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Quick tip to save yourself from a major short sale headache

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Freddie Mac Short SalesSometimes I hear stories about stuff going on in the field of real estate and I think, “You can’t make this stuff up. Even if you wanted to.” Today I was looking through old Agent Genius posts to figure out if I had ever written about the loan lookup tools offered by Fannie Mae and Freddie Mac, and I stumbled upon an article about agents mistakenly eating pot brownies at an open house. Also, my friend Jane told me about how a client’s little dog jumped into a buyer’s lap to say hello and immediately left a deposit in the buyer’s lap.

Well, when it comes to short sales, I cannot believe some of the stuff that I experience. In hindsight, I couldn’t make up my experiences either. Most recently, like many busy short sale agents, I have been facing significant challenges with the processing of Fannie Mae and Freddie Mac short sales—especially if we are in the final two months before the trustee’s sale (a.k.a. foreclosure date).

You see, when it comes to short sales, Fannie Mae is not in the giving mood. If you are a few days from the foreclosure date, they may (or may not) postpone that sale in order to entertain that short sale offer. I have one particular transaction that was stuck in review for HAFA (it’s a Fannie Mae deal) for a couple of months. When I finally got it moving (after sacrificing my first born), I was told that we may not have time to close because the sale date is imminent.

So, what’s a short sale agent to do?

Here’s what you need to do. Before you go to the listing appointment, you can check and see whether your client’s note is owned by Fannie Mae or Freddie Mac. That way, you will know what you are in for. I knew what I was in for when I began processing this short sale listing. I just never thought that a short sale negotiator would say to me, “If I give you the approval today, can you close tomorrow?”

Like I said, “You can’t make this stuff up.”

Photo: flickr creative commons by pretendtious.

Melissa Zavala is the Broker/Owner of Broadpoint Properties and Head Honcho of Short Sale Expeditor®, and Chief Executive Officer of Transaction 911. Before landing in real estate, she had careers in education and publishing. Most recently, she has been able to use her teaching and organizational skills while traveling the world over—dispelling myths about the distressed property market, engaging and motivating real estate agents, and sharing her passion for real estate. When she isn’t speaking or writing, Melissa enjoys practicing yoga, walking the dog, and vacationing at beach resorts.

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34 Comments

34 Comments

  1. Noah Grassi

    August 30, 2011 at 7:37 pm

    Melissa- I feel your pain…somewhere along the way "logic" in short sales got removed. As agents we are doing all we can but there are too many variables out of our hands and sometimes we just need more time. I can see how banks might get suspicious when things carry on and on…but I don't work with sellers that play that game. I am here to get their short sales completed asap!

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Opinion Editorials

This website is like Pinterest for WFH desk setups

(OPINION / EDITORIAL) If you’ve been working from home at the same, unchanged desk setup, it may be time for an upgrade. My Desk Tour has the inspiration you need.

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Man browsing desk setups on My Desk Tour

Whether you’re sitting, standing, or reclining your way through the pandemic, you’re most likely doing it from home these days. You’re also probably contending with an uninspired desk configuration hastily cobbled together in 2020, which—while understandable—might be bringing you down. Fortunately, there’s an easy, personable solution to spark your creativity: My Desk Tour.

My Desk Tour is a small website started by Jonathan Cai. On this site, you will find pictures of unique and highly customized desk setups; these desk configurations range from being optimized for gamers to coders to audiophiles, so there’s arguably something for everyone—even if you’re just swinging by to drool for a bit.

Cai also implements a feature in which site users can tag products seen in desk photos with direct links to Amazon so you don’t have to poke around the Internet for an hour in search of an obscure mouse pad. This is something Cai initially encountered on Reddit and, after receiving guidance from various subreddits on the issue of which mouse to purchase, he found the inspiration to create My Desk Tour.

The service itself is pretty light—the landing page consists of a few desk setup photos and a rotating carousel of featured configurations—but it has great potential to grow into a desk-focused social experience of sorts.

