Welcome Home!

Last Updated 10-8-2009

Seller’s Loan Information
Lender: Homecomings Financial, LLC
First Mortgage Amount: $197,000

Offers on Property
Number of Offers: Two (one offer we had fell out) Approved price at $159k
Looking for BACKUO offers!

Where We Are with Lender
The lender approved the offer in first position at $160k with 3% closing costs. We are scheduled to settle (sign docs) 10/29/2009. Any offers coming in now will be held as back up offers.

Agent Remarks
10/8/2009 The property was put under contract as we received an acceptance from the lender.
9/17/2009 Original offer at $159k fell out. Bank’s BPO came in at $177k. My market analysis came in just under that number. This is a GREAT VALUE at the accepted price. Don’t miss out on this great community and opportunity. This will sell in the next 30 days.
7/28/09 Glad to have our offer in hand. We will continue to show the property and accept offers and backups until we close on this property.
6/19/09 Back on the market! Seller determined it IS in his best interest to get this property sold. Please schedule showings after 6/24/09. This is a great value and can be purchased for a below market price.

This town home is a middle unit with a spacious great room off the kitchen. The tenants in the home now are month-to-month and will vacate upon property’s sale. Three bedrooms up with two full baths. There’s a half bath on the main level for visitors. The basement is unfinished providing additional space for growth. All offers will need the State’s Short Sale Addendum. Please see the “Read This First” post if you’re new to short sales!

One-Car Garage

Family Rm/Great Rm

Great Room to Kitchen

Kitchen Area + Island

Hall Bath

Bedroom

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Dean Crandall is a licensed REALTOR with Keller Williams Westfield Real Estate based in beautiful Utah County. He has six successful years of helping clients and friends find and sell homes, land and investment properties.

If you are looking for free advice or have questions, please contact Dean directly:

Dean Crandall
801-836-3112

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YsGuy.com & DeanoDean, Inc. make no representations as to accuracy, completeness, correctness, current-ness, suitability, or validity of any information on this blog and will not be liable for any errors or omissions in this information or for any losses, injuries, or damages arising from its display or use; including, but not limited to, methane gases, body odor, computer and keyboard rage, and sleepless nights. Any posts are not approved to diagnose, treat, cure or prevent any disease or mental conditions. Please make decisions based on advice of competent, licensed professionals.

Copyright® 2009, DeanoDean, Inc. “7863 Cool Creek Way, West Jordan, UT”

Last Updated 10/8/2009

Seller’s Loan Information
Lender: TB&W (now Ocwen)
First Mortgage Amount: $316,276

Offers on Property

Number of Offers: one at $224,500
An offer of $226k was withdrawn as Buyers couldn’t qualify for their loan…
Looking for additional backup offers!

Where We Are with Lender(s)
The initial packet is in to the lender and we’re getting the process started. BPO has been performed. Bank will consider the offer we have on the table now. It’s NOT too late to get into the bidding for this beautiful home.

Agent Remarks

10/8/2009 BPO was performed 10/5/2009 and the lender will move quickly. Don’t wait if you’re wanting to write an offer on this home. We still don’t know if the lender will accept the offer on the table.
This home is ready for moving in. The tenants are out and the home has been cleaned. Three bedrooms, two full baths. The great room off the kitchen & dining areas is very popular. Good home in a very good neighborhood. Whoever gets this home will get a heck of a value. The secret is to buy LOW and sell HIGH! Here’s the opportunity! All offers will need the Short Sale and the As-Is Addenda. Please see the “Read This First” post if you’re new to short sales!

Porch w/ Lake Views

Entry/Stairs

Great Room towards Dining/Kitchen

Kitchen towards Great Room

Alder Cabinets and Stainless Appliances

Dining Area/Bay Windows

Master Suite

Master Bath

———————————————–
Dean Crandall is a licensed REALTOR with Keller Williams Westfield Real Estate based in beautiful Utah County. He has six successful years of helping clients and friends find and sell homes, land and investment properties.

