Highland Beach Condos, Boca Raton Homes, Boca Raton Real Estate Advice and Opinions

Below you will find the article that Deutsche Bank published about the servicers and how they were ranked.  It seems to me after reading the article several times what Deutsche Bank published is not what I have been experiencing.  My rankings would be that Suntrust has been the worst bank to deal with in time frames and that the best was Citigroup or Citimortgage.  I also have not been seeing 8 and 10 month short sales.  They have sped up the process and I am seeing 3-6 months in most cases.  Take a look at the article and let me know what you have been experiencing with Short Sales.

Deutsche Bank ranked the top mortgage servicers in the US based on short sale timelines, and of all prime mortgage servicers, GMAC grabbed the top spot by completing the transactions in six months.

With short sales growing in demand from both distressed borrowers and banks, Deutsche Bank published a "recovery score" today, examining the speed at which the servicers conducted a short sale and the percentage these transactions take of overall property dispositions over the last year.

Servicers received a higher recovery score the more they increased the amount of principal recovered from the disposition of the property while decreasing the amount of time it took to do so. According to Deutsche Bank, a short sale generated a higher recovery score than an REO sale.

The servicers are broken down into four categories based on loan type.

Prime

For prime mortgage servicers, GMAC conducted short sales the fastest, averaging roughly six months per transaction. Also, 53% of their dispositions were short sales. It had a recovery score of 59.3.

The next fastest servicer was Citigroup's servicing arm CitiMortgage, which did a short sale in about seven and a half months, and 56% of dispositions were short sales for a recovery score of 54.4.

Third, was Wells Fargo, conducting short sales in roughly eight months for 34% of its total dispositions. It had a higher recovery score than Citi, however, at 55.6.

Countrywide, acquired by Bank of America, had the slowest short sale timeline. It took more than 13 months on average to conduct a short sale there. BofA took more than 11 months, but 59% of its dispositions were short sales. BofA had the lowest recovery score at 45.5.

Subprime

For subprime mortgage servicers, Wells Fargo had the shortest short sale timeline at more than 15 months. It conducted short sales, though, on 14% of these loans for a 29.2 recovery score.

HomEq Servicing followed Wells, conducting short sales in 16 months for 22% of its dispositions and a score of 27.4.

Saxon Mortgage Services, the servicing arm of Morgan Stanley, had the third shortest timeline at a little more than 17 months. Saxon conducted short sales 18% of its properties for a recovery score of 23.8.

The slowest was Equicredit, which took an average of more than 29 months to complete a short sale on 41% of its dispositions for a 19.4 recovery score. Ocwen was close behind, also average more than 29 months per short sale. But Ocwen had the highest recovery score of the top subprime servicers at 31.

Option-ARM

Of the top option-adjustable rate mortgage (ARM) servicers, EMC Mortgage, owned by JPMorgan Chase, had the lowest short sale time line at just over eight months on 43% of its dispositions. However, it did not recovery as much of the principal and had the lowest recovery score at 32.1.

The next fastest short sale timeline was Aurora Loan Services, at 10 months on 30% of its dispositions for a 35.1 recovery score.

GMAC was third, taking a bit more than 10 months for short sales on 33% of its dispositions of Option-ARM loans. Its recovery score was 34.9.

Countrywide, again, had the longest short sale timeline at almost 14 months on 22% of its dispositions. But it recovered more principal and held a higher recovery score at 38.7.

Alt-A

For companies servicing Alternative-A mortgage loans, First Horizon had the quickest short sale time line at just over nine months on 35% of its dispositions. They also had the highest recovery score of the top Alt-A servicers at 43.1.

Both Wells Fargo and Aurora took around 11 months on short sales for Alt-A loans. Wells did them on 17% of its disposition with a recovery score of 42. Aurora did short sales on 16% of its dispositions for a 37.2 recovery score.

Countrywide, again, took the longest at more than 13 months per short sale on 24% of its dispositions. Its recovery score, however, ranked fifth of the top Alt-A servicers at 39.7

Short Sales we all have an opinion on them.  One thing is for sure however, and that is:

• We all want Banks to give us an answer sooner. 
• We all want banks to give us some guidelines as to how they make a decision.
• We all want Banks to order BPO's from people who know the area so that the BPO's come in at a more accurate value.
• We all want Banks to not lose our files more than once.
• We all want Banks to have a better plan in process to weed out those with real hardships and those that do not.

