If you’ve felt down AT ALL about where you are in life or about the hand you’ve been dealt, then WATCH THIS VIDEO right now. It’s about 3 minutes and might just give you a different outlook on your lot in life.

Especially in real estate we’ve faced a few challenges over the last few years… watch the video and it might just kick you in the A$$ and start making the money you deserve again!

Don’t forget to put 10pm Sunday in your schedule and turn on the Biography channel (or in my case I’ll Tivo it!).

Andy

p.s. if you want to get Nick’s weekly business email tips, go to www.NickNanton.com and join the newsletter…

Well lately I’ve been pondering where I learned some of my childhood lessons that have made me the person that I am today and I want to share some with you (who knows…maybe you’ll get some ideas!)

This may come as a surprise, but I actually am a country farm girl. No, really. My family had farmland and cattle. My first job was selling watermelons out of the back of the truck at an intersection.

My sister and I got taken on some unconventional “field trips” as kids. We went to both a slaughterhouse and a milking facility to see where our food came from (tip: if you ever raise an animal for food, name it something like T-bone or burger so you don’t get too attached) and an early visit to the landfill to see where your garbage goes (if you want to see bald eagles… Go to the dump. Not very regal, but they’re always there!) We also worked at charities and fundraisers for as long as I can remember (I’m great at the concession stand and to this day can make change in my head!) I’ve learned that by helping others you can help yourself (maybe that’s why I ended up specializing in short sales and teaching others)

As I got older I worked in the family retail business. We were in an industry that had a lot of competition from mail order so I learned to buy from local merchants whenever possible…even if it costs a few dollars more. I also learned payroll, advertising and accounting when it was all done by hand… which gives me a better understanding of how it works on the computer today.

My life has not been perfect. There have been definite highs and lows and I know that there always will be… But it’s what you do with the lessons you’ve learned that show what kind of person you are.

I hope that some of the lessons that I’ve learned and shared with you through this newsletter have made a difference… both in your real estate and your outlook on life.

Andy

p.s. Thanks Mom!

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Well, today it was confirmed. We had a buyer fall out on one of my approved shorts and when I contacted BofA for resubmission they sent me a note that said we had to follow the new procedure and they sent me a “brochure” as they called it.

Here’s the link to see the new Bank of America Short Sale Brochure… it’s so new that this appears to be a proof that the mitigator sent me!

The client/seller will now call BofA directly, give them some info, and a file will be setup on REOTrans.com for the short sale. Then you as the agent will be able to login to this online portal (if the seller authorizes you) and upload the documents needed such as HUD 1, contract, etc.
Supposedly you will be able to see status updates real time and know exactly what’s going on… sounds like we’re in a dream! (or a drug-induced coma!)

Can’t wait to get this first one started under the new program! It can’t be any worse than their old method (knock on wood!)

Anyone involved in the new process yet? I’d love to hear how it’s going!

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I’ve been leading trainings for almost 10 years now, and the longer I do, the more “Bad Andy” rears her head (in case you didn’t know, Bad Andy is my Mii Avatar when I play Wii) When I first started training, I hoped that everyone liked me, I hoped everyone learned something, and I hoped that everyone would give me a good review. After the class I always went straight to the reviews and read every single one, and 99% of them could be rave reviews, but if even 1 said anything negative at all, it would send me into a funk that would sometimes last for days…

At some point, Tim & Stacy (my husband and my assistant) realized this and forbid me from even reading them. You see, they reminded me that you can NEVER please everyone all of the time, and some people were only put on this Earth to complain (sound like anyone you know? maybe in your family or in your office). Don’t get me wrong, the feedback is VERY important to me and Stacy would go through them and share any suggestions and we would find a way to implement the ones that made sense, but the “bashing” ones were filed away.

I also tried to be the “neutral reporter” that just stated the facts but didn’t necessarily say one view was better than the other, for fear of offending someone. All that has changed over the last few years. I do take a stand. I do voice my opinion. I HOPE someone disagrees with me… at least that means they were paying attention! (by the way, to everyone that REALLY knows me, you know that this paragraph only refers to my CLASSES, in my personal and business life I have ALWAYS been very clear on where I stand and what I believe and have never been shy to make it known)

Now that you have a reference point, I want to tell you a story. I recently attended a training myself. I actually go to quite a few seminars every year, everything from communication styles to real estate techniques to how to be a better trainer… from $free to over $6,000! And don’t get me wrong… this training was great, the mindset and techniques are very in line with my business beliefs and practices, so I have nothing bad at all to say about the content. I also enjoyed the teaching style of the instructor… it was very similar to mine (stories and humor, etc.)

But all was not perfect or I wouldn’t be writing this. There were a few people in the class that felt like having their own conversations in the room during class. It is very distracting to have 3 conversations fighting for attention while the instructor is speaking. We also didn’t always start and end on the times that were promised. As I was sitting there, I just kept thinking to myself “wow, I hope my classes aren’t like that”

So I did some soul searching on the way home and here’s my vow to you:

-I will do whatever I can to start and end all classes and breaks on time. You’ve paid to be in my course, you deserve it.

