Busting Bad BPOs

One of the most common challenges facing agents in the short sale arena is the bad BPO. It can be an incredibly frustrating situation and in some instances a deal killer.

So, why are they so far off the mark?
What can you do to counter?

We’ve put together an easy to follow video to help you deal with a bad BPO, and a plan to be proactive with servicers and prevent them from countering with a bloated offer. Watch the video and then download the handy BPO checklist as a valuable resource in your short sale tool kit.

Learn how to quickly identify:
• 7 cosmetic, structural, or neighborhood issues to photograph
• 5 comp criteria that the BPO almost certainly didn’t account for
• 4 things to remember during your conversations with the lender
• Every detail you need to create powerful case your short sale!

Go to www.cdpe.com/bpo to watch the video and download your free checklist!

Bank of America Simplifies Agent Resource Center

Bank of America has announced an update to the Short Sale section of the Agent Resource Center on their website. The reorganization, based on user feedback, is designed to improve interaction and make locating resources quicker and easier.

The tabs are now organized as:

• Forms & Tips- short sale forms, reference guides, and information on the short sale process
• Programs- information on Preapproved Price Programs, FHA, HELOC, and resources for Buyers’ Agents
• System Education- Equator specific user guides
• Help for Homeowners- Content is unchanged
• FAQs-Content is unchanged
• Glossary- Content is unchanged

If you’ve had any of these sections or pages previously bookmarked, you’ll want to update your bookmarks, as soon as possible, their URLs have changed.

For issues or questions regarding a specific short sale, contact your closing officer through Equator messaging. If you do not receive a response within two days, escalate to the team lead.

For urgent needs, such as a foreclosure postponement, or for escalation beyond the team lead, contact Short Sale Customer/Agent Care at 1.866.880.1232.

Exclusive Industry Broadcast: Fannie Mae’s New Short Sale Escalation Process

In the last couple of months, tens of thousands of agents have registered for our industry web broadcasts with the U.S. Treasury and Bank of America. Now we’re bringing you another important industry update.

Join special guest Tim McCallum, director of short sales Fannie Mae in studio with Alex Charfen as they discuss important new changes to the Fannie Mae short sale guidelines and escalation process.

On this exclusive LIVE web broadcast on Thursday, April 11, at 4pm ET you will learn about new…

• Streamlined documentation for faster closings
• Resources for contacting and escalating a short sale issue
• Mandatory servicer timelines and restrictions on resale
• Borrower eligibility, listing, offer, and closing requirements
• Transparency in the short sale process so you stay in the loop
• $3,000 relocation incentives you can offer your clients
• And much, much more!

Don’t miss out on this critically important, FREE broadcast! Register Here.

Exclusive Industry Broadcast | Fannie Mae’s New Short Sale Escalation Process | Thursday, April 11th at 4pm ET/3pm CT/2pm MT/1pm PT

Bank of America Clarifies MLS Requirements

Yesterday, we posted Bank of America MLS requirements that had been distributed on February 11, 2013. We contacted the bank to gain further insight regarding the requirement that a short sale be listed as “Active” status until an approval letter was issued.

Bank of America was already working on issuing a clarification, which was distributed today. Here’s an excerpt that addresses the “Active” status question:

It’s important to adhere to these requirements to insure success with your Bank of America short sale file!

We are dedicated to keeping you on the cutting edge of servicer requirements!

Tune in to our March 14, 2013 Member Broadcast where we provide you all the latest updates on the Big 4 Lenders! To register, just click the link: Big 4 Lender Updates Broadcast

Bank of America MLS Requirements Clarification

On February 11, 2013, Bank of America distributed new MLS requirements regarding short sale transactions. The screenshot below illustrates a statement that we’ve contacted the bank to clarify.

As many of you know, MLS rules in most markets prohibit the use of “Active” status for properties that are under contract. Bank of America has assured us that they are aware of this matter and will be clarifying this requirement soon.

We know many of you work with Bank of America short sales on a daily basis, and want you to be aware of how to correctly maintain your listings. We value your membership and strive to keep you informed of the latest lender developments!

Please stay tuned as we will make you aware when Bank of America distributes more information on the matter.

Breakthrough 2013 Conference Is Now Accepting New Registrants

Once a year Alex Charfen, his team of executives, and his staff of employees all meet up with dozens of StarPOWER stars, top authors, speakers, trainers, and vendors to put on a real estate event unlike any other in the business.

So no matter how you measure success, like Superbowl Super Stars, you took risks, practiced towards perfection, and certainly never gave up!

That’s why from today through the end of the month, we are offering you the opportunity to attend this year’s Breakthrough Conference, for a first “early bird” payment of only $139.

This is our “early bird” reward for agents who think fast, move fast, and act fast. And like last year, we expect our 2013 Conference to sell out quickly. In-fact, due to overwhelming demand at last year’s event, all of our “2013 pre-sale” tickets are already sold out.