So is the new HAFA program going to do that?

Short answer is NO.

I went to the RE/MAX Convention in Orlando a couple weeks ago, and was listening to Matt Vernon, President and in charge of all the short sales and REO's for Bank of America-Countrywide.  What I got out of it was they are going to adhere to those guidelines, and in theory the HAFA program looks good, but what he said may surprise you. 

I am paraphrasing, but basically "Bank of America is working towards shortening the process, and may be able to give 10 day turnaround times.  We at Bank of America, and I can guarantee this that we will say NO a lot quicker."

So yes the banks are going to adhere to these policies, but they are just going to say NO a lot more often, and a lot quicker.  What is the consequence of this?

Well there is going to be more inventory staying on the market as people will resubmit the same file over and over again. 

There will be more frustrated sellers, buyers, real estate agents, settlement companies because many of the files they say no to would have gone through if they did not have to adhere to the 10 day decision turnaround.

I think most of us really do not expect a 10 day turnaround we just do not want the 6 month turnaround.  If banks got back to us with in 30-45 days we would be estatic. 

With the HAFA policy, we yet again tried to do something for everyone, and we make that blanket policy for everyone you end up doing it for no one. 

Personally, I do not believe the government has the right to step in and give a policy for banks to use for the loss mitigation products.  That would be like the government coming in and saying to all real estate agents, you must now cut your commission to 1% because we believe this is the best way to alleviate the stress on the housing market. 

Private business and private thinkers and private decision makers are always the best way to go.  Government should be a referee not an owner of the team. 

We need to think about what we are doing before implementing these type of programs.  HVCC appraisals have not worked, mandatory loan modifications did not work.  The new GFE programs have not worked.  Now we expect the governement to suddenly come up with a plan to work.

In theory all of these programs looked great.  When you look at the consequences however, that is when you find the real problems.

Short sales are here to stay, and we do need to work them to the best of our abilities so we will have to deal with the policies that are in front of us I just hope this program has a better outcome than the previous "blanket" policies.

Please click on the link below to the short sale video.

http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1501830

After clicking on the link come back to comment as to what you think.  I as a consumer and a tax payer am apalled at the governement yet again not thinking before acting. 

We need to help homeowners.  I know you say we are helping millions of americans, but is this helping homeowners.  Is this why the loan modifications are not getting done?

Everyday something new comes out.  I am very dissappointed.  Are you?

We all like to bring up the Short Sale Process.  We all like to tout what we know about Short Sales, and how we are the specialist or the expert, but the truth is no one knows much about Short Sales.

The reason why none of us know about Short Sales is because the bank changes their guidelines everyday.  I almost think that the executives in the banks sit around laughing at us realtors and clients as they change another guideline to make it more difficult and to make it longer than what it used to be. 

The average short sale for us has been taking about 58 days.  It would be less days if it were not for Countrywide which is 162 days.  

We have found a refreshing trend out there that I wanted to share with everyone.  A couple banks have been changing their guidelines for the better.  Wachovia in some cases will call the listing agent and or the seller and offer $2000 and an extra 1% to the listing agent if they close by a specific time.  One of my agents had 1 where they received an offer and were able to get an approval in 2 days and close prior to the specified time.  Kudos to Wachovia as they are one of the only banks trying to shorten the process and being proactive about it.  This program is not for all loans, but for some it really gives the seller an true incentive to move quickly as well as the agent. 

I also saw where FHA backed loans are giving struggling homeowners $2500 in a program called "Cash for Keys".  They are giving a homeowner who looks as though they will be facing foreclosure $2500 in order to move out quickly.  They will essentially be doing a deed in lieu of foreclosure signing over the property to the bank.  There are a couple stipulations:

1. It must be a FHA backed loan
2. It must be on the market for at least 90 days at a realistic list price.
3. It must be left in good condition including the leaving of appliances and so forth.
4. The homeowner must leave within a reasonable time period in which the bank sets.

