Nation Star just wants to collect fees
Nation Star just wants to collect fees from the investor… We tried to do a short sale with them over an 18 month period. They wanted $550K for property (They said they had a BPO justifying the value). After 12 months working on this property paid for an appraisal that came in at $390K. They wouldn’t even look at an offer for $360K in April 2012. July 2012 they foreclosed on property. As an REO the property was listed in Sept 2012 for $367,500. 3 escrows later opened and cancelled now it is Feb 2013 the property is still for sale asking $367,500.. Now I ask you do you think Nation Star Really wants to do a Short Sale? I’m finding that Everhome Mortgage is the same too…
Replies to This Discussion
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Permalink Reply by Anna "Banana" Kruchten on
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Allen they have been challenging at best to work with and it took a very long time. We closed one last week ONLY because we had attorney working along with us and they had some strings pulled. As for taking on more.....not likely.
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Permalink Reply by Pattilynn Guilford on
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In a declining market - banks can't short sale fast enough and they use certified USPAP appraisals ... in a market going up - value is based on agent BPO - not appraisal and its not much of a gamble to hold on for a better payoff/better market. This is why its taking so long and there are so many foreclosures not being reported. And many of the homes being FCd upon - are not going back onto the market.
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