Today is a very unique installment, because the idea for this installment is that Kevin will not speak. If he does, Kevin and Fred might end up in a courtroom. They were really fired up about this state of affairs when it happened. So, they had to delay a little bit before chatting about it today.

Kevin and Fred have a folder with Aurora Loan Services. To be sincere, Aurora does a great job of setting up files and ordering BPO’s. Nonetheless, their procedure as a whole is getting poorer. It seems that they have a glitch processing their short sale files. There is a BPO and the folder is verified. All that is left to do is forward it to the investor or make a judgment. Nonetheless, they like to tell people that they will just look at files in a timely manner if there is a foreclosure sale date approaching. Kevin and Fred are being told that they have to wait 90 to 120 days for your folder to get reviewed.

The folder that we have had a giant problem with has now been escalated to a Senior VP at Aurora. We are tired of having to dispatch emails because they can not procedure short sale files. The Senior VP only wanted to inform us to back off. She didn’t care about the information of the folder. In addition, this Senior VP decided to have an attorney call Kevin and Fred. The lawyer told them that they can not call members of senior management anymore.

Plainly, the problem is not with Kevin and Fred. Aurora seems to have exceptional setup, but they do a terrible job of reviewing files. Kevin and Fred are not asking for exclusive attention. They just want Aurora to enhance their procedure, which would benefit everyone. We understand that Aurora is overwhelmed with files. Nonetheless, they need to work on finding solutions rather than sitting on their hands.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Maricopa – Foreclosure Short Sale Phoenix

Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

We are setting out on day 2 with Trent Chapman and we’re amazed by the number of appearances Trent has had on shortsalepowerhour.com. We asked Trent to come back to chat about the Short Sale Genius Designation course. Everybody knows that we are not big fans of designations. We have contributed on our own designation recently, but we stole that from Trent. However, Trent has decided to do a real designation. The designation is for realtors who work with troubled properties.

The designation is different from other designations. With other designations, you go to a class and take an exam and obtain your designation. With the Short Sale Genius designation, there are unique levels based on how many short sales you have completed.

If you take the class you will get a general designation, but it will also make a note of how many short sales you have completed. Trent just figured that taking a class and passing a test didn’t make any person an expert. So, he decided to introduce a little bit of common sense and integrity into the process.

On a different note, software is something that lots of other realtors ask about. Trent offers software that is state of the art with features that assist the realtor that is doing a few transactions or hundreds. His software essentially coaches you along in the short sale route. There are red flags that let you know if a file is out of compliance or taking overly long. There is also a feature that permits the house owner to log in and see the status of their file. It was purposely created for short sales. Check out the theshortsalegenius.com

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Fountain Hills – Avoid Foreclosure Arizona

Short Sale Power Hour is delighted to welcome Trent Chapman, Short Sale Genius, back to the episode. Trent has exhausted loads of time educating agents how to escalate. He provides a form letter on his website, theshortsalegenius.com, to provide people an illustration of how to convey the escalation message to the lender. Essentially, it gives a broad script as to how you can clarify that the short sale is better than foreclosure.

Unfortunately, since too many people have just copied and pasted the document, Matt Vernon may have a problem with it. For those that don’t know, Matt Vernon is a big shot at Bank of America. So, Trent will be contacting Matt Vernon to discuss the escalation letter.

The inspiration behind the letter is that Trent wants to aid agents in knowing how to escalate. When you are addressing someone that is higher up in the lender, you want to make the account as short as possible. We recommend that you tell them the following. This is the property. It has been listed for ‘x’ days. We have an offer. It’s full market value. Here is the fair market value based on these comps. Then you provide them the facts. With a short sale, you will earn this much capital and if this forecloses, you will earn this much capital. That is the essence of the email.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Scottsdale – Short Sale Arizona

Today, Kevin and Fred have decided to cover a subject that they have never covered in the past. In addition, they haven’t ever discussed it in one of their Crush It courses. The subject is post short sale approval problems. In essence, you already have an approval from the lender and problems occur. How do you handle them? What is actually happening out there?

With a transaction that closed yesterday, our escrow official was looking to get the final HUD approval from our negotiator at Citi. It was closing today. The negotiator denied the final HUD in spite of the fact that all of the provisions were met. The most horrible part was that the negotiator wasn’t willing to verbalize in plain english to make clear that the HUD had to look a precise way. It is critical to note that just because the transaction is approved, it does not mean it is closed.

Appreciate that your approval note at most lenders states that they have to approve of the final HUD. Because the approval letters don’t identify what they are paying and what they are not paying, you may not know if they will approve it.

We had another post approval difficulty of late, with an approval from the coordinator. We scheduled the closing. About a week into the closing, we got a shout from a different negotiator that introduced themselves as the the new negotiator for this file. She asked for a number of documents so that she could get the file accepted. When we told her that we already had the file accepted, she let us know that that approval was no longer valid because they never got the file accepted from the investor.