The above are just some examples of why no one is an expert in a short sale.  Many may know a little more than most, but like the old adage "He who speaks the loudest, knows very little"

It is a little funny in that Short Sales have become such a sensitive topic with most.  We all become so defensive when a buyer's agent calls up and asks about multiple offers or how we process a short sale.  The listing agent all of a sudden becomes that annoying kid in elementary class.  You know the one.  The kid who raises his or her hand and spouts off they know the answer to everything and goes on and on not just answering the question, but showing that they know everything about everything. 

My advice to everyone who processes short sales is be knowledgeable, but be open minded.  Maybe you do not know all the answers. 

So many of us continue to look as Short Sales as a negative.  So I have prepared a list of what and why it takes so long, and what is short about Short Sales.

First the:

Short of it

• When you call the bank to find out an update on your file you get a very SHORT answer.
• When you submit a package to the lender you will hear back SHORT-LY (10-14 business days)
• A Lender's definition of SHORT is a lot different then a client's definition of SHORT.
• For some reason we think that if we call the bank 3 and 4 times a week that the bank will SHORT-EN the process when we know that is not the case.
• There is nothing that is SHORT about a SHORT sale.
• When dealing with banks some banks are much SHORT-ER than others (Countrywide)
• Many think that banks think like most people that is logical, but there is nothing logical about a bank when dealing with a SHORT sale.

The Long of it

• Unfortunately, everything takes a LONG time when dealing with short sales
• With managing expectations buyers and sellers will wait a LONG time before answering on whether to accept the offer or not.
• The LONG frustrating process becomes manageable when you communicate with all parties.
• The biggest problem with this LONG process is that lenders continually change their processes without communicating it to the people negotiating with them. 
• Communication is key to make a LONG process SHORT-ER 

I believe that Short Sales listings are very important. Besides being lucrative, it fufills our original objective and that is to help people make a tough situation better.  I got in the business t help people now my motto is "I got into business to help those Long Sales become Short"

Good luck to all and may everyone educate themselves before taking these short sale listings.

If looking for an agent to help you sell your Short Sale in Palm Beach County please make sure you use a Certified Distressed Property Expert. 

David Serle, CDPE, EPRO

RE/MAX Services

• Everyone is talking about it.

• Everyone knows someone who has done one.

• Everyone has thought of doing one themselves

• Everyone thinks they know everything about it.

So why are Short Sales not talked about in the media?  I am not sure, but recently I found an article that many in the real estate industry have been jumping up and down about.  Why does a short sale take so long?

Short Sales, why Sellers are Frustrated by them

Foreclosures, Foreclosures, Foreclosures.  That is what the media talks about.  Why?  Foreclosures are usually not great deals, and have many repairs that may be required.  Foreclosures are prevalent in the Boca Raton market, but Short Sales are probably 2 to 1.  Many economists and so called experts have been saying in order for the real estate market to recover we must stop the amount of Foreclosures.

The governments answer is for the banks to modify there loans so there payment is more affordable.  Doesn't that just prolong the inevitable for most?  Why not figure out a way to shorten the process for short sales.  If we streamline the process and make it more efficient, Guess what we will have:

• stopped the amount of foreclosures.
• Put prideful homeowners in the homes that will maintain their home.
• Bring a boost to the real estate industry including more transaction sides and volume which will trickle down to everyone involved in the real estate from the painter to the general contractor.
• Increase consumer confidence and increase consumer spending.  Statistics show that when homeowners feel safe and well in their home they spend more on durable goods.

Just by streamlining the process of a Short Sale we have solved most of the domestic problems.  Just as there is no logic when it comes to banks there is no logic when it comes to our government.  Everything becomes a filibuster.  Moving towards the future we have to become more proactive rather then reactive.  When you are reactive history repeats its self. 

FOR RELEASE: IMMEDIATE

DATE:  07/13/2009

DAVID SERLE EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

David Serle of RE/MAX Services in Boca Raton has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by "distressed" homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Boca Raton area, more than 670 homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

"This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales," said David Serle "It is so rewarding to be able to help sellers save their homes from foreclosure."

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as David Serle with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

"Our goal is to educate as many people as possible so we can help as many homeowners as possible," Charfen said.

For more information about CDPE designation or to find a certified distressed Realtor in your area, please call 1-800-482-0335.

