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Permalink Reply by Elliott R on December 18, 2010 at 7:47am

Hello,

Can you explain what "TD" is in reference to banking/loans?

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Permalink Reply by Tracy Howard on December 18, 2010 at 11:27am

Hi, Elliott,

 

"TD" stands for Trust Deed, a form of mortgage security document used in some states.  In Colorado we call it the Deed of Trust and abbreviate it DOT.

 

 

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Permalink Reply by Tracy Howard on December 18, 2010 at 11:37am

Hi, Cheryl,

I've only done 2 short sales in the scenario you have.  The first one, the 1st TD holder wanted their entire payoff out of the ss price, and my commission and costs of sale on top of that.  The second one, the 1st TD holder paid my commission out of their proceeds (the payoff of their loan), and gave the rest to the 2nd TD holder, who paid the costs of the sale.  Neither of these was with Wells Fargo or Chase as one of the lenders.

I guess I would suggest that you contact Wells Fargo and ask them for a payoff figure, and a letter stating who is expected to pay the costs of the short sale, Wells Fargo or Chase.

When you say the "accepted short sales price is $252k", I assume you mean that your seller has accepted an offer from a buyer in that amount.  You have not yet submitted a short sale package to the lenders?

Since the owner is deceased, and may have been for some time, the costs of the short sale would include taxes, interest, HOA dues (if any), the usual stuff for a short sale. 

 

 

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Permalink Reply by Laura Marshall on December 19, 2010 at 2:13pm

Hi. I had one just like this. Wells & Chase. Wells was paid in full.  I requested a payoff statement from Wells (1st TD) good for 30 days. This will go on the HUD as payoff to the 1st. Then all of the other charges, escrow, title, commission etc.....as you would do on a regular short sale. The final net is what will go to Chase. On mine, they cut commission to 5%, but went forward with it. Just make sure to get an updated payoff statement from the 1st before closing. On the HUD, I would also estimate an additional month's interest to the 1st, unless you have a cash buyer.

Tracy Howard said:

Hi, Cheryl,

I've only done 2 short sales in the scenario you have.  The first one, the 1st TD holder wanted their entire payoff out of the ss price, and my commission and costs of sale on top of that.  The second one, the 1st TD holder paid my commission out of their proceeds (the payoff of their loan), and gave the rest to the 2nd TD holder, who paid the costs of the sale.  Neither of these was with Wells Fargo or Chase as one of the lenders.

I guess I would suggest that you contact Wells Fargo and ask them for a payoff figure, and a letter stating who is expected to pay the costs of the short sale, Wells Fargo or Chase.

When you say the "accepted short sales price is $252k", I assume you mean that your seller has accepted an offer from a buyer in that amount.  You have not yet submitted a short sale package to the lenders?

Since the owner is deceased, and may have been for some time, the costs of the short sale would include taxes, interest, HOA dues (if any), the usual stuff for a short sale. 

 

 

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