Comment

Comment by Kylee Roe on June 6, 2011 at 4:42am

Thank Bryant! I probably needed that!

K

Comment by Bryant Tutas on June 5, 2011 at 11:55pm

Kylee. You know you just never know. Some short sales that I dreaded listing due to the perceived difficult ended up being my easiest. Now I just keep pushing forward. They always seem to work out.

Comment by Kylee Roe on June 5, 2011 at 5:53pm

Feedback anyone? I have a HAFA apprvd short sale, bofa loan 1, Citi was loan 2 but was sold to a collection firm? And I think sold again to a second company? I just sent in my authorization to Citi, who should tell me the collection company name--or whoever has the loan. I got a feeling I'm in for some challenges, and that HAFA 6% or 6K cap to the second  isn't going to be easy!

Comment by Michael Schneider on May 24, 2011 at 5:31am

Never had a Servicer charge the per diem, but this clause is always in there.

Perhaps you can take it out of the net proceeds....-:)

Comment by Sara Mehrpouyan Los Angeles CDPE on May 24, 2011 at 5:26am

Hello. Has anyone had Citi charge per diem on an extension for a Citi Short Sale closing?

Comment by Janie Booth on April 11, 2011 at 1:50am

Maya, we need just a bit more info. Is there only one loan with Citi? The $5K seller contribution should be on both the estimated HUD and the approval letter.

Comment by Maya Thomas on April 10, 2011 at 6:01am

If the bank is asking for the seller contribution it is going to be on the HUD at closing even if it's not on the approval letter.

Comment by Maya Thomas on April 10, 2011 at 5:59am

Insert 'may' and 'might' in some of the spaces. I'm on my phone in front of a house.

Comment by Maya Thomas on April 10, 2011 at 5:57am

Sometimes the short sale approval doesn't mention the seller contribution. From the required net it is clear that the bank is asking for a seller contribution. If you were the listing agent and submitted the HUD you would see the exact $5,000 contribution.

The listing agent may not want to work with you (she has another buyer, you're fighting and she doesn't want to work with you, etc.) so she is not asking the bank to extent the short sale approval letter.

Comment by Thom Colby CA Brkr 888-391-5245 on April 9, 2011 at 5:22am

Keith,  Anything "on the side" is Fraud and a RESPA violation.  Make sure EVERYTHING is on the HUD and the HUD is signed by the 1st and the 2nd prior to closing.  If you can't get the short sale lenders to approve the HUD with everything on it, get your Buyers out of this deal ASAP.  Make sure to notify the Settlement company (Escrow, Title, Attorney, etc.) there is a side deal and you want it recorded in the settlement statement.  Citi provides an Arm's Length Affidavit to be signed by all parties and agents which includes language about "side deals".  Be careful, the license lost could be your own!

 

Best of luck,

Thom Colby

Broker

Newport Beach CA

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