Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on March 25, 2013 at 7:40am

99.99 percent unlikely to happen.

Permalink Reply by Kevin - Greenville, SC on March 25, 2013 at 7:40am

Have you tried the Cooperative Short Sale route?

Permalink Reply by Sara Mehrpouyan Los Angeles CDPE on March 25, 2013 at 8:10am

Actually Kevin, he cannot do HAFA because the 1st lien is more than $729k. Have you seen the co-op work for balances above $729K and if there is already a foreclosure sale date? Thanks

Permalink Reply by Caroline Simmons on March 25, 2013 at 10:51am

Kevin, what if it's put on the second page of the HUD as a buyer expense and included in the settlement costs? I have an investor who wants to do the same and disclose it in the offer.

Permalink Reply by joe beauchamp on March 25, 2013 at 11:50am

Anything outside the usual has a real big uphill battle at BofA - they are for bureaucracy first, everything else comes after. Just use a listing agent with the same last name as a buyer or seller (I had one with the most common Indian name - much more so than Smith - hissy fits with BofA for every contract).

Of course it is not the servicer (BofA) but the investor who sets the rules, so that is who really matters, although you can get plenty of misinterpretation from servicer employees. However, their big thing is to not let the seller walk away with anything from the sale because the investor is losing money - regardless of the investor getting more by doing so. I can pretty much guarantee that if you get the buyer at $200K giving the seller $5K to move will not be accepted by the bank but at the same time a buyer at $180K with $0 to the seller would be. The principle of sticking it to the seller outweighs getting more back for the asset. Revenge wins over dollars and sense.

Permalink Reply by Kevin - Greenville, SC on March 25, 2013 at 1:54pm

You might want to check to see if the State the Property is located in has any Hardest Hit Funds available.

Permalink Reply by TOP END Properties on April 2, 2013 at 2:47pm

The seller can not receive any money at closing (except bank incentives).  You can't play with words and create a Buyer to Seller Short Sale Incentive.  I would forget that idea and get the sale moving along.