Every agent who attends Breakthrough 2013 will learn:

• Lead Maximization Must-Haves
• The New Agent Startup Strategies
• Team Leverage Creation Concepts
• Distressed Properties Mastery Principles
• The Investor Attraction Systems
• Broker Profit Model Methods
• Technology and Social Media Trends

The reality is, the beginning the next “new normal” is fast approaching. And while no one ever said, real estate was easy, with the right education, it doesn’t have to be hard.

Visit the Charfen Breakthrough 2013 Conference page below to see what you get, where we are hosting it, and of course, to secure a spot or two for yourself and an associate (before time runs our or all 250 spots are taken).

Visit CharfenBreakthrough.com

Bank of America to Discuss the State of Short Sales in 2013

Last month, more than 13,000 agents registered for our industry web broadcast with the U.S. Treasury to make sure they were completely in step with the new HAFA rules.

This time, we’re bringing in the industry’s largest short sale lender to talk about their new programs that will affect short sales in 2013. Bank of America has completed nearly as many short sale transactions as the next two biggest lenders combined, which means these updates are going to affect agents nationwide.

The Mortgage Forgiveness Debt Relief Act of 2007 was created to relieve homeowners of the phantom income tax associated with forgiven debt from a short sale, foreclosure, or loan modification. Although this legislation was set to expire at the end of 2012, the recently passed American Taxpayer Relief Act extended this exemption, which means short sales aren’t going anywhere in 2013.

As the industry’s largest short sale lender, Bank of America is in a unique position to share how short sales are going to change in 2013, and how updates to their own programs will affect your business…

Don’t let these updates surprise you later this year and possibly delay your deals.

Register for our FREE live broadcast on Wednesday, January 16th at 4pm ET, and hear about these updates directly from the source. Alex Charfen will be interviewing Stephanie Lowe, Senior VP of Short Sale Production at BofA, about the state of short sales and what agents should expect this year.

You will also be able to call in and ask questions live on the air, so don’t miss this rare opportunity to get the answers you’ve been looking for.

Join us on Wednesday, January 16th at 4pm EST to make sure you’re ready for this year, and you will also learn…

• Where to find new opportunities in the 2013 market
• How to get free listing exposure via a new BofA program
• FHA short sales vs. other BofA short sale programs
• How clients can get relocation assistance of up to $30,000
• Why BofA’s deal with Auction.com will benefit you
• And much, much more…

Don’t miss out on this critically important, FREE broadcast! Register Here.

EXCLUSIVE INDUSTRY BROADCAST | 
Bank of America to Discuss the State of Short Sales in 2013
Wednesday, January 16th | 4pm EST

Congress Extends Mortgage Debt Relief Act!

On January 1, 2013, as part of the so-called fiscal cliff negotiations, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act. This extension of this act, which has saved homeowners more than $1 billion dollars in taxes, is great news for struggling homeowners nationwide, and for the agents that represent them.

The extension is now only awaiting President Obama’s signature.

The Mortgage Forgiveness Debt Relief Act was originally passed in 2007 to aid the millions of homeowners who suddenly found themselves in danger of losing their homes to foreclosure following the housing market crash.

Under the Mortgage Forgiveness Debt Relief Act, debt forgiven in a short sale, foreclosure, or loan modification, is exempt from federal taxes on primary residences. For homeowners facing foreclosure, this exemption saves them from paying thousands, or even tens of thousands, in taxes on top of losing their homes.

Now for another year, homeowners can take advantage of this exemption and avoid foreclosure without the fear of an impossible tax liability.

And with banks recognizing the significance of short sales as an effective loss mitigation tool, they’re ramping up for business. Short sales will be the key loss mitigation tool used by mortgage servicers in 2013.

For more on the state of the short sale market in 2013, join CDPE designation author Alex Charfen on Wednesday, January 16 as he interviews Bank of America’s Stephanie Lowe, Senior Vice President of Short Sale Production, about what the bank believes agents should expect in 2013!

Register for this FREE industry broadcast today!

More Than 10,000 Agents to Tune in for Critical 2013 HAFA Updates

For agents working with distressed homeowners, the Home Affordable Foreclosure Alternatives (HAFA) Program is the single most important piece of housing legislation in action.

We’ve reported extensively on all the HAFA program updates, changes and extensions in the past years, reaching tens of thousands of agents around the country.

And that’s part of the reason why the Treasury Department approached us first to report on the new HAFA updates for 2013.

The U.S. Treasury’s Laurie Maggiano, one of the architects of the Administration’s Home Affordable Foreclosure Alternatives (HAMP) program, will join CDPE author Alex Charfen on a monumental live broadcast on Monday, December 17.

Be the first to hear the critical details of the 2013 HAFA short sale updates and join thousands of agents. Register today!

On this FREE live web broadcast you will learn:

• How to speed up your deals and streamline your short sale packages for faster approval using the new “Pre-Determined” hardship categories
• Discover which current HAFA documents will no longer be mandatory, and how will this will affect your current short sale transactions
• Learn what new anti-fraud affidavit you must provide both the buyer and seller to verify that the HUD 1 Settlement Statement is at arms-length
• Find out about the condensed approval timeline that servicers are now required to use and how this change will benefit your business
• Why you might experience a surge in investor business when the “Prohibition Against Resale” is reduced from 90 to 30 calendar days

This Must-See Event WILL Change Your Business
EXCLUSIVE INDUSTRY BROADCAST 
| U.S. Treasury to Report Critical HAFA Updates 


Monday, December 17 at 4:00 pm ET

Register today for this FREE live broadcast!

