How to

Six questionnaires to help assess your professional life

Published

10 years ago

January 7, 2012

Professional assessments

The New Year is a great time to evaluate your life, your goals, and your many professional achievements. One of the best ways to evaluate your life is to understand how you feel toward life, your work, yourself, your emotions, and your abilities. The University of Pennsylvania offers numerous free questionnaires that will help you measure your happiness and satisfaction with life. Below are six “authentic happiness” questionnaires that can help you improve your professional and personal lives that are used by the University in their research and are accessible by clicking “Register” at the top left of the page.

1. Authentic Happiness

Authentic Happiness Inventory – Have you ever taken the time to actually consider your happiness? This may sound silly, but it’s actually quite important. This quiz has you assess the levels of happiness in your life, including happiness at work, if you feel that you’ve achieved great things in your life, and if you feel isolated or bored with life. Taking a step back to examine your general overall happiness can help you when setting goals and when you’re deciding what steps to take in your professional and personal lives.

2. Strengths

Brief Strengths Test – Sometimes it’s hard to view ourselves objectively. This test will help you focus on your actual strengths, which can help you not only feel better about yourself, but can help you remember some strengths that you may have forgotten you possessed or ones that you never knew you had. Instead of focusing on your negatives, focus on your strengths! This test will measure a total of twenty-four character strengths.

3. Optimism

Optimism Test – The Optimism Test is more than just testing how optimistic you are about life in general. It’s specific to how optimistic you are about your future, and that includes your professional endeavors, goals, and achievements. This test will evaluate how you feel about yourself, others, and events—whether they are caused by permanent or momentary personality traits, flaws, or events.

4. Perseverance

Grit Survey – Do you persevere through both bad times and good times? This survey will help you understand your behavior and your core beliefs about yourself. The questions also focus on your passion for long-term goals and difficult challenges or situations. Do you have grit when it comes to overcoming obstacles and persevering until you achieve your goals? Maybe it’s time to find out.

5. Work-Life

Work-Life Questionnaire – This questionnaire is only four questions, but its aim is to evaluate how happy and satisfied you are with your work-life. Do you feel that your work is a calling or is it just a job to pay the bills? Knowing how you view your current employment or industry will help you understand if you need to change your line of work so that you can find satisfaction. You deserve to love what you do.

6. Life’s meaning

Meaning in Life Questionnaire – What you feel is the meaning of your life will greatly affect the industry in which you work, the job you accept, and your personal and professionals goals. And those who know their meaning in life are generally more confident in their abilities and in themselves in general. But if you don’t know the meaning in your life, don’t worry. You can find it.

Life is more than just going to work each day and counting the minutes until you can clock out and go home. You should love your life. You should be happy and satisfied. You should love your work, and if you don’t, maybe it’s time to consider a career change. Once you understand your important characters strengths, your happiness with your current job, and how you feel about life, you can make tweaks and changes that will make you a more dedicated professional and a much happier person.

Coaching

Disputing a property’s value in a short sale: turn a no into a go

During a short sale, there may be various obstacles, with misaligned property values ranking near the top, but it doesn’t have to be a dealbreaker!

Published

9 years ago

November 5, 2013

Melissa Zavala

magic eight ball

It’s about getting your way

Were you on the debate team in high school? Were you really effective at convincing your parent or guardian to let you do things that you shouldn’t have been doing? How are your objection-handling skills? Can you flip a no into a go?

Read also: Is cash still king in short sales?

When working on short sales, there is one aspect of the process that may require those excellent negotiation or debate skills: disputing the property value. In a short sale, the short sale lender sends an appraiser or broker to the property and this individual conducts a Broker Price Opinion or an appraisal, using special forms provided by the short sale lender.

After this individual completes the Broker Price Opinion or the appraisal, he or she will return it to the short sale lender. Shortly thereafter, the short sale lender will be ready to talk about the purchase price. Will the lender accept the offer on the table or is the lender looking for more? If the lender is seeking an offer for a lot more than the one on the table, mentally prepare for the fact that you will need to conduct a value dispute.

Value Dispute Process

While each of the different short sale lenders (including Fannie Mae) has their own policies and procedures for value dispute, all these procedures have some things in common. Follow the steps below in order to conduct an effective value dispute.

Inquire about forms. Ask your short sale lender if there are specific forms that you need to complete in order to conduct a value dispute. Obtain those forms if necessary.

Gather information. Your goal is to convince the lender to accept the buyer’s offer, so you need to demonstrate that your offer is in line with the value of the property. Collect data that proves this point, such as reports from the MLS, Trulia, Zillow, or your local title company.

Take photos. If there are parts of the property that are substandard and possibly were not revealed to the lender by the individual conducting the BPO, take photos of those items. Perhaps the kitchen has no flooring, or there is a 40-year old roof. Take photos to demonstrate these defects.

