here's a new one. we have offer for $650,000.00 with net proceeds through HAFA short sale approximately $577,000.00 The payoff of the loan is $588,000.00. NS went through auction process twice with no bids and now they countering the buyer at $700,000, (which they claim is their value) and if buyer doesn't agree they will put on auction again. I questioned that since their value would pay off the loan in full then why are they still have opened as short sale They said they do not take the payoff into consideration until they have an approved offer. And of course they are threatening to cancel the short sale if the seller does not agree to another auction. It seems they are only concerned with getting their 5% premium. Any comments?
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Paula. in theory this is correct but with all short sales, and should be noted in the MLS, that it is subject to the lender/investor's guidelines. I have spoken to many attorneys and it is a gray area. The CFPB needs ot get more involved and thoroughly review what NS is doing I have put in calls to them and of course no response yet
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