I note from Nicolette Virgilio :)

Good morning!

 

"The improvement of understanding is for two ends: first, our own increase of knowledge; secondly, to enable us to deliver that knowledge to others."

- John Locke

 

Thank you all for attending your Keller Williams monthly Short Sale Synergy Group yesterday. Jeanie and I are honored to be a part of the title and escrow portion of this meeting. I saw this quote last night and I thought immediately of our monthly meetings. What a great way for all levels of experience within the short sale arena to come together and review experiences, challenges and most importantly to discover new tools and solutions for this avenue of business. We are all faced with short sales daily, and they will continue to be prevalent in our marketplace for a long time. Education, sharing experiences and solutions are how we can increase professionalism and gain some level of consistency in how we handle these types of transactions. I would highly encourage you to invite other agents, prospective recruits for your office and whoever you feel would benefit from this type of round table interaction. Knowledge is power!

 

As promised here are the notes from yesterdays meeting. Please note that our next Short Sale Synergy Group will take place in your office on Tuesday March 16th at 12:00. There will be new information, education and updates at each meeting so please don't feel that if you already attended there will be repeat information. Thanks again for the opportunity to partner with you and your office on the success of this group. We pride ourselves on integrity, passion for the industry, and are supported by the number one title company in financial strength and security for you and your clients. We would love the opportunity to partner with your individual teams to support your title and escrow needs! Thanks again and look forward to seeing you at the next group meeting.

 

 

Challenges:

1.Buying Experience

2. HUD Review- Lack of

3. Estimate of Fees

4. $350 for HOA demand - problem collecting

5. Limitations of title and escrow fees imposed by the seller

6. Agents kicking in money to close

7. Careful on properties in a trust

 

Solutions:

 

1. Estimate HUD's out 6 months "pad it"

2. Seller to call for HOA payoff or number closest to

3. Ask for HOA fee upfront for sellers, or set an expectation of minor fees to be paid by seller

4. Put in $1500 short sale fee to buyer to cover any potential costs

5. Info to buyers on potential costs to cover

6. Put the KITCHEN SINK in the HUD

7. Ask buyer to request 3% for closing costs

8. Lenders are paying NRCC

9. Processing with a team of licensed people or MResolutions

10. Show seller what it takes to recoup cost  (application available by www.homedecisionwizard.com)

 

(Please note that the items above are a direct representation of the items discussed as a whole through the synergy group meeting on February 16th. These items are not suggestions nor opinions from Chicago Title Company. All items discussed by Chicago Title are directly Title and Escrow related)