Comment

Comment by Marcy Moyer on December 3, 2010 at 11:16am

I have a short sale listing with Indymac holding the first and Wells has an equity line. What are they doing when they are in second position, telling us how much they want before hearing from the first, or just res;onding to the offer from the first?

Comment by AstewartRealtor on December 3, 2010 at 12:31am

Closed a Wells Fargo short sale in 58 days. I think that may be a new record.

Comment by 7 Rico on December 2, 2010 at 8:37am

Thanks for the info Jeff!

Comment by Jeff Payne on December 2, 2010 at 8:31am

7 Rico,
There is not a special department for cash offers. There are some benefits to the cash offer but in the end, Wells will really recieve the same NET amount. The benefits are that an appraisal is not needed and financing is not an issue and you can close fast, other than that it really means nothing to the lender.

Comment by 7 Rico on December 2, 2010 at 8:25am

Is there a special department that deals with cash offers? Any real benefits or additional discounts for people submitting short sale cash offers?

Comment by Kathleen Lordbock on November 29, 2010 at 6:09pm

Robin- thanks for the info- we are going to have the listing agreement but withhold from MLS until the ATP letter and start list price comes.

Comment by Robin M. Willis on November 29, 2010 at 6:20am

Ben,

I was referring to signing the initial listing agreement prior to the bank issuing the 90045. They require a listing agreement with the initial package in order to consider the property for a PFS. :)

Comment by Ben Benita on November 28, 2010 at 5:26am

Robin - for ANY FHA short sale, ask the Servicer for a copy of HUD Form 90045, it shows the requried listing and NET to the banks.

Amanda - what the Investor will accept varies depending on who the Investor is:
GOvernment backed - Fannie, Freddie, etc.
Portfolio loan - where the Servicer and Ivnestor are the same
Private Ivenstor - could be the Amanda Pittman Pension Fund.

Again, different investors have different NET approval guidelines.

as ALWAYS -- NOTHING more improtant than the BPO/appraisal value, this is what all NETS are based off of.....

Best of luck!!!

Comment by Jeff Payne on November 28, 2010 at 4:46am

Shabsi,
I got your message and will touch base on Monday, crazy weekend with the Holiday :)

Comment by Shabsi Pfeiffer on November 27, 2010 at 6:16pm

Hello to all Super-Stars,

In regards to 1st lein with ASC as servicor and apparently DEUTSCH PMSR as the investor. I submitted a qualified package to ASC and all was looking good until BPO and Appraisal were returned to the negotiator. At that point the negotiator closed the file and declined to entertain a short sale since the dwelling has been demolished and now only vacant land, which is a violation of the original mortgage terms signed by the borrower to the lender. I have been trying every one at every level in the chain of command and all are directing me to a Mr. B. Fuhr which is acting as a buffer placing me at the dead end. we tried seemingly every thing for the past 18 months but as of now no luck cracking this issue. At one point I was told something about some technicality with some insurance claim but clearly not given any facts or leads to dig in to. The original mortgage was 925k commenced as an 'investment property', 75%LTV with no MI. The insurance company declined to pay up since the property was vacant 60 days prior to the fire at the adjacent building. The fire caused subject property to be 'unsafe',the Dept of Buildings condemned it for demolition.
Your thoughts and comments are very welcome.

Thanks

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