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View Full Version : What R U Doing?
Naomi9
06-17-2008, 04:46 AM
I'm a Real Estate Broker and work both the mortgage and real estate side. I want to hear what your focus has been lately w/the all that's gone on in the market such as reo's, short sales, etc. I'm in the CA market and it's amazing how much the values are being cut!
Building Wealth
06-18-2008, 08:47 AM
Hi Naomi,
I'm doing foreclosure prevention / loss mitigation.
I have NO problem finding homeowners who want to keep their home and are willing to pay for the service.
My fee is very low and I've never lost a client because they couldn't pay it.
My husband and I areearning a great income (working about 20 hours a week)and find it to be very emotionally rewarding.
What has your focus been on lately?
I'm doing foreclosure prevention / loss mitigation.
I have NO problem finding homeowners who want to keep their home and are willing to pay for the service.
My fee is very low and I've never lost a client because they couldn't pay it.
My husband and I areearning a great income (working about 20 hours a week)and find it to be very emotionally rewarding.
What has your focus been on lately?
cheryllynn
06-19-2008, 07:58 AM
Hi Buidling Wealth,
Can you tell me a little bit about your company? I am probably going to go get my mortgage license, and was wondering if you needed that to do the type of business you are in? A friend of mine is a MLO here in ohio and states that he is doing well. He told me that on a 200,000 loan you can make 3000. That seems like quite a lot, but I thought maybe he was not taking out the fees for the broker. There is some type of fee for them, correct?
Thanks,
Cheryl
Can you tell me a little bit about your company? I am probably going to go get my mortgage license, and was wondering if you needed that to do the type of business you are in? A friend of mine is a MLO here in ohio and states that he is doing well. He told me that on a 200,000 loan you can make 3000. That seems like quite a lot, but I thought maybe he was not taking out the fees for the broker. There is some type of fee for them, correct?
Thanks,
Cheryl
Building Wealth
06-19-2008, 08:44 AM
Hi Cheryl,
You do NOT need a license to do loss mitigation. You do, however, need one if you will be doing short sales.
My focus is on SAVING the home and keeping the family in it. If they are looking to get out, I refer them to one of my contacts.
I've sent you a PM http://www.wahm.com/forum/smileys/smiley1.gifEdited by: Building Wealth
You do NOT need a license to do loss mitigation. You do, however, need one if you will be doing short sales.
My focus is on SAVING the home and keeping the family in it. If they are looking to get out, I refer them to one of my contacts.
I've sent you a PM http://www.wahm.com/forum/smileys/smiley1.gifEdited by: Building Wealth
Naomi9
06-24-2008, 04:40 AM
Hi Tracy,
My team of loan officers and real estate agents have been dealing with a mixed bag of reo's, short sales and purchases. I'd say we are dealing w/more short sales than anything else these days.
My team of loan officers and real estate agents have been dealing with a mixed bag of reo's, short sales and purchases. I'd say we are dealing w/more short sales than anything else these days.
MamaPigg
07-01-2008, 05:09 PM
I am also in Cali and I work various niches. I sell foreclosures, help 1st time buyers and provide values to the banks. I'm glad to hear that you are successfully working the short sales. That work of helping the homeowners definitely sounds rewarding.
mary159753
07-07-2008, 09:02 AM
<b style=""></span>[/b]
<b style="">Well….there
are many ways of getting to a solution…may be the one you say is not the most
appropriate one….but whatever….;-)</span>[/b]
<b style="">Well….there
are many ways of getting to a solution…may be the one you say is not the most
appropriate one….but whatever….;-)</span>[/b]
miamilady
07-16-2008, 06:19 AM
What exactly is a short sale? I've heard the term a lot lately, but I haven't seen in specifically defined.
tinamc
07-16-2008, 06:41 AM
What exactly is a short sale? I've heard the term a lot lately, but I haven't seen in specifically defined.
A short sale is when the seller gets permission from the lender to sell the house for less than they actually owe. So...seller/owner owes the bank $250k. But seller lost his job or has some sort of significant income loss and can't afford to stay in the home. Market conditions indicate that the home can't sell for more than $200k at the moment. The seller gets the okay from the lender to sell for less than the $250k owed. The bank takes the hit on the difference and the seller typically has to claim the difference on taxes.
There are a lot of hoops to jump through and a time limit that the lender places on the short sale approval. It's just slightly better for a seller's credit than out and out foreclosing on a home.
A short sale is when the seller gets permission from the lender to sell the house for less than they actually owe. So...seller/owner owes the bank $250k. But seller lost his job or has some sort of significant income loss and can't afford to stay in the home. Market conditions indicate that the home can't sell for more than $200k at the moment. The seller gets the okay from the lender to sell for less than the $250k owed. The bank takes the hit on the difference and the seller typically has to claim the difference on taxes.
There are a lot of hoops to jump through and a time limit that the lender places on the short sale approval. It's just slightly better for a seller's credit than out and out foreclosing on a home.
