What is your professional opinion on this?

OK, here's the deal:

My wife and I decided it was time to buy our first home.  Unfortunately, the only house we could both agree on is a SS.  But since we're not in a huge hurry, we figured we might as well make an offer.  Here are the details on the property:

Advertised at about $445k

Average value based on online appraisal tools: $450

Amount owed on 1st: about 370K (Wells Fargo)

Amount owned on 2nd: about 70k (HSBC)

We offered 400k and the seller accepted. 

A few days after the offer went to the bank, Wells asked us to sign a 60 day closing addendum.  That's about it so far.  The seller is using a loss mitigator who seems to be very competent.  

 

So, what do you guys think the odds are of us getting this house?  I know you don't have any crystal balls, but I'd like to hear some professional guesses.

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Replies to This Discussion

Permalink Reply by Jackalope on February 26, 2012 at 10:39am

The negotiator is trying to go for that.  Once the lien is released, he will negotiate a write off or pay off with HSBC.  That's the plan anyway.

Permalink Reply by Eric Mieles on February 26, 2012 at 8:13am
Tara regarding contributions from the buyer, seller or agent it depends on who the investor is and not automatically not an option. I've seen Freddie Mac files as the ones giving the most problem however as you have mentioned Bryant and others have gotten around it.
Permalink Reply by Beverly Cibulsky on February 26, 2012 at 10:08am

Wow, another interesting and confusing one!

First, I dont understand why the lender would ask for a 60 day extension and then the hardship? (the hardship should have already been submitted at least with the offer.(maybe the listing agent is asking for the extention, as the buyer's agent did not leave a good time frame, then the buyer's agent is expressing this as the bank wants the exention???) Actually a "counter offer"

Second, scrap the auto valuations programs! Your Realtor should be advising you to this. And besides there will be BPOs done by real people, not computerized data systems.

Third, alot has to do with who the investor is FnMae, Freddie, etc. that will determine what the second is allowed and also will determine how to overcome any short falls, (besides looking to the agents! this is how we make our living!)

Fourth, If there is a so called professional negotiator, this should be all know up front!

After all this, it sounds like there is not even an approval yet, to have to address all these issues! Get the actual facts first!

Permalink Reply by Jackalope on February 26, 2012 at 10:42am

What "actual facts" are you looking for?  It's a little early in the process to have all that info.  The offer was just submitted last week.

Permalink Reply by Drew Ludlow on February 26, 2012 at 1:39pm

So far, it sounds like the professional negotiator is not completely up to snuff.  The hardship letter should have been the first thing you should have gotten.  Anyone who is anyone should have known that. And if you didn't know it, you should have had a Realtor represent you.

Permalink Reply by Jackalope on February 26, 2012 at 2:43pm

The hardship letter is not the same as a hardship affidavit packet.  If you're familiar with the Wells Fargo short sale guidelines, you'd know that.  A five minute google search will also suffice.

I didn't know realtors were so snarky. 

Permalink Reply by Joseph Alfe on February 26, 2012 at 2:54pm

LOL. You are correct sir!

Permalink Reply by Jeff Payne on February 27, 2012 at 3:42am

They tend to get that way when they run into "experts" like you who ask a question and then argue about the anwers they are given. It is always amazing to me that a first time homebuyer seems to know more than the people who actually do this everyday.  BTW, I have news for you, you do have a realtor, the listing agent. 

There seems to be alot left out that we do not know.  First and foremost, is the first short?  If not, then they have nothing to do with this short sale, if they are short then they are driving the bus.  A five minute google search will lead you to 5,000,000,000 posts on short sales and 5,000,000,000 differning opinions :)

Your offer does not seem too far off assuming that you are close on the $450,000 number.  The BPO will be what will tell the tale.  I would make sure that the listing agent meets the BPO agent at the home with comparables in hand.

Permalink Reply by Janine Margaret Nielsen on February 26, 2012 at 3:10pm
No short to the 1st, WF. $6000 should be offered to the 2nd, HSBC.
They are easy to work with so long as you offer more than the usual $3k.
Although they will request the payoff statement on the first to verify that
there isn't more they could try and squeeze from WF.
Permalink Reply by Jackalope on February 26, 2012 at 3:23pm

That's the feeling I'm getting too.  Honestly, if it came to it, I'd kick in a little extra to HSBC to make them go away. 

The seller is current on all her payments for both accounts right now.  Her husband was the bread winner and he passed away about a year ago.  That's why she's selling really.  So I'm pretty sure those amounts are accurate.

Permalink Reply by Jeff Payne on February 27, 2012 at 3:44am

Just read this, if the seller is current on both accounts, then Wells Fargo should not be short, if they are short it is not going to be by much.  Might be best to find the exact payoff and if it is close, agree to pay the difference on the first if it is short, then you can go to the second and work it out from there.  As far as a contribution on the HUD, if the first is payed in full, they have no say in who contributes to the second.

Permalink Reply by James Miner on February 27, 2012 at 4:48am

With the limited info. provided it does appear as if there is a chance.

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