Valerie's Belfair WA Real Estate Blog

 My magical crystal ball fogs up and my head spins everytime I even try to figure out or anticipate what a bank is thinking or what their reasoning is for something.

What are they thinking?

 I can honestly say that I feel a "change in the air" and a new trend coming.....

Yes - I have had numerous clients already this year call and request my services because their lenders told them to list their home with a real estate agent and sell their home - short. 

They did not want to hear back from the borrower or their agent until there was an offer on the table. 

Another client had a buyer for his home, had already submitted his short sale package because his tenant was purchasing the property (all without agent/negotiator involvement), and the bank directed the borrower to list the home with an agent in order to complete the short sale process.  

The banks are suggesting to their borrowers to "short sale" their home  instead of Deed in Lieu or foreclosure. Thinking about it, from the conversations I have had, they are not even suggesting it, they are flat out telling them to find an agent to market the home and short sale it. 

Now mind you - I am not complaining! Because I truly do love a challenge!

 I am just curious to what others are seeing and hearing out there and is this a new trend for the banks?

The client does not qualify for a modification or a modification would do the client no good with it still leaving them in a pickle.... the bank does not want to do a foreclosure,nor accept a Deed in Lieu.

Are they realizing that many of the homeowners that want to modify their loans are still in a pickle - so they move them to short sale the home? 

Okay.. Are the banks moving to the short sale  because it is too costly for them to foreclosure or accept a Deed in Lieu on all of the homes that are upside down?

 Is it because their inventory is already so heavy with non-working assets (foreclosures) that they do not want any more inventory and realize that it is more cost effective to participate in a short sale?

  Is it more cost effective? 

I only know  that this has been the majority of my phone calls for the last two weeks and my mind has started processing this as a new trend and change in the air......

I feel a change in the air and a new trend happening.....Or am I just slow in figuring it out??

Soooooo  .....What do you think?

Is is a new short sale dilemma?  It sure could be and has happened, making it twice as difficult in getting that short sale approval.

I have started seeing an even more frustrating trend happening with my short sale homes that I currently have listed.  Is this going to be the norm?

A seller has his home on the market and it is a short sale. (A short sale is when a seller is trying to sell a home he owns for less than what he owes on it.  A seller's lender is going to be "shorted" a certain dollar amount in a payoff of the loan). The name by no means, indicates that it is a "SHORT" process because in general it can be and has been quite lengthy. 

Now I am finding another step in the process is bogging it down even more....

The short sale lender sells the loan off to another lender/servicer/investor while the home is actively listed for sale.

You say so what? Well here's what happens.  You have contact with your original lender (can be a fairly slow process but you have things in the works).  You finally acquire a very patient buyer willing to sit and wait for lender approval.  You work hours and hours on acquiring an approval and you hear you should have an answer very soon, only to find out at the last minute that the loan was sold to another servicer/investor/lender. Guess what? 

You get to start the process ALL OVER. 

Okay so we start the process over in the hopes the buyer will understand and that we are doing everything possible to get an approval. Please hang in there Mr. Buyer!

 But the DOWNTIME from when the original lender sells the note to the time the NEW lender gets the file and information, assigns and gets a contact name...... WELLL......

Let me just say that I have been waiting and will be waiting more than a frustrating time for the original lender to SHIP the package (even though it was sold weeks ago) to the new lender; at which time I will then have to wait for the new servicer/lender to place the file in the right hands of an asset manager who will be handling it.

I currently have TWO short sale transactions literally HANGING in LIMBO with the files sitting in a box WAITING to be shipped and assigned.  No one will take responsibility and/or help. "I am sorry, you will have to wait for the new asset manager to be assigned."  Same response each time.

A new fad and dilemma with short sales?   I sure hope not.   Anyone else experiencing this?

Soooo you will need to go back to the previous blog to get the beginning of this story cuz I am trying to make it a short story (I tend to be long winded and this IS a long story....) and get to the utter frustration on my part and the sellers part..... Here's the link for the previous blog that starts it off.

Now that you've caught up and we're at the point where I can't get into the house because the short sale lender in their infinite wisdom has literally locked myself and everyone out.  Great way to sell a house- NOT!

The seller and I and lender have been in constant communication working diligently on getting his home sold and getting a short sale approval.

I worked diligently everyday trying to find someone to get me a new key. We were trying to avoid the cost and hassle of again re-keying the home.   My short sale lender contact was working as well on this.

I had an Excellent short sale lender  contact - except it turns out, her management department did not have excellent contact with her apparantly, as you will see as the story goes along....

Two days ago the owner received his accepted short sale approval package from the short sale lender!  YAYYY!!!! AWESOME!!!  We are SOOO excited!!  We adjusted the price accordingly and get our game plan together.  NOW we are getting somewhere - right???  You'd think so........right. up. until.........

