I have been paying tax dollars for people modifying their mortgages and watching my home value plummet while other unethical types are letting their homes get foreclosed on and put up for short sale. I am not allowed to refinance my own home while paying for others due to it being upside down. It seems everybody is out for themselves and are dumping on their fellow man.

Michael Gray interviews attorney William Mahan about the tax consequences of real estate short sales and foreclosures for the Financial Insider Weekly. Part three of three focuses on federal tax relief and bankruptcy.

The long road of Short-Sales and Foreclosures

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Home Page > Finance > Real Estate > The long road of Short-Sales and Foreclosures

The long road of Short-Sales and Foreclosures

Posted: Apr 12, 2009 |Comments: 0
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By Henry B. Nathan

For the last couple of years or so, the new terms “short-sale”, “pre-foreclosure”, “bank-owned” have become very familiar to any active realtor.

Yes, there are courses and classes and conferences to make us aware of the opportunities of this new sector in real estate. And I am continuously receiving emails offering leads on foreclosures and short sales and “BPO’s”.

I have been involved in a few short sales and I even lend occasionally advice to people who ask me what I know about the subject. The fact is that there is not so much to explain about it. It’s just a logical way that a lender can use to handle bad or problem-loans and cut its losses.

So far so good. However, every time I get involved in a short sale or “pre-foreclosure” deal, the bizarre takes over the rational, and weirdness supersedes common sense. Let me explain why I think so:

1) There are some conventions in how we usually handle a real estate sale in the US. Usually we list a property when a seller designates us as his “listing agent” and we place it on the MLS. There are some requisites to do that. He must give us an exclusive right of sale; otherwise we wouldn’t put it on the system.

2) If we have a buyer looking for a property, we will search on the MLS system and establish a relationship with its “listing agent” by asking to show it to our buyer, or requesting additional information.

3) Once an offer is made, an answer is received within a short term, usually 2 or 3 days. It can be an acceptance, a counteroffer, or a rejection. A non-reply within the given term is considered a negative answer.

Now let’s compare this to what a bank involved in a short sale, or foreclosure sale usually does:

A) After talking to his bank, the seller of the troubled property agrees with a real estate agent to list his condo for sale in the MLS. The agent will place a special clause in the listing, stating its special status as a short sale and its contingency to a bank’s approval.

B) When an offer is received, the bank sometimes requires that it must be accompanied by a loan approval or a proof of funding if it’s a cash offer.

C) The buyer’s agent will often find a clause in the listing, stating that no commission is guaranteed. It is known that banks do not like to pay co-operating brokers more than a 2.5% compared to the usual 3%, but even this is not guaranteed. You must accept whatever the bank will definitely wants to pay you. No discussion.

Do you think that this is the perfect way for the banks to attract the best and most motivated realtors? Work double for less money?

Usually, in a buyers’ market, a smart seller often increases the commission, so buyers’ agents are motivated to give him some priority. But apparently, banks have discovered that they can dictate their conditions, nickel-and-dime us so that they can save a few pennies after sinking billions of dollars in dubious transactions. Naming a listing agent who lives 200 miles away from the property isn’t the smartest move either.

But let’s not discuss their marketing skills.

They must know what they are doing.

D) When an offer is presented, the bank does not answer within any agreed period.

E) First difference: the listing agent does not remove the property from the MLS.

F) Second difference: the bank can take many months to reply. Meanwhile other offers are frequently received and presented to the bank by the listing agent. The process gradually resembles an auction and the higher bidder might get finally an answer. Or not.

G) Third difference. When a buyer’s agent contacts a bank-owned or foreclosure sale, and even some short sales, we often observe that the same agent or broker has his name on a lot of listings. This agent is sometimes based in a location that is distant from the property. I have seen brokers in Tampa handling listings in Miami.  Do these guys have some special connection with the bank? What is the criteria of the banks when they choose their listing brokers?

