Comment

Comment by Rick Booth on August 21, 2012 at 12:59pm

Kevin- Its not HAFA & for profit buyer.

Comment by Kevin - Greenville, SC on August 21, 2012 at 12:54pm

Is it a HAFA SS and is the Purchaser a non-profit?

Comment by Rick Booth on August 21, 2012 at 12:53pm

PNC Short Sale Rent Backs Allowed?

 

Does anybody know if PNC prohibits the short seller from renting back from short sale buyer after COE?

 

Thanks in Advance

 

Comment by Neil L. on July 26, 2012 at 5:38am

I need a contact at PNC that can make an approval letter update happen quickly.  This is for a 2nd mortgage.  Does anyone know who to call?

Comment by Keri Sweetland on July 10, 2012 at 4:59am

I agree Jim in terms of marketing-put your marketing dollars where they have the higest possible results in the shortest time frame with the least work...But over the past 4 years of negotiating my own deals and as a professional negotiator and the short sale assistant to the attorney here negotiating for other Realtors like myself,  I have learned that even the simplist short sales on the serface can have issues...servicers change mid swing., high liens showing up unexpectedly etc, just because you have a cooperative servicer doesn't mean that you won't have issues.  The investor behind the loan is the decison maker and we don't always get to know who the investor is and their guidelines so learning how to best work these deals from all angles is invaluable.  You can take a listing with a great servicer and then submit your offer and the servicing changes to someone less cooperative...you want to be sure you learn how to best structure these deals and get practiced in this thinking so you aren't ditching sellers that need help and could have listed with someone who would stick it out with them to the end.  In my opinion, this is what seperates us as experts in the industry and brings us back from the public opinion of being below used car sales back to being valued and trusted experts.  Make sure we are thinking of the long term here. 

Comment by Jim Schneider on July 10, 2012 at 4:24am

While I appreciate Keri's "let's get it done" attitude, I think Realtors have to look at situations and decide what problems they can fix. There are servicers that have realized WE (Realtors processing short sales) are doing them a great service, for FREE since we can't charge them extra for it. The best thing about this site is that you can see what processes happen over and over again with specific servicers, investors, and mortgag insurers.

 

That give us the ability to decide, am I going to commit to seeing this through? If you start with a second that is bound to require a much larger payoff than the first will allow, and the seller doesn't have funds, you have to decide, am I going to spend then time in the next few months with the probability of not getting paid or getting paid very little. That's a decision you can really only make up front, because you can't get your time back. If the sale doesn't go through, it really won't help your reputation, noone's going to go back through the reckage of the transaction and say, "well, it wasn't his/her fault".

 

Pick the problems that you want to solve, and get really good at them. Maybe you just love working with Citibank (to pick one at random). Go market to the people that are behind with Citi! Hate working with PNC, don't go for those listings. Two likely outcomes, agents have better carreers helping the homeowners that can be helped, and servicers that go out of their way to fight the agents who are processing short sales have to either change their practices or lose their servicing portfolios ($$$). Great!

 

Comment by Keri Sweetland on July 10, 2012 at 2:44am

Kendra, short sales can be great-let's face it, seller's don't argue about purchase price often when they are educated and if you do your homework & price properly they get multiple offers quickly.   The short sale process is just so NEW to all of us overall that it's like a foreign language.  You connecting with the best in the industry so you are in good hands!   I teach a ss class in FL and the first thing I ask is "Does anyone LOVE short sales?"  You know the answer I get...lol...my next statement is "well...then you better get good at them!".  The reality is the longer WE as Realtors resist short sales, the longer they will be around or WORSE the more REO's (aka lower property values, commissions, less favorable terms etc...etc...) we will have.  We have an amazing power as Realtors right now and it's time to put that to work.  If you establish yourself as the community expert TODAY and help stabilize a neighborhood or two...how valuable do you think that would be to your career?  Hang in there, we are all in this together and thanks to SSS, we can be here for eachother to help get through it. :)

Comment by Kendra Miller on July 9, 2012 at 6:09am

Thanks, Keri. I am going to work this deal with PNC but don't think I will do another one with them ever.

I actually think they are in violation of the California state laws. They know that the amount they are asking will require a seller contribution even though they say "we don't care where the money comes from." I sincerely hope they get caught but it won't help my current seller. 

Comment by Kendra Miller on July 9, 2012 at 6:07am

Thank you for the information, Jerry. I will let you all know how it goes.

Comment by Jerry A Cook on July 9, 2012 at 6:01am

Purchase money loans, first or 2nds, by state law the property satisfies the lien. In other words, the mortgage company agreed to make the loan KNOWING that the property is the only collateral they have.

So, I send them my offer to settle, (which is approved by the 1st lien holder, buyer and seller) along with a reminder that 'when the loan was made, the lender at that time agreed to take payments, or property as full settlement of the debt.'   They can take property via foreclosure (which they won't because it tossing good money after bad,) or DEED IN LIEU.   Your client needs to send - with the offer to settle - a unnotarized deed in lieu with a blank estopple affidavit to PNC bank.  Have PNC bank complete the estopple affidavit which allows PNC bank to accept the property and release the borrower from the debt, which is one of the strengths of purchase money deeds of trusts.   THEN PNC can deal with the 1st.  Which is also a legal assumption under California laws. (Of course verify those statements with a real estate attorney to cyb)

Point is PNC will NOT take the deed, which means they are saying the amount they want is BS.  THEN you hit them with the 'disclosure and seniority approval' of any settlement with 2nd lien holder.  ALL monies must flow through the 1st lien holder,  Look at their demand, there is a new paragraph that is extremely scarey if there are any side deals with the 2nd.  And side deals are exactly what PNC is looking for.   Oh yes,  send a cc of all correspondance to the Attorney Generals office, too.   Not that I am an attorney, but I think PNC is violating the 'Anti Racketerring law passed in the 1930's!'  Whew,  I'm done,  good luck!

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