Archive for June, 2010

Tax credit extension still has not passed. Can you say “filibuster?”

Frank and Brian from ThinkbigWorkSmall discuss today that the tax credit extension is stuck in the house.  For more information tune in to today’s daily: http://www.thinkbigworksmall.com/mypage/archive/4863/51378

Thursday, June 24th, 2010 Latest News No Comments

NOT SO FAST! First-time homebuyers may still qualify for tax credit NOT SO FAST!

Although the $8000 first-time homebuyer tax credit, and the $6500 tax credit for all other buyers is set to expire at the end of this month, the Senate is considering extending the tax credit to the end of September, 2010.

Word is that it will not extend the credit for those who did not have the house under contract by the end of April (the first requirement).  For more information on the potential extension, please see the article below from the Wall Street Journal.  Should you have any questions, please do not hesitate to contact us.

Best,

Trent from CSSP

http://online.wsj.com/article/SB10001424052748703627704575298610215024500.html?mod=WSJ_latestheadlines#printMode

Tuesday, June 15th, 2010 Latest News No Comments

Focus on creating value, the dollars will follow.

Did you know that marketing has changed so much since the last decade, that the American Marketing Association changed the definition of the word marketing in 2004?

The old definition was very focused on the product, it’s placement, it’s price and how it is promoted.  It was very “push”.

The new definition focuses on creating, communicating, and delivering value. In other words, providing the customer with what they need and then helping them discover for themselves that what is offered is valuable.

I had the opportunity to serve on the panel of a webinar today, hosted by Think Big Work Small.  The topic of the webinar was “Working with Distressed Clients”.  As I was pondering the topic, up to the point of the webinar beginning, I thought back to a principle I was taught several years ago as I studied marketing; “Dollars follow value.”

What this means is that no one really cares that we are: agents, short sale processors, marketing wonks, certified whatevers, REO specialists, that we have sold $x million, that we have x number of  listings or that we are currently processing x number of short sale transactions.

What the homeowner in distress does care about is that they are in a bad situation that they had no idea was coming their way.  They aren’t specifically looking to remodify their loan, they aren’t looking to short sale, they certainly aren’t looking to have their home foreclosed upon.  They are looking for value in the form of answers and options.

Buyers are looking for value, in the form of a piece of property that they can either live in or use to provide value for another in the form of a place to stay…and capture dollars at the end of the month for doing so.  If we focus on being the ones who create, communicate and deliver value, and less on the dollars, the dollars will follow.  It’s a “True North Principle”

To much success and value creation,

Trent from Complete Short Sale Processors

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Thursday, June 10th, 2010 Latest News No Comments

Organizing the unorganized-Seth Godin

At times, it’s refreshing to take a step back from real estate and look at some overriding principles.  Seth Godin, one of the leading marketing gurus of our time keeps an awesome Blog.  I like his blog, because his posts can be read in about 5 minutes and (almost) always speak to me in a way that I can apply the concepts in my professional (and often personal life).  I especially loved his post from a few days ago.

Happy Reading!

Trent from Complete Short Sale Processors, a CWY Holdings, LLC company

http://sethgodin.typepad.com/seths_blog/2010/06/organizing-the-disorganized.html

Tuesday, June 8th, 2010 Latest News No Comments

CRITICAL Fannie Mae changes! Especially important for states with long redemption periods. John Wooden on Leadership. Working with Distressed Clients webinar June 10.

On today’s ThinkBigWorkSmall Daily, Frank and Brian discussed Some critical changes to Fannie Mae policy, as it relates to the redemption period.  This information will be especially important for those who operate in states where there are long redemption periods.  In a nutshell, as of late May, Fannie Mae will not fund a property that is still within the redemption period.  In a state like California, the redemption period is 12 months.  We strongly recommend that you check with your state statutes, as they relate to the redemption period and adjust accordingly.

Also, some great thoughts and quotes by the late, great John Wooden.  May he rest in peace.

http://www.thinkbigworksmall.com/mypage/archive/4863/51023

Monday, June 7th, 2010 Latest News No Comments

Surely you know this…but…Fannie Mae REQUIRING credit checks before funding.

As of June 1st, Fannie Mae is requiring a credit check prior to funding.  For many, this requirement is nothing new, as many lenders have been doing this for a long time.  However, with the current market conditions as they are, many buyers are riding the wave just north of 620 and one small purchase on a credit card could cost them the loan.  Brian and Frank from ThinkBigWorkSmall discussed this a few days ago on their ThinkBigWorkSmall daily and I thought I would post it here for your viewing pleasure.

http://www.thinkbigworksmall.com/mypage/archive/4863/50891

Trent from Complete Short Sale Processors

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Sunday, June 6th, 2010 Latest News 1 Comment

Along the same lines as a home warranty, GET A HOME INSPECTION!

