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Queen of Short Sales – The Inner Circle with Melody Medley

Queen of Short Sales – The Inner Circle with Melody Medley


In this episode our host, Daniel Moore, talks to Melody Medley from Oyezz Real Estate. Medley, one of the most successful young Real Estate entrepreneurs in the industry focuses on short sales. As Daniel Moore states, she is the


“short sale queen.”


Melody Medley has grown her short sale business at a rapid pace, closing well over 500 deals in around four and a half years. She is absolutely killing it in the short sale industry with around ten deals a month.


Medley discusses started out as a bartender who began her career in the Real Estate industry simply by answering a Craigslist ad. The entrepreneur knew she could do more than than sleeping all day and working all night.


Medley started off at Oyezz Real Estate as an administrative assistant and soon after became an agent. Just two years ago she actually bought the company alongside her business partner, Trang. As Moore states:

“You applied for a job on Craigslist,

 and now you own the company.”



What is a Short Sale?

Melody Medley explains says that a short sale is when a homeowner owes more in loans than what the property is worth. Oyezz Real Estate offers a service to negotiate with the homeowner’s lender for a shorter payoff on their mortgage.


Daniel Moore simplifies this concept:


  1. Say you’re a homeowner who owes $100k to the bank, but due to certain circumstances they are willing to accept $70,000.
  2. Medley helps broker the deal to get the homeowner out of what seems impossible.
  3. The bank waives the remaining $30,000.

Does a Short Sale mean a Short Time?

The simple answer is no. Short sale does not mean in a short amount of time. A short sale settles for shorter or less than than the full amount.


Medley says a short sale deal with Real Estate will take between six to eight months to close. Melody Medley’s company, Oyezz Real Estate,has decreased that time down to four to five months- another reason for their rapid success.


Daniel Moore asks: “Why is it you are able to do that so much faster?”


Melody Medley states that Oyezz Real Estate is able to overcome the challenges to make short sale deals happen much faster than the typical industry speed. Medley gives credit to the team; her role as a negotiator, another negotiator, an assistant, and a title company which they own as well. The title company is a significant factor to overcoming obstacles during the short sale.

Negotiating Liens

The successful entrepreneur explains that negotiations with the banks and lenders are all about liens. A right to keep possession of the property belonging to another person until the debt owed by that person is discharged.


The core of her business is negotiating with different lenders over first liens, second liens, subordinate liens, city liens, mechanics liens; all types of loans.


Medley clarifies that she doesn’t leave the title company to clear the title, she clears it herself. But if there’s an issue, they have a title attorney ready to jump in and assist in the appropriate ways.


Medley paints the picture of a smooth operation which runs very fluidly while having to deal with all the parties involved in a short sale. She jokes about being a glorified babysitter due to Oyezz Real Estate success to run smoothly with a reliable team who require little supervision.

Short Sales with Multiple Liens

So how do multiple liens affect Real Estate investors? More importantly, do they help create equity in short sales deals?


Medley says that secondary and tertiary lenders understand that they are not in first lien position;therefore, they do not have the power to influence the process and make choices. They would always prefer to take some money rather than sit and watch the house go into foreclosure and get no money.


So what’s the difference between first or second lien position? The Short Sales Expert explains that in a short sale, the first position is typically whoever records the lien first, and works down according to the time frame and the dates at which the property secured the loans.


In most cases, the first lien is going to be the mortgage. After that, a second lien could be a city lien, a tax lien, a child support lien, an abstract of judgment; a whole range of different loans secured against the property.


Okay, Give Me an Example of a Short Sale.

Melody Medley details a short sale deal which they are currently working on at Oyezz Real Estate.


This particular example involves a mechanic’s lien, which the City of Irving put against the property because they lent the owner money in order to raise the standard of the home to the required codes. The City of Irving lien is in the secondary position – after the mortgage – and they are refusing to take a short on it.


Medley explains that they have to pay it in full, which has been a challenge, but they have found a solution. They increased the sale prices to compensate for the full mechanic’s lien and have actually taken an offer to start preparing to close.

Benefits of a Short Sale to Sellers

So where is the benefit behind this Short Sale process?


There is time. The time it buys a homeowner to figure out what they’re going to do with their future. It takes four to five months,remember? So in the meantime homeowners can save their money and become prepared for their next move.