1 in 4 Major Metros Showing Improvement

There is some excellent news from the National Association of Home Builders! According to their Improving Markets Index for August 2012, 1 out of every 4 major metro areas are seeing improvement in the housing market.

The association’s chief economist, David Crowe, believes that this trend can return the housing market to the “traditional role of driving economic growth.”

The housing market is improving, and we’re seeing it all across the country. But there is still a housing shortage in some areas, and home builders need to get building to catch up with the demand in these improving metros.

If you would like to learn more about ways to help improve the housing market in your area, download our FREE quiz on short sales here!

Independent Foreclosure Review… Deadline Extended

The Office of the Comptroller of the Currency (OCC) and the Federal Reserve have decided to extend the deadline for homeowners to get an independent review of their foreclosure.

If you, or someone you know was foreclosed on from 2009 to 2010, and you feel your file may have been mishandled due to a procedural or legal error, you now have until December 31st, 2012 to submit your case for independent review.

If you are someone who needs to file, go to http://www.independentforeclosurereview.com and submit your information. We’ve vetted this site. It is government sponsored and legitimate. Remember, you only have until the end of the year to file!

If you are a real estate agent and would like to learn how you can help your community avoid more foreclosures, download our FREE report, The 5 Steps to Listing a Successful Short Sale now!

More Evidence of the Housing Shortage

In recent months, we’ve talked about the coming housing shortage in American markets. Well two recent reports are reinforcing those claims and it looks like the shortage is heating up.

According to Redfin (who tracks home prices in 19 different U.S. markets), home prices are up 3.2% from July 2011 to July 2012, and the overall number of homes that are for sale dropped a huge 28%.

Freddie Mac is also sharing news from their U.S. Economic Housing Outlook for August, and the home price index has risen 4.8%. Not only that, Freddie Mac says there is no huge shadow inventory waiting to come onto the market, as other may believe.

These statistics show that the housing markets in major cities are going to continue to see a falling inventory of housing, which will drive up the prices. So if you’re an agent with a client that’s still on the fence, tell them the time to buy really is now!

To learn more about short sales, and how you can help navigate your clients through the selling or buying process, download our FREE report, Why 2012 is the Year of the Short Sale now!

Loan Mods Take a Nosedive, Short Sales Skyrocket

When it comes to figuring out what the real estate market looks like, among the best resources to use are statistics from the Office of the Comptroller of the Currency (OCC).

The OCC recently released their mortgage metrics report for the first quarter of 2012, and the numbers tell a compelling story.

According to the report, loan modifications dropped 36.7% from last year and completed foreclosures rose from last year by 2.67%. Out of the gate, this might seem like bad news, but there’s more to the story. The truth is the rate at which completed foreclosures is rising has slowed down from last year, and newly initiated foreclosures have dropped 8.1%. And the best statistics we saw was that short sales rose 19.7%!

It’s no secret that 2012 hes been the year of the short sale so far. Every short sale represents someone getting out of a distressed property and getting new owners into a home. We love to see that this number has risen so much, and we look forward to seeing it continue.

If you would like more information on short sales, you can download our FREE report, Why 2012 is the Year of Short Sale.

How Agents are Changing the Market

A new report released by CoreLogic recently stated that foreclosure in the United States has dropped 24% since last year. This is amazing news, but there is more to it than meets the eye.

Today, there are 1.4 million homes currently in the foreclosure process. Last year, there were 1.5 million homes in the process. So in a year’s time, there’s only been a 100,000—only 7%—difference in the amount of homes going through some sort of foreclosure activity. How do we reconcile the 24% drop in foreclosures to a 7% drop in homes currently in foreclosure? In a word: Agents.

More and more agents are helping their distressed clients take advantage of short sales and mortgage modification programs that are available to them from the government or their lender. So even though the total number of homes in the foreclosure process hasn’t dropped significantly, the number of homes actually being foreclosed upon has! The tide is definitely turning in the real estate market, and it’s agents like you who are leading the way.

If you’d like to learn more about how you can help homeowners in your own community, download our FREE report, The Seven Most Dangerous Short Sale Myths.

An Awakening in the Real Estate Market

The updated Case-Shiller index was recently released, and it has many in the real estate industry excited.

The index shows a 2.2% percent increase in the value of homes in a single month! This represents the largest jump in home values since the the 20 city index began in 2002.

The driving force behind this increase in home prices is simple supply and demand. Inventory is declining in these cities, but that is driving up the price of the homes. This is great news for agents, investors, and sellers! It looks like the real estate industry is on its way back.

If you’re a real estate agent, and would like more information on how you can tap into a major part of the real estate market, download our FREE report, The 5 Steps to Listing a Successful Short Sale.