Been working on an RBC short sale for a vacant lot in Panama City Beach, FL. There is a non short sale listing down the street for $29,000 and has been on the market for a long time. RBC needs $40,000 to release the lien and sent us a short sale approval letter that basically says the seller will repay the entire balance after the short sale, to the tune of about $150,000. The seller is already bringing $11,000 cash to closing to make up for the difference in the amount RBC needs and the amount that the buyer is willing to pay. They will be requiring the seller to pay back in full and are still reporting it as a short sale to the credit bureaus.
I guess RBC doesn't understand the market in Florida, maybe they should have thought of that before they crossed the border into the USA. The Canadian market is much different than the market in Florida.
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Hi jeff,
How did this short sale end? I have clients with an RBC second and are fighting me on a repayment plan on $30,000.
We got it closed. RBC would not release the seller from deficiency and required the seller to contact their workout department after the sale to workout the repayment. RBC had already filed for a deficiency judgement before the seller even had a chance to work it out. Closed it but in my opinion, the seller got the raw end of the deal but he was OK with it
RBC Bank is one of the worst banks to do a short sale with. They kept asking for my seller to jump through hoops till he told them he had cancer and they got a little nicer. They made him sign a promissory note for the full loan which he did. Good luck trying to collect it where he is going.
The best part was they made us lower our commission from 6% to 5% even thought the first lien holder was Bank of America (Fannie Mae) who agreed to the 6%. We went back and forth about it. When we asked why RBC Bank required us to give 1% our commission to Bank of America, we were told it would help the world economy!!!!
I am sorry but RBC Bank will never get another loan from any of my customers. They are dumb as a bunch of rocks there!
Hey Jeff,
Hope you are well. Can you give me a fax line for RBC. I have a 2nd with them. Thanks for you help. Justin
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