This is the type of stuff that is happening out there that you will not here in a regular short sale training lecture. The point is that there are post approval problems and you are going to have to work with them if you desire to be successful in this industry

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Queen Creek – Foreclosure Short Sale Phoenix

We are going to speak about mindset yet again today. We have noticed a tendency on our favorite social media website, facebook. Coincidentally, facebook just surpassed 500 million users. So, that is a magnificent lead generation method on mindset Monday. Just ask the 23 customers that we received through facebook and closed on.

The notion that we would like to speak about is that we have noticed a lot of agents on facebook that are complaining. We aren’t mad at them because several of them are our friends. Nevertheless, we see a lot of the status updates about which lender you loathe. Also, there are lots of status updates asking if anyone has a good contact at this specific lender or that specific lender. In light of these facebook postings, we would like to bring people back to the January 2nd installment.

The notion that was discussed on that installment was to do something distinctive. This isn’t an installment to get mad at agents. The purpose is to not get stuck in a rut doing the same thing all of the time and hoping for distinctive results. You will have to do something distinctive.

One of the things that we urge to agents is to speak to someone distinctive at the lender. If you are wondering how to accomplish that, sample jigsaw.com. We get emails all day for acquaintance information. It is important to note that we will never respond with contact information, but we will regularly respond with a recommendation to try jigsaw.com

Just one instance of doing something distinctive, Fred couldn’t get a lender worker to stop talking today so he just started pushing buttons on the phone. It most likely wasn’t the most mature thing to do. Nevertheless, he was doing something distinctive. If what you have been doing isn’t getting you the results you desire, try something distinctive. The worst thing that can happen is you will still not get the results you desire.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Pre Foreclosure – Avoid Foreclosure Arizona

Welcome to shortsalepowerhour.com. We are joined by our unusual guest Pete, who knows short sales. Filming from Mission Beach on one more gloomy day, we are live on the street in rush hour. If you haven’t turned the episode off thus far, let us chat about short sales and the short sale marketplace.

If you are one of those realtors that believes that short sales will not arrive in your locale of the nation, now is the moment to change your frame of mind. There are a lot of people saying that short sales will not be a big part of your marketplace or that short sales will not influence your real estate marketplace. It is probably time for you to disregard what those people are saying.

Start tuning in to what is happening in our nation. We have been talking for the last few weeks about information in the marketplace. Sales are going downward. Prices are going downward. And Noticeably short sales and REO sales are going up. It brought back some recollections of conversations that Kevin and Fred had with some local real estate agents in the San Diego locale. We told them that we were in real estate and we worked with short sales. They told us that short sales would never get to the coast.

Pete is one of the large real estate agents in the San Diego locale. This billboard used to say Pete knows PB, but now it says Pete Knows Short Sales. Even the people that just rode through on bikes and rang a bell recognize that short sales are part of the marketplace now. So, for those of you that continue saying that short sales are not a part of the marketplace or for those of you that continue saying that short sales will just be around for a few years, it is time to comprehend that short sales are here and they will be in the future. If Pete has shifted his industry practices, maybe it’s time for you to mull over a change in your business practices.

If you are thinking of getting into the short sale industry, check out our Crush It Short Sale session in the Phoenix locale on Friday, August 13th.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Arizona Short Sale Specialist

Kevin is flying solo today. He’d like to chat about a couple different things today. Firstly, we would like to re-examine yesterday’s blog about HAFA. We talked about the lack of influence that HAFA, or anything with four letters, has on the short sale market. With about 15 separate people responding yesterday, we found exactly zero closed HAFA short sales. So, as we acknowledged yesterday, HAFA is just not a game changer. We even got a commentary that stated that a realtor was on day 67 of their 15 day HAFA procedure. That was comical. It has not been impactful to the short sale market in spite of what others may have claimed.

The second thing that we would like to chat about is a little internal document that we were given from a representative of Bank of America. I do not think that this is a Bank of America specific document. I think it is an investor specific document. This document is an impact analysis. We wanted to share a few things at you from this impact analysis. It has the borrowers information, how much the loan total is, the origination amount, the home worth today, and the bid amount. This document also shows what they believe the house would sell for as an REO. However, here is the shock. The estimated marketing expenses on this $271,000 home is approximately $34,000.

You need to keep this stuff in mind when you are told by your negotiators that they will take the house to foreclosure. The lender will never get more capital from an REO. It costs them too much money to take a house to foreclosure sale.

One last reminder for our Crush It Short Sale Seminar. Friday, August 13th we are hosting our lecture. You absolutely do not want to miss this lecture. It is being taught by guys that are in the trenches completing short sales. So, if you are a Phoenix locale realtor or even someone who understands the significance of this lecture and is willing to leap on a plane to get some great education in the short sale business, you will not want to miss this lecture.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Casa Grande – Avoid Foreclosure Arizona

Kevin and Fred are lounging on Mission Beach in the San Diego area. It’s a tad cloudy on the beach, but that is not keeping Kevin and Fred from enjoying the shoreline. Because relaxing is more critical to them than chatting regarding HAFA, they have decided to make this one of the shortest short sale power hour episodes ever.

