Comment

Comment by Kent Dills on March 25, 2010 at 1:20pm

Good stuff Del and maybe I stand corrected. Wouldn't be the first, and won't be the last time either! ;-)
Juan, was this a greater than or equat to $500K short sale? That's the way it would have qualified for the 1% or $5K incentive!

Comment by Del on March 25, 2010 at 1:16pm

Kent- there is a link on this page that shows the "Seller Incentive". My client called Wachovia and they confirmed a $5k bonus to him.

Comment by Kent Dills on March 25, 2010 at 1:13pm

Juan, certainly they can offer anything they want. But if you've been around short sales for a while, you should know that they don't usually (read NEVER) give anything away that you didn't have to negotiate hard for. I think they made a mistake in this case but good for your client!!

Comment by Juan Reyes on March 25, 2010 at 1:08pm

Del, I had no clue that they were giving that incentive at all so I did not put it on the Preliminary HUD. They did put it on the approval letter.

Comment by Juan Reyes on March 25, 2010 at 12:56pm

I assume as an incentive to the seller to stay in the home until the sale goes thru and maintain it. Only reason that makes any sense to me. I mean if they can offer someone who has been foreclosed on "Cash for Keys" to help them with moving expenses and not trash the property why not with a short sale.

Comment by Del on March 25, 2010 at 12:49pm

Juan- Did you add the $5,000 Seller incentive on the original/first Hud1 that you sent Wachovia or should I leave that out? I'm ready to submit a package to them and not sure about if I should put the incentive in the Hud1 or not.

Comment by Kent Dills on March 25, 2010 at 12:44pm

Why would they give the seller $5,000?

Comment by Juan Reyes on March 25, 2010 at 10:59am

OH and I forgot, not only did they forgive the difference, they gave the seller $5,000 at settlement!!!

Comment by Juan Reyes on March 25, 2010 at 10:57am

I LOVE WACHOVIA!!

Now these people are on the ball with their short sales. I submitted a short sale pkg on a Thursday, and was told to sent the typical, taxes, list agreement preliminary HUD etc. and to make sure I included my own CMA with sold and active comps.

I received an approval the following Wednesday, 5 business days!! Amazing, I too had a buyer who walked away at home inspection, but got another offer within a few days and had no problem substituting the new buyer.

Also, we had a delay with HOA docs not being ready before settlement and I called and spoke to the negotiator, she asked how much more time we needed, I said 10 days and she gave me 14 day extension.

Big difference between Wachovia and BOA. Wachovia actually have people that understand that they lose much more money on a home that goes into foreclosure than what they get on a short sale.

I love them!!

Comment by DanaVoelzke on March 24, 2010 at 8:28am

Also, the phone number above is no longer in service.
800-642-0257.

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