The Shocking Truth of the Short Sale Timeline!

Most real estate agents are "people persons," so it's to be expected (and commended) that we often approach situations with an "eager to please" attitude. However, it seems to me that many agents are often overly optimistic in their portrayal of the short sale time-line, which to my way of thinking can lead to disappointments and failed transactions. Better to err on the "long side" when explaining the short sale time-line, than to risk disillusioned clients/customers down the road.

As a "well seasoned" practitioner myself, I can admit that I've received short sale approvals in as little as 8 weeks, and from the dreaded "Bank of America," in as long as 16 months. This fact begs the question, "Should I stress the long, or the short approval periods when courting prospective short sale listing clients and prospective buyers of those listings?"

Negotiation

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I know of many supposed "short sale experts" who routinely quote 60-90 days as an average time-frame for short sale approval. In my experience, while such quick negotiations do happen from time to time (just like some people do actually win the mega-lotto) the typical short sale negotiation takes much, much longer.

The Shocking Truth of the Short Sale Timeline!

Preferring to err on the side of longer rather than shorter, and after explaining that we could conceivably get a quick short sale approval, this is my standard explanation to prospective clients/customers of what to expect throughout the process:

As soon as ALL of the paperwork is gathered we will submit to lender immediately - they will typically acknowledge receipt in 4-6 weeks. In another 4-6 weeks after that they'll order an appraisal - they will typically acknowledge receipt of the appraisal in another 4-6 weeks after that. Within 4-6 weeks of acknowledging the appraisal they will begin negotiating - they will typically come to the table with their final offer in 4-6 weeks after that. Once we have the final offer, my closing with them will take place in 4-6 weeks:

4-6wks + 4-6wks + 4-6wks + 4-6wks + 4-6wks + 4-6wks = 24-36wks (6-9 months)

My team will handle everything and there will be nothing for you to do. If the bank asks for additional documentation, we will contact you - the quicker you can get it to us the better.

Typically the collections department has no clue that the negotiations are in process with the short sale department and they may continue to call you weekly. When you tell them that a short sale is being negotiated they will tell you that they have no record of a short sale negotiation and you should send them the paperwork. They will be telling you the truth - the collections department really won't have a clue that a short sale negotiation is in process, and no matter how many times you tell them they will not put it into their system and they will continue to act as if nothing is in process - the bank departments rarely talk to each other. Don't be worried. This is typical. Rest assured that my team is doing its job. If you get any correspondence from the lender, or the court, get it to me immediately, so we have a copy for our file.

While we will update you regularly, do not expect to hear anything of significance for 2-3 months at a time b/c there will likely be absolutely nothing of significance to report for 2-3 months at a time - the banks can be that slow. Basically, sit back, and in 6-9 months from now (hopefully less) we'll know if the bank is willing to do the short sale. Sickening, maddening, and crazy I know, but that's the way these banks operate. We're prepared to close on these transactions in 4-weeks from the time you accept a buyer's offer, but the banks often slow the process to a crawl. For your own sanity, just put it out of your mind and rest assured we're working on it. If anything important happens we'll let you know. Count on nothing important happening for months.

Yes, I'm brutally honest, and you might even say that when it comes to explaining the short sale time-line I take a negative approach, but I feel I'm better serving the client/customer by preparing them for how maddeningly frustrating the transaction could be, than if I were to paint an overly optimistic outlook for what can be a very complicated and prolonged transaction.

The Shocking Truth of the Short Sale Timeline!

The SaraMana pre-Foreclosure Assistance Team specializes in helping Sarasota and Manatee County, FL families and individuals facing foreclosure to avoid foreclosure, and throughout the preforeclosure process. Sarasota, Bradenton, and Venice Florida area homeowners wanting to learn more about their foreclosure avoidance options can download the Free eBook "Should I Short Sale My Home? - A Homeowners Guide to Surviving the Worst Real Estate Market in History."

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Credit Card Charge-Off - What Does It Mean and What Should You Do About It?