It’s also a great place to drop in on if you’re missing the extra level of adoration for your desk space that a truly great setup invokes. Since most people who have been working from home since the spring didn’t receive a ton of advance notice, it’s reasonable to assume that the majority of folks have resigned themselves to a boring or inefficient desk configuration. With a bit of inspiration from My Desk Tour, that can change overnight.

Of course, some of the desk options featured on the site are a bit over the top. One configuration boasts dual ultra-wide monitors stacked atop each other, and another shows off a monitor flanked by additional vertical monitors—presumably for the sake of coding. If you’re scrambling to stay employed, such a setup might be egregious.

If you’re just looking for a new way to orient your workspace for the next few months, though, My Desk Tour is worth a visit.

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Opinion Editorials

10 tips for anyone looking to up their professional work game

(OPINION / EDITORIAL) It’s easy to get bogged down by the details, procrastinate, and feel unproductive. Here are a few tips to help you stay on track and crush your professional goals.

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work productivity

Self-reflection is critical to a growth mindset, which you must have if you want to grow and improve. If you are ready to take your professional game to the next level, here are some stories and tips to help you remain focused on killing your work goals.

1. Don’t compare yourself to others. Comparison is the thief of joy, as the quote goes. And, in the workplace it’s bound to make you second guess yourself and your abilities. This story explains when comparison can be useful, when to avoid it, and how to change your focus if it’s sucking the life out of you.

2. Burnout is real and the harder you work, the less productive you are. It’s an inverse relationship. But, there are ways to work smarter and have better life balance. Here are some tips to prioritize your workload and find more ease.

3. Stop procrastinating and start getting sh@t done. The reason we procrastinate may be less about not wanting to do something and more about the emotions underlying the task. Ready to get going and stop hemming and hawing, you got this and here’s the way to push through.

4. Perfection is impossible and if you seek this in your work and life, it’s likely you are very frustrated. Let that desire go and learn to be happy with excellence over perfection.

5. If you think you’re really awesome and seriously deserve more money, more responsibility, more of anything and are ready to drop the knowledge on your supervisor or boss, you may want to check this story out to see if your spinning in the right direction.

6. Technology makes it so easy to get answers so quickly, it’s hard to wait around for things to happen. We like instant gratification. Yet, that is another reason procrastination is a problem for some of us, but every person has a different way/reason for procrastinating. Learn what’s up with that.

7. Making choices can be a challenge for some of us (me included) who worry we are making the wrong choice. If you’ve ever struggled with decision making, you know it can be paralyzing and then you either make no decision or choose the safest option. What we have here is the Ambiguity Effect and it can be a real time suck. Kick ambiguity to the curb.

8. If you are having trouble interacting with colleagues or wondering why you don’t hear back from contacts it could be you are creeping folks out unintentionally (we hope). Here’s how to #belesscreepy.

9. In the social media era building your brand and marketing are critical, yet, if you’re posting to the usual suspects and seeing very little engagement, you’ve got a problem. Wharton Business School even did a study on how to fix the situation and be more shareable.

10. Every time you do a presentation that one co-worker butts in and calls you out. Dang. If you aren’t earning respect on the job, you will be limited in your ability to get to the next level. Respect is critical to any leadership position, as well as to making a difference in any role you may have within an organization, but actions can be misconstrued. There are ways to take what may be negative situations and use them to your advantage, building mutual respect.

You have the tools you need, now get out there, work hard, play hard, and make sh*t happen. Oh, and remember, growth requires continual reflection and action, but you got this.

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Opinion Editorials

The truth about unemployment from someone who’s been through it

(EDITORIAL) Unemployment benefits aren’t what you thought they were. Here’s a first-hand experience and what you need to know.

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unemployment

Have I ever told you how I owed the government over two grand because of unemployment in 2019, and only just finished paying it back this year?

This isn’t exactly the forum for memoirs, but this is relevant to everyone. So I’ll tell y’all anyway.