Frankly, I don’t get any calls from any bank offering me listing business. And I have called a few of these “loss-mitigation” departments!   I haven’t seen many of the best agents in my area involved in this kind of transactions, either.

H) Fourth difference: Frequently, many of these listing agents don’t even bother to show the property. They designate a “showing company” to take the buyer’s agent call and arrange a showing, usually by means of a lock-box key.

The “showing company” does not usually provide information about the property.

So much for great sales techniques, indeed.

I) Fifth difference: these listing agents very often do not respond at all to phone calls or emails. Perhaps because of the sheer amount of listings they carry, or  because they are just disgusted by the whole process. It was transparent to me in some of the cases where I was involved that these listing agents didn’t care too much. In all truth, it looked like nobody cared, except me and the buyer. Some business must result though, and I am not trying to mock or belittle those agents; it’s just the whole system that looks so unprofessional.

K) In the case of a short sale, the listed price doesn’t mean too much. It can be very low to attract offers. The listing can sometimes falsely indicate that the price was “approved by the bank”. Correct me if I am wrong but It often bears the mark of  “bait and switch”.

L)  Now let us study the short-sale transaction from the seller’s point of view: he has possibly initiated the case providing the information required by the bank, often with the assistance of the real estate agent who will list it on the MLS.

M) The seller starts calling the bank. He will get all kind of conflictive information. A different employee will respond to his call every time and everybody looks completely disconnected from what has been done so far. They hang up promising him to call him back the next day, which of course never happens. In many cases, when the seller asks to know what is the exact pay-off of his mortgage, he can get different amounts every  time.

N) The seller often gets simultaneous calls from the bank, threatening foreclosure. He sometimes tries to explain that there is a short sales procedure going on. But in spite of having spoken to dozens of bank employees, nobody seems to have any idea of what has been done the day before.

Does this look like a comedy? You bet.

Everybody chasing his own tail in a mad dance. That’s what it looks like.

My personal opinion: Complete disaster. Ridiculous. Tragic. Catastrophic.

A waste of my time, and everybody’s time.

They are the reason I lost a couple of possible sales, and gained the frustration of a few good buyers with cash in hand. I now try to discourage my clients of getting involved in this joke. Am I wrong? Maybe.

But if these banks expect to get out of this mess, they’d better get their act together.

Pronto…

Henry B. Nathan is a Real Estate Professional Licensed in the State of Florida. I specialize in out-of-town and International Buyers.

Please visiti my website  www.condo-southflorida.com and search for:

The Beach Club Hallandale Condos

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Henry B. Nathan is a Real Estate Professional in Florida. I am also a Licensed Mortgage Broker. Specializes in International and Out-of-town Buyers.

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www.fourseasrealty.com . Free VIP Real estate search. Search all Encinitas California homes for sale and the entire San Diego County MLS. Search Encinitas Real Estate, Short Sale, Foreclosures, REO, and Auction Properties.

Do realtors get their regular commission on foreclosures and short sales? Also, if you know the process for these kinds of home sales, could you explain the step by step process?? Thanks!

We want to buy a home right now before rates increase due to more foreclosures filling up the market, and before laws get into place that make it harder to get a mortgage.

My husband and I were preapproved for two types of mortgages: FHA and Conventional. I want to know what is pros and cons of each and what is the best for us?

We are looking for homes between $170-$225k. Whats most important to us is to get a really low rate (we have above 714 credit). We prefer putting 3% down, but we could put 5% down if that means we get a lower rate. We would like to have the seller pay for parts of the closing cost, but again we would be willing to pay this too if this means we will get a lower rate.

Last question is the process of short sales and foreclosures. If let’s say a house’s market value is $240 but a bank approves for us to buy it at $200k, does that mean we immediately own 20% of the home? If so, does that mean we don’t have to pay PMI or MIP? How does this differ with FHA and Conventional? Should you or can you ask for less on short sales and for foreclosures if that is the market right now, regardless of how much the previous seller owns on it? Does that mean we won’t get it?

