Comment

Comment by Jeff Payne on January 16, 2012 at 11:25am

Henry, was that included on the prelim HUD or just the final HUD?  Does it show as POC

Comment by Henry Adams on January 16, 2012 at 11:16am

I have a Bank of America short sale closing tomorrow where we just sent a final HUD-1 today for final approval. It is a cash deal. It got rejected rejected because they didn't like the fact that the buyer was contributing another 12K to the 2nd mortgage so the deal can be completed.  Bank of America is already contributing 5K however the 2nd wants 17K today.  I don't see why they would rejecting it because they are getting all their proceeds and everything is disclosed on the HUD-1. Can anyone give me any suggestions as I am boggled, by their decision.

Comment by Kevin - Greenville, SC on January 13, 2012 at 2:08pm

http://www.housingwire.com/2012/01/09/35000-hamp-trials-transfer-to...

Comment by Sara Mehrpouyan Los Angeles CDPE on January 10, 2012 at 9:18am

Kevin, it's not a completely new buyer though. I will have to try and see what happens. I'll let everyone know though. Thanks all. 

Comment by Kevin - Greenville, SC on January 10, 2012 at 9:15am

BOA just revised this today - http://realestateagent.bankofamerica.com/content/documents/submitab...

8-Day Window to Submit Backup Offer  Based on agent feedback and to reduce overall cycle times, we are making a change to the short sale process. If it becomes necessary to submit a backup offer during a short sale, you now have a reduced window for making the submission. Instead of 14 days, backup offers must now be submitted within eight calendar days after the initial offer becomes invalid.

Comment by Kylee Roe on January 10, 2012 at 8:55am

Sounds like it should fall under the substitute buyer standards of operation, but B of A will probably make it more difficult. If you can get to the negotiatior's manager--if you have a problem, they should be able to resolve it. Definitely plan on needing more time to close to get the additional buyer worked out, but doesn't sound impossible.

Comment by Michael Schneider on January 10, 2012 at 8:52am

I have done this, for the same reason.  The demand is specific to the buyers and the Settlement Agent may (should?) require an exact match at closing between HUD1 and Demand.  Any change to buyers may be reviewed as a "red flag" event (eg, close to flipping).  I think that BofA will require a match.  So, give yourself some time to have the demand reissued, if you really must make this change.

You may be able to leave as is and let the buyer quitclaim?

Comment by Sara Mehrpouyan Los Angeles CDPE on January 10, 2012 at 8:26am

Has anyone had recent experience with Bank of America Short Sale after short sale has been approved and in closing status, additional buyer has to be added in order for buyer to qualify for financing? Not completely new buyer but adding a family member?  Hope they did not have to start over again? Thanks. 

Comment by John Edelman on January 6, 2012 at 4:07pm

To my knowledge, the only company still doing HUD counseling is Wells Fargo - and they do it over the phone.

I would say that 40% or more of my short sales are FHA - as we have quite a few FHA loans in Texas

 

Comment by Kevin - Greenville, SC on January 6, 2012 at 6:20am

Pre-Foreclosure Sale.

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