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Comment by Justin McClelland on November 12, 2010 at 10:24am

Just spoke with Nation Star today. Here is some updated information:

Short Sale Department Phone Number: 888-512-2432 x3710
Short-Sale Supervisor: [email protected]

They told me to submit my SS package via email to Michael and if nothing was missing, it would immediately be assigned a negotiator and BPO would be ordered.

From previous comments, the majority says that this bank works fast. I'm starting to believe it now.

Comment by Barbara A. Reagan on September 22, 2010 at 2:45am

As an update to my previous post, Nationstar would not budge off the BPO price of $119,000, even talking to a supervisor and submitting comps. The negotiator said that the only way to reduce the price they would accept was to have an appraisal, even an appraisal from another similar home in the neighborhood! In the meantime, the buyers have now walked as they are tired of waiting on the bank to approve! Now the bank has scheduled the foreclosure sale for the end of the month (a week and half away) and I have been told to bring an offer at the BPO price for them to stop! I even had the homeowner call to see if he could do anything, but they won't budge off their stance! So it looks like this one will go to foreclosure, and in all likelihood, will be sold for much less than the cash offer we had, especially since a home just got listed & went under contract (non foreclosure) in the same neighborhood for $111,000 - $8,000 less than the current BPO price on this home!

Comment by Nate Gerard on August 16, 2010 at 4:15pm

Still looking for some guidance. See my first post below.

Thanks!

Comment by Karyl Moore on August 16, 2010 at 2:22pm

Being a frugal person, I would first try to talk to this negptiator's supervisor. I recently had success with that on a Chase short sale. The appraisal is iffy - you don't know for sure what it will come in at. If it were a higher priced home it might be worth it to me, but you're not making much money at this price unless you have both sides.

Comment by Barbara A. Reagan on August 16, 2010 at 1:56pm

Thanks Karyl. I am thinking of whether it may be worth it to me to pay for an appraisal out of my pocket to see if I can get the value down to lower than the $119,000. Then, even if these buyers walked away, I am thinking that by having an appraisal supporting a value that is lower than the one the BPO came in with and then, even if these buyers walk away from the transaction, at least I may be able to get an approval in writing for a price that is lower than what they are currently countering at. I wonder if this is a smart thing to do or not!

Comment by Karyl Moore on August 16, 2010 at 1:49pm

P. S. I was never told that about getting an appraisal, tho - they just used the comps I sent.

Comment by Karyl Moore on August 16, 2010 at 1:48pm

I just had the same thing happen with NationStar, Barbara, with almost exactly the same figures you quoted. When I said no to the $119,000, NationStar came down to $115,000 which the Buyer had said was their top offer (started at $110,000). But it took NationStar about 3 days to do that and by then the Buyer had walked - tired of the negotiating. I think if you keep saying 'no' with finality, they'll come around.

Comment by Barbara A. Reagan on August 16, 2010 at 1:14pm

I have a short sale with Nationstar & you are right - they have been very quick about getting back to me, have picked up their phone whenever I have called & have been, overall, much easier to deal with than some of the other banks. My problem right now is- I have a townhome listed for sale - we have taken price reductions to where we have gotten an offer. The house was listed for just under $120,000 and we got a cash offer for $110,000. Nationstar did the BPO and said that the fair market value was $119,000 so that is their counter. However, there have been 2 closings within the last two weeks - one was slightly bigger, an end unit with an extra bedroom & bath and that one sold for $120,000 with the seller paying almost $5,000 in closing costs; the other one just sold for $117,000 with the seller paying $3,000 in closing costs. I sent these two most recent comps up to the negotiator to show that the trend is going down and that at the "fair market value" we probably won't get an offer! I was told the only way to appeal the BPO's fair market value, I need to get an appraisal to support $110,000 or lower, which I don't think I can get. I do think I can get one to support a value that is lower than the $119,000 that the BPO fair market value shows. Any suggestions? Thanks.

Comment by Nate Gerard on August 16, 2010 at 7:43am

I need a bit of guidance. I'm in MN and just submitted a short sale package including all docs and purchase agreement to Nationsatar.

The problem is that we are after the sheriff's sale and the bank is saying it is an REO. In Minnesota we have a 6-month redemption period and the property is still owned by the homeowner until the end of redemption. Other banks do short sales after the sheriff's sale but my negotiator is having a problem getting the sale to be considered. We have about 10 weeks before the end of redemption and I'm looking for a contact name/number and any successful tactics to get this moved back to loss mitigation.

Can anyone here help?

Thanks so much!

Comment by Ben Benita on June 10, 2010 at 6:29pm

Lisa, I thought with HAFA there were no deficiencies allowed?
Pat and Ben (GREAT name by the way) -- that is TOTAL BS, 2 things, tell them to put that in writing, I think legally they can not REQUIRE a Seller to miss payments, also, the BEST response for being told the Seller must miss paymentsL

"Really, that is AWESOME, I can tell my clein t to quit paying you for a few months, live in the home for FREE, and then you will help him....they are going to be SO HAPPY when I tell them theat..."

Response 99 times out of 100 when you use that line:
"Uhh, I am not saying to skip payments.....bla blah blah (I am just reading from teh script my boss gave me)

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