Last Short sale I closed as a listing agent was 2 years ago. I am listing a home with a purchase money loan and a second that was added when borrowers did a loan mod. B of A created a new second of $13,000 FHA, which is the total arrears of the seller. Strange? 

Doe that mean I have to deal with 2 lenders under Bof A but may be different investors? 

Really want to help these referred cleints. 

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Thank you Brian! How different is FHA Short Sale? Do thier BPO have more control on the listing price? I usually do my own negotiating with the lenders, now, title companies suggest we use their short sale department. Is that a wise move? 

Thank you ! I will share this with the seller and see where she wants to go at this point. I understand that BOA gives better relocation cost to sellers when they do a SS? Min. of $5000. 


HUD preforeclosure sales now offer $3000 seller relocation (up from $1000).  Unlike previously, the $3000 does not get reduced as time passes during the 120 day marketing period.  Also, the $3000 MAY be used for closing costs not approved by HUD.


        As Bryan stated the 2nd is more likely than not a partial claim. The negotiator will submit a variance to HUD to have this payed. It's important to know that the $13,000 will come out the NET proceeds to HUD and if this pushes the NET below the minimum NET allowed per FHA/HUD guidelines that the borrower likely will not receive any relocation incentive.

Also, the file will need to be worked through BOA's equator platform. It's also important to have the BOA specific authorization and FHA addendum's completed to prevent any delays in moving the transaction forward.

If you have any questions at all please feel free to reach out to me as my door is always open.


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Slim chance to do this as a regular sale. Seller has not paid December and now January. Advised to list as regular sale. Only problem is we are risking losing time. 

Can we try listing regular sale with possible short sale? FHA SS listing price will be determined by F"HA anyway so for sure they will want listing price to be top of the market price. 

Analizing sellers's net sheet possibly can do this as a regular sale. First is 308,000 second was the new $13,000. CMA shows I can list at $360,000! Seller has not paid Dec and Jan. Suggested to list as regular with possibility of a SS. 

Should we ask for a SS packet from BoA now? 

You should order a payoff from BOA to see how much it would really take to pay them off in full.

Thank you Brett, will do. 



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