The next day, I get an email from a real estate company out of the area.  They were sorry to tell me this, but the  lender I have been working with  has sold the loan to a different servicer/lender and and the new servicer/lender's Management company  has REASSIGNED THE LISTING to them; therefore they went to the house, REKEYED THE HOUSE (again), took my sign down and wanted to let me know they would be taking over the listing and oh by the way "they also have no idea where my lockbox is!!!!!!!!!!!!!!!!!!"    

ARE YOU KIDDING ME???????????      I was actually not sure at that moment WHO to be more upset with!  The "Reassigned" Broker, the new servicer/lender, the new management company,or the original servicer/lender!

(A NEW Asset Management company that was thrown into the mix here as well during all of this! I and the original lender had NO IDEA who they were or how they became involved ).

After 4 hours of phone calls and emails between myself, the owner, the original asset manager, the new asset manager, the new lender and the other real estate company- the story comes down to this....

1) The original lender unbeknownst to the OWNER or the lenders asset manager, SOLD the LOAN to a NEW LENDER; The asset manager had NO IDEA until she went to management with my very terse phone call and email that the loan had been sold off!!!

2) The original lender had issued an acceptance of a short sale price to the owner during the process of selling the loan off. 

3) The NEW managemt company for the new servicer/lender re-keyed the house and then sent a letter to another Real Estate Brokerage reassigning the listing and telling them as well to rekey the house!

4) The Reassigned listing company pulls up my  MLS information, sees that it is ACTIVELY listed with me and without a simple little phone call or email, or investigation of the facts, pulls my sign, rekeys the house (for the 3rd time) and gets it ready to list without the real OWNERS permission or knowledge!

5) Literally ONE HOUR during all of the phone calls and emails  and this happening - the owner receives a Fed Ex package from the NEW servicer/lender that his loan has been sold! So he is standing there with a short sale approval in one hand from the original lender and Fed ex package of his note being sold in the other hand with a totally new lender!

OMG. How can this get so screwed up?????   What is going on with these banks???  Why is NO ONE HELD accountable for DELAYING an owner from selling his property and making such a mess out of this???  How can they issue an approval and sell it at the same time? How can they NOT TELL their OWN asset Manager what is going on??

How can the banks get away with this??  Now I have a seller who has an accepted short sale letter that means ABSOLUTELY NOTHING and will the NEW lender honor it or are we starting ALL OVER AGAIN?????  Plus the extra costs and frustrations the owner is now going to incur awaiting a NEW SHORT SALE APPROVAL????!!!!!!

Not to mention I STILL CAN'T GET INTO THE HOUSE - no one can, so it cannot be shown! And WHO has my lockbox and WHO is going to put my sign back up and WHO is going to get me the key???

The Reassigned Real Estate Company finally emails back with huge apologies left and right ; they should not have touched the listing without looking into the facts and contacting me and tells me that if the owner wants go ahead and re-key the house they will pay for it and they are so sorry blah blah blah blah and their field manager will go out as well and re-hang my sign.  Do ya think?????  

AAAAGGGGGGHHHHHHHH!!!!

I was quite flabbergasted that this poor seller who has jumped through all of these hoops to get his short sale approved and sell the home doing the right thing is being dooped because the lenders seem to have no responsibility for the DELAYS they cause in sales, the sellers loss of buyers and money. The amount of money spent on all of this is ridiculous and extremely wasteful! 

I was equally flabbergasted that someone would just pull my sign and go ahead and spend money and re-key a home because they received a letter from a bank saying to do it.

Crazy. Crazy. Crazy.

How can I sell the home if you lock me, other agents and potential buyers out??

It is a frustrating world out there right now for everyone and as a real estate agent, I have had my share of many frustrating circumstances!

Right now the most frustrating one for me is the fact that a short sale bank's property management company has locked me out of the home that I have listed for sale as a shortsale.

They do not yet own the property, and the auction date has actually been postponed for now ,so we have a better opportunity to come under contract with a buyer.  And then they do this! Lock me out of the listing. Dumb. dumb. and dumber. I'd have met them there if they had just told me they were doing it or made some arrangement to get a new key and my lockbox! Just give me a heads up maybe??!!!!!!!  Are you so busy and uncaring that it did not matter that you want it under contract but you lock everyone out? Greeeeaaat! 

I can see that they need to make sure their asset is kept safe and sound (believe me I DO check on the home on a regular basis as one of my listings), BUT why would you take away my access to sell the home ? I thought that was the objective??????Especially since you do not legally own it as of yet?

