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Comment by Katerina Gasset 6 hours ago

There does not have to be a hardship to do a short sale.

Comment by Katerina Gasset 6 hours ago

Tiffany- of course I would take the listing, with the understanding and full disclosure to him that the lender may want him to contribute to the loss. When you discuss the fact that let's say you can negotiate for him a deal where he pays 20 cents on the dollar- that is a great financial deal.

Comment by Tiffany Cloud 6 hours ago

I have a seller who wants to do a short sale. His income has decreased by 1/3 and will be decreasing again in about 10 months, but he has a monthly surplus of $400 presently and quite a lot of money in the bank as well as about 850K in stocks. He is current on his mortgage. Would you take this listing?

Comment by Karen Roberts on August 31, 2010 at 7:46pm

Citi Bank
I have a 1st with AHMSI ($262,000 note) and a 2nd with Citi (68,000 note). The seller filed BK so both debts are discharged. The first will only allow Citi to have $2000. Citi wants $10,100. They are forcing our hand to make the seller go to foreclsoure? Any suggestions? Sale is schedule for 10/17

Comment by Laura Marshall on August 20, 2010 at 12:02pm

I agree with Karyl. I list a LOT of short sales! I ALWAYS want to use my escrow company (we use escrow companies in California). There are so many that do not do short sales...or not many of them. If your escrow / title is not experienced with short sales, they can blow a deal. There are so many little items that need to be done. I honestly can not trust my short sales with an escrow company that I have not used. I had one where the seller insisted on his friends escrow company and the buyer agreed. It was a nightmare from beginning to end. I had to have my escrow officer call their escrow officer and walk her through the transaction. I agree! I would use theirs and close the deal!

Comment by Karyl Moore on August 20, 2010 at 11:45am

Linda, as a lister on short sales we always request a certain title company for several reasons: 1) the title co has already done a prelim, they've prepared numerous preliminary HUDs, they know how we want the costs to be on the HUD, they work hard for us because we give them a lot of business, and when we get a third party authorization we add that title company's name to it. If the selling agent insists on a different company we can do that but after explaining all the above they are usually OK with ours. If you're going to be listing shorts I'd advise you to do the same. Many title officers don't understand short sales and the HUD they prepare is extremely important, as well as timelines, etc. You need someone who knows what they're doing.

Comment by Ben Racela on August 20, 2010 at 11:18am

Dawn. I do not think that excessive condo fees qualify as a financial hardship. I would try to focus on high crime rate supplementing their financial hardship. What I mean is that they are not able to sell for what is owed due to the crime in the area driving property values down along with income reduction or what ever the other reason is. But crime alone I do not think it would qualify.

Comment by Ben Racela on August 20, 2010 at 11:12am

Linda,

I have not seen where a short sale lender has a escrow company they demand you use. But in the overall picture does it really matter? They probably use this specific company only because it may cost them less than if they use yours.

I would just move forward and get the transaction closed.

Comment by Stephen Shafer on August 11, 2010 at 11:00am

Looking for a FANNIE MAE contact number to stop a Trustee Sale? ASAP

Comment by Dawn Maloney on August 8, 2010 at 6:15pm

Does anyone know if exorbitant condo fees are enough of a hardship to qualify for a short sale? I also need to know if safety (high crime in a neighborhood) would be a shortsale hardship...different house.

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