MGIC, Inc Mortgage Insurance Discussions - Short Sale Superstars2024-03-29T15:48:55Zhttp://shortsalesuperstars.com/group/mgic/forum?feed=yes&xn_auth=noMGIC + Celnartag:shortsalesuperstars.com,2012-03-26:3468065:Topic:2218072012-03-26T20:24:51.259ZJim Schneiderhttp://shortsalesuperstars.com/profile/JimSchneider
<h1>"MI company + Cenlar short sale</h1>
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<li><a class="nolink">Posted by</a> <a href="/profile/JanieHoward">Janie Howard</a> <a class="nolink">on March 26, 2012 at 2:26pm in</a> <a href="http://shortsalesuperstars.com/group/cenlar">Cenlar</a></li>
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<h1>"MI company + Cenlar short sale</h1>
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<li><a class="nolink">Posted by</a> <a href="/profile/JanieHoward">Janie Howard</a> <a class="nolink">on March 26, 2012 at 2:26pm in</a> <a href="http://shortsalesuperstars.com/group/cenlar">Cenlar</a></li>
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<div class="xg_module_body"><div class="discussion"><div class="description"><div class="xg_user_generated"><p>I have a short sale listing in a popular neighborhood for a basic starter home in the lowest price range ($120k). We're on our 4th or 5th offer because buyers don't have the patience to wait indefinitely. The MI company is MGIC and we still do not have an approval from them. When I hear from Cenlar it's only to ask for updated financials from this divorced couple. Today the Cenlar negotiator said it's taking so long because I "keep submitting new offers and she has to start all over with the MI company each time" as though it's my fault. I explained that this home appeals to first time home buyers and they don't need to wait because there are so many homes on the market just like it. Current buyer has an offer approval deadline of 4/15 and that includes lender approval. Sale date is scheduled for 5/2/2012 though negotiator said "no problem in getting that moved back". I explained what we really need is approval so we don't lose the current buyer and have to start over again. Any suggestions?"</p>
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<p>Does anyone have any insight to help Janie on this one?</p>
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</div> Borrowed discussion regarding questions about closing a MGIC short Saletag:shortsalesuperstars.com,2012-03-22:3468065:Topic:2211832012-03-22T18:04:24.364ZJim Schneiderhttp://shortsalesuperstars.com/profile/JimSchneider
<p>Comment by Jeff Payne on July 6, 2010 at 1:20pm Just closed an EMC short sale.... Amount owed: $260,000 Contract amount $115,000 $1000 toward buyers closing costs $1100 for past HOA dues 6% commission days under contract $85,000 Seller was an investor, had to sign prom note for $14,500, $100 per month as per MGIC First offer was $123,000, appraised for $115,000, renegotiated with EMC to $115,000 At 10:18am on August 28, 2011, Mike Sher said…</p>
<p>Jeff, in regards to your EMC Short…</p>
<p>Comment by Jeff Payne on July 6, 2010 at 1:20pm Just closed an EMC short sale.... Amount owed: $260,000 Contract amount $115,000 $1000 toward buyers closing costs $1100 for past HOA dues 6% commission days under contract $85,000 Seller was an investor, had to sign prom note for $14,500, $100 per month as per MGIC First offer was $123,000, appraised for $115,000, renegotiated with EMC to $115,000 At 10:18am on August 28, 2011, Mike Sher said…</p>
<p>Jeff, in regards to your EMC Short sale with MGIC as the MI company. You reported that the seller had to sign prom note for $14,500, $100 per month as per MGIC. My file is a 5/3 with freddie as the investor and MGIC for the PMI company. Got an offer of $102,000. Current balance of loan is $140,000 5/3 BPO came back at $86,000 which I knew was low. 5/3 said we need an offer of $86,000 to make this work because the negotiator thought we would not be able to get the home appraised. Also since the homeowner was making payments she would be required to make some sort of contribution. To minimize the deficiency we got the buyer to get their appraisal done now and it came back at $104,000 :). I told 5/3 to send the file in the $102,000 and that we would be able to close. I also asked her to put ion a good word for us since we were able to get them $16,000 more then their BPO allowed. Well they came back after 30 days with MGIC asking for $5000 cash from the seller and a $25000 prom note for 180 months. Question? Did you counter MGIC and what did they counter back at? Sorry about the long post. BTW my clients hardship is that her home in Michigan and she move to Caroline with her soon to be husband. 5/3 called that a elective move, Guess Love is not what is used to be!! Thanks Mike</p> Borrowed dicussion regarding a closed sale with MGICtag:shortsalesuperstars.com,2012-03-22:3468065:Topic:2210032012-03-22T18:02:47.606ZJim Schneiderhttp://shortsalesuperstars.com/profile/JimSchneider
<p>Hello guys, Another puzzle??? if you have an approval from the bank (Nations Star) and the investor but MGIC ( the insurance) is wanting $45K in a promissory note plus $10K to the table initially on a $188K home that has been in the market 520 days. Then b/c all the documents reflecting possible bankruptcy MGIC has come down to $3,500 to table and $25k in a note. Is there any possible thing to do in order to revise this money to table b/c that is our big problem (seller not having cash) to…</p>
<p>Hello guys, Another puzzle??? if you have an approval from the bank (Nations Star) and the investor but MGIC ( the insurance) is wanting $45K in a promissory note plus $10K to the table initially on a $188K home that has been in the market 520 days. Then b/c all the documents reflecting possible bankruptcy MGIC has come down to $3,500 to table and $25k in a note. Is there any possible thing to do in order to revise this money to table b/c that is our big problem (seller not having cash) to the table at all???</p>
<p>Comment by Bryant Tutas on June 30, 2010 at 6:38pm Wanda. You just have to keep negotiating. If the seller doesn't have any money then they don't have it. But..the insurance company may just figure the seller can borrow it from someone. Offer them a deal that the seller can do and then keep offering it until they give..</p>
<p>Comment by Ben Racela on July 9, 2010 at 10:24pm Wanda - what we do in that situation is to leverage the promissory note against the $3,500 cash on the table. In other words let the lender know that it is one or the other and be firm about it. Since they do not have the cash tell the lender that you believe the seller's will agree to the note if you waive the $3,500. I hope that helps.</p>
<p>Comment by Wanda martinez on July 12, 2010 at 3:50pm We just closed the one down below only with $3,500 approved by MGIC from the seller and no other repayment clause. Yeah, all 7% commissions paid. Thanks for all your comments and help... the negotiations with MGIC went well on the sellers behalf.</p>