Sorry for all the questions! I hope you guys can answer all, or if not, parts of this! Also, any other suggestions for me in regards to the homebuying process would be wonderful! Thank you!

The Community, designed for investors like you, allows for live interaction. Share questions and success with others. The Community provides the best Videos and eBooks available on how to invest in foreclosures, Reos and short sales
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Home Page > Finance > Real Estate > Foreclosures Short Sales – What is a Foreclosure Short Sales and How to Buy a Property through One?

Foreclosures Short Sales – What is a Foreclosure Short Sales and How to Buy a Property through One?

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Posted: Sep 18, 2009 |Comments: 0
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With a large number of foreclosures available for homebuyers and investors to choose from, another mode of buying property is getting popular in the real estate market which is known as foreclosure short sales. By buying a property before it gets foreclosed by a bank or a lender, there are high chances of getting a deal at additionally reduced prices which makes opting for a short sale foreclosure an ideal investment. But before you go ahead and purchase a property it is important to have a good understanding of foreclosures short sales in order to make a successful purchase.

Understanding a short sale foreclosure

•    Foreclosure short sales take place when a home owner is unable to pay his mortgage and his property faces an impending foreclosure.

•    At this point if the owner agrees to sell the property at an amount lower than the pending mortgage the lender puts up the property on sale through a process known as foreclosure short sales.   

•    Lenders agree to sell property at pre-foreclosure short sales in order to avoid the expenses involved in the normal foreclosure process.

•    One can buy a property at a pre-foreclosure short sale at a much lower price which can go as low as half of the current market rate.

Buying a property through a short sale foreclosure

Contact lenders – By being in touch with banks and other mortgage companies you can have the latest information on properties facing pre-foreclosure short sales.

Search online listings – There are large number of real estate services available online from which you can source comprehensive and latest information on such foreclosures.

Ownership – Once you have narrowed down on a list of prospective foreclosures short sales options you should check the ownership of the property with the lender.

Inspect property – Before making an offer through foreclosures short sale it is very vital that you make a thorough inspection of the property.

Submit your offer – Before you talk with the lender, get a pre-approved loan so that you can validate your offer on the property available through foreclosures short sale.

Consult an agent – It is a good idea to get a real estate agent‘s help in the legal and financial aspects of the pre-foreclosure short sale.

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Melanie Hogeveen is an expert writer in the field of real estate especially foreclosures and has been doing research on foreclosures for the past several years. She is renowned for her advices and tips on buying foreclosures. For more details please visit Foreclosure Short Sales.

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Foreclosures being actively marketed
COVINGTON — One in four homes for sale in Newton County is a foreclosed property, according to a review of foreclosure trends by RealtyStore, a national consumer-focused provider of residential foreclosure listings.

Read more on Newton Citizen

I want to start my own business in real estate, and read about short sales. I thought that this may be a good place to start so I can build capital. I want to start investing, I’ve been a property manager for single family homes as well as two apartment buildings however, I feel there is more I need to learn before I jump in. Any advice on getting into short sales/foreclosure mitigation. I read Short Sales Magic by Tom Butler. I want to start this biz in Cleveland, Ohio. Thanks for your help!
I did Google Tom Butler before I purchased the book. I received calls about coaching before I even had the book. The book took almost two months before I received it. After reading it, I realized it was not as simple as he was making out to be in the initial e-mail and it left out a lot of information - I guess to initiate more questions(coaching). Not worth the $45 that I paid. Fat chance he would get another dime out of me. Watching the dvd was like reading the book.

However, I joined a company that I could learn this part of the business and I wouldn’t have an out-of-pocket expense. I am reading ton of books from the library but I want to learn about the market here in Ohio as well as nationally. Can anyone suggest any magazines, sites that I can give me more insight into market trends etc.,
I am currently reading many books (not paying for seminars) and getting all my ducks in a row before I start.