Comment

Comment by Tara Samney on April 16, 2012 at 2:11pm

Briank - You cannot fake comps.  There were few and the price was clear-cut.  Likely their BPO gave the same price and they just thought they hit the jackpot and accepted it. Buyer paid appraised price. I read on here they will reduce to match lowered price often - it was a Freddie Mac loan, so...Freddie Mac will often reduce.

Comment by briank on April 16, 2012 at 2:06pm

Tara, congrats. Is it common for NS to reduce price to match buyer appraisal if a lower price? I would of though they stick to their guns with their BPO?

Comment by Tara Samney on April 11, 2012 at 3:22pm

Just closed one.  Progressed well on Equator.  Negotiator was very responsive. Seller had MI, Freddie Mac loan (non-HAFA sale) and had to contribute some money. Seller had strong hardship with signficant loss of income and no assets (other than the amount of mortgage not recently paid which went to seller contribution).  Buyer had a conventional loan and only got $1000 in closing costs (.5% of purchase price).  Buyer chose not to counter.

Offer came in over appraised value.  Somehow I listed at exactly what buyer's lender would later appraise at- and buyer offered more. 

 NationStar got a revised letter out reducing price within a week. I would work another NationStar one in a heartbeat.

Comment by Mark Saakian on April 6, 2012 at 7:17am

@S Goldsmith - CA CCP 580e prohibits any 1st ar 2nd lien holder from requesting a contribution from the seller to issue the approval letter.  They can suggest that the seller volunteer funds to the lender.  If they issue an aproval to release the Mortgage Only, I would go back to them and inform them that their chances of collecting anything after the transaction closes is next to nothing; emails CA CCP 580e to them, too.

 

Comment by joe beauchamp on March 2, 2012 at 6:27pm

@Sally - it might help the sellers to suggest that they can usually discount the note to pay it off in the future.  0% is nice, but if they want it off of their backs, they can call the MI/bank and say uncle harold left them some money, would they like to settle for  $700 now before they money gets spent?  They like having cash rathing than a note that can go bad, so you can get some discount..

Comment by Sally English on March 2, 2012 at 5:23am

Closed last month. Seller had to bring small amount of cash to closing and sign an interest free loan for the leftover amount.  Had to do with PMI company and the claim reduction.

Comment by Petra Norris on March 2, 2012 at 4:45am

Wendy - that one closed just last month (FEB)

Comment by Petra Norris on March 2, 2012 at 4:45am

Wendy - I closed a NationStar non HAFA without any contribution and got a waiver of deficiency.  

Comment by Kevin - Greenville, SC on March 2, 2012 at 2:53am

Wendy,  I closed a NationStar HAFA SS last year.  I was actually probably one of the easiest Short Sales I've ever done.

Comment by Wendy Smith on March 2, 2012 at 2:18am

My experience with NationStar is that yes they will waive deficiency with either a cash contribution at closing or a prom note...or both.  Interestingly, I can't remember any HAFA eligible homeowners actually getting HAFA - NS always seems to find a reason to deny HAFA. 

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