Well, I feel really good about this!

Congratulations Rina. Great idea on listing your add covering all your bases. I'm still working on my 1st project. Seems they are moving really slow with responses to my questions. I wanted to ask what should I be asking the bank once they finally get back to me. (I did find out that this will be a short sale). And how do I know what the seasoning guidelines are in my area? Thank you again for sharing, keeps me inspired. Keep up the good work.

i won't bore you with all the kudos. You know you are good and I am honored to have you as my go to girl. Love ya and much continued success...Jan

Awesome story, very good heart, and have said a bunch of times...You are very smart...Had to get my 2 cents in also since it seems everyone else has

vrw2527 wrote:

Congratulations Rina. Great idea on listing your add covering all your bases. I'm still working on my 1st project. Seems they are moving really slow with responses to my questions. I wanted to ask what should I be asking the bank once they finally get back to me. (I did find out that this will be a short sale). And how do I know what the seasoning guidelines are in my area? Thank you again for sharing, keeps me inspired. Keep up the good work.

Hey, congrats on moving forward!
question: Is this a project you have been working on with a homeowner? Is there an agent involved or are you going directly to the loss mitigation dept.? At what point are you in the process?

Seasoning issues. I'm not sure if there are just FHA rules or if there could be "local" issues for you. I'm really just learning as I hear about new things coming up. The seasoning I was concerned about is having to have a property in your name for 3 months before re-selling. As far as I know, this is just for FHA loans. There are many other programs out there that you wouldn't have any problem with. Check with your mortgage broker for more info.

Again, congrats, and thanks for the encouragement.

Rina

I am in the very slow begining. I'm trying to contact the bank so I can make an offer. I've been trying to get more information like you said on the property. I have been working with who I thought was the mitigation department at the bank. The person I've been speaking to is actually the mortgage broker who was working with my cousin for her loan, and was posing as a rep from the bank.

I have gotten a lot of different answers to my questions and I wanted to go directly to the source. He kept trying to make me talk to him, when I asked for the number and name of the bank.

Long story short, I went around him and found a number to the actual bank and I am currently waiting for the REO rep to get back to me, with the information that I need. Im not exactly sure what I should be asking him but I figured I'd wing it. Most of the information I found through the tax accessor, ie. square feet, yr built, # rooms, #bathrooms, last purch price, owner name, his address, prev sales in the area. Is there anything else I should be asking him.

Thank you for answering my many many questions, I love coming on here everyone is soooo helpful. I really feel like part of a family.

P.S. When I make my offer, I don't have to use my realtor correct, Can I make it myself on the purchase agreement?

Thanks again,

VEE

NICE WORK RINA! Have you had any experience negotiating a SS with the Bank loss mitigation dept. Im trying to determine the best way to approach,prepare,and present a SS offer to the bank. Also working with BPO agent,any advice will be greatly apprieciated on how to get the price as low as possible. I hope this question makes sense to someone. Im trying to help a family going through divorce and impending forclosure. again nice going on your recent success,and thank you in advance for any feedback.

VEE,

I don't want to steer you wrong, so just know that I have not negotiated a short sale myself. The ones I have dealt with have been through SSales that have been listed through agents. But I can let you know what I've learned. I know there are not too many agents in my area who have been through the short sale experience, and the most recent ones I've known have each said they don't know if they'd do it again, it was that frustrating dealing with the banks and having little control. Now, I didn't say that to deter to you from doing it, just to say that I think I would go through an RE attorney for my first one. One attorney I know charges $2,000 to facilitate a short sale, but they have done them successfully, and since I've heard from many how wishy-washy the banks can be, I might try this first.

I'm wondering, has the broker who is working with your cousin been in contact with the bank already? Do you already have a purchase agreement with your cousin?
And, yes, you can fill out the purchase agreement youself, but like I said maybe having a good RE attorney help you with this one wouldn't be a bad idea.
Also, if you are part of the Success Academy, study the Short Sales chapters/training sessions again, and definitely call the advisors to see what they recommend.
Last, but definitely not least, read some of the threads in here on short sales, and try leaving a post for BaileyMeadows (Shiela). She is a short-sale EXPERT, and has helped MANY people in this area!

I look forward to following along with you as you put this together. And I KNOW you'll make it work. Will take a little patience and determination, that's all.

God bless,

Rina

Thank you. It does feel good to be a part of helping someone else.

