Replies to This Discussion

Permalink Reply by Kent Dills on June 1, 2010 at 10:45am

Good for you Janine! Congrats on the hard work and it paying off this time!

Permalink Reply by Brigitte Powell on June 1, 2010 at 11:02am

Well, congratulations, Truly, I mean that.
I made a mistake and had to re-enter all the info once more, and found out today, that it is considered a brand new offer. They (investors) have declined to pay the cc for the buyer (they had agreed to allow it when the offer was submitted in February) Today I got an email from the asset manager saying "the investors will not pay the buyers closing cost (3%) unless the buyer goes FHA or VA. Has anyone ever heard of such a thing?!
The buyer is a first time home buyer with 20% down....why would she want to go FHA (she can't go VA).
I am pulling my hair out now.

Permalink Reply by Margaret C. Taylor on June 1, 2010 at 3:52pm

Congratulations Janine. It looks like you hung in there for your client and everyone was a winner. Margaret C.

Permalink Reply by Stephen Shafer on June 2, 2010 at 3:29am

I can not believe it, Ihave had the opposite experience. I have had 6 offers canceled on a condo in Fl. the last becacause the counter from B of A was $ 14,000.00 over market ie what the developer is selling units for. I have been working on this file since Oct. 2009. The other property in No. Calif. had a trustee sale postponement with a market offer, the negotiator did not like the closing cost, nothing specified, dropped it from my listing and accelerated the Trustee Sale. The negotiators do not know what they are doing and are not real estate knowledgable.

Permalink Reply by Brigitte Powell on June 2, 2010 at 4:12am

Had the same happen to me ...it was a GMAC loan and the investors asked 13,000 over assessed value.
Just opened a discussion on a Freddie Mac loan because I had no clue that FM would not pay buyer's cc cost on a conventional loan (only on FHA and VA) who knew? and how would I know this unless the negotiator disclosed that to me...which she never did. Did not know this until last night when expedited asset manager told me that cc should never have been on this one. I have had this one in there since February (nothing like Oct 2009) :-(

Stephen Shafer said:

I can not believe it, Ihave had the opposite experience. I have had 6 offers canceled on a condo in Fl. the last becacause the counter from B of A was $ 14,000.00 over market ie what the developer is selling units for. I have been working on this file since Oct. 2009. The other property in No. Calif. had a trustee sale postponement with a market offer, the negotiator did not like the closing cost, nothing specified, dropped it from my listing and accelerated the Trustee Sale. The negotiators do not know what they are doing and are not real estate knowledgable.

Permalink Reply by S.A. on June 2, 2010 at 8:11am

I'm the buyer, and my BoA short sale closed on 5/27. Offer was made on 2/28, seller accepted the offer on 3/7, bank approval on 4/30.

My bank (BoA, too) was very helpful getting things move forward, and both listing and buyer agents were efficient; I had no counter offer, and seller's deficiency clause was removed (and no contribution from the seller). BoA also agreed to pay for the termite. 2 and half months was long to wait for me, but all went well! Only if I didn't lose my job 2 days before escrow closure...

Thanks for all the great information I read here, I was able to keep my sanity during the process. The stress of waiting went away when I finished painting the first room. Now, I need to focus on finding a new job before severance period is over!

Thanks to all the hard working real estate professionals!