Have you been told by a creditor that your debt is about to "charge-off"? Did the bill collector make it sound like you will be ruined financially if you allow this catastrophe to happen? If you're behind on your bills, unable to keep up with payments on your credit cards and other debts, sooner or later you will hear a creditor representative threaten you with the dreaded "charge-off." So what is a charge-off anyway? Should you be worried? What are the consequences of this mysterious event?

I'll start by explaining what a charge-off is NOT. Because the term includes the word "charge," many people mistakenly think it has to do with cancellation of the account by the creditor. In other words, you can't "charge" anything on your credit card anymore. But it's not the same thing at all, and most banks will revoke charging privileges around 2-3 months before the deadline we're talking about here.

Negotiation

What banks and bill collectors call a "charge-off" is the point at which the creditor writes off the account balance as a "bad debt." It usually happens after six months of non-payment. After that, they no longer count it on their books as an asset. You still owe the money, of course. And they will certainly make continued attempts to collect it from you. But the creditor has been forced by the rules of accounting to zero out the debt on their financial ledgers. For causing this loss, they will punish you by placing a derogatory mark on your credit report. A "charge-off" is a serious negative mark, to be sure, but it is not the financial ruination that debt collectors would like to have you believe it is.

Credit Card Charge-Off - What Does It Mean and What Should You Do About It?

Should charge-offs be avoided if possible? Certainly. Does the prospect of a charge-off mean you should panic if you have no way to pay the bill? No! Is it the end of the world if the account has already charged off? No! Too often, bill collectors make a charge-off sound so bad, and they apply so much pressure, that people cave in and make payment commitments they cannot keep. Collectors usually demand payment via post-dated checks, and this frequently leads to bounced checks and even worse financial problems. Most of us are brainwashed by the banks and media on the subject of credit. Sure, good credit is important. But committing to payments you really can't afford just to preserve your credit is like watering the lawn while your house is burning down.

Here are a few simple rules to follow when trying to avoid a charge-off that hasn't happened yet:

* Don't be intimidated or threatened by pre-charge-off collection tactics. Keep a cool head and don't take it personally when collectors try to get under your skin.

* Call your creditor to find out the minimum payment necessary to avoid the charge-off, and subsequent payments to keep the account current going forward. Don't commit to this payment (or series of payments) unless you're sure you can follow through.

* Negotiate a lump-sum settlement at 50% or less if you have the resources, or a workout plan for monthly payments that you can live with.

* Do not allow bill collectors to talk you into using post-dated checks, or providing your checking account details over the telephone. Instead, make payments via cashier's check or money order.

* Do not make payments based on a verbal arrangement. Get the deal in writing and signed by a creditor representative who has authority to approve the workout plan.

What should you do if you simply don't have the money to rescue the account from charge-off, or if the account has already been charged off by the creditor?

* Take a deep breath and relax; the sky won't fall on your head just because you had a charge-off.

* Realize that you still have an opportunity to resolve the matter by dealing with the original creditor or the collection agency assigned to the account.

* Negotiate a lump-sum settlement with the creditor or collection agency. Again, aim for 50% or less, and ask for the charge-off to be deleted from your credit report as a condition of the settlement. (Most creditors will not agree to this, but it's worth asking anyway. Do be sure that they will update your credit report to show that the matter has been resolved and the account has been satisfied.)

* If you can't work out a deal with the collection agency assigned to your account, then wait until it goes to another agency! Eventually, it will either be assigned or sold to an outfit that you can deal with to get the matter cleared up.

To sum up, a charge-off is not the end of the world. It should certainly be avoided if possible, but not at the risk of making things worse by committing to payments you're not sure you can keep up with. Just remember that the creditor doesn't want to see a charge-off any more than you do, so use that knowledge to your advantage in working out a mutually acceptable arrangement. Get everything in writing, don't disclose your checking account details, and follow up to make sure the creditor reports the matter correctly on your credit report. You'll find that it's easier than you think to resolve a charge-off situation before it happens, or clean it up if it's already taken place.

Credit Card Charge-Off - What Does It Mean and What Should You Do About It?

