Comment

Comment by debbie rumsey on March 1, 2010 at 9:38am

I have a buyer that is waiting (patiently for 9 mos now) for PNC to approve the 2nd, however, just when we thought it was fully negotiated they passed it on to their collection agency who, I have been told, is not responding after they verbally approved. Anyone have any luck with their collection dept or any names and numbers I can pass on?

Comment by Chris Prickett on February 25, 2010 at 2:21pm

Simon, I got word that PNC accepted my package last Wednesday. I'm supposed to hear from a "counselor", their term for negotiator, within 10 days from that date. We signed the agreement, but crossed out the part about agreeing to the deficiency, and wrote "AZ-anti-deficiency state". After a few false starts, they did accept it. The key was that we are in state that has anti-deficiency laws.

Comment by Stephen Arnold on February 25, 2010 at 2:18pm

Simon- I am dealing with this form right now! There is a blog post on ActiveRain from a gal in Roseville, CA that I contributed to today. It is a sad situation...

http://activerain.com/blogsview/1369872/pnc-national-city-deficienc...

Comment by Simon Hahn on February 25, 2010 at 2:11pm

Sorry if I sent a message instead of posting on the wall.

PNC HELOC (National City) is requiring sellers to sign deficiency judgement agreement. Without it, they are not even reviewing the file. Anyone had any success doing one without signing upfront?

One thing good is that the seller knows what to expect at the beginning.

Comment by Toby Boyce on February 25, 2010 at 1:53pm

Chris - I am, talking about a home warranty purchased by the buyer.

Here is the buyer's warranty order form from Home Warranty of America (http://www.hwahomewarranty.com/professionals/costs/default.asp) it offers FREE seller coverage, which isn't paid until closing. And the buyer still gets a 13-month warranty.

Now, I tell my sellers this on short sale listings but they "usually" don't want to spend the money to cover it if the bank (which it usually does) kicks it out of the system.

But for buyers, they are paying for it, why not get it right up front UNDER the sellers portion. That way the buyers get the coverage after the closing but also get it during the selling process as well. Like I said, it will not cover pre-existing conditions, but if something goes wrong during the six months while we are waiting for the transaction to close, you look like a hero.

Comment by Chris Prickett on February 25, 2010 at 11:26am

I'm sorry Toby, I thought you were referring to a home warranty purchased by the buyer, not the seller's existing warranty. Something tells me that if a seller is having enough hardship to be short selling, they haven't renewed their warranty.

Comment by Toby Boyce on February 25, 2010 at 3:31am

Also remember Chris the home warranty company has no idea if it is a short sale, REO, or traditional. And they really don't care.

I've also had better success with getting repairs done this way than my clients have. These warranty companies don't want to lose our (agents) business, so when we bark they listen.

Comment by Toby Boyce on February 25, 2010 at 3:30am

Nope Chris, it is done the minute that it happens.

The key here is that it has to be NEW damage. So like in Tasha's case where they can prove that the water heater wasn't blown up when they put the warranty in place then it will cover. So it will not cover pre-existing issues. So if the home inspector goes into the home and find that the hot water heater is toast, no coverage.

In my case, it was replaced because there was no "signs" of damage until the home inspector spotted it. So in their minds it was new damage.

A big one around here is air conditioners. You can't test them in winter. So if they are bad in the spring then the home warranty says "tough luck".

Comment by Chris Prickett on February 25, 2010 at 3:10am

Toby, this must be after the home inspection, or at least a mechanical inspection by the warranty company, correct? I couldn't see any warranty company authorizing blind coverage, especially on a short sale.

Comment by Toby Boyce on February 25, 2010 at 3:07am

You also have to authorize it through the listing agent - I actually add wording to the contract - that we will be adding home warranty to the house for the seller. And when you explain the situation, never had one deny it.

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