It all started back in 2018 when I came into work early, microwaved my breakfast, poured coffee, and got pulled into a collaboration room to hear, “We love you and your work, April, but we’ve been bought out and you’re being laid off.”

It was kind of awkward carrying my stuff out to the car with that Jimmy Dean sandwich in my mouth.

More awkward still was the nine months of unemployment I went through afterwards. Between the fully clothed shower crying, the stream of job denial, catering to people who carried rocks in their nostrils at my part-time job (yes, ew, yes, really), and almost dying of no-health-insurance-itis, I learned a lot!

The bigger lesson though, came in the spring of the following year when I filed my taxes. I should back up for a moment and take the time to let those of you unfamiliar with unemployment in Texas in on a few things that aren’t common knowledge.

1: You’re only eligible if you were laid off. Not if you had quit. Not fired. Your former company can also choose to challenge your eligibility for benefits if they didn’t like your face on the way out. So the only way you’re 100% guaranteed to get paid in (what the state calls) “a timely manner”, is a completely amicable split.

2: Overpayments have to go back. Immediately. If there’s an error, like several thousand of Texans found out this week, the government needs that cash back before you can access any more. If you’re not watching your bank account to make sure you’re getting the exact same check each time and you have an overpayment, rest assured that mistake isn’t going to take long to correct. Unfortunately, if you spent that money unknowingly–thought you got an ‘in these uncertain times’ kinder and gentler adjustment and have 0 income, you have a problem. Tying into Coronavirus nonsense is point three!

3: There are no sick days. If ever you’re unable to work for any reason, be it a car accident, childbirth, horrible internal infection (see also no-health-insurance-itis), you are legally required to report it, and you will not be paid for any days you were incapacitated. Personally, my no-health-insurance-itis came with a bad fever and bedrest order that axed me out of my part time job AND killed my unemployment benefits for the week I spent getting my internal organs to like me again. But as it turned out, the payment denial came at the right time because–

4: Unemployment benefits are finite. Even if you choose to lie on your request forms about how hard you’re searching for work, coasting is ill-advised because once the number the state allots you runs out…it’s out. Don’t lie on your request forms, by the way. In my case, since I got cut from my part-time gig, I got a call from the Texas Workforce Commission about why my hours were short. I was able to point out where I’d reported my sickness to them and to my employer, so my unpaid week rolled over to a later request date. I continued to get paid right up until my hiring date which was also EXACTLY when my benefits ran out.

Unemployment isn’t a career, which is odd considering the fact that unemployment payments are qualified by the government as income.

Ergo, fact number five…

5: Your benefits? They’re taxed.

That’s right, you will be TAXED for not having a job.

The stereotype of the ‘lazy unemployment collector burdening society’ should be fading pretty quickly for the hitherto uninformed about now.

To bring it back to my story, I’d completely forgotten that when I filed for unemployment in the first place, I’d asked for my taxes NOT to be withheld from it–assuming that I wasn’t going to be searching for full time work for very long. I figured “Well, I’ll have a tax refund coming since I’ll get work again no problem, it’ll cancel out.”

Except, it was a problem. Because of the nine month situation.

I’d completely forgotten about it by the time I threw myself into my new job, but after doing my taxes, triple checking the laws and what I’d signed, it was clear. Somehow…despite being at my lowest point in life, I owed the highest amount in taxes, somewhere around the 2k mark.

Despite being based on a system that’s tied to how much income you were getting before, and all the frustrating “safeguards” put in place to keep payments as low and infrequent as possible, Uncle Sam still wants a bite out of the gas-station Hostess pie that is your unemployment check. And as I’m writing this, more and more people are finding that out. And even as we enter 2021, there is still more to be aware of – we’re not out of the woods yet.

I’d like to end this on a more positive note… So let’s say we’ve all been positively educated! That’s a net gain, surely.

Keep your heads up, and masked.

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