If you are looking for free advice or have questions, please contact Dean directly:

Dean Crandall
801-836-3112

———————————————–

YsGuy.com & DeanoDean, Inc. make no representations as to accuracy, completeness, correctness, current-ness, suitability, or validity of any information on this blog and will not be liable for any errors or omissions in this information or for any losses, injuries, or damages arising from its display or use; including, but not limited to, methane gases, body odor, computer and keyboard rage, and sleepless nights. All blog posts are the constantly changing opinions of the author(s) and may occasionally contain bad opinions. They are not approved to diagnose, treat, cure or prevent any disease. Please make decisions based on advice of competent, licensed professionals.

Copyright® 2009, DeanoDean, Inc. “2247 S Palomino Circle, Saratoga Springs, UT”

Seller’s Loan Information
Lender: US Bank (USAA is the servicer)
First Mortgage Amount: $237,000

Lender: USAA Federal Savings Bank
Second Mortgage Amount: $40,000

Offers on Property
Number of Offers: Three
Seller has selected an offer and all offers going forward will be Back-up Offers! The lenders will have full option to ask to see other offers too.

Where We Are with Lender(s)
This home is SOLD! If you’re aware of someone else looking for a help to sell their home and they’re upside down, our team will get the home sold!

Agent Remarks
8/21/2009 Property is sold and closed.
7/29/09 We are very close now to getting the sale completed. The BPO came back and the Buyers are still in the game. We’ll schedule closing for August 20, 21, or 24. Buyer will be getting a screaming deal compared to new with the builder!

This is a great home and we want to get it sold as the seller needs to move on. Clean and ready for move in. Seller will occupy the home until an offer is approved by the lenders. All offers will need the NEW Short Sale Addendum. Please see the “Read This First” post if you’re new to short sales!

———————————————–
Dean Crandall is a licensed REALTOR with Keller Williams Westfield Real Estate based in beautiful Utah County. He has six successful years of helping clients and friends find and sell homes, land and investment properties.

If you are looking for free advice or have questions, please contact Dean directly:

Dean Crandall
801-836-3112

———————————————–

YsGuy.com & DeanoDean, Inc. make no representations as to accuracy, completeness, correctness, current-ness, suitability, or validity of any information on this blog and will not be liable for any errors or omissions in this information or for any losses, injuries, or damages arising from its display or use; including, but not limited to, methane gases, body odor, computer and keyboard rage, and sleepless nights. All blog posts are the constantly changing opinions of the author(s) and may occasionally contain bad opinions. They are not approved to diagnose, treat, cure or prevent any disease. Please make decisions based on advice of competent, licensed professionals.

Copyright® 2009, DeanoDean, Inc. “710 E 1590 S Lehi UT”

Last Updated 10/8/2009

Seller’s Loan Information
Lender: WAMU
First Mortgage Amount: $140,000

Lender: Chase
Second Mortgage Amount: $70,000

Offers on Property (List price is $185,691)

Number of Offers: Two (2)
10/8/2009 One of three offers fell out and we’re down to two families who want this home. Both are very close in price. One offer is before the lender at this time. We’re back to awaiting the lenders’ up or down decision.
9/17/2009 The three Buyer’s agents were all contacted and submitted their respective client’s best and highest offer on this property. We’re very close to having an approval from the lenders. Hopefully within the next couple of weeks. (Fingers are crossed!)
7/28/2009 Just received another offer on the property.  It may be moved into first position depending on the lender’s wants and needs.

Where We Are with Lender(s)
The offer is with both lenders now. We’re awaiting the Lenders’ responses.

Agent Remarks
10/8/2009 Home may be scheduled for showings, but we’re “feeling” close to a decision from the lenders, so please hurry!
7/28/2009 Sellers will be opening the home for showings starting Monday, August 3 to see if there’s more interest. We’ll accept offers until the very last moment to make sure Sellers get top dollar. It’s certain whoever purchases this home will get a great value in an exceptional neighborhood!