Obtain bids. For any defects on the property, obtain a minimum of two bids from licensed contractors. For example, obtain two bids from roofers or structural engineers if necessary

Write a report. Think back to high school English class if necessary. Write a short essay that references your information, photos, and bids, and explains how these items support your buyer’s value. This is not something that you whip up in five minutes. Spend time preparing a compelling appeal.

It is entirely possible that some lenders will not be particularly open-minded when it comes to valuation dispute. However, more times than not, an effective value dispute leads to short sale approval.

Coaching

Short sale standoffs: how to avoid getting hit

The short sale process can feel a lot like a wild west standoff, but there are ways to come out victorious, so let’s talk about those methods:

Published

9 years ago

January 29, 2013

Melissa Zavala

short sales standoff

What is a short sale standoff?

If you are a short sale listing agent, a short sale processor, or a short sale negotiator then you probably already know about the short sale standoff. That’s when you are processing a short sale with more than one lien holder and neither will agree to the terms offered by the other. Or… better yet, each one will not move any further in the short sale process until they see the short sale approval letter from the other lien holder.

Scenario #1 – You are processing a short sale with two different mortgage-servicing companies. Bank 1 employees tell you that they will proceed with the short sale, and they will offer Bank 2 a certain amount to release their lien. You call Bank 2 and tell them the good news. Unfortunately, the folks at Bank 2 want more money. If Bank 1 and Bank 2 do not agree, then you are in a standoff.

Scenario #2 – You are processing a short sale with two different mortgage-servicing companies. Bank 1 employees tell you that they cannot generate your approval letter until you present them with the approval letter from Bank 2. Bank 2 employees tell you the exact same thing. Clearly, in this situation, you are in a standoff.

How to Avoid the Standoff

If you are in the middle of a standoff, then you are likely very frustrated. You’ve gotten pretty far in the short sale process and you are likely receiving lots of pressure from all of the parties to the transaction. And, the lenders are not helping much by creating the standoff.

Here are some ideas for how to get out of the situation:

Go back to the first lien holder and ask them if they are willing to give the second lien holder more money.
Go to the second lien holder and tell them that the first lien holder has insisted on a maximum amount and see if they will budge.
If no one will budge, find out why. Is this a Fannie Mae or Freddie Mac loan? If so, they have a maximum that they allow the second. And, if you alert the second of that information, they may become more compliant.
Worst case: someone will have to pay the difference. Depending on the laws in your state, it could be the buyer, the seller, or the agents (yuck). No matter what, make sure that this contribution is disclosed to all parties and appears on the short sale settlement statement at closing.
In Scenario #2, someone’s got to give in. Try explaining to both sides where you are and see if one will agree to generate their approval letter. If not, follow the tips provided in this Agent Genius article and take your complaint to the streets.

One thing about short sales is that the problems that arise can be difficult to resolve merely because of the number of parties involved—and all from remote locations. Imagine how much easier this would be if all parties sat at the same table and broke bread? If we all sat at the same table, then we wouldn’t need armor in order to avoid the flying bullets from the short sale standoff.

Coaching

Short sale approval letters don’t arrive in the blink of an eye

Short sale approval letters may look like they’ve been obtained simply by experts, but it takes time and doesn’t just happen with luck.

Published

9 years ago

January 22, 2013

Melissa Zavala

short sale approval

Short sale approval: getting prepared, making it happen

People always ask me how it is that I obtain short sale approval letters with such ease. The truth is, that while I have more short sale processing and negotiating experience than most agents and brokers, I don’t just blink my eyes like Jeannie and make those short sale approval letters appear. I often sweat it, just like everyone else.

Despite the fact that I do not have magical powers, I do have something else on my side—education. One of the most important things than can lead to short sale success for any and all agents is education.

Experience dictates that agents that learn about the short sale process
have increased short sale closings.

Short sale education opportunities abound

There are many ways to become educated about the short sale process and make getting short sale approval letters look easy to obtain. These include:

Classes at your local board of Realtors®
Free short sale webinars and workshops
The short sale or foreclosure specialist designations

As the distressed property arena grows and changes, it is important to always stay abreast of policy changes that may impact how you do your job and how you process any short sale that lands on your plate.

The most important thing to do is to read, read, read. Follow short sale specialists and those who blog about short sales on AGBeat, Google+, facebook, and twitter. Set up a Google Alert for the term ‘short sale’ and you will receive Google’s top short sale picks daily in your email inbox. Visit mortgagor websites to read up on their specific policies and procedures.

Don’t take on too much

And, when you get a call from a prospective short sale seller, make sure that you don’t bit off more than you can chew. Agents in most of America right now are clamoring for listings since we are in the midst of a listing shortage. But, if you are going to take on a short sale, be sure that it is a deal that you can close. And, if you have your doubts, why not partner up with a local agent that can mentor your and assist you in getting the job done? After all, half a commission check is better than none!