I had heard horror stories about PNC...thru tons of threads on the  internet and this site and other short sale help sites and forums..so when I had a past client call me pleading me to help her sister in law who had a short sale stuck for about a year and a half now...I shuddered! *They had already cancelled their short sale with the other agents when it as stuck and at a stand off with a foreclosure date looming. *I don't steal files from other agents...

I admit, I avoided them like the plague once I found out Wells Fargo was the 1st and PNC was the 2nd.  But the clients would NOT leave me alone..as if I had a magic wand I could wave... duh...NOT!!!

Sooooooooo   I agreed to research the property and look into it....and once I did the comps and researched the payoff on the 1st and what the 2nd wanted and found out who the investors were blah blah blah...

This property was ONLY short on the 2nd! Why was this EVER submitted to the 1st AND at a price that would make the sale SHORT on the 1st? This was insane? I can only concur that someone had a vested interest in stealing this property in the short sale OR the team did not know what they were doing.

Anyhow...once it was priced correctly and packaged off with a conventional offer 20% down...and sent to PNC the 2nd, since THEY were NOW in charge and the HUD showed THEM receiving way over what the 1st(Wells) would have given them(6000.00) if the 1st was in charge...

NOW things moved fast!. *And oh, by the way, this was NOT HAFA...no need to do HAFA since the 2nd was in charge and needed a payoff greater than what HAFA would give... this was traditional short sale.  *The borrowers were MORE concerned with doing a short sale AND NOT being FORECLOSED on, than obtaining a lousy $3000 relocation fee. I made sure they understood this in the beginning and in writing. And showed them an email from PNC stating that PNC would NEVER agree to a HAFA short sale on this file at the HAFA payoff amount to the 2nd lien holder..so that was a mute point.

Wells was happy because they were receiving their payoff in FULL including the foreclosure fees they tacked on. And PNC was super thrilled and bumped this to senior management. Once PNC had the package...they just needed to figure out if the numbers met their NET... they DID counter us once at a NET to them that would have bumped the sale price up to an ungodly number...so of course we countered at a NET  they could live with.  They submitted it to senior management and within 24 hours we had the verbal approval. *Then 24 hours later, we had written approval with a generous 60 days to close. Buyer moved so fast, because the price and terms were still a good deal, he closed in under 30.

So my hat is off to PNC and dealing with senior management who just needs deals that meet their net numbers, not emotions.  I would luv to deal with PNC again...they were awesome!


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