How can we show and SELL the property if we can't get in?  So are you shooting yourself in the foot here in your endeavor to help us any way you can in the short sale process as you repeatedly exclaim?

I only ask that you give me a phone call and make arrangements with me to have a key after you changed the locks so I CAN sell the home.

My sign is a fairly big sign on the property (you know the one that says FOR SALE with my company name, my name, the company number AND my number on it, along with flyers?) and you had to remove my lockbox to put it in the house, so it is not like you did not know it was not listed!!!!    And then when I call the number on the very nice sticker you placed on the door - you tell me you can't talk to ME and give ME any information!!!!!!!!!!!!!!!!!!!!!!!!!     grrrrrrrrrr.......

HELLO????!!!!!!!!!!!!!!!!!! IS THERE ANYONE OUT THERE?????  

Know when to Hold them........and Know when to ........   What?

Someone asked me the other day how my son, Sean, was doing in his new chiropractor business in Westport, WA. I was extremely happy and proud to tell them that not only has he been very successful with his business, but he is also in the process of buying his first home!!

They were very happy to hear that he is doing so well and said to me - "so where did you find him a house?"

I smiled and said "I didn't. I referred him to another realtor!"  They looked at me with wide eyes and amazement and the question "Aren't you a real estate agent? Why would you refer him to another agent?" they asked.

"Yes, yes I am and a very successful, knowledgeable and professional Realtor -  and that is one of the reasons I referred him to another agent."

What made me make this decision? Well for one,  he is not purchasing in my market area.  I felt and feel that it is in his best interests to work with a realtor who knows the area and the values and market  like the back of his hand in the area that my son is considering buying a home.

I also did not want our relationship to interfere with the process of making the best choices and decisions for him. 

Buying a home is an emotional decision for a Buyer but should also be looked at in a business manner when doing so. I did not want my opinions or wants as a "mom" to interfere with his decisions. Such as - I wanted him to buy a condo and he really wanted a single family house with a garage. Now maybe it was because the condo he is living in is on the ocean and I was soooooo looking forward to spending some time at the ocean!  Now that was definitely not in his best interest!

Even though he is my son, I wanted him to be represented by the best person possible and it would have been me IF I worked the market area is he in, but I am not. 

Oh,I have been following the transaction and looked at the paperwork and given a tip or two here and there (once a mom - always a mom and it IS my privilege as his mom), but it was also nice to say to him -

"You know what? That is a better question for your local agent!  I do not know the Westport market enough to give you solid good information and I also don't know their county rules and regulations either." 

It is always best to ask the local expert!

I always look out for the best interests of my clients, family, friends, relatives, loved ones and those in between!

 And in this case and any case that is out of my market area - I would prefer to refer them to the local Windermere expert or best local expert for the area if Windermere is not located there.

Now I get to sit back and watch my son grow and learn, with a different perspective rather than playing that MOM and Agent game......  knowing he is in very capable hands with his local Windermere expert. 

Know when to hold them and know when a referral is in their and your best interest!

If you have family, friends, or clients that are looking to buy or sell in my real estate market area of Mason County (Belfair, Allyn, Grapeview, South Shore and North Shore of Hood Canal), or Kitsap County (Bremerton, Port Orchard, Silverdale, or Manchester, give me a call or drop me a line.  I promise, they will have the best service possible just as I would want for my son!  

A little pat on the back..... OKAY A BIG PAT ON THE BACK!!!!  

I don't generally post too many personal blogs, but both I and my husband are just busting at the seams with pride once again! 

Our youngest child, Rebecca Lillian Spaulding (shhhhh.......don't tell her I told you her middle name or that I blogged about her......) just graduated from the Communications Department of WSU AND she was chosen as a VIP graduate to represent all of the successful Communication Department Graduates of WSU at the Graduation Ceremony!  

Talk about a proud mama and papa!!!  WHOOO HOO!! 

She was chosen as the VIP for her great accomplishments and success at overcoming many obstacles along the way and for never giving up but forging ahead to success as a WSU graduate!  

Adapt and overome! 

All of her friends and family are extremely proud of all of her accomplishments and determination along the way.  Now she jumps into the "real world" with both feet hitting the ground running and ready to go! 

She majored in sports media communication, worked part time behind the scenes with Fox Sports Network throughout the year; loves production, graphics, and web design and is ready to kick butt out in the real world! 

We're so proud of ALL of our kids, but it is nice to highlight them individually once in a while! 

CONGRATULATIONS REBECCA!  WE ARE ALL EXTREMELY PROUD OF YOU!

Reach for the sky - the opportunities are endless! And never stop Dreaming!

We Love you!

Mom and Dad

Wine Touring in Mason County? YOU BET! Check it out! Explore Hood Canal and Mason County through a wine tour!

