Archive for 'florida'

Short Sales Still Sailing Strong!

short sale floridaRight now, in my office, I am receiving short sales from sellers who decided to do a loan modification which was only valid for 3-5 years. In my opinion, this is the second wave of short sales that you will be coming across. Many Investors stay away from short sales because they say it takes “too long” or they do not want to the negotiate the short sale itself. After speaking with them, I find out that they really don’t understand the short sale process. So they miss out on BIG profits that are available by making offers on short sales that are listed and/or controlling the whole deal by finding the seller that needs to do a short sale, list it and have a title company process the short sale. When you close and make your $thousands$, that would get you real excited about short sales! The key to a successful short sale is making sure that the Short Sale Lender has the correct value on the property and this is where so many Investors and Realtors fail!

Many title companies will agree to negotiate the short sale on the property for the cost of title work so all they need is the financial package from the Seller and a Purchase Agreement from YOU! In fact, title companies are contacting the Seller directly, so you do not even have to obtain the information from the Seller when it is needed. Why, then, are Investors not making offers??? I believe it is due to a lack of knowledge. You have to know what to tell the title company’s negotiator to say to the short sale lender’s negotiator if you want to create a great discount. My Home Study Course teaches you what to say and ask, in order to create your great discount.

I believe that every Investor should have the knowledge of how a short sale works so that when they make an offer on the house, they make sure that the Realtor knows the key to a successful short sale which is the value of the home! The process of the Short Sale is very simple, you need a HUD, Purchase Agreement, Financial Package, Proof of Funds letter from the Buyer and an Authorization. Once the Short Sale Lender receives this information, they will schedule someone to come out and obtain the value on the property. That someone could be a Realtor or Broker which performs a BPO (Broker Price Opinion) or an Appraiser who completes a full appraisal. I always recommend the following:

  1. Make sure that the lock box code to the house is not on the MLS or they will sneak in without you.
  2. Make sure that there is not an electronic lockbox on the home.
  3. Make sure that YOU as the Buyer are able to meet the Appraiser or Realtor.
  4. Make sure that you bring a copy of the Purchase Agreement.
  5. Make sure you have 3 Sold Comparables, no more than .5 miles away, that have closed within 3 to 6 months.
  6. Make sure you have a Rehab Estimate, or two, including all the major problems with the house with pictures of what needs to be repaired
  7. Make sure that YOU are at the house 30 minutes prior to appointment time, they often show up early and you’ll miss them.

groupMany Investors/Buyers will allow the listing agent to control the BPO/Appraisal and they don’t even meet that person there to provide them with the information of the house. Therefore all parties, Buyer, Seller, listing agent and selling agent are always confused as to why the value did not come in at a reasonable value for the house. Many Realtors/Appraisers will not even consider any of the repairs and they are left to guess because it takes extra time for them to figure out the cost of the repairs, which they are not willing to do. Also, the Short Sale Lender does not consider any cosmetic repairs as a “qualified” repair. What are cosmetic repairs? Carpet, paint, appliances, landscaping, and updating the kitchen and bathrooms. What are qualified repairs? Air conditioner, plumbing, roof, electrical, drywall damage, missing cabinet doors where the cabinets will need to be replaced, mold, and major damages, etc. On the Rehab/Repair Estimate, should you still include the cosmetic items that the Short Sale Lender does not consider? Definitely yes; however remember you must have other qualified items included on the Rehab/Repair Estimate as well, or the BPO Agent/Appraiser will state there are no repairs needed in the home.

An Appraisal value is good for 4-6 months on a Fannie Mae, Freddie Mac, and FHA file. A BPO value is good for 90 days. So … if your Rehab/Repair Estimate is considered along with comparables, you should be able to purchase the short sale at a great discount!! Remember, if you are in a Seller’s market and you are seeing the values increasing monthly, you should have a slam dunk!

Please keep sending me your questions and topics that you would like to hear about, so I can be sure to keep feeding you with the information that you need in order to move confidently through 2016 and bring your Real Estate Dreams to Life!

Happy Negotiating!

Kimberlee Frank

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Happy Valentine’s Day Everyone  the facts about loan modifications!!

Today is a great day to tell anyone and everyone you see and know Happy Valentine’s Day. Many of the Sellers that are upside down on their home are stressed out and don’t know what to do.  First off, I want all Sellers to know that when they got a loan from the bank their money was given to the bank from an investor.  This investor could be a trust, reit, or maybe the government.  The bank guaranteed the investor or group of investors a set interest rate.  Many Sellers are attempting a loan modification hoping to keep their house.  I always ask my Sellers if could wave my wand what do you want from the bank.  Most of them will answer that they want the bank to reduce their balance on their loan or they want a certain amount for their monthly payment.  Here are some facts I want to share this Valentine’s Day with the Sellers:

1.  During a loan modification the bank is still continuing with the foreclosure.

2.  I have not spoken with a Seller yet that got a reduction in the value of their home on a homesteaded property and I have done over 500 short sales.

