Comment

Comment by Azucena Rodriguez on October 4, 2009 at 4:00pm

Hello, can anyone please explain to me what face 2 of the short sale process is? We started negotiations back in June, two loans with same bank. Thanks

Comment by Souzan M on October 4, 2009 at 3:54am

Thx James . .1 mth ago huh. Wonder why none of the other negoiators asked me to do the same.
OK Well I am going to sign up today and follow up tomorrow with the negotiator to see how it flows. I will let you know.
I agree Lynn . .if its uploaded and we all see it no one can say it isn't there!

Comment by Lynn Pineda on October 3, 2009 at 2:31pm

I haven't come across this yet. Yet, I can see how it could work opposed to having to repeatedly fax docs again and again. Upload to Reotrans once and they're there. Interesting.

Perhaps this is part of their growth that they announced. In fact, I just received an email from Reotrans today indicating that they're changing their name to Equator in the Q4 of 2009.

Comment by James ferebee jr on October 3, 2009 at 2:25pm

Talked to one of the team leads and was told that Reo-Trans will be a portal to upload all the doc's to the owner will need to verify you then you upload all the info for the short sale. I was told this service went into implementation 1 month ago however they are trying to refine it. In fact they tried to set me up with it but there were issues on their end so I was told to just send VIA pdf file thru email.

Comment by Souzan M on October 3, 2009 at 2:18pm

something new? Bank of America negotiator (loan originated Countrywide 9 digit ln #) calls me this morning and tells me to sign up on www.reotrans.com. That is is a new system they will be using to get information about the short sale to me and the seller . . .has this happened to you?
BPO has jus been completed on this short sale and value is back at the lender. This should be at the Phase 1 negotiator.
Fannie Mae is the investor
Any change at BOA is an improvement from the status quo but just odd that they would use a 3rd party company. . . your thoughts? PLUS BOA never calls me this early on in the deal.

Comment by Jeff Payne on September 30, 2009 at 3:11am

Wendy is right, you never know, I really believe that it depends first and foremost on the negotiator that gets assigned. Each bank, each negotiator, each investor is different.

Comment by Wendy Rulnick on September 29, 2009 at 12:47pm

Hi Zee - If she is still upside down with more expenses than income, has little funds or assets and her credit score is NOT good she may be approved without prom note or cash contribution. But it depends on the investor. You never know. I have sold dozens of investor short sales with no prom note. You basically won't know until you get there.

Comment by Zee Hunter on September 29, 2009 at 4:24am

Wendy,

Need some help here (ower is my family member)
Investment property getting ready to do a short sale. Owner is current right now on payments but is going to stop making payments in October. She has tried proficiently to do a rate modification on the property with no avail she can no longer hold on to it paying the negative each month. There is a tenant in the property and the owner is still collecting rent. What have you seen in the past as far as promisorry notes or contribution to close on these type situation. We are making the tenant aware of everything with the option to move out with no penalty or the option to purchase the short sale.

Comment by Dawn Barrier eXp Realty Vegas on September 28, 2009 at 4:24pm

Also, send in a CMA/BPO

Comment by Heather Sheaffer on September 28, 2009 at 4:09pm

I just got the same letter from BOA -- asking for the SS# or broker tax id#.

• ‹ Previous
• 1
• …
• 347
• 348
• 349
• 350
• 351
• …
• 353
• Next ›
• Page