I bet you will be pleasantly surprised at all the different events, venues, shops and what Mason County and the Hood canal have to offer!

Wine Touring - Yep - right here in Mason County : here's a link for you to get all kinds of information! I didn't even know this (well I guess I did in the back of my head, I just never put it all together like they have done)!   Hood Canal Wine Tasting Tour.

And check out the recently opened "Top of the Cork" Wine tasting room in Allyn WA. 

Customer Service~Communication is KEY~ Even if there is NO NEWS~Or even if it is BAD news!

The past month has been an extremely busy month for me in real estate.  No complaints here on that part!  I totally love it. But I have an issue with some of the customer service skills out there with the people who are working on getting the transaction to a successful closing and involved in the process.

I will give most at least a chance to prove themselves and show me their stuff. I guess maybe there is a certain level of customer service that I expect and sometimes it is there and sometimes it isn't.  If it isn't I will probably do everything in my power to not use whoever it was again. 

 Pretty harsh? I don't think so. And yes I know there are times when things do not always go as smoothly as expected, but I do expect to have excellent COMMUNICATION no matter what.

It is disappointing to me if I have to be the one that is ALWAYS initiating the communication- although I probably am because I have a fetish about staying on top of my transactions and in touch with all involved. 

I expect the buyers lender to check in on the buyer occasionally-even if there is no news regarding a problem or there is bad news. I myself would actually feel much better knowing that you at least called me to tell me there is no news or whatever bad news within a reasonable time. There is nothing worse than hanging out in anticipation and frustration and not hearing from someone- no matter what.

A customer will stay quite calm if they are kept in the loop. It is when there is NO communication on someone's part that it is  extremely frustrating to them  (are you afraid to take the "heat?").

So please, take good care to have excellent communication skills. Always talk to people involved as soon as possible and CONSISTENTLY throughout no matter what the news is.

Don't be the person who only calls when there is GOOD news.  It doesn't show me or the customer that there is much appreciation for our business and the odds are that they or me will not only not do business with you again, but will not recommend your services. 

Think about it. Step it up and step up to the plate - you will hit a home run more than likely.

Talk to me!  I want the good and the bad news!    We'll handle whatever it is together!

As 2009 winds down, we are all looking forward to a Successful, Happy, Healthy and prosperous New Year! 

With that said, which kind of driver are you when it comes to driving your business?

Are you focusing on the rear-view mirror more than you are focusing on looking forward through the windshield?

"Focus on looking forward through the windshield to achieve your goals; use the rear-view mirror to reflect upon what is behind you" is something one of my friends is always telling me.

He is always reminding me that we need to "see" where we are going all the while using the rear-view mirror for an occasional look at where we have been and what could be creeping up on us; Knowing that we can't change that part, but use the past as knowledge and experience.

Our true attention needs to remain focused on looking forward through the windshield to see where we are going.

We can't change where we have been but we can learn from it as well as take direction from it while looking through the windshield to the future.

The rear-view mirror shows us places we have been and things that are done. Gone. Can't change. But we can use them to our advantage while facing forward and focusing on what is to come.

Granted there are more than likely going to be a few curves thrown in front of us that we weren't anticipating but it's all in how we use our (rear-view) past experience to successfully navigate and help us through it.

Knowledge gained from our rear-view mirror experiences will make us better drivers facing forward looking through the windshield.

Which are you going to do? Are you going to drive your career and goals focusing on what has happened in the rear-view mirror or look forward to new experiences and better roads to come through the windshield in front of you?

Here's to everyone a wish for a very successful, happy, healthy and PROSPEROUS NEW YEAR!!!!

HAPPY NEW YEAR!

Home for the Holidays....They all start making their way home to LakeLand Village Allyn WA... The first part of the Holiday Season...

Thanksgiving starts it off!- Tradition has most of the kids coming to my house for Thanksgiving and this year is no different. I am really excited this year about Thanksgiving and Christmas.

Some years I am not as excited but more worn out from it all happening so quickly and there being so much to do...

This year seems a little more special and a little different. And there really is no distinct reason other than it has been a TOUGH year for everyone. That has made me really appreciate even more the close relationship that our family DOES have. And it's made me more aware of that and how special our times together during the Holidays are.

Becky's making her way home from Pullman.  She's got one shot basically to get across the mountains with all the winter weather that has been here and is still expected. She doesn't like driving it (it's a 5-1/2 hour drive over the mountain pass)  and her car -w ell it's not the greatest, most reliable automobile in the world...

So we wait with bated breath- as we watch the weather and track her progress through text messaging!  So far so good!  She's in Ellensburg! That's about still 3 hours away but closer!

One almost home for Thanksgiving!  

I am even actually excited about decorating the house this year!