Do you think WF & BoA are still one of the toughest pre-foreclosure??

 

 Hey ya'll,

 

    I just had to take off a property for awhile, most likely until the sheriff sale hits, because of a couple reasons..

1) Although BoA had 2 more opportunities to reconcile the BPO they kept coming back at the same #, which was about 10k higher than market value. I never had much luck trying to get them to change it with adding my own CMA, showing feedback, etc....

2) I just never could get an offer close enough, & once we finally did get something close enough the lender decides they want my seller to bring 5k to closing.

A prom. note was a possibility but the lender lagged behind too much & the potential buyer walked. I feel it is almost a sin to have ANY of my sellers to sign a prom note anyways so I was pretty tough on the negotiations because....

I am in Minnesota with 6month redemption and were are a Non-recourse State. We are foreclosure by advertisement. There is only 1 morgtage I am dealing with AND THEY WANTED A DAMN PROM NOTE!

 

 So that is why I am letting it go to sheriff sale...I typically stay away from pre-foreclosures for this reason but what are you guys seeing???

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Replies to This Discussion

Permalink Reply by Maria Evans on March 21, 2011 at 4:30am

Christopher,

The most important part of a SS is not the processing - you can always deal with banks - but being able to demonstrate to the bank that you have a fair market value offer. Who better then a local realtor?

Just do what they ask you to do, follow up on every fax that you send to them and understand that SS is not a bet. You can have it done if you can explain your price or the offer. If you can't do that, don't expect the banks to accept the offer.

All the best,

 

Permalink Reply by christopher block on March 21, 2011 at 6:35am

 

 I agree with you Maria but as my post stated I did my typical steps for validating price and trying to get an investor review for BPO reconciliation. I included an updated CMA, sent showing feedback, & on top of that the current offer was higher than the previous 2 offers I brought back.

 

 So it brings me back to my original thought which is that banks are really being a lot stiffer pre versus post foreclosure. I am also in a NON-recourse state so lenders tend to ALWAYS ask for a prom note if you are going to SS your home before the sale actually happens.

 

  My only other option at that point was to escalate the file to management, but the buyer walked before I could make that happen. 

 

 

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