Home Closing Process

This is the 4th tip of “10 Questions You Should Ask About Florida Short Sales” eBook, which is available as a FREE download.

You’ve been there, I’ve been there – WE’VE ALL BEEN THERE!

That point in time when you look at all the facts in a transaction and come to question if it will ever close!!!

Do throw in the towel? Call for help?

If you are like most of us, you probable have invested a lot of time and energy into the transaction, so giving up and throwing in the towel is not an option!

That is when we enter the picture and I come to experience the ”The Hardest Short Sale Ever”

In the spring of 2010, a Cape Coral REALTOR® who had heard me speak on short sales at the Cape Coral REALTOR ® Association called me to ask if we could help on a potential short sale. This was a seasoned professional; but I could tell from his tone that he seriously doubted that the deal in question would ever be able to close. Because of the size of the deal ($1M+) though, it made sense to at least give it a shot.

Here is a list of items that, at first blush, supported the realtor’s doubts about the possible success of this Cape Coral short sale:

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Congratulations! Your short sale offer was approved!

We want you to know that as a short sale realtor, you’re in good hands with Winged Foot Title. We believe in exceptional service without exception.

As you know, there are three main ingredients to a successful short sale.  They are

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This was a great question I was asked earlier this week, during a short sale process presentation I did to a group of REALTOR’s from Sellstate Priority Realty, a very successful brokerage in Cape Coral, Florida.  It was a very engaged group, and I was glad when someone asked a question about what to do about a junior lien in a primary home short sale scenario.

Here is a short video clip (about 4 minutes) that addresses this common issue:

So as you heard, Liz and Lynda presented the following scenario of a primary home short sale of a Cape Coral property. The owner of the property is disabled and can no longer afford the home.  Here are the details:

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If you are a buyer’s agent and you’re searching for a Short Sale Specialist in Fort Myers and the outlying areas of Southwest Florida, we invite you to view the video above which explains our operation.

Winged Foot Title is comprised of 3 full time employees who are dedicated to the orchestration and the timely closing of your short sale. We do not get paid unless the transaction closes so we obviously have a vested interest in the completion of the short sale.

Here are a few additional talking points that I cover in the video:

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What lengths would you go to in order to save your bank mortgage short sale from foreclosure?

Our team at Winged Foot Title refuses to take “NO” for an answer!

After being told that a Saxon Mortgage short sale was a lost cause, Winged Foot Title persevered and got Freddie Mac to approve the short sale and save it from the brink of foreclosure.

This is just one of the examples of the lengths to which our team will go to get the job done.

How many times have you heard of a bank mortgage short sale story like this?

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Does this sound to good to be true?

Not when you’re dealing with the Lehigh Acres Short Sale experts at Winged Foot Title.

Check out the scenario of our latest Lehigh Acres Short Sale success story….

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There has been a substantial amount of buzz in the real estate industry lately about MARS.  No, not the red planet; although the market has been rather other worldly.  MARS is the acronym for “Mortgage Assistance Relief Services”, a set of real estate-related services now defined and regulated by the Federal Trade Commission.  The Final Rule, which became effective on December 29, 2010 was published in the Federal Register on December 1, 2010 at Vol. 75, No. 230, pages 75092 to 75144.  It has REALTOR® associations scrambling to ensure that their members are compliant (see, e.g., the Florida Assn. of Realtors Legal Center Hot Topics page), lest they run afoul of the rule in their short sale negotiations and subject themselves to scrutiny and civil penalty.

All of this buzz convinced me to take a closer look at the rule as it relates to our title insurance-related short sale services.  As far as I know, neither our national nor state (FL) title industry associations have issued any advisory opinions on the new rule regarding mortgage relief.  This is understandable.  The rule is pretty complicated; and either an over- or an under-reaction by the associations could cause issues for their members.  But since Winged Foot Title provides short sale title solutions, I thought it worth our while to look at the rule more closely.  So without going into too much annoyingly detailed analysis, I would like to explore the rule a bit and explain what Winged Foot Title is doing to prepare and to react.

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