3. The monthly payment the Seller wants makes no sense.  They are not considering how much their taxes and insurance is on the property nor are they considering the interest that will be charged for the loan amount.  Example:  Seller owes $300,00,000 on the loan at 4% for 30 years is $1,432.25  – Yearly Taxes are $3,000 per year $250.00 a month – Insurance is $1,500 per year – $125.00 per month –  Total monthly payment NOT INCLUDING HOA (homeowners association dues) would be $1,807.25.  Many Sellers want a lower payment than this amount because they can’t afford it.

4.  I have only seen the bank take the monthly payments that they are behind plus interest, late fees and attorney fees and add it to the end of the mortgage and/or change it to a 40 year mortgage.  Which would make their monthly payment $1,253.82 on the loan plus taxes and insurance would be $1,628.82.

So on Valentine’s Day I just want to let all the Sellers going through this difficult time that your home is where your heart is and may God Bless you during this difficult time.

So should a Seller do a short sale? First you need a good negotiator working on your file.  Benefits of a short sale:

1.  The Forgiveness of Debt Act which expires on December 31, 2013 allows Sellers who own their properties as homestead to waive the tax ramifications should the bank forgive the debt.  Up to 1 Million Dollars for a Single Individual and $2 Million Dollars for a married couple.

2.  The Bank will report the short sale on their credit report as being settled for less.

3.  The Sellers may receive some money to relocate.

4.  The Sellers may not have to pay a cash contribution or a promissory note.  Again this depends on your negotiator/realtor.

5.  The Bank will not go after the Seller for the difference if you get a full satisfaction otherwise they have the right to collect on the Seller for up to 25 years.

6.  The stress is gone and they have relocated into a bigger and better home most of the time.

I would recommend on this Valentine’s Day that a Seller give their family and themselves the gift of decision.  Please read my Special Report on Foreclosure which talks about all your options.


Again your home is where your HEART IS and your family will go wherever you go.

May this Valentine’s Day you find peace.

Kimberlee Frank – Broker






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Sell Fast Realty’s #1 Million Dollar Sales Associate for 2012


Congratulations Evelyn the Sellers and Buyers could not have found a better Sales Associate and Friend for life!

Let me share a little inside information about my good friend, Evelyn Good.  I have known Evelyn Good for since 2007 and here are the qualities that you will find about Evelyn:

  • Caring, Considerate, Kind, Warm-hearted, Honest, Hardworking, Christian
  • Aggressive, Consistent, Focused, Determined, Organized,

I have to laugh this year because the first of the year, Evelyn promised me that she would behave.  I have so many Evelyn stories of how she has helped Sellers and Buyers to sell and/or purchase their property that would drive an average away from being a real estate agent.  Every property comes with a crazy story.  In order to sell that many houses working Sellers, Buyers, Realtors and Banks, why won’t their be stories.

I can remember one property that was a short sale that we were working with Bank of America.  We had done all the paperwork, had a buyer and the Bank won’t postpone the foreclosure auction sale date.  Evelyn watched the property after it went to sale and later found out that the Bank rescinded the sale against the Sellers. The property was listed with another Realtor called an REO Agent, work was done on the property and they had a buyer.  When it went to closing, the Bank found out that they didn’t have clear title and they couldn’t sell the property.   The listing was removed and the property was just sitting.  Evelyn did research on the property and found out what happened and contacted the Sellers.  I can’t tell you how excited the Sellers were when they found out that they still have a chance to sell the property and get the difference waived.  The Sellers got the property back with updates that were made to the property which included paint and carpet.

We listed the property and within 5 days we had multiple offers.  The Sellers took the highest offer and a backup offer.  The short sale process went quickly since the Bank knew they would have to do the entire foreclosure process again if they didn’t agree to a short sale.  We got a short sale that gave the Sellers a full satisfaction of the debt waiving the difference of what was owed.  Boy you should have seen the excitement in the Sellers faces, in addition to Evelyn Good.  If I didn’t know better, I thought it was Evelyn who sold her own property and was not responsible for the $75,000.00 plus difference.  She was more excited than the Sellers.

So the moral of the story is, if you want to find an agent that is “Good” and has dealt with all kinds of crazy situations I personally endorse Evelyn Good as your Agent/Friend.  Good job Evelyn! May God continue to bless you in helping Sellers and Buyers sell/purchase homes.

Evelyn, I couldn’t ask for a better Sales Associate but most of all a good friend.


Kimberlee Frank

Broker of Sell Fast Realty

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