Many of my clients ask me why should I do a short sale vs. a foreclosure.  Here are a few answers to those questions.

With a Short Sale you will lose between 125-150 points on your credit score.

With a Foreclosure you will lose 250 points in most cases.

With a Short Sale we have had an 85% success rate to have the banks waive the right to come after you for the difference of the what is owed, and what the bank receives otherwise known as a deficiency judgement.

With a Foreclosure 100% of the time they get a deficiency judgement that in many cases forces the customer into bankruptcy.

With a Short Sale the ability to get a new loan is hindered, but only for 2 years.

With a foreclosure it is going to be very tough to even get a new loan.  Right now they say about 5 years minimum.

There are going to be a lot of changes to Fannie Mae or Freddie Mac in the near future as we have already seen.  With a lot of people claiming bankruptcy and doing short sales I thought this chart was great information so you can educate your customers on what to expect in the future and the consequences a short sale or foreclosure may have on the ability to obtain a new loan in the future.

Bankruptcy and Foreclosure Policy Changes (applicable to manually underwritten loans only)

In U-Memo 08-29, we detailed changes to our requirements for borrowers with a prior foreclosure in their credit history.  With this U-Memo, we are updating these requirements as well as establishing new requirements for bankruptcy and pre- foreclosure sales.  We are updating the requirements regarding the time period that must elapse before borrowers can demonstrate that they have re-established their credit history following an occurrence of a bankruptcy or foreclosure.  The following table outlines our current and new policies for manually underwritten loans:

We are all doing a lot of short sales right now so I came up with answers to some frequently asked questions.

What is a Short Sale?

            A short sale is the process by which a homeowner can sell a house for less money than he actually owes on the mortgage(s).  This is done by the buyer or investor providing proper documentation to the mortgage lenders to convince them to reduce the mortgage balance to allow the sale.  The mortgage lender (or bank) actually takes a loss (or write-off) on the mortgage because the value of the home has fallen below the mortgage balance AND the homeowner is in a poor financial condition that will not allow him to continue to pay on time.

            If the bank approves the discount on the mortgage, the home can be sold for a lower price without the seller having to come up with cash to cover the shortfall, and the mortgage is satisfied and the foreclosure process stops.

What type of situation is the short sale best for?

            Short sales are done on properties in which the owner is "upside down".   This means they typically have negative equity or no equity in the home.  In other words, the total balance owed on the mortgages is equal to or greater than the price at which the house can be sold.  This situation unfortunately, has increased due to the risky loans within the last few years including 100% mortgages (no money down) as well as the recent decline in prices.  This is particularly prevalent in the South Florida area, which has a large glut of homes for sale.

            In addition, the homeowner must have some type of financial hardship that is preventing him from paying the mortgage.  This is commonly job loss, medical bills, disability, or some other hardship.

How does a homeowner benefit from a short sale?                                                          

            First and foremost, it relieves the stress of being in foreclosure or the worry about possibly going into foreclosure and being hounded by the mortgage lender; and it allows homeowners to get rid of their big mortgage payment and move on with their lives.  If you have stopped making the payments on your mortgage, a short sale allows you to stop the foreclosure and get a fresh start.  In my experience, this is the primary benefit to homeowners.  They are tremendously thankful to just relieve the burden that their home and mortgage have become.

            A short sale also prevents additional damage to your credit.  Having some late payments and a foreclosure filed has already done damage to your credit.  However, a completed foreclosure will do much more damage and lower your credit score tremendously.  Obviously, if you have to declare bankruptcy, that is a huge black mark on your credit.  A short sale results in the mortgage actually being paid off, which reflects positively compared to a foreclosure.

       
 Why would a bank or mortgage lender want to do a short sale?

            A common saying is that banks are in the business of lending money and do not want to own real estate. When a bank takes a property back via foreclosure, it is a long and expensive process and often results in holding the property in their inventory as a non-performing asset.  Banks have a limit to the amount of non-performing assets they want to hold.  Once this limit is exceeded, they have a strong incentive to get rid of the properties at discount prices.

            For a lender, doing a short sale avoids many of the costs associated with the foreclosure process.   Attorney fees, delays from borrower bankruptcy, damage to the property, costs associated with resale, property tax, insurance, etc. all must be paid by the bank during a foreclosure.  In a short sale scenario, the lender is able to cut its losses by getting rid of the property faster.

