Comment

Comment by Mike Horton on January 18, 2011 at 6:36am

I have seen this type of paragraph several times in short sale situations where the client has consulted with a general legal counsel instead of a specialist in real estate. I have been told and agree that this is redundant to the listing agreement (in Arizona) since the original owner no longer has the capacity to sell as defined in General Warranties by Owner. Also the seller is protected from a brokerage commission demand even if a willing and able buyer has presented a contract, since the lien holder must agree to the lien release to have an executable contract.

Comment by Michael Schneider on January 18, 2011 at 5:59am

Kevin,

This comes up a lot in short sales.  In my opinion,  they do have this right, subject to states laws, of course.

The Investor/Insurer has no obligation to review or approve a short sale.  The agent and seller can choose whether or not to add this to the Agreement, just as the Investor and Insurer can choose whether or not to review a proposed short sale, without this verbiage.

Hence, in addition to hundreds of other things, this  can quite reasonable be included in their requirements for review and subsequent approval.

Pick your battles, this one would be pretty low on my list.

Comment by Kevin - Greenville, SC on January 18, 2011 at 5:27am

wondering how someone not a party to the contract can require...

 

Required Listing Disclosure – The Listing Agreement must include the cancellation clause which reads as follows: "Seller may cancel this Agreement prior to the endingdate of the listing period without advance notice to the Broker, and without paymentof a commission or any other consideration if the property is conveyed to the mortgage insurer or the mortgage holder. The sale completion is subject to approval by the mortgagee.”

Comment by Kevin - Greenville, SC on January 17, 2011 at 5:31pm

Darrell,

Thanks for your input.  I sent you an e-mail.

 

 

Comment by Bryant Tutas on December 14, 2010 at 10:19am

OK cool. I'll add them up top. Thanks

Comment by Jim Schneider on December 14, 2010 at 10:09am

Bryant,

these numbers:

Fax for Letters of Authorization is 918 935-2994 then call 877 622-8525

 

 are for HUD. It is useful to speak to them if you have a FHA mortgage, especially if you want it pre-approved. Ultimately, HUD acts as the mortgage insurance for FHA mortgages, so contacting them is critical if things don't go well with the servicer.

Comment by Bryant Tutas on December 14, 2010 at 10:00am

Jim what lender are these numbers for?

Comment by Jim Schneider on December 14, 2010 at 6:08am

I tried the fax and phone provieded earlier and both had been changed.

Fax for Letters of Authorization is 918 935-2994

then call 877 622-8525

Comment by Jim Schneider on December 13, 2010 at 6:39am

for the pre-foreclosure sale procedure form HUD-90036 is the "control number" the same as the loan number? I've been calling the servicer (BofA) and they have no idea what a control number IS!

Comment by David A. Roebuck on November 30, 2010 at 7:04am

Thanks Ava, I've got $1000 on the HUD - Let's see what happens.

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