Comment

Comment by Ben Benita on March 9, 2010 at 4:19pm

Find a local real estate attorney who is currently doing short sales or, is open to the idea. I have been an active real estate investor for many years and ALWAYS put in at least a few thousand dollars on our initial HUD we send to the lender. I have NEVER received less than $1000 in attorney fees on a HUD. There are many many ways to negotiate this and I can tell you, the 2 biggest benefits, 1) it offers you some cushion when the lenders counter or you are $2k or $3k off from where you need to be (HOA dues, a "moddy" second lien, etc.), and 2) it puts a little more cash in your pocket for dealing with the COMPLETE BS they put you through with short sales. To this day I have NO CLUE why you agents agree to a discounted commission or NOT getting extra money for the EXTRA WORK you put in for short sales. I run a nationwide short sale negotiations company and again, am SHOCKED when agents insist on doing their own short sale work and agree to 3% or 4% commissions? Why work more to get paid less???? Anyway, go find an attorney to partner with....offer him a 90/10 split and see what he/she says (remember, START with 90/10 but be willing to go 50/50.....this is extra cashola for you)!!!!!

Comment by Mike Zwarick on March 9, 2010 at 4:10pm

Thanks again Ben. Generally speaking, is that something you discuss w bank in advance, or add to estimated HUD when you submit package and negotiate from there? This is new. Working on 1st 3 SS listings now.

Comment by Ben Benita on March 9, 2010 at 3:51pm

Mike just hit on one of the GOLDEN ways to make extra money on your short sale....too much to get into on here, BUT, ask a local attorney to work with you. I have NEVER had a short sale HUD go to closing with less than $1000 in attorney fees....most lenders allow $2500 on up.....depending on what you can negotiate.

Comment by Mike Zwarick on March 9, 2010 at 2:50pm

Does Chase ever pay for an attorney to provide consul or negotiate a short sale on behalf of a seller? Have an odd one...estate short sale where Chase suggested a short sale, estate has no money and executor (elderly father of deceased) fears proceeding without legal consul. Appreciate any experience to lend.

Comment by Zulma Canchola on March 9, 2010 at 1:41pm

I'm having the worst time dealing with Regency Credit a collection company that Chase transfer the loan to. Aurora/Fannie Mae offered Chase $3000 to allow the short sale to proceed but they are requesting an in realistic amount of $16,110.71 (20%). The seller has no funds and is waiting for the short sale to close to file B.K. I already explain to the Regency that the property has a sale date of 04/19/2010. I understand no one can force Chase to accept the 3k but I would think that 3k is better than nothing. Please advice who can I contact?

Comment by Ben Benita on March 9, 2010 at 7:53am

no worries...glad to help...again KEEP THAT NUMBER HANDY!!! You will be REALLY glad you have it if you run into isues moving forward....

Comment by Mike Zwarick on March 9, 2010 at 7:39am

Ben, that worked. You are gem! Thanks.

Comment by Ben Benita on March 9, 2010 at 7:18am

Where an authorziation goes can depend on who the investor is on the note (Chase in this case is the "servicer"), if the note is a first, second, or HELOC, if payments are current, and, if they are not, how many payments they are behind. Try calling, the number we have for Chase Executive Resolution Group, 866-605-9253 (you WILL WANT TO KEEP THIS NUMBER HANDY), and tell them what is going on, that Chase has now wasted 2 + weeks of your clients time and that your broker is PISSED at you for this.....watch how helpful they will be. In their defense, i know Chase and JP Morgan have joined and thigns there are a mess.....

Comment by Mike Zwarick on March 9, 2010 at 7:12am

Have a question about Authorizations. For this loan, I was given the fax #'s 904-462-1925 & 904-462-1926. After 10 days of not being uploaded, a Chase rep for the 1st time told me these #'s are old and no longer for Authorizations. Said new # is 866-282-5682. Have faxed to this # 4 times in past 7 days and am still being told it is not uploaded. Depending on who I call, they will insist that either the (904) or (866) number is valid. Neither is getting me authorized. Suggestion?

Comment by Donna Quanrud on March 8, 2010 at 8:02am

Radian is asking the buyer to pay them directly $10K + up the purchase $5K since my seller will not sign a note.

How is that even legal?

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