders were making shady deals; she steered us toward a solution that has been a good deal for us 3 years later. I'm very confident with doing it again in the future should we ever need to make a better deal." Steve and Heloisa H. Doral, Florida
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"Patty DaSilva is an exceptional professional. She always has your best interest in mind, instead of the commission she might get. Her ethics and integrity are very high. She is my one stop for any financial, insurance, real-estate and mortgage needs." Flavia F. Doral, Florida
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"The experience of buying a home is stressful enough but Patty DaSilva made my experience painless and informative. She is extremely efficient and organized but it is her attentiveness and genuine care for her customers that sets her apart. After many years of having Patty DaSilva as my mortgage broker, I can say with confidence that anyone who is considering hiring her is headed on the right path to a successful home buying experience." Nitza S. Miami, Florida
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"Patty DaSilva made the whole mortgage process easy and kept my best interest in mind." Armando F. Miami, Florida
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"I have known and worked with Patty DaSilva for several years. She is very attentive. As her client she always has your best interest at heart. If she doesn't pick up the phone the first time I call she'll return my call within 24 hours. She is also very knowledgeable and always has a helpful response. After I'm through dealing with a financial issue I think to myself, "I'm glad I called Patty DaSilva"! Steve E. California
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"Patty DaSilva, This letter is to 1) formally thank you for your Herculean efforts in securing my mortgage and equity line, and 2) let you know that you are welcome to use me as a reference at any time in the future. I am hoping to reside in my home for many years, but if a change of residence is in my future, you can be assured that I will be calling you once again. You are the best! Thank you... Patty DaSilva! Best regards," Kimberly H. Fort Lauderdale, FL
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"I have been a client of Patty Da Silva for 5 years. I could not imagine anyone else who I can trust to take care of all of my financial needs. She has helped me purchase my first home, refinance my home, rented my home and now sell my home. She has even advised me on life insurance! I trust her implicitly. She is truly a godsend. She is dependable, reliable and most importantly, thorough and efficient. Having Patty DaSilva on the job means that you do not have to worry about anything at all, because that is what Patty DaSilva is there for. She takes all of my worries away. I have recommended her to all of my family and friends, and they all have received positive outcomes because of her. Without her, we do not know where we would be. She is not only our Financial Advisor/ Mortgage Broker/REALTOR®, is also our friend. Having her in our lives as benefited us all; personally and financially." Natania T. Temecula, CA
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"Patty was very knowledgeable about the housing market-pricing and very knowledgeable about short sales, banks, etc... The easiest and most stress-free home sale I have been through." Eric and Melanie. FL
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"I think this was a great time. I got answers from you and you contacted me whenever you needed something done on my part. I was always in the loop and appreciate everything you guys did. Thank You." Henrica, FL
View Patty DaSilva, CDPE© CERTIFIED DISTRESSED PROPERT EXPERT©'s profile
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