A lot of sellers’ concerns are about the lack of time with a foreclosure notice and an impossible situation to deal with. Medley and the rest of Oyezz Real Estate allows customers more time and comfort for this concern.


Short Sale Effects on Credit

Good news, a short sale is recorded as a settled debt on your credit report. Meaning it doesn’t take long to turn around and be in the position to apply for a loan for property again in the future. In fact, Melody says, “Even in 2 years they could probably get another mortgage.” Comparing that to the effects of a foreclosure, this is a great benefit.


Daniel Moore extends on this point by explaining that it can take around seven years to get a healthy credit report together after a foreclosure. With a short sale, it can only take two.


Settled Debts in Short Sales

A settled debt means that you took care of the problem. The mortgage is considered settled by the bank, and you don’t owe anything else.


The bank takes the loss on the deficiency in payment and will issue a 1099. Medley provides some insight into the mortgage debt relief act, stating that if it gets passed at the end of 2017, sellers will be able to avoid paying any taxes on that deficiency. Fingers crossed.


Daniel Moore adds that when he is on the type of call where the homeowner has negative equity, a big concern for a lot of the sellers is paying taxes on a deficiency judgment. Modern Real Estate investors who work in short sales manage to clear up the confusion.


Melody Medley reveals her experience clearing taxes on a deficiency. She has a 100% record at clearing the taxes on a deficiency judgment on the first lien in every short sale that has crossed her path.


The bank agrees to no deficiency. They are not going to come back for any recourse and are not going to return for that deficiency amount.


Benefits of a Short Sale to Real Estate Investors

Melody Medley discusses how Oyezz Real Estate is a processing tool for short sales, a resource which Real Estate investors can go to to get the best possible solution with none of the bureaucratic headaches. Medley keeps it simple by giving us an example of a short sale deal which she worked on in Dallas.


  • The bank appraised it for $425,000.
  • Oyezz disputed the value, trying to lower it to something more reasonable.
  • Oyezz got the valuation down to $375,000.
  • The process was too long, and the $375,000 valuation expired.
  • Oyezz suggested the investor meet with the appraiser on the property.
  • The investor showed the BPO agent the repair bids.
  • Understanding the houses needs more clearly, it was valued at $320,000.


As Melody gleefully states,


“It was a great day for us. The investor was extremely happy.”

  • The retail value of the house was $550,000.
  • The repair costs were $60,000.
  • The total costs were around $400,000.
  • The sale price could be around $520,000.


The pair conclude:


“That’s not a bad day. It’s beautiful.”

Daniel Moore adds to this point by talking about his own experience of going to the property with the BPO and showing the total value of the repair bids. It gives the appraiser a much better understanding of the home, allowing them to do a better job.  This avoids missed problems which are not glaringly obvious. A smart investor will show the BPO the facts and figures of repairing the house to its retail state.


Medley continues on this theme by explaining how sometimes they are prepared to wait in order to get the value down lower. The bank ultimately is going to come back and say “we have to have this much”. They put their foot down and you have to agree.


Different banks have different rules. Medley says that she has good relationships with the banks and she knows how they work. She is an expert at negotiating a compromise which is convenient for the seller and profitable for the investor.


Short Sales and Loan Modifications

Daniel Moore and Melody Medley chat about loan modifications, highlighting that homeowners who pursue that path are advised to not make any mortgage payments while it is in review. Furthermore this can take three to four months to process, the mortgage was most likely not being paid before the load modification application. Meaning payments may not have been made for over half a year. If homeowners are not approved for a loan modification, they’re typically facing foreclosure.


Moore says that he sees this scenario a lot – people who are betting on their loan modification being approved. In his experience, loan modifications are almost never the right solution for a homeowner. As a result, they often end up paying more than they were originally paying on their monthly payment and still end up falling into foreclosure. A short sale is a good plan B to have. If a loan modification doesn’t work out, the homeowner is ready to move straight into a short sale.


Melody Medley from Oyezz Real Estate

Daniel Moore and Melody Medley clearly have a great working relationship, and give a thought provoking discussion on short sales and the nature of their Real Estate businesses. For those wishing to explore Oyezz Real Estate further, more information can be found at

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