Replies to This Discussion

Permalink Reply by Michael J Wollen on December 7, 2010 at 7:27am

Some banks pay sellers a form of "cash for keys" to encourage them to stay in the property during the process and keep it up. This may be why they are disputing the facts. I have had buyers receive as much a $5,000 but it is shown on the HUD-1 if it is offered by the bank.

Permalink Reply by Sylvia Barry on December 7, 2010 at 7:52am

It's on the short sale approvals when you received it. It only makes sense - if the house is sold short because the purchase price minus expenses and fees, etc is less than what the seller owe to the lenders, how can the seller profit from the short sale?

Permalink Reply by Jim Schneider on December 7, 2010 at 8:10am

Smitty,

all three of the uploaded copies of BofA approvals on the SSS BofA forum have "seller does not receive any proceeds from sale". Was your seller applying for HAFA, that would be about the only other way, although you know the difficulties with getting HAFA approved by BofA. The seller's could possible sell appliances, I have seen that, but an attorney should review the documents to make sure it's on the up and up and not a RESPA violation.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on December 7, 2010 at 8:16am

Ask your BofA Negotiator or BofA closer for the form. They should be placing it in the "Library" in Equator. The form is specific to the property and to the seller.
"Cash for Keys" is no longer..... now, they provide "Relocation Assistance" but, not for Short Sales.

Permalink Reply by Smitty on December 7, 2010 at 9:09am

Is there any forms other than the approvals? I must be losing my mind. I thought I had a BOA addendum or disclosure or something that stated the seller could not profit from the sale. Of course I can't find it.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on December 7, 2010 at 9:37am

Here's a sample......

Attachments:

• Arms Length Transaction - CERTIFIED STATEMENT.pdf, 19 KB