-I will be more aware of “side conversations” going on and politely get their attention back on the training. If that does not work, I will politely talk to those parties during break. You’ve paid to be in my course, you deserve it.

-I will continue to update the course materials, handouts, and presentations to reflect the latest data and will strive to make even the most confusing topics understandable. You’ve paid to be in my course, you deserve it.

-I will always be open to constructive suggestions. I am not perfect. Bad Andy is closer, but she is not perfect either. You’ve paid to be in my course, you deserve it.

-I will continue to monitor the market and the changes happening to continue to bring you the latest techniques and information. You’ve paid to be in my course, you deserve it.

-I will never lose sight of YOUR needs. You are the reason that I train. (well, you and all of the thousands of families that I can help by helping you!). You’ve paid to be in my course, you deserve it.

I hope anyone that reads this that ever conducts any classes, trainings, webinars… anything, wil realize what might be happening in their own classes and be more aware.
And if you come to a future class with me… thank you for trusting me as an advisor in your business. I won’t waste your time you’ve invested!

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First of all, “Michael” looked up my first loan number (the one we’ve been working on since December) and he said “can you hold on for a minute?” then about 10 minutes later he came back and said “I had to double check because the notes didn’t make sense… you’ve skipped phase 2 and we have investor (FannieMae) approval while you were still technically in phase 1! I’ve never seen that before!”

Now, I already knew we had “skipped” phase 2, but I didn’t know that fannie had already come back with our approval.
This is the 2nd file since September that I’ve “skipped” phase 2. Don’t know why or how, but I’ll take it! YAYYY!

Then I gave him a new loan number… on a listing I just took. He pulled it up, obviously there was no activity in the notes, and I told him that I was just giving him the heads up that I had taken the listing. Then he proceeded to tell me that when I DO get an offer, as of last week there is a new procedure for submitting the file…

Are you sitting down?

Ready?

Fax in your contract and YOUR contact info. That’s it.
Then a negotiator will send you an email with a link to the REOTrans website for your file where YOU will upload all of the other documents into their system. No more faxing into La-La land and wondering if it got there! You’ll be able to see INSTANTLY that the docs were uploaded!

My husband is a loan originator and they’ve been using a similar system for YEARS… and it’s VERY easy!

Oh, and then he also said that website is where you’ll go in the future to get status updates!

Could it be?

“Michael” also mentioned that he thinks they brought in a bunch more negotiators because he’s been seeing a lot of new names lately in the notes…

IT’S ABOUT TIME!!!
Anyone else having a similar experience?

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Well guess what… it’s OUR 4th quarter. The 4th quarter of 2009!

If you’ve been struggling this year, here’s your chance to come from behind and WIN! And if you’ve already been winning this year, here’s your chance to run up the score and win BIG! What are YOU going to do in the 4th quarter of the real estate game? I’d love to hear your plans!

Here are some ideas that I thought of:

-Master a new skill or niche: Short sales, REO, Blogging, Social Media… whatever it is you want to master, if you spend just one hour per day researching, reading, and learning… you’ll have it down in no time! I’ve decided that I want to learn more about HUD homes. My first rehab deal I ever did was a HUD home, and I made about $14,000 profit on it… 10 years ago!!!

-Sit down and look back at the last 9 months and see what you’ve accomplished. But I want you to be BRUTALLY honest with yourself… did you REALLY work your business? Did you put in the time you should have? Did you go to networking meetings? Did you call your past clients? Did you do WHATEVER IT TAKES (on the right side of the law of course!)?

-Find a mentor in a niche you’d like to learn more about… John… you out there?

-Consider investing in the current market, it is DEFINITELY time to buy some of these crazy low priced houses and condos!

-Commit to a set amount of time for marketing each week, and stick to it! Whether it’s blogging, social networking, or in person networking… calling past clients… getting a booth at your city arts festival… starting back up your newsletter… whatever it is, JUST DO IT!

PLEASE share your thoughts on my AR blog… I’d really like to hear them (maybe I’ll get some ideas too!)

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Florida Realtors sends out a daily email with news updates… I don’t know if you read it or not, but I like to. It keeps me up on the happenings. In today’s, they had a really good article about loan modifications and how the majority of the homeowners that get a loan mod end up re-defaulting. They also talked about how most people that get a modification actually find their payments go UP and their balance go UP! How does that help? In an economy where people believe that it is going to get worse (notice I said they BELIEVE it to be true, not that it is!), we have probably just begun to see the modification/short sale/foreclosure iceberg. Here’s a few reasons why I believe this:

FIRST: We can’t deny the unemployment situation, and that doesn’t take into account the people that have had overtime cut, hours cut, benefits cut, and other things that will take their toll on the family budget. Most homeowners burn through their life savings to keep current on the house, and we will see them default sometime in the future when the savings run out!

SECOND: We are just now facing the “Pick-a-payment/option arm” payment adjustments. When these folks have their mortgage payment go up $1,000 or more a month… they’re a default waiting to happen!

THIRD: Almost all of the loan modifications that are being done are lowering the homeowner’s interest rate, but not the principal balance. Here’s why that might come back to bite them & us.

