Tacoma WA Area Real Estate Sale – Short Sale – Foreclosure Sale Resources

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• I designed this website to make much-needed resources available to real estate Buyers, Sellers, Investors, and Unrepresented Sellers (FSBOs) in Tacoma, Puyallup, Milton, Sumner, Fife, University Place, Fircrest, and nearby areas.
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In order to better educate and inform buyers and sellers, I am providing comprehensive information as a FREE No-Obligation Service. Many buyers and sellers who visit this site are so impressed with this service that they will contact me (or one of my team members) in order to assist them in the purchase or sale of their home.

I hope that you will contact me when you have questions, or are ready to proceed as a Buyer, Seller, Investor, or FSBO. There is a LOT more involved in most real estate transactions than what will fit on a website, and I would be happy to share my 23 years of successful experience with you.

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WA – “I can’t process this short sale without the TPS form filled out with the seller’s full name”, the short sale negotiator told him. “But, based on my calculations, this short sale will help your company avoid a $17,000 loss”, he replied.

“So, you’re telling me that unless I can get you the TPG form filled out, then you will reject this short sale and subject your company to a potential $17,000 loss,?”

“Yes, you are right”, she replied. “But $17,000 is a lot of money. Don’t you agree?”, he replied back. “I don’t care about the money. The TPG form is company procedure”, she said.

The story above illustrates just how crazy short sale lender bureaucracy is today. The guy who told me that story couldn’t remember the form name.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

He said it was about as dumb as the infamous “TPS Reports” from the movie Office Space. The reason is because many banks turn down short sales only to lose more money thru a foreclosure.

As an example, the house in question sold for $117,000 about 12 months ago. Today, comparable homes are selling for $90,000 (not a typo.)

In that 12 months, the home’s value dropped by $27,000. The bank’s foreclosure process was on track to foreclose on the house in 6 months. It would have taken another 3-6 months to sell the foreclosed house.

That means the value would have dropped by a minimum of three quarters of $27,000. That mean the lender would have lost $20,000 because they turned down the short sale offer.

Here is what was wrong with the TPS form. One form had “John Arthur” entered for the seller’s name. The short sale negotiator was going to reject the short sale unless his name was changed to “John W. Arthur II.”

Everyone else was ok with the existing paperwork. The title company, the buyer’s mortgage company, and everyone else.

The bottom line: A large, nationally know lender was willing to risk losing $20,000 because they needed a document to be perfect. Nobody ever asked the stockholders for their opinion.

That’s what short sale bureaucracy does. It hurts the economy. It is also why you need an experienced, competent short sale agent. You need someone who knows how to work with the bureaucracy and get things done.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at PhillipsRealtyLLC.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Jonathan Phillips

Jonathan is a Managing Real Estate Broker at Phillips Realty LLC.

Phone: 1-800-LISTING. Click HERE to email.

View My homes for sale at JonathanPhillips.com.

Jonathan Phillips specializes in loan modification assistance and short sales in Pierce County Washington. Pierce County Loan Modification Help, Pierce County Short Sales, Pierce County Short Sale Realtor. Short Sale Realtor. WA Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Phillips’s personal views and do not reflect the views of Phillips Realty LLC. This information on Short Sales: Walk Away or Stay? is provided as a courtesy to our viewers to help them make informed decisions.

WA – Wells Fargo is one of the largest lenders in the US. They are the second biggest short sale lender we work with. The Wells Fargo Loss Mitigation Department is much better to work with than lender’s loss mitigation departments.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Wells Fargo has two loss mitigation departments. One is located in Fort Mill, South Carolina. The other is located in Milwaukee, Wisconsin.

Here is what we do to negotiate a short sale with Wells Fargo.

To start a short sale with Wells Fargo, we first call 1-877-216-8448. We ask the representative what the short sale fax number is. That is where we fax the entire short sale package.

In my experience, these phone and fax numbers are often changed with little notice. That is why I call to check. The current fax number to send paperwork to is 1-866-969-0103. That has been the correct number for a long time.

In addition I will need authorization from to speak to your lender on your behalf. You fill out and sign a form giving me that authorization. I will fax that to Wells Fargo’s Authorization Fax. That number is 1-866-917-1877.

Once the short sale is approved by the owner of the loan, then Wells Fargo will want all parties to sign Wells Fargo’s Specific Addendums. They are the following.

Arms Length Addendum. This simply states that there is no funny business going on and this is a normal “Arms Length” sale. In other words, you aren’t selling the home to your best friend for a low price, or anything similar to that.

Closing Date Extension Addendum. They want the buyer to sign this and agree to close within 30 days of the short sale approval.

