Comment

Comment by Tara Samney on July 3, 2012 at 11:35am

Escalated a file with Chase on a VA loan and still no resolution.  Negotiator countered at appraised value of 120,000 and said we had to have that and net 88.13%.  If we didn't have a contract price for 120,000 no concessions at all.  How can this be if I am netting close to $80 more than minimum?  The supervisor told me it looked fine but ultimately the negotiator makes the determination.  We slashed commission in half to save it from foreclosure, cut other costs and kept payoff to 2nd the same as approved and went up on nothing.  Shouldn't it matter that I net the min and not go up on anything like every other short sale I have ever done?? buyer closing costs were less than 3% so we kept exact same amount approved.  Am I missing something special on a VA loan? It doesn't make sense and if I am right- the negotiator isn't getting it.  What can I do? The seller has used her VA rep in the past- should we go this route or am I way off base?

Comment by Wendy Rulnick on June 19, 2012 at 11:48am

Bank of America has just rejected the Veterans Administration $1500 relocation credit for one of my Destin Florida VA Compromise Sales, stating: "The appraiser noted the home was vacant", so the seller credit must be removed.

Comment by Wendy Rulnick on February 22, 2012 at 8:36am

Celeste - Thank you. I will next time. We have another solution...  I did respond again to the rep, stating that FHA PFS can be applied elsewhere, so I thought it was odd, and he didn't respond....

Comment by Celeste ODea on February 22, 2012 at 8:32am

Just wanted you to know that I asked my BOA DIL Specialist II if the seller can use the relocation money for other items on the HUD, and she said YES.  I would ask for a supervisor.

Comment by Celeste ODea on February 22, 2012 at 4:03am

Interesting.  Guess it's different with each bank and the next time I will ask to be sure.  The process was extremely smooth.  I thought that if there were any outstanding bills that the seller could use the relocation money toward that.  Maybe it's just not the procedure for VA sales.  I have a DIL Specialist II that I will ask just to see what she says and let you know.

Comment by Wendy Rulnick on February 22, 2012 at 3:58am

Oh MY-  The Bank of America negotiator just responded, when asked if we could use the VA Relocation Credit toward other items on the HUD: 

No... "That’s why it is called relocation assistance and not do whatever they want to use it for assistance."

Comment by Wendy Rulnick on February 22, 2012 at 3:57am

Celeste - Wells Fargo does not offer the VA Compromise Relo seller credit.

Comment by Celeste ODea on February 22, 2012 at 3:45am

Contract executed in November.  This was the first VA that I did and wasn't aware that relocation funds were available.  Can you send e a copy of the Addendum?

Comment by Celeste ODea on February 22, 2012 at 3:36am

Sorry, it was Wells Fargo with the VA Compromise Sale.  My other one on Friday was BOA, but it was an FHA Pre-Foreclosure and the Seller got $4,000 which BOA wired to the title company separately. 

Comment by Wendy Rulnick on February 22, 2012 at 3:35am

I had one last year where I mentioned it to the negotiator and he tried to put the onus  on me to have brought it to his attention. NOW BOFA has a special VA Compromise Sale addendum they've been using for the past couple of months. Was your sale initiated prior to that?

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