This is a four-level-split home. Five bedrooms (master bedroom takes up the basement family area), three full baths, two laundry facilities, and two fire places. The detached garage may need to be knocked down (per a comment of a family member–there is a two-car attached garage built 2-3 years ago.). Home needs a good cleaning and the landscape needs attention. All offers will need the Short Sale Addendum. Please see the “Read This First” post if you’re new to short sales!

———————————————–
Dean Crandall is a licensed REALTOR with Keller Williams Westfield Real Estate based in beautiful Utah County. He has six successful years of helping clients and friends find and sell homes, land and investment properties.

If you are looking for free advice or have questions, please contact Dean directly:

Dean Crandall
801-836-3112

———————————————–

YsGuy.com & DeanoDean, Inc. make no representations as to accuracy, completeness, correctness, current-ness, suitability, or validity of any information on this blog and will not be liable for any errors or omissions in this information or for any losses, injuries, or damages arising from its display or use; including, but not limited to, methane gases, body odor, computer and keyboard rage, and sleepless nights. All blog posts are the constantly changing opinions of the author(s) and may occasionally contain bad opinions. They are not approved to diagnose, treat, cure or prevent any disease. Please make decisions based on advice of competent, licensed professionals.

Copyright® 2009, DeanoDean, Inc. “615 E 2825 N, Provo, UT 84064″

Last Updated 10/8/2009

Seller’s Loan Information
Lender: Countrywide (now Bank of America)
First Mortgage Amount: $206,900
IRS Tax Lien: About $19,000

Offers on Property

Number of Offers: Two
Both offers are for LESS than list price. We’d love another offer or two, knowing the challenges listed below.

Where We Are with Lender(s)
10/8/2009 Lender & lien holders asked for a market analysis on the property which was submitted yesterday. We hope to have their answers on releasing the liens soon…
9/17/2009 Seller has closed to doors to any more showings until the lender makes some decisions after attempting a loan modification and a short sale. Any offers going forward would be subject to a property inspection AFTER the lender gives definitive answers to offers currently before them (and the IRS).
8/2009 My new negotiator believes that we can get this sale resolved with the right offer and in the 60-90 day time frame we usually see with short sales. This one has been difficult and now there is light at the end of the tunnel and it’s NOT a train!

Agent Remarks
This home is really cute in a great neighborhood. Two bedrooms and a bath up; one bedroom off the family room with a full bath/laundry; and a huge bedroom on the lowest level. The living room is large enough to entertain many guests. The kitchen allows conversation with those in the family and living rooms. A great starter or next home! You’ll love the three-car garage too! All offers will need the Short Sale addendum. Please see the “Read This First” post if you’re new to short sales!

Welcome Home!	Kitchen/Dining
Kitchen to Great Room	Living Room
Master Bedroom	Paver Deck & Covered Patio
Dining Area	Bed 2
Bed 3	Bed 4 (or family room)
Bath/Laundry	Storage Shelves in Garage

———————————————–
Dean Crandall is a licensed REALTOR with Keller Williams Westfield Real Estate based in beautiful Utah County. He has six successful years of helping clients and friends find and sell homes, land and investment properties.

If you are looking for free advice or have questions, please contact Dean directly:

Dean Crandall
801-836-3112

———————————————–

YsGuy.com & DeanoDean, Inc. make no representations as to accuracy, completeness, correctness, current-ness, suitability, or validity of any information on this blog and will not be liable for any errors or omissions in this information or for any losses, injuries, or damages arising from its display or use; including, but not limited to, methane gases, body odor, computer and keyboard rage, and sleepless nights. All blog posts are the constantly changing opinions of the author(s) and may occasionally contain bad opinions. They are not approved to diagnose, treat, cure or prevent any disease. Please make decisions based on advice of competent, licensed professionals.

Copyright® 2008, DeanoDean, Inc. “1425 N 950 W, Orem, UT 84057″

1. Information on the seller’s loan payoff for the property and who holds the mortgage(s)
2. How many offers are currently on the property
3. Where we are in the process of working with the bank(s)

This blog is updated every weekday (WHEN WE HAVE NEW INFORMATION), so you and your clients may check any time you want to see what’s going on.

