Short Sales: The bank should not be asking you for an offer on an FHA Short Sale
Fellow Short Sale Enthusiasts, I want to preface this response by stating that one of our successful coaching group members and I had a conversation just the other day about Chase and many of their loss mitigation representatives not being familiar with HUD guidelines, as they pertain to Short Sales.  This actually applies to most lenders. During the course of her conversation about the HUD guidelines with a new rep at Chase, and ONLY after building a solid rapport with the rep, she finally stated that their supervisor never taught them about specific HUD guidelines and that all loans are treated the same. The rep very quickly came to recognize the difference, as a resu

Keeping the lender out of your Short Sale will increase your closing ratios and decrease your frustr
In today’s market, most Realtors are under the perception that lenders have majority control over their Short Sales.  In fact, after verbally surveying over 500 Realtors at the 2008 and 2009 NAR Conference, most think they only have 0-20% control over the outcome of their Short Sale transactions, giving majority control to the lenders, their customer service and loss mitigation reps.  When we talk about “control”, what does this mean? First of all, the turnover in the lending industry, particularly loss mitigation, is astonishing at the moment.  Furthermore, it is extremely rare to find a loss mitigation or customer service rep that holds a real