Okay, gang here's what's comming down the Pike!! When this program hits the streets short sales will truly be SHORT SALES.Anyway, myself and 4 of my agents were blessed with being selected and trained during the 5-Star Conference via Webinare, to be on the 4 front of this new program that will be comming to a city near you soon. When you see the words Home Telo's approved Short Sale , these properties will close in 30 days or less. Thats right lender approved short sales!! What a concept. Not all homes will qualify for the program and there will be a screening process. To some this up in a NUT shell this is how the program will work.A BPO is completed on the property within 72 hours of completing our BPO the lender will have had a 3 rd party apprasial or BPO conducted and sets a price at current market value they are willing to except for the home. The property will then be placed on the maket local MLS and www.bidselect.com where it can be bid on. Highest bidder assuming lenders price is met, will go into contract to close within 30 days.During the marketing time the home-owner has to maintain the home, remains in the home and is resposible for keeping it up for showing. The investors/lenders etc have finally figured it out!!!. It's cheaper for them in the long run to keep people in homes, maintaining them rather than them being vacant, and getting everything of value (A/C Units, Copper, Appliacnes, Light Fixtures etc) stolen.This should bring about some stability to the market and great opportunities for first time buyers that are overwhelmed when they step foot in some of the REO homes out there. They will have to be left for the investors to pick up at rock bottom prices,because they will be the only ones buying them when these short sales hit the market. This should be a WIN WIN for everyone.So Buyers Agents, When you see HOME TELO's you better act fast, because once this gets out , there will be 10-15 offers on each property, just like the turnkey REO's. That's my tip for the month...1 of 500 out of 135,000. If you were invited to the Round Up during the 5-Star Conference then you know what this means. For those of you that don't and would like to know shoot me an email if you can't figure it out..(Staci it was nice to see you at the Round Up!)
Hi Jonathan: Nice talking to you last week. I was wondering if this Telos short sale program has finally started?
I have found the Countrywide short sale process is absolutely the worst. Very, Very slow to get a negotiator
assigned to an offer despite including a very complete hardship pkg. If Telos could speed things up, it would be
great.
Well, the reason I am asking is because, it seems to be that my experience is, banks are streamlining their procedures on their own. In fact, I work with some banks that can get a short sale done in 14 days or less. Now, granted, I have been trained on exactly what they need, want or desire to approve a short sale so, I don’t have to guess as to what I need to turn in but, 14 days or less, isn’t bad.
The way I see it is, the banks are realizing that REO's aren't the wave of the future......it cost too much to hold and maintain the inventory. In fact I am seeing a lot of banks moving towards Short Sales as a preemptive loss mitigation tool to prevent the REO all together. Truth is, with the recent government bailout along with the increased oversight, I am already seeing banks becoming much more open to loan modifications, workouts and providing moving assistance if the homeowner agrees to short sale.
In closing, I think our industry is realizing that short sales are the wave of the future and because of that, individual banks and lenders are starting the process to streamline their infrastructure to handle the change. I am not sure the Cooperative Short Sale Program is going to make a hill of beans to Litton, Bank of America or whomever, it may just be a marketing strategy for BidSelect to say, “look what we are doing, we are making short sales easier through us” so that they can bring on customers like, WellsFargo, Countrywide and whomever else.
Make no mistake, Short Sales are going to become much more important in our industry than they are now and because of that, regardless of who does it first, each and every bank is going to streamline their process. They can package it up and wrap it in any marketing strategy they want, it’s nothing new, in my opinion and it’s been a long wait for these banks to clue in to this fact!
The one thing that isn’t going to change is that your personal relationships with the decision makers as to who gets what it still going to be the deciding factor on which Realtors are going to be successful and which aren’t.
I'm not sure, but I can only assume that others will be sure to follow as this program moves foward. Who knows, they may play monoply like the Country Wide Accounts. If you didn't get in early its nearly impossible now.
Comments
I have found the Countrywide short sale process is absolutely the worst. Very, Very slow to get a negotiator
assigned to an offer despite including a very complete hardship pkg. If Telos could speed things up, it would be
great.
The way I see it is, the banks are realizing that REO's aren't the wave of the future......it cost too much to hold and maintain the inventory. In fact I am seeing a lot of banks moving towards Short Sales as a preemptive loss mitigation tool to prevent the REO all together. Truth is, with the recent government bailout along with the increased oversight, I am already seeing banks becoming much more open to loan modifications, workouts and providing moving assistance if the homeowner agrees to short sale.
In closing, I think our industry is realizing that short sales are the wave of the future and because of that, individual banks and lenders are starting the process to streamline their infrastructure to handle the change. I am not sure the Cooperative Short Sale Program is going to make a hill of beans to Litton, Bank of America or whomever, it may just be a marketing strategy for BidSelect to say, “look what we are doing, we are making short sales easier through us” so that they can bring on customers like, WellsFargo, Countrywide and whomever else.
Make no mistake, Short Sales are going to become much more important in our industry than they are now and because of that, regardless of who does it first, each and every bank is going to streamline their process. They can package it up and wrap it in any marketing strategy they want, it’s nothing new, in my opinion and it’s been a long wait for these banks to clue in to this fact!
The one thing that isn’t going to change is that your personal relationships with the decision makers as to who gets what it still going to be the deciding factor on which Realtors are going to be successful and which aren’t.