Comment

Comment by Linda Baron on September 18, 2009 at 4:56am

My confidence in the listing agent's ability to facilitate a short sale is slipping. After 60 days of no response on an "approved price from SunTrust" there is still no confirmation that the package has been recieved, much less assigned to a negotiator. Any help, email addresses, fax numbers, etc. to help facilite this will be appreciated.

Comment by Bryant Tutas on September 15, 2009 at 7:34am

Keep us abreast of things as you go along.

Comment by Alan Nguyen on September 15, 2009 at 6:28am

Thank you for your advice Bryant, I feel more confident now that I know exactly what to do. The CMA is at $430K, I listed at $449K since there is also another listing same model down the block and it's been on the market for over a year (same price 499K for over a year, the agent should learn from you!). The offer came at 440K so I feel pretty comfortable with the offer. I think you're right on the closing cost contribution, it would be an easier job not to deal with it. Thanks a million

Comment by Bryant Tutas on September 15, 2009 at 12:45am

Either you, the seller or their attorney will need to get the IRS lien removed. Personally I would suggest the seller get an attorney or have the seller contact the IRS directly. The amount is small enough they should remove the lien.

Simultaneously submit the short sale package to WAMU with the IRS payoff (30K) on the HUD (you can change this later once the lien is removed or negotiated down). Ask WAMU about the closing costs contribution. Your job would be a lot easier if you didn't have to deal with a closing costs contribution.

It seems like the property was on the market a very short period of time. Do you feel the contract you have is the "highest and best"? Did you give it enough time on the market or are you just taking the first deal that came along? Is the contract price justifiable?

Comment by Alan Nguyen on September 14, 2009 at 1:08pm

Hi Bryant,

The buyer's lender is WFB, for FHA loan. I think the buyer doesn't have lot of cash so it is important for them to have closing cost covered. The seller's Lender is Wamu. As for the federal tax lien, do I just have to negotiate with lender for a payout or should I negoitate with IRS for my client? Thank you.

Comment by Bryant Tutas on September 14, 2009 at 12:55pm

Alan if the 30K in fed tax is a lien then it will need to be negotiated and the lien removed. The IRS is pretty agreeable. The $10k in closing costs will depend on the lender, the type of loan and who the investor is. What lender is involved?

Comment by Alan Nguyen on September 14, 2009 at 10:34am

Hi All

I have a short sale, 2 loans with same lender. The owner owes $30K in Federal Tax, and I have a buyer who asks for $10K credit for closing cost with FHA loan. Would those conditions making it harder to negotiate with the lender? This is my first Short Sale, I highly appreciate any help. Thank you.

Comment by Wendy Rulnick on September 10, 2009 at 12:12pm

Robert, Saxon does require a lot of paitence... Are you sending in multiple offers? I only send one, for many reasons, but perhaps that is confusing them.

Comment by Robert Eady on September 8, 2009 at 8:42am

Has anyone ever worked with Saxon Mortgage? I have been trying for over a year to get a short sale approved. They haven't been paid in 16 months (yes, 16 months) and still no response. In the last 2 months, have 6 offers and can't get a negotiator on the phone. Get to their general desk and it's as if I am calling for the first time. Same questions, over and over, but still not the negotiator, who has changed 3 times in the last 2 months. No email address either and I have been given at least 3 fax numbers.

Comment by Lupe Soto on September 4, 2009 at 5:14pm

correction, it reads "inspection and reports shall begin after short sale inspection"
should read "after short sale APPROVAL"
thank you for your feedback to this short sale cancellation few days after escrow deposit was delivered, see below. thank you Lupe in Burbank

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