OK, so how do we handle our short-sale listings?

We begin by pricing properties 5% – 10% below market value to spark interest and generate offers. Buyers will have to wait a lot longer to close on a short sale and they’re possibly going to get a great deal. Every week that we do not receive an offer we may reduce the price by another 5% in order to encourage offers. Once we get an offer, we stop adjusting the price.

As short sale specialists, be assured that we are working diligently with the third-party administrator(s) on getting offers accepted in a timely manner; therefore, we wanted to take a moment and explain the process we follow in submitting short sales.

First, we submit the first ACCEPTED offer (or best and highest if there are multiple offers) that is presented to us, in order to immediately start negotiations with the lender(s).

Second, any subsequent offers will be presented to the seller, and upon acceptance from the seller, will be held as back-up offers until we have an official approval price from the bank. Offer #2-x will receive the Back Up Offer Addendum. If the seller chooses, we may cease to present offers to the seller. We’ll notify all potential buyers if that’s the case.

Third, once we receive an official approval price from the bank, the offer in front of the bank will continue in first position until the Buyer or bank(s) rejects the other party’s counteroffer. If the party in first position walks away, we will inform all agents who have put an offer on the home of the approved price, request best and highest offers, and submit the Seller’s selected offer to the bank(s) for approval.

We understand that the short sale process can be very time consuming and frustrating for agents and their buyers. This website (http://ss.ysguy.com), will provide updated information about each of the short sales we are currently negotiating.

Trust us…we too want to sell these properties as soon as they are approved. Please be assured that you will be contacted as soon as we receive an approved purchase price from the third party.

In a nutshell, it may take a while to get an acceptance and close the transaction, but it’s a win for the sellers who avoid a full foreclosure; it’s a win for the bank, because they’re saving the cost of a foreclosure and they get a fair percentage of what’s owed to them; and it’s a win for the buyer because they may get a screaming deal on a property! This process ONLY works if you, the buyer, are patient…

This blog is updated so that anyone (you the REALTOR and your clients) can see how many offers have been made on a given short sale. If the lender instructs us differently, we will make notes of those exceptions in the post associated with the particular property.

An overview of the Short Sale process.

The first thing we do is notify the lender(s) that there’s a hardship and the sellers are unable to make their mortgage payments. We also request a short-sale packet. Lenders (banks) have their own unique (NOT efficient) way of handling a short sale. First and foremost, they want what is appropriately owed to them. If they’re going to accept less than what is owed on the property, it must make financial sense to do so for THEM. It’s not about the home seller’s hardship, and it’s NOT about what the buyer wants. It’s all about what the bank wants because they (and the investors) have a debt to collect. Their delays, etc., are not personal to the sellers and the buyers because they only care about collecting the debt.

The Short Sale Information Provided in this Blog

You get an approximate payoff on each of the seller’s mortgages and the names of the respective lien holders (banks, lien holders, etc.). We will also post the number of offers received and where we are in the process of getting a decision from the lender(s).

Submitting an Offer

IF you’re NOT a real estate agent (REALTOR), please call Dean @ 801-836-3112 so we have a competent agent to represent your interests. The YsGuy Team is happy to introduce you to such agents. The listing Agent will NOT represent both sides of the transaction.

1. ALWAYS submit the State’s short sale addendum.
2. You NO LONGER need an “As-Is Addendum” with the 2009 REPC.
3. Please write all Section 24 deadlines like this: X days AFTER 3rd party approval” (Okay, “X” should be replaced with a number—as if you needed to be told.)
4. Do NOT request sellers to pay for a home warranty. The seller is already hurting for cash, hence the short sale. We don’t want to be forced to counteroffer or address this term!
5. Send an e-mail to the YsGuy team that you understand the BAC is 1/2 of whatever we’re able to negotiate with the lender(s) — AFTER our negotiator’s fee (approxomately 1%). We’re going to negotiate as much commission as possible, but whatever the case, the split of the total NET commission between our brokerages is 50/50 period. Send the e-mail to ShortSale@YsGuy.com. Please insert the property address in the subject line of all email communications. Thanks!

