If you are working on a short sale close to the end of the year, you will find that they are approving the short sales quicker versus throughout the year.  The Banks work on numbers every quarter giving us 4 quarters per year to get a short sale approved.  The closer to the end of the quarter, the more likely they will approve the short sale and when it comes to year end, the Banks are known to take deeper discounts, just so they can get the property off their books.  Did you know that the Banks are required to hold in escrow three times the amount of their bad debt?  Liquidating debt, aka short sales, allows the Banks to open up more money to the market that they can send out into their banking industry and loan out.  When they loan the money out to customers, they receive interest, origination fees and points on the money.

When you submit a short sale to the Bank/Lender, the HUD Settlement Statement shows the negotiator what the NET is going to be in order to satisfy the debt.  The NET figure is different than the Purchase Price.  In fact, when you are negotiating with the Bank, you need to clarify that the “magic number” you are discussing is the Purchase Price and not the NET figure to them. 

The Purchase Price includes all of the fees associated with selling the property such as title work, Realtor commission, settlement fees, tax prorations, outstanding liens, second or third mortgages, homeowner association dues and any other closing costs.  When the short sale is submitted, the negotiator will usually run an REO Net sheet based on the loan balance, status of where it is in the foreclosure action, and how long it would take to get the property to foreclose and become an REO (Real Estate Owned) by the Lender.  This helps the investor who owns the loan to determine whether or not a short sale discount would allow them to profit more than an REO property, and which way is most profitable to liquidate the property from their inventory.  Read More→

“Every thought you produce, anything you say, any action you do, it bears your signature ~ Nhat Hanh

The Sign-n-Send app for my iPad and iPhone is a really handy tool for my everyday use. I find it very convenient to send documents via email, but sometimes it’s hard to put your signature on there without being on a desktop. It is very intuitive, just tap and hold to open the pdf and edit.

For a long time I struggled with signing pdfs on my phone. I tried taking a photo and writing over it, an electronic stamp, other apps as well, and none are as fast and simple as Sign-n-Send. If you have an email with a pdf attached, just tap and hold the attachment, and a window will show you a few options. You will want to select ‘open in’ and then select ‘sign-n-send’. From there the app is very easy to navigate.

The user will always go through another application to get to this app. Mostly through your mail app or a messaging app. When you tap and hold the pdf to open, it does take a few seconds to open. Once it is open, use one finger to draw on the page, but pinch with two fingers to zoom in and out. If you have a screen protector, better to put down the stylus and use your finger for the signature line.  Read More→

I’m sure you’ve noticed when I sign off, I prefer “To your quantum leap.”  People often ask me what I mean by that or how to have a quantum leap.  The only way I know to answer is to “keep fertilizing your crop.”  Let me explain.

You must ask yourself certain questions and continuously analyze what you’re doing at every moment.  Whether you’re young or old, what are you doing to fertilize your crop?  Is every day the same or are you taking on new challenges and learning new stuff?  Are you playing not to lose or playing to win?  Does your seed have a chance to grow and if it does, will it produce a crop worth having?  Are you spending so much time making a living you can’t take time to get rich?  If you are rich, are you complacent and bored or are you putting it on the line to stay in the game and win big?  Do you look forward to tomorrow because it’s just another day full of problems?  Have you had some major set- backs with your finances or health that you’re letting take you out of the game, or are you playing no matter what?

Everyone faces adversity at some point, many more than others.  Yet, successful people just keep ticking.  They keep fertilizing their crop and looking for new harvest.  They survive the test of time because they refuse to quit when things get tough and because they love what they do to the point it becomes their life… their station.

You never know at what point in your life a major turning point will take place that catapults you further in one year than all previous years combined.  I’ve seen that happen a lot lately with some of my students and in my own life.  Read More→