Charles J. Phelan has been helping consumers become debt-free without bankruptcy since 1997. A former senior executive with one of the nation's largest debt settlement firms, he is the author of the Debt Elimination Success Seminar™, a five-hour audio-CD course that teaches consumers how to choose between debt program options based on their financial situation. The course focuses on comprehensive instruction in do-it-yourself debt negotiation & settlement designed to save ,000s. Personal coaching and follow-up support is included. Achieves the same results as professional firms for a tiny fraction of the cost. http://www.zipdebt.com

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What's Involved in the Home Buying Process?

Not a first time home buyer? That's okay. Even veteran home buyers forget the particulars when pursuing the purchase of a new home. You may need a refresher, or you may be a first-time home buyer who wants to know the ropes. Either way, there are several items you'll want to be aware of even before you start looking for another home.

Follow the steps below so that you don't skip a beat in the process. This will ensure you are getting the very best deal possible on the purchase of your new home.

Negotiation

* Free credit report. Before you get started, order your free credit report from all three major credit reporting bureaus. They are Equifax, Trans Union and Experian. By law, the credit bureaus are required to provide you with a free credit report every twelve months. Your goal will be to make sure you have the highest possible credit score. A high credit score will enable you to be approved for the lowest possible interest rate.

What's Involved in the Home Buying Process?

* Inaccuracies, negative info or inquiries. Comb through your credit reports for any information you perceive as being inaccurate, negative information that is incorrect and inquiries that you did not approve. If you find items that need repair, circle them and note them as being inaccurate, wrong negative information or unapproved inquiries. Send a letter to each of the credit reporting bureaus with a copy of the credit reporting pages that apply, along with any support documentation. Send a copy only, and keep the originals for your own files. The credit reporting bureaus have 30 days to respond. If you don't find anything that needs repair, then proceed to the 4th bullet.

* Ready, set, go! Once the credit reporting agencies make the updates and corrections, you are ready to move forward.

* Home wish list. You'll want to identify everything that you want in a home. Include the geographic location, school district or school, square footage, number of bedrooms/bathrooms/garages, style of home (ranch vs. multi-level or others), hardwood floors, type of kitchen (eat-in vs. formal) and anything else you can think of. Include amenities like a central vac, built-in microwave or heat pump. All this will allow you a basis to begin your house hunting venture.

* Get pre-approved. Licensed real estate agents will typically not help you look for a home without being pre-approved for a home loan. Do yourself a favor in order to get the best rate possible by shopping around. If you request interest rates from several lenders within a ten-day or less window, it usually does not negatively impact your credit score. Check out the company's reputation. You can do a search on the FCC website, check with the Better Business Bureau and contact the Federal Banking Commission to see if you find any negative information about the company. Make sure you get the interest rate in writing, along with ALL fees prior to agreeing to proceed with the loan. Once you find a lender you think you can trust, get pre-approved for your home loan.

* How much are you pre-approved for? Getting pre-approved for a home loan will tell you how much you are pre-approved for and will give you a gauge as to how much you will want to invest in a new home. Decide how much you will want to invest overall and how much your down payment will be.

* Find a licensed real estate agent. Some people prefer to interview real estate agents to see what each might do for them. Others just want to sign up with the top seller of the real estate agency. It's your call. If you decide to interview agents, just be sure you have a list of questions and expectations you present to each. Decide on an agent you want to use and sign the buyer's agreement.

* So many homes, so little time. Your licensed real estate agent should provide you with a list of homes that meet your criteria and be willing to take you to shop around. Your agent should also provide you with a comparative market analysis for each home you are interested in, so that you may make a competitive offer.

* Other offers? Once you decide to make an offer on a home, ask your agent about whether they know the seller's motivation - bankruptcy, estate sale, etc. Also, ask if there are any other offers, liens, easements, zoning changes and neighborhood crime.

* Scrutinize the Seller's Disclosure. Make note of how old the following are: roof, central heat/air, electrical and plumbing. Depending on the age and condition of each, these may be bargaining points in negotiations.