Listing Addendum. This is an addendum they want the seller and the listing agent to sign. It gives Wells Fargo a little more protection on the short sale.

Contract Addendum. This is another addendum they want the buyer and the seller to sign. It simply lays out how a Wells Fargo Short Sale works for the buyer and the buyer agrees to those terms by signing the addendum.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at PhillipsRealtyllc.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Jonathan Phillips

Jonathan is a Managing Real Estate Broker at Phillips Realty LLC.

Phone: 1-800-LISTING. Click HERE to email.

View My homes for sale at JonathanPhillips.com.

Jonathan Phillips specializes in loan modification assistance and short sales in Pierce County Washington. Pierce County Loan Modification Help, Pierce County Short Sales, Pierce County Short Sale Realtor. Short Sale Realtor. WA Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Phillips’s personal views and do not reflect the views of Phillips Realty LLC. This information on Short Sales: Walk Away or Stay? is provided as a courtesy to our viewers to help them make informed decisions.

Pierce County WA – I read an interesting book that was written by a former real estate agent. The author, Robert Ringer, talked about persistence and how it helps you be successful. He told a story about phoning a call center.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The first person he talked to told him that he couldn’t buy something in bulk for a certain price. Rather than argue with her, he instead hung up and called back in.

The next person he talked to agreed to sell him the product in bulk for the price he wanted. He got what he wanted a lot faster and easier than if he had spent time arguing with the first person.

He gave another example of trying to change his account info with a phone company. The first person tells him he needs to print and sign a form. Then, he must have it notarized and mailed to the company.

The company will then change the account information. Does he willingly go along with her? No.

Instead, he hung up the phone, called in again, and talked to another rep. In just a few minutes that rep had changed the information in the computer system. Goal accomplished.

So what does this have to do with short sales?

We will use this same strategy when we negotiate your short sale. If the first person won’t give us what we want, then we will ask someone else. Now, this can’t be use in all stages of the short sale.

But, it can be used to increase our odds of success. Remember, our goal is to help you wipe out the upside down debt, get rid of any tax liability, and keep your credit intact. We might even be able to get you a $3,000 short sale incentive from your lender.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jcphillips@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Pierce County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Jonathan Phillips

Jonathan is a Managing Real Estate Broker at Phillips Realty LLC.

Phone: 1-800-LISTING. Click HERE to email.

View My homes for sale at JonathanPhillips.com.

Jonathan Phillips specializes in loan modification assistance and short sales in Pierce County Washington. Pierce County Loan Modification Help, Pierce County Short Sales, Pierce County Short Sale Realtor. Short Sale Realtor. WA Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Phillips’s personal views and do not reflect the views of Phillips Realty LLC. This information on Short Sales: Walk Away or Stay? is provided as a courtesy to our viewers to help them make informed decisions.

WA – Many people ask if they should do a deed-in-lieu of foreclosure and give their house back to their lender. A deed-in-lieu does have its benefits. Lenders like them because they speed up the foreclosure.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

A deed-in-lieu is the equivalent to a “No Contest” plea in a criminal trial. You just give up on the foreclosure. If there is a foreclosure court case, the judge will still have to schedule a foreclosure sale.

Contrary to popular opinion, a deed-in-lieu does not automatically release you from the debt. This means that your lender could be pursuing you five years later, after you get back on your feet.

There is an application process. You will have to spend between 5 and 10 hours submitting paperwork to your lender before they will approve the deed-in-lieu. Yes, I think it’s crazy!

Why should you have to submit paperwork to make it easier for your lender to foreclose on your house? Doesn’t make any sense. That is why I recommend a short sale instead of a deed-in-lieu.

You get to avoid the humiliation of a foreclosure. In addition, most short sales allow you to stay in the home rent free for 3-6 months. And you can get up to $3,000 from HAFA.

That will help cover the cost to move and maybe even cover the deposit on a rental property. The other advantage with a short sale is that you will be able to buy another home sooner.

Because a deed-in-lieu acts as a foreclosure, you will not be eligible for a new mortgage for 5-7 years. With a short sale, you can be eligible to buy another house in 2 years.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@nostringsmarketing.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Jonathan Phillips

Jonathan is a Managing Real Estate Broker at Phillips Realty LLC.

Phone: 1-800-LISTING. Click HERE to email.

View My homes for sale at JonathanPhillips.com.

Jonathan Phillips specializes in loan modification assistance and short sales in Pierce County Washington. Pierce County Loan Modification Help, Pierce County Short Sales, Pierce County Short Sale Realtor. Short Sale Realtor. WA Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Phillips’s personal views and do not reflect the views of Phillips Realty LLC. This information on Short Sales: Walk Away or Stay? is provided as a courtesy to our viewers to help them make informed decisions.