SS. I have not had any personal contact with the banks yet. My agent does BPOs all the time for the REO and short sale banks. Because there is no access to them during the redemption period the agents will literally go there sometimes and make a "drive-by" BPO (Brokers Price Opinion). Partly because they ae only getting paid $50-$100 for each one. BPOs are nothing NEAR as accurate as an appraisal. Some banks will order just a BPO when they have an offer on the table, and some want an all-out appraisal. To me it would make more sense if they would just go by what the offers are, and cut their losses, if the homeowner is willing.

For the family that you are trying to help, you will need to get a short-sale packet and make sure it is complete before submitting it. This is where I think it would be realy handy to have an experienced RE attorney involved. That is just my opinion. Oftentimes there will be someone who is used to dealing with particular banks and has already established a working relationship with them, thus making the whole process easier. Maybe your BPO agent could suggest a name.
BUT, I know that Dean has gone directly to the banks, so I'm not saying it can't be done. Just have all your ducks in a row, and be willing to put some time into it (especially the waiting part).

I wish you well on this endeavor. Keep us posted on how it goes.

Rina

laurajohnson wrote:

You know, in all our conversations we never really discussed our men - but you just described mine PERFECTLY! Amazing how alike we are My fiance has had his own home improvement business for 30 years - and he too is learning to use his left arm. Its hard, hard work and we both stay focused on the day we look back and our REI dreams have come true! By the way - he hears your name so much he'll often ask "So how is Rina today?" haha.....
Much love,
Laura

Funny how similar everyone's stories are for needing REI to work for us NOW! Basic human needs drive us to succeed. When those are covered, the challenge and the desire to pass it on drive us even further. It's never really all about self, is it? Look at all the people in this ONE thread that want to make a difference! Angela, Lloyd, Randy, Jason (Build Assets), 5H, Yuri, Sissy, Jason S., Michael B., Terry, Kat, Richie, Regina, Nancy, Josh, Serena, Jeremy, Hopeful, Rasheem, d, Troy, VEE, Jan, marc, Tom, you, me. And so many others throughout these forums that have given selflessly for months. That’s incredible! I think Dean’s goal of touching a million lives is closer than he thinks. Cool…

love you too sis,

Rina

Hi My dear Rina. Congrats on the great job you are doing. You are an inspiration to me and I am sure many more on this site. You energy and action to the business of real estate is what leads to success. Good Luck.

Sandra

I guess your husband didn't believe in your success at first? Well, I am glad he does now.

You among few others here are my heroes. I just need to forget of all my mishaps of the past and focus on the future for my family.

Thanks for the inspiration.

Yuri

I thank you so much... to everybody, everyone who has so graciously added to this thread. There are many who have overcome so much.. This really shows what a strong group of support we have here, and why we can all keep going even on the days when we are frustrated or in a low spot.

Yuri, yes, it has been a struggle for my husband (although he means well), and he has "come around" many times only to get scared again when the newness of each success wears off and "everyday life" pulls on him again. I just have to keep showing him the part of the glass that is 3/4 full instead of the 1/4 of empty. So, to the positive spouse, I say it might be YOUR job to carry your partner for awhile until they catch your spirit. You can do it!! Just don't YOU give up.
And like you said, the past is the past. You just have to see your bright future!

Sandra, I have to catch up with you and how your plan is going! Hope all is well!

God bless,

Rina

Thanks for the feedback, I will definately keep you posted.

Hello Rina,

Your deals always help out other people in need. It's no suprise to me that God has blessed you in a very special way. I was very moved by your entry in Deans new Book. You are like an angel in disguise watching over all of us NEWBIES, and I personally want to say a big Thank You. I fell like I know you.

LilyfrmL.A

(I tried to answer your PM, but it wouldn't go through.) Thank you so much for the kind words. You are very sweet. It's nice to see you back (Beautiful new picture, too!). Yes, I do feel very blessed. God is good.

Hope all is well with you and yours,

Rina

Thats so funny last night I was like pouring my life out to you, and the PM wouldnt go thru. It said that Im not qualified in that arena or something weird like that. You know the private circle pak. Im not there yet but give me time Ill get myself up the ranks soon! The last 3mos have been really tough, I just about gave up on REI. Didnt even go on this blog for awhile, But thru my church, kids, and faith in myself Im taking baby steps back. You made my day writing back to me. Thanks!

LilyfrmL.A

KEEP ON KEEPING ON!! We all have our low "tides" and have to work a little (or a lot) harder to maneuver through tough waters... but with the knowledge that we're all accumulating and the motivation to JUST DO IT, we'll all be "surfing" come high "tides"... No wiping out / No looking back...

LET'S DO IT!!!