* Make an offer. At this point, you should have as much information as possible about the home prior to inspections. You should be informed enough to make the first offer.
* Select a title company. Once the seller accepts your offer, you'll need to select a title company. The real estate agent may tell you that their user uses specific companies for the inspections, but theirs is not always the cheapest or best. By law, you can shop around for your own. Just make sure they have a good reputation.

* Inspections, warranty, insurance, lead paint. Depending upon the inspections your lender will require, you'll probably want to schedule a home inspection and termite inspection. A home warranty may be another purchase you'll want to consider. Homeowner's insurance will be required. If the home was build prior to 1957, get it tested for lead paint. Again, shop around for the best rates and reputable companies.

* Be there. Be in attendance at all inspections. Make note of everything you see that needs repair or presents a health risk - e.g., moisture, mold, pests.

* Negotiate. If you find anything that legitimately should be used in negotiations, then negotiate. Present a new offer. Exchange the repairs for money off the purchase price, or require that the repairs be done and keep the purchase price. The lender may require that the repairs or improvements be done prior to closing, anyway, so consider your lender's expectations in the negotiations.

* Plan the move. Once your final offer is approved, you'll know the closing date. Prepare your family for the move - e.g., boxes, take time off, hire a moving company.

* Final walkthrough. When you do your final walkthrough, make sure to note anything that was not taken care of. If there are repairs that were not completed as agreed upon, don't sign on the dotted until they are done.

* Closing. When you go to the closing, scrutinize your Declarations sheet to ensure that you are only paying for what you agreed to pay for. If it looks good, give your John Hancock and close on your house.

* Happy home owning. This is a no-brainer. Time to move into that house and make it a home!

What's Involved in the Home Buying Process?

Inside San Antonio is a small real estate company in San Antonio. Their site has general information about San Antonio real estate along with information on San Antonio schools. They also provide market statistics on their San Antonio real estate blog.

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The Negotiation Process

It is probably no coincidence that the Spanish word for "business" - in the sense of commerce - is negocios. It highlights the importance of the negotiating process when it comes to doing business in a way that results in trust and respect for your company. The negotiation process is not difficult, but requires a certain amount of skill and training.

Negotiations, whether between individuals, businesses or even nation-states are really nothing more than a process in which concerned parties come to an agreement that serves everyone's best interests. Instead of one dominating or imposing power over the other, the parties attempt to reach a consensus in which everyone is satisfied. Business negotiation skills are valuable tools in this process.

Negotiation

Business negotiations are used not only by management and sales representatives, but by virtually everyone involved in the day-to-day operation of the company. Negotiations are a better way to motivate others rather than using pressure and domination strategies that may work in the short term, but ultimately causes distrust and resentment - and ultimately, profits.

The Negotiation Process

Beginning the Negotiations

The negotiation process begins with an analysis of the needs, desires and interests of all parties concerned, as well as any outside issues - such as culture, background and experience - that can come into play. This information will form the basis of negotiations going forward.

The next step is planning: what are the goals of the business negotiations? What terms are to be settled? What is each side willing to give up in order to gain something else? These are all vital issues to be considered in the negotiating process.

Streamline the Negotiations Process

You and your company staff can learn more effective business negotiation skills through negotiating training from qualified providers. These professionals will design a negotiation course specifically tailored to the needs of your company that offer learners the opportunity for hands-on, "real-world" practice as well as valuable theory of business negotiations.

When considering negotiating training, it's important to begin by taking stock of where you and the company are currently. What are the long term goals, the short term objectives, what are your company's strengths and weaknesses? With whom will you be negotiating and over what? In what kind of setting will the negotiating process take place?

Few understand the nuances of the negotiating process that involve things as subtle as physical positions, seating locations and even the decor of the room. These are kinds of issues that can be covered in a negotiation course. There are few natural-born diplomats in the world; negotiations are an art, but also a science and a skill that must be practiced like any skill. Effective training means a smoother negotiating process for all involved.

The Negotiation Process

A course in negotiation training by expert Jonathon Blocker helps to improve your business negotiation skills and provides insightful and expert knowledge of negotiations.

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