Replies to This Discussion

Permalink Reply by Katerina Gasset on August 9, 2010 at 5:19am

You should know before you take a listing who the investor/note owner is on each of your short sale listings. We won't take a listing unless we know. The seller can call to get that information or they can send in written request. Some bank reps will also tell you if you are very kind and wonderful to them:) Knowing who the investor is from the beginning lets you know right away how much commission they will contribute for your seller. Most private investors only approve 5%. Another reason why you need to know. The seller is the one who owes you the commission, not the bank. You can get the seller to pay the balance of the commission. The other reason to know who the investor is- is to know how to negotiate the entire short sale.

Permalink Reply by Melissa Colvard-McKinsey on August 9, 2010 at 5:21am

Thank you. Great advice!

Katerina Gasset said:

You should know before you take a listing who the investor/note owner is on each of your short sale listings. We won't take a listing unless we know. The seller can call to get that information or they can send in written request. Some bank reps will also tell you if you are very kind and wonderful to them:) Knowing who the investor is from the beginning lets you know right away how much commission they will contribute for your seller. Most private investors only approve 5%. Another reason why you need to know. The seller is the one who owes you the commission, not the bank. You can get the seller to pay the balance of the commission. The other reason to know who the investor is- is to know how to negotiate the entire short sale.

Permalink Reply by Sylvia Noble on August 9, 2010 at 5:42am

Greetings
Since you represent the buyer ... can you get the answer from the listing agent? If the loan is Fannie Mae or Freddie Mac -- they pay full commission up to 6% (the listing agent should have done this homework already by going to each one of their loan look-up websites). Also, in a VA Compromise Sale (VA's Short Sale) will there be a full commission up to 6% as long as they net 88.13% of the appraised value (there will be a VA appraisal done right after an offer is on the table). Hope you are in luck!

Permalink Reply by James ferebee jr on August 9, 2010 at 5:45am

If it's Fannie or Freddie here is where you go to see attached..
If it another investor you can try to get the owner to request this from the lender however they are VERY protective of the investor, I have had clients try in desperation to obtain this but they get nowhere with the lenders..

Thanks
Jim Ferebee

Attachments:

• Freddie and Fannie Loan Lookup.doc, 25 KB

Permalink Reply by Laura Marshall on August 9, 2010 at 5:50am

I had 2 B of A portfolio loans, and each loan # started with 09. If it's not Fannie or Freddie and starts with 09, it may be a portfolio loan. They paid 5% on each of these.

Permalink Reply by Melissa Colvard-McKinsey on August 9, 2010 at 5:56am

Thank you everyone. I have forwarded all of this information to the listing agent.

Permalink Reply by joe beauchamp on August 11, 2010 at 9:06am

Generally, no point in contacting fannie mae - they don't care - you are taking the rep away from his coffee and donut. If you ever hope to have an effect with fannie mae, you'll need to talk about large numbers - like 10,000 accounts. If someone actually has a real contact at fannie mae who cares about anything and hasn't been fired for being that way, I'd love to hear it. I've had too many short sales killed and cost everyone...

You are on your own to find contacts for investors - people here can help, but there is no swell place where it is all spelled out and neatly typed up for you. I also have not run into an investor who wants to deal with a particular file - that is why they hired BofA, etc. So, go in knowing that you are starting out from a downhill position..

Kate Edwards said:

Hi Katerina,

Thanks for the excellent advice, once you determine who the investor is, how do you go about contacting them?



Katerina Gasset said:

You should know before you take a listing who the investor/note owner is on each of your short sale listings. We won't take a listing unless we know. The seller can call to get that information or they can send in written request. Some bank reps will also tell you if you are very kind and wonderful to them:) Knowing who the investor is from the beginning lets you know right away how much commission they will contribute for your seller. Most private investors only approve 5%. Another reason why you need to know. The seller is the one who owes you the commission, not the bank. You can get the seller to pay the balance of the commission. The other reason to know who the investor is- is to know how to negotiate the entire short sale.

Permalink Reply by Janie Booth on August 13, 2010 at 10:36am

Hi, Katerina and My Superstar Friends! I need your advice. The investor for our first is Wells Fargo. Original loan was with USAA and the loan is being serviced by GMAC. And yes, alas, there is silent MI with Guaranty National. I personally spoke with the negotiator for Guaranty and Guaranty said GMAC would have to reduce their claim by $11K (MI wanted $11K or a $23K prom note). GMAC denied the file, no counter, no discussion, just denied and closed out of Equator. Our buyer walked before I could continue or try to escalate. I have a new FMV offer. Before we go to round 2, do you think I can get the $11 negotiated down to an $8K cash contribution or will we be denied again? And if so, can we escalate to Wells (Investor)? The negotiator has told me that they will not approve anything less than an $11K cash contribution from the seller. Did I tell you we also have a $23,000 second with USAA, 1st will allow $1500 to the second, which is still in review. Yes, this is a fun one (not!). These are past clients, both were in the military (not eligible for HAP unfortunately), upside down on 2 homes now, no resources, but are trying to be responsible and come up with at least an $8K cash contribution that they really cannot afford, so they really need my help! Thanking you in advance!