http://www.kcmblog.com/2009/11/05/todays-talking-point-110509/ Building a Home for Real Estate Information™ Tue, 07 Feb 2012 22:58:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.kcmblog.com/2009/11/05/todays-talking-point-110509/comment-page-1/#comment-137 Phil Tesoriero Thu, 05 Nov 2009 17:14:44 +0000 http://steveharneyblog.com/?p=1123#comment-137 Wow what a scary commentary. As real estate professionals its important to remember the definition of a short sale when you encounter a client who is "Strategically " defaulting on their loan. Banks basically and generally speaking have 2 criteria to define an acceptable short sale 1. The market value is LESS than the UPB(unpaid balance) of the existing loan 2.The borrower can demonstrate the “ INABILITY TO PAY” that loan..(also considered in the loan modification process as well) Please be careful of dealing with people who have questionable motives. More and more everyday we see real estate people on the 6 o’clock news being marched off to prison for fraudulent activity. Don’t be one of them. I qualify my sellers (and share it in class) in one of 3 categories,1 ethical 2. Scared 3. Scammers. by asking a few simple questions you can determine where your seller falls .I have no problem working with 1 and 2 ..but the people who fall into 3, I run not walk away from. Be careful and aware of who you are dealing with. I guess it can be easy to ignore sometimes, but I want to be part of the solution not encourage the problem. Wow what a scary commentary. As real estate professionals its important to remember the definition of a short sale when you encounter a client who is “Strategically ” defaulting on their loan. Banks basically and generally speaking have 2 criteria to define an acceptable short sale 1. The market value is LESS than the UPB(unpaid balance) of the existing loan 2.The borrower can demonstrate the “ INABILITY TO PAY” that loan..(also considered in the loan modification process as well)
Please be careful of dealing with people who have questionable motives. More and more everyday we see real estate people on the 6 o’clock news being marched off to prison for fraudulent activity. Don’t be one of them. I qualify my sellers (and share it in class) in one of 3 categories,1 ethical 2. Scared 3. Scammers. by asking a few simple questions you can determine where your seller falls .I have no problem working with 1 and 2 ..but the people who fall into 3, I run not walk away from.
Be careful and aware of who you are dealing with. I guess it can be easy to ignore sometimes, but I want to be part of the solution not encourage the problem.

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