I almost didn’t do it.  ”I know real estate, I know a little about home repair, I can handle it,” I thought .  My wife and I decided we didn’t have much to lose, but potential headaches, so I decided to shell out the few hundred bucks it cost and it was money well spent!

I asked around and I decided to call Richard Cummins of Associated Inspectors (702) 255-5504, from the recommendation Doug, one of my business partners and the COO of our company.  Richard was on time and absolutely FLOORED my agent about how thorough Richard and his partner were.  They spent more than 4 hours at my house and their report was 26 pages long and included a TON of pictures (sorry…I didn’t bother counting, but it was a LOT)  Thankfully, there was nothing, but a few little things that needed any attention and the home passed with flying colors, but it sure put my mind at ease that I was not buying a pig in a poke.  Take my word for it–call Richard.  If you live somewhere else in the country, as around and find someone reputable to inspect that property!

Kindest Regards,

Trent from Complete Short Sale Processors

Saturday, June 5th, 2010 Latest News No Comments

Take it from me, BUY A HOME WARRANTY!

I believe in short sales. It guess it goes without saying, as I’m the CMO and partner of an short sale processing organization, but I believe it so much, that I recently bought one myself in beautiful Mountain’s Edge in Southwest Las Vegas.

In buying the home, however, I knew that it sat for a LONG TIME with no one living in it. The absolute worst thing for a home is to sit empty; the pipes and hoses aren’t running, sediment settles in the water heater…and the A/C isn’t running.

I wasn’t about to buy this home without the services of Lea Jackson-Khreish and her assistant Veronica Simiano of, in my opinion THE ABSOLUTE BEST home warranty company; First American Home Buyer’s Protection Corporation                             (http://homewarranty.firstam.com/) and it has already paid off. One of the A/C units started acting up two days ago and is in need of some repair. Lea and Veronica went to work and within minutes they had the whole thing set up and it only cost me a nominal trade call. ($60 in my market)

We have been promoting First American for some time, but I have never had the experience, until now, of witnessing them in action…and I’m in awe. As a company, CSSP has tested other home warranty companies. We even left First American completely for a short period of time to partner with another organization and it was a nightmare. What a relief it was to reestablish our relationship with First American!

To see if First American can cover your home, contact them through the methods described on the following page http://homewarranty.firstam.com/contactus.aspx . Take it from not only an owner of a short sale company with thousands of homes through our system, but the new owner of a short sale property, DO NOT go without a home warranty. You may save yourself, like a did, right off the bat!

Kindest Regards,

Trent from Complete Short Sale Processors

Saturday, June 5th, 2010 Latest News No Comments

From Moody’s: Latest US Treasury Department Shows HAMP experiencing”extremely low conversion rates” (i.e. Not helping that many people.)

Just as we feared (and knew all too well.)

Here’s a little blurb of an article that explains the situtaion:

The most recent Home Affordable Modification Program (HAMP) report released by the U.S. Treasury shows “extremely low conversion rates” from trial to permanent modifications, with success just a 50/50 gamble, according to commentary from Moody’s Investors Service.

As of the end of April, servicers participating in HAMP had converted almost 300,000 permanent modifications. However, they had also canceled 277,640 trial modifications. Moody’s says this represents approximately a 50 percent success rate. The report also shows 3,744 permanent modifications have been canceled.

You can read the rest of the article here .

Source: www.dsnews.com

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Wednesday, June 2nd, 2010 Latest News No Comments

Revised HAMP/HAFA Guidelines-Third-Party Processors/Negotiators

We have received many questions in regards to the new HAMP/HAFA guidelines and how they affect the use of a third-party processor.

It’s important to note that any official HAMP/HAFA communication from the Treasury Department is being directed to banks/servicers and not the real estate community. As a result, all guidelines regarding the use of 3rd Party Negotiators are directed to banks/servicers.

From this perspective, the initial guidelines from the Treasury Department to the bank/servicer indicated that if they outsourced short sale negotiations/processing to a third-party, the Realtor would be responsible for paying for the service.

On March 12, however, the Treasury Department amended this portion of the guidelines, putting the financial responsibility on the banks/servicers, if the bank/servicer determined to hire a third-party to manage the transaction on their end.

These guidelines do no affect our working relationship with you or business model in any way, including our commitment to not charge a Broker-Owner, Broker or Realtor, on either side of the transaction for the services we offer.

We are in the process of creating a video series on HAMP/HAFA that we will be sending in the near future. However, should you have any questions between now and then, please do not hesitate to contact us.

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Wednesday, June 2nd, 2010 Latest News 1 Comment