Will a short sale "save my house"?

            In the sense that you will be able to continue to live in the house, unfortunately the honest answer is no.  A short sale is only done involving a legitimate sale of the home from the foreclosed owner to another unrelated party. 

Will a short sale "save my credit"?

            The short answer is yes and no, a short sale can save you from the worst credit disasters.

            By defaulting on mortgage payments or having a foreclosure filed against your property, you have already done damage to your credit.  Your credit score has declined and those negatives will stay on your credit report for some time.  However, it will get much worse if you allow the foreclosure to continue and do not try to short sale the property.

            Once a foreclosed property is sold at auction, your credit score is further reduced and when the foreclosure is completed via eviction and repossession of the home, your credit will be even further damaged.  If you can complete the short sale BEFORE either of these takes place, then you can prevent that further damage to your credit.  In addition, when the short sale is completed, it shows up on your credit as a "Paid" mortgage and a canceled foreclosure, which shows future creditors that you did take care of your obligations.

            If your situation eventually winds up in bankruptcy, then that is the worst item that could appear on your credit report and it will remain there for years and cause numerous difficulties in getting future credit.  A short sale can help avoid this, but the key is not to wait. 

 
What other options might I have at this point?                                                                  

When faced with a foreclosure, some things you may be able to do are:

1. Sell your home through the normal channels
2. Bring your mortgage current by making the missed payments and paying the penalties
3. Refinance your mortgage with another lender
4. Foreclosure Defense
5. File for bankruptcy

       If you can do any of the first 4, then you probably should!  Those are usually the best solutions for a homeowner in foreclosure.

      However, if your situation is such that your house cannot be sold for the amount owed, and you have no money to bring the payments current, and you have no equity to qualify for a refinance, then you should consider a short sale before considering option #5.

      Again, I encourage you to educate yourself as much as possible about your situation and seek advice from any attorney, CPA, or Real Estate Agent you have access to about your choices.  I do caution you against paying for the advice of so-called "foreclosure work-out specialists" or other such advisers unless it is by personal recommendation.    

What is "Financial Hardship" and why is it so important?

        "Financial Hardship" is a critical part of the short sale equation.  No matter what you hear about banks "not in the business of owning real estate", etc., they DO NOT give homeowners a break easily.  They require GOOD REASON to give a discount for a short sale.  They have entire departments called "Loss Mitigation", which means their entire job is to reduce the loss the bank takes on a bad loan.  Giving big discounts to investors increases the loss on a bad loan, so they don't take it lightly.

        The ONLY reason a lender will agree to a short sale is if they determine that the short sale will net them more money than proceeding with the foreclosure.

       Understanding the homeowner's financial hardship is a big part of the lender estimating whether they will be paid in full for the mortgage.  

What do I do about my back property taxes when I do a short sale?

            Just as in a normal home sale, property taxes are the responsibility of the homeowner until the date the sale is closed.  Then they become the responsibility of the buyer or investor.

            If your property taxes have not been paid this will affect the negotiations between the buyer and the bank, so you must inform us or any buyer of those taxes owed.

Can I short sale my own house?

            No, this would be illegal.  A short sale must be an "arms length" transaction.  You cannot short sale your own house nor can close members of your family or friends do one for you either. 

            In a short sale, the lender is agreeing to discount the mortgage amount due to legitimate hardships; but not so that the homeowner can make a profit.  No money from a short sale transaction can be paid to the homeowner (seller).  Lenders will not approve any short sale in which they suspect the foreclosed homeowner will profit.

My house is already listed for sale on the MLS but isn't selling; can I do a short sale?

            Yes, you can and it is relatively common.  Some lenders even require that a house be listed for sale before approving a short sale in order to show that a discount is necessary.  

Are short sales guaranteed to work?                                                                                      

            No.  All the criteria MUST be met for a bank to even consider a short sale.  It is not easy to convince a bank that the market value of the home is lower than what they are owed.  They do not like to take a loss on a loan.

            Then the bank must be convinced to discount the mortgage enough to make it viable for an investor to make a profit for his work and risk.  The discount must cover all repair costs, closing costs, broker commissions, taxes and still allow for a profit for the investor.

