Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on May 11, 2011 at 7:05pm

Can You Qualify For A Nationstar Short Sale?
From: yumacriminal96 | Feb 3, 2011 | 263 views
http://shortsalepowerhour.com
Nationstar short sale has got some crazy ideas about what they need in order to close a short sale.

http://www.youtube.com/user/yumacriminal96#p/search/0/ela67pfkglw

Permalink Reply by Bryant Tutas on May 11, 2011 at 11:38pm

Elise. I've recently closed on 3 Nationstar short sales. They were all very easy to do. And in all three cases the buyer had to complete the Nationstar Mtg Application. The first time I saw the form my reaction was the same as yours. Then I just sent it over to the buyers and they had no issue with it. Since then I just attach it to my MLS listing and the buyers complete it without blinking an eye. So it turned out to not be a biog deal.

 

Nationstar just wants to make sure we have a qualified and motivated buyer. I can't blame them.

Permalink Reply by Nancy Fung Martin on May 21, 2011 at 5:07am

I am working 2 NationStar short sales and the buyers who were ok with the questions, but did not want to fill out the SS# , so they put  "call for number" and I uploaded it. NationStar has not called  and the transactions are moving forward. I don't believe in giving out SS# numbers either.

Hope that will work for your buyers. Thank you.

Permalink Reply by Wendy Smith on June 10, 2011 at 1:40am

I just received the same, uh, demand.  When challenged, the negotiator replied with this (notice last sentence...a threat?)

 

Message Inserted (06/09/2011 02:58 PM) On:
2229 FOX CHASE BLVD, PALM HARBOR FL 34683.

The buyers is required to complete this form because 85% of short sales fall out due to funding.  To ensure this does not happen at Nationstar, we require our buyers to pass our requirements.  This form is non-negotiable.  I will give 48 hours from today to have this back to me.  If this form is not received, we are heading towards DIL.

 

The negotiator signature line includes an graphic for Champion Mortgage. 

 

85% don't fall thru due to buyer not qualifying, 85% fall thru because buyer walks after the long, wearisome wait.

Permalink Reply by Diego Marin on June 10, 2011 at 5:19am

Elise, I've never heard of that. Whether buying cash or by new 1st mortgage, verifiable funds on letter head from buyer's lender shoud be enough. However, I see that more and more it is a requirement.

 

Diego

Permalink Reply by Donna McClelland on June 10, 2011 at 1:52pm

It's absolutely true - they require the buyer to prequal with them to be sure they aren't wasting their time on the short sale transaction.  Funny, though, they have no problem wasting OUR time with qualified buyers who bring good offers!