HAFA has proven to be a non issue in the short sale industry. Dave Sutherland with Bank of America pronounces it HOFFA, like Jimmy Hoffa, who is not anywhere to be found. That is a great deal like HAFA, which is not anywhere to be found. Back in March, there was a four letter label out there and other companies selling their certification and telling real estate agents that they need to get qualified for HAFA because it was going to be a game changer.

HAFA has not mattered at all. Now we are on July 21st, and HAFA was rolled out on April 5th. So far, of the few hundred agents that Kevin has spoken to in that timeframe, not a solitary one has reported completing a HAFA short sale.

We aren’t saying that no HAFA Short sales have been completed. We are simply saying that we have not experienced it or recognize any agents that have experienced it. So, now is what we would like from our listeners today. We are requesting your notes under the video in at least the form of two numbers. Firstly, how many HAFA short sales do you possess in the system. And secondly, how many HAFA short sales have you closed.

The initial month that HAFA was rolled out there were plenty of trainings to study about HAFA. Now those instruction courses are CE credit courses. It seems that all of the lessons that don’t really matter goes to a CE credit course because you would only go to it if you might actually get credit for it.

We are hosting a Crush It Short Sale Class in the Phoenix area on Friday, August 13th. It’s a real life, in the trenches, information you can employ, class. Get registered today!

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Phoenix – Avoid Foreclosure Arizona

Kevin and Fred are hanging out at Taco Surf in Pacific Beach, California. Fred actually held his wedding reception at Taco Surf. If you are ever in the San Diego neighborhood, you must check out Taco Surf. The reason Fred is having such a last-minute lunch today is because he has exhausted more than a few hours this morning babysitting foreclosure auction dates.

The first folder, serviced by Metlife for Freddiemac, has been a pest during the complete progression. The first time we tried to complete this folder, MetLife sought to foreclose. So, we went to Freddiemac and they happily delayed the auction date. However, the buyer on that deal fell through following inspections. At the present we have a new buyer and we submitted that contract at the end of June. We have been dealing with Metlife to get them each and every one of the papers that they needed until last week. Last week they notified us that they could not delay the foreclosure auction date because it was too late. So, this morning, Fred had to phone Freddiemac yet again to get the foreclosure auction date delayed. Freddiemac, once again, happily delayed the auction date and sent Metlife an email asking them to delay the auction date for an added 60 days because the offer on this home is more than the BPO. It definitely makes you wonder what Metlife is doing in the short auction business.

The second folder, dealing with Chase, has been very testing. Fred was told last week that the auction date has been delayed and all is fine. Fred has chatted to a couple of people that have been very supportive and nice, but the trustee has already told Fred that the residence is going to foreclosure auction tomorrow. Fred called the trustee for the second time today and he confirmed that it is absolutely going to auction.

Finally, the Chase employee called Fred back and confirmed that the auction had not been delayed. It seems that, Chase delayed the auction internally, but Chase forgot to get consent from the backer. So, Chase had to go to the backer and ask for that they auction date be delayed.

We aren’t picking on any servicers or investors, but we would like other realtors to understand that you must verify foreclosure auction dates with the trustee. Trust no one inside the banks and corroborate everything.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Scottsdale – Short Sale Arizona

Last Friday we chatted about a commission disagreement with Condor Capital. They are not actually a servicer of loans. They are really a buyer of loans. They identify themselves a scratch and dent lender. It turns out that Condor Capital goes out and purchases up the nastiest loans out there for a specific fraction of the outstanding balance. Then they pass them off to their loss mitigation group and attempt to turn a profit. They do this through closing short sales and other strategies.

The loss mitigator that we chatted with last week was excited about the deal with Fred because he knew his company was going to make a gain. Still, the real catch here is that the loss mitigator receives a percentage of Condor Capital’s profit on the deal. He’s not simply getting a bonus for closing files, but really getting a percent of the profit.

So, when you are working with Condor Capital, bear in mind that the negotiator is making a commission on the contract. This almost certainly leads to some added motivation for the negotiator. You may want to think again some of the techniques that you use when negotiating a short sale with Condor Captial. Take a little atypical tactic with Condor Capital because they are making a profit and you are making a profit. So do your best to deal with them.

There will be lots of visitors coming up in the next few episodes. So be sure to check out the next several days of episodes for a few very extraordinary visitors.

Also, a reminder, that August 13th we will be hosting another Crush It Short Sale seminar in Phoenix. It doesn’t matter if you have seen us live previously, we have so much fresh content to reveal with you. If you can not make it, send your negotiator or transaction executive. We will blow your brain and explode your production!

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Glendale – Short Sale Arizona