If they haven’t paid a mortgage payment for a while, then they also haven’t paid into their escrow account. Even if their lender reduces the interest rate and lowers the payment, as soon as the escrow account gets reviewed and they find a shortage, they will increase the payment to cover the shortage… DING DING DING! Payment goes up! Maybe even higher than it was!

Many of these loan mods are a temporary interest rate reduction. So they are lowering your payment &/or interest for 2, 3, or 5 years. What happens at the end of the term? That’s right, your payment goes up! The banks are trying to stick a wad of gum in the leaky dam and hoping it will fix itself. In 5 years when their payment jumps up, they’ll be calling me for a short sale.

What happens if they lower the payment, but then next year they get laid off of work? Or what happens if they need to move out of the area? They’re still upside down on the house (meaning they owe more than it’s worth). Exactly! They call me for a short sale.

See a trend?

I’d love to get feedback, ideas, and even rants and raves from you about this situation! Let’s see the comments!

To Comment on this article, please go to ActiveRain by Clicking HERE

p.s. to see the Florida REALTORS article, Click Here

Whether you like it or hate it, the seller gets to set the parameters under which they will accept an offer and sell their house. We especially see this in bank-owned or “REO” properties as well as pre-foreclosures where the lender will need to approve the sale.

(Personally, I’m frustrated with all of the REO’s that require you to PQ with them before even submitting an offer… if you have a client that keeps shopping for houses and not getting them, they may have 10 credit inquiries racked up and that can kill thier score!)

When I am selling a property, I always put in the listing that I want offers on a Far/Bar form only. This is because this is the contract that I am most familiar with and understand all of it’s clauses. When an agent submits an offer on any other form, I immediately have doubts about the brain-power of an agent that can’t read simple instructions, and I start to doubt whether this agent is savvy enough to get his/her buyer to the closing table or not.

Please don’t be the one the listing agent is wondering about…read the listing and follow the instructions that are spelled out. If you or your buyer aren’t WILLING to give what the seller is requesting, then move on to another house.

By the way, if it’s your listing and the seller is asking for silly things, keep in mind that you may have a harder time finding a buyer…in this market they can just go find something else where the seller is being more reasonable! Explain to your seller why what they are requesting might be unreasonable and may even cause the property to be show to less buyers.

And if you as the listing agent are making it unusually difficult to comply with your “requirements” please consider if this is truly helping your seller or hurting them!

If you are the buyer’s agent, all you can do is explain the situation to your buyer and explain the pros and cons of complying and what their other options are!

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I think anyone that has dealt with BofA on ANY type of loan servicing situation in 2009 (short sale, loan mod, answering the phone…) knows that BofA does not need any more loans to deal with.

Why would the servicing portfolio of a company that has been taken over by the feds be turned over to THE company that is probably the #1 cause of all complaints in the country right now???

I just don’t understand, can anyone help me understand this?

Here’s the link to the Orlando Business Journal Article

RESOURCES:

For Real Estate Agents: Subscribe to my weekly e-zine at www.AndyTolbert.com

For Homeowners: www.BeforeYouShortSale.com and www.SeminoleCountyForeclosureBlog.com

For Investors: www.IRCFlorida.com

Yep, that’s the words still ringing in my ears… We’ve been working on this file since DECEMBER 2nd! The home has been vacated for almost a year… this is DEFINITELY a short sale deal… C’wide/BofA has already approved and closed the identical house in the same subdivision for the SAME SELLER months ago… and yet

“Your file has been randomly selected for a new Fannie Mae program where they will review the file for a possible modification. They’ve sent a letter to the homeowner with some further info that they need, financials, etc. and if he doesn’t respond within 30 days, they will stop working on the modification and it will get assigned back to your same negotiator.”

Wwwhhhhaaattttt???!!!???

So what you’re telling me is that I’ve been taken OUT of the short sale que so we can see if a modification is possible on a home that the seller has already abandoned?

By the way… the “letter” they sent my seller was sitting at his front door the other day when I went to check on the property… why would FedEx leave a letter at the front door of an obviously vacant house? The front doors are all glass and you can see right in that it is vacant!

I’ve having my seller respond to their “letter” in the negative, as in: “I don’t want a $^#$%& modification! I want my #$%&^#$%@ house sold! We’ve been trying for 9 months, we’ve found you 3 different buyers, you’ve done 8 BPO’s and 2 full appraisals on this house, and yet here we are still discussing it! Move me back into the short sale department… NOW!” ( I anticipate that he will put it more gentle when he talks to them… he’s actually a very GOOD communicator, but I know that’s what he’ll be thinking!)

They say that might get me back in the short sale department in less than the full 30 days. we’ll see.

Anyone else experienced this yet? If not… I guess I’ve warned you!

AAAAAAAAARRRRRRRRRGGGGGGGGGHHHHHHHHH!!!

RESOURCES:

For Real Estate Agents: Subscribe to my weekly e-zine at www.AndyTolbert.com

For Homeowners: BeforeYouShortSale.com and SeminoleCountyForeclosureBlog.com

For Investors: IRCFlorida.com