Short Sale Approvals with Seller isn't Delinquent

Howdy Folks -

Just curious if anyone is seeing short sale approvals when the seller isn't delinquent. We just did one, but the seller was military and being transferred out of country. Most however, the seller has been delinquent. We are seeing more and more people needing to sell due to job transfer and moving...and they are upside down.

So please share who lender was and any special circumstances.

Thanks

Tags: behind, delinquent, not, on, payments, seller

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Permalink Reply by Liane Jamason on March 2, 2012 at 8:32am

I had one with Chase where we got all the way thru it and they were about to issue an approval and said they could not because the Seller wasn't late. She went 30 days late and they approved it.

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Permalink Reply by William F Griffin Jr on March 2, 2012 at 5:17pm

We closed a Wells Fargo short sale where the seller was not delinquent. Hardship was divorce and job transfer. During negotiations they stated the seller would be required to bring 5K cash contribution which he agreed to. Sent over the new HUD showing the contribution and wells sent the short sale approval with no mention of the seller bringing the cash to close. I sent a new final HUD two days prior to close with no cash contribution and it was approved and we closed and the seller made not contribution.