Intitated contact with PNC last October and let them know Seller was reaching out for short sale. He could see a new financial obligation that would exceed his mortgage payment beginning in Jan. They said he MUST remain current to be considered. We started the short sale end of April.
Listed at 215,000 Contract submitted at 220,000 with buyer putting 100,000 down.
Counter from investor says the minimum acceptable NET PROCEEDS IS 225,000 and the BPO value is just under 205,000! Investor is Freddie Mac.
So I am DEAD in the WATER!
How should I proceed? Instinct says if seller is in default they may see things differently.So resubmit file once seller has missed a couple payments. (pnc says same rules will apply)
Or should seller rent out the home and kiss the short sale goodbye?
Well, you are never "dead in the water" after only one rejection. Maybe after 6 rejections...but even then.....
Did you get a response from PNC to find out WHY the investor wants so much more than the BPO? Something is amiss here. I'd start there, and then try to resolve that.
They mentioned net was still 10,000 less than he owes. I will ask, then wait till sell misses at least one payment and resubmit.
PNC is so ridiculous! Obviously they get less than he owes if it is a short sale!! I had such problems with them recently. Good luck!
did you get your short sale through??
Well, in the end it would have been difficult. Every 30 days, they wanted a new package. This particular short sale took a year, and seller was in BK. PNC was the second, and was stripped in the BK, so we got a lien release and could quit dealing with them. I'd never take a PNC second again, but would try a first. They are [still] unorganized and bad communicators!