———————————————–
Dean Crandall is a licensed REALTOR with Keller Williams Westfield Real Estate based in beautiful Utah County. He has six successful years of helping clients and friends find and sell homes, land and investment properties.

If you are looking for free advice or have questions, please contact Dean directly:

Dean Crandall
801-836-3112

———————————————–

YsGuy.com & DeanoDean, Inc. make no representations as to accuracy, completeness, correctness, current-ness, suitability, or validity of any information on this blog and will not be liable for any errors or omissions in this information or for any losses, injuries, or damages arising from its display or use; including, but not limited to, methane gases, body odor, computer and keyboard rage, and sleepless nights. No posts made here are not approved to diagnose, treat, cure or prevent any disease or mental conditions. Please make decisions based on advice of competent, licensed professionals.

Copyright® 2009, DeanoDean, Inc. “Read This First!”

12910 S Timpview Dr., Riverton, UT 84065

Last Updated 8/11/2008 This property is SOLD!

Seller’s Loan Information
Lender: Wells Fargo Bank (America’s Servicing Company)
First Mortgage Amount: $150,000

Lender: Specialized Loan Servicing
Second Mortgage Amount: $37,000

Offers on Property
Number of Offers: 4 (only one active & shaky)
Highest Offer: $170,000

Where We Are with Lender(s)
New BPO came in today at $195k. They expect to net 82% of the BPO amount (plus what the Second must have); which means an offer must be $174,100 to be accepted by the First & Second Lien Holders.

Agent Remarks
Great home with two family rooms and space to spread out. Wonderful neighborhood in a great community. Please submit SS Addendum and the As-Is Addendum.

1812 Sunrise Dr., Eagle Mountain, UT 84005

Last Updated 10/28/2008

This property is now sold and closed. Sales price was $205k. The sale benefited the lender because they didn’t have to own the property, the seller as they unloaded a debt burden they couldn’t handle, and the buyers who were able to get into their first home!

Seller’s Loan Information
Lender: First Franklin
First Mortgage Amount: $238,000

Offers on Property
Number of Offers: 1 (just received 8/13/08)

Where We Are with Lender
Offer is with the lender and the packet is complete. At this point we’re waiting on the lender’s negotiator. I’m following up once each week to get in touch with him. The lender’s BPO came in at $230,000. Left another VM for the negotiator… Sold and closed! (see above)

6/16/08 Received a counteroffer (6/13) from the negotiator via VM to communicate to the Buyer at $225,400. Waiting to hear back from the Buyer as to what they want to do before I respond to the negotiator.

6/30/08 Buyer pulled their offer and will revisit writing a new one later (after the Bar Exam). Changed the list price to $225,400 to conform with the bank’s verbal counteroffer.

7/28/08 Negotiating team is working with the lender to see if the pulled offer number will work. Once we have a number back from the lender, we’ll consider listing the property on the multiple listing service.

8/13/08 New Buyers carefully considered the opportunity and wrote their offer. This offer will be submitted to the bank tomorrow morning once we have all the paperwork back from the sellers.

8/18/08 The new offer has been submitted to the lender. We’re now in a waiting pattern for the lender’s determination of FMV for the home.

8/29/08 Lender said they’d accept an offer at $205k. Looks like the buyer we have on the hook will take it. If for any reason it falls out, this price will go on the MLS and we’ll get the home sold. This is a great value!

Agent Remarks
This home is a beautiful two story with four bedrooms and a loft upstairs with a large living room and a HUGE family room/great room off the kitchen on the main. The basement is unfinished. The kitchen is cherry wood and it’s beautiful. Please submit the As-Is and Short Sale Addenda with any offers. If you’re new to Short Sales, please read THIS post.