Comment

Comment by Catherine Myers on December 14, 2011 at 6:12am

I just had an interesting curveball.  After 8 months for approval and a month into our contract (due to close next week) the buyer's lender threw us a huge curveball.  The underwriter reduced the appraised value!  This is the buyer's lender, and it is an FHA loan.  So we got on an official HUD form, and reduction in value based on market conditions and adjustments to comps this underwriter thought was necessary.

Our Aurora rep says now that they may just close the file.  9 months, same buyer, jump threw every hoop - and rather than close next week with a slightly reduced value - they'd rather close the file?

This one really takes the cake.  The executive office is my next call as they make it next to impossible to actually reach your rep on the phone.

Comment by Sara Mehrpouyan Los Angeles CDPE on December 13, 2011 at 1:12pm

Just to update on my situation-- I submitted a value dispute to Aurora. The negotiator  gave me 2 different values: $350k for HAFA short sale and $320k for a traditional short sale. The property should be under $300k. Has anyone else had a negotiator give them 2 options like that??

Comment by Duretta Lorang on December 12, 2011 at 8:11am

Just called and spoke to an escalation person.  Trying to resolve and clarify...Aurora employees added my buyer's proof of funds to the seller's assets and denied short sale.  Today, indicated that it was denied because the borrower has 3x's more available funds that the house payment.  I have 80 year old sellers with 20,000 to their name.  If ever I had a short sale that should go through, this one should.  I am still trying to clarify if the error of proof of funds was corrected through a supervisor...if she will call back.  A very sad day for all.  This will go to foreclosure and the bank will receive approx. 75000 less than this short sale.  Any advise?

Comment by Norene Williams on December 8, 2011 at 7:30pm

Hi Sara,

I disputed the BPO value by sending comps.  They did not want the full CMA just MLS printouts of previous sales.  I also had the approval letter that Aurora had given me 5 months earlier at a lower value by $25k.

I had found a post on this site dated 7/26 from Darlene Krause giving the number of the executive complaint department.  It is 866-420-3167 and once I called them, things went faster and smoother.

Comment by Catherine Myers on December 8, 2011 at 5:12pm

Aurora is really one of my least favorite lenders to deal with.  I've never had a HAFA that wouldn't consider a lower offer as it came in.  They will still look at an offer if lower than their value. I assume you do not have an offer is that right?  Is it already on the market?  How far off is the value?  If you market it at "their" price, will you get an offer?  If you're confident it will just sit, ask them when they'll allow you to consider a price drop.  The HAFA deals I've worked have allowed price drops with no offers after a time (sometimes 30 days, sometimes sooner).  I just had to make the case with comps and keep them apprised.  On the other hand, I CONSTANTLY have issues with valuations on HAFA and feel there is more to the story and often nothing to do with reality.  I leave it to my clients knowing all the pros and cons whether or not they want to try for HAFA for a while before shifting gears if the 3k is important to them.

Comment by Sara Mehrpouyan Los Angeles CDPE on December 8, 2011 at 4:21pm

Thank you Kevin. I did see that, however it says before the SSA expiration date. So, the property has to sit on the market for 120 days? That does not make sense. 

Comment by Kevin - Greenville, SC on December 8, 2011 at 4:19pm

Disputed Valuations – If it is believed that the valuation is incorrect, a valuation dispute can be submitted by sending in documentation to support/evidence the disputed amount prior to the Short Sale Agreement expiration date. Otherwise, Aurora Bank will review the value for a possible valuation change within thirty (30) days of the expiration of the Short Sale Agreement.

https://www.myauroraloan.com/docs/Aurora_HAFA_SS_Package.pdf

Comment by Sara Mehrpouyan Los Angeles CDPE on December 8, 2011 at 4:18pm

Kevin, it's not a fannie or freddie.

Comment by Kevin - Greenville, SC on December 8, 2011 at 4:17pm

Sara,  What type of loan?

Comment by Sara Mehrpouyan Los Angeles CDPE on December 8, 2011 at 1:04pm

Seller wants to do the short sale, hafa has the $3000 incentive but we need to be able to get the sale closed. Has anyone had experience with disputing the value with Aurora? 

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