What if a bank doesn't accept the short sale?

            Again, if the bank doesn't accept the short sale offer, there is no transaction and the home is still owned by the homeowner and the foreclosure process continues. 

How long does a short sale take, I need to get out now!

            A short sale takes approximately 60 to 90 days to complete and sometimes longer.  This is very important.  This complicated process takes time so to have the option of a short sale, you must act soon.  If you wait until 1 week before eviction, no one can help you do a short sale.  It is simply impossible.  DO NOT WAIT.

What paperwork do I have to do to complete a short sale and what is the exact process?

            There is some paperwork to do at the beginning that we can assist you with but most is handled by us:

      1.   The homeowner must fill out a Borrowers Authorization form for each mortgage allowing us to speak with the lenders about the short sale.

      2    You will be asked to write a letter detailing the financial hardship that caused you to fall behind on your mortgage.  Any other proof of your financial hardships such    as bank statements, medical bills, pay stubs, termination letters, etc. should also be included. 

1. After we have prepared and sent the entire short sale package to the lender, the lender will arrange a BPO, which is similar to an appraisal, to determine the value of the property.  This can take a few weeks.

4.   Based on the BPO, the bank will negotiate with us on the details of the short sale and after several weeks, they will either approve or deny the final offer.

5    If approved, a date will be selected to close the transaction just like any other real estate transaction.

Why do I have to sign a Borrower's Authorization?

            In order to both determine if your lender will consider a short sale and then to actually negotiate the short sale, we need be able to speak to your lender about the mortgage.  The lender will only speak to people you have authorized them to speak with.

            By signing a Borrower's Authorization, you give the lender permission to speak to us about your loan.  That is all it does, but it is necessary.  An authorization must be filled out for each mortgage.

Our market has changed.  We as real estate agents have fought it long enough.  The days of a "normal" sale are limited.  In our market so far this year we have around 40% of all sales are either foreclosure (bank owned) or Short Sales.  That percentage probably will double in the next couple of years.  With that being said.  It is time to specialize in Short Sales or it is time to find another career.  Like the "normal" sale being limited if you refuse the inevitable of short sales then your days will too be limited.

What do we know?

• We know Short Sales are frustrating.
• We know that there is no standard way a lender processes Short Sales.
• We know that a Lender changes the way they process Short Sales almost daily.
• We know that a Short Sale take several months in most cases.
• We know that processing a Short Sale as a real estate agent is not what we do best.
• We know that there is going to be quite a bit of fallout when the Short Sales start to decrease.
• We know that Short Sales have created this "False" Market.

What we do not know?

• We do not know why banks are not more logical?
• We do not know why a Short Sale takes so long?
• We do not know why we have to send the package 3 and 4 times to the bank. 
• We do not know why some files close in 30 days and others take 10 months.
• We do not know why we call a Short Sale a Short Sale when they take so long.  I prefer Long Sale or "Fore" (golf term for watch out the ball is about to hit you) Sale by Lender.

Although Short Sales have been around for awhile the amount of Short Sales have been few and far between up until recently.  The reason why everyone seems so confused as to the process is because it is not standardized, and it changes daily. 

First you are supposed to take multiple offers then you are not. 

First you are to email the package to the negotiator then you are supposed to fax it. 

First you are to call in 5 days then they mention to you that they closed your file in error.

No wonder we are all going crazy.  There is no Crying in Short Sales.

Ummmmmm.  Too Late.  I have balled like a baby. 

Short Sales are the Name of the Game, and I do not know about you, but I am going to play the Game.

I have had some pretty good success in closing short sales.  I have closed 100% of them with an average time of 67 days.  Mainly the reason is that I follow up consistently, but also because we have an inhouse legal department that negotiates on our client's behalf.  They have really been an asset to increasing our business.  

I want to leave everyone with this thought:

In this time of need, many people turn to desperation and panic, but this only debilitates your efforts.  Think and believe in positive things.  Ask the question:

How fortunate am I to be in the real estate business?  A business that I absolutely love, and I get to do what I have always wanted to do.  Help people"

Have a very prosperous Spring, and just remember

There is No Crying in Short Sales