Comment

Comment by Ben Benita on April 15, 2010 at 5:43am

Hard to say without seeing the HUD and approval letters you have, but, generally, if a second needs $5000 and the first is only offering up $3000, the $2000 difference we put in as "POC" on the HUD.

Paying it - if taxes, HOA, water sewer, etc. were overestimated, I would get them corrected and minimize what YOU must contribute from your commission.

Using the example above:
You agreed to pay $2000 from your commission, and allowed delinquent HOA fees of $1500.
If the delinquent HOA fees were only $400, that leaves an $1100 overage that was allowed by the lender
As such, rather than you giving up the full $2000, you should only give up $900 (The $2000 you agreed to less the $1100 budgeted for the HOA dues).
This might not be allowed however depending on how your acceptance letter is written. Some specifically state $XXX for HOA, $XXX for sewer etc, and, any overages go back to the lender.
If you were working with us, we would do our best to get said language removed noting that the investor still nets the same amount agreed to in writing on the acceptance letter.

Confusing enough for you?????
You can e-mail the HUD and acceptance if you want me to have a peek…[email protected]

Comment by Ben Benita on April 15, 2010 at 5:24am

Armi - we put it on the first page of the HUD as a "P.O.C.", Paid Outside Closing, normally in the 400's section.

Comment by Ben Benita on April 13, 2010 at 9:01am

the "time" thing, only card an agent has is to tell the banks a closing date has been set and what a HUGE hassle and disappointment it will be to move it. When the higher ups know this, they often come around (get their heads OUT of their _____) and concede things like giving 6% versus 5% comm., like giving a Seller the FULL moving allwonace, etc.)

Comment by Ben Benita on April 13, 2010 at 7:44am

Sorry, last thing (I like this stuff).
I would use one of the excuses below, or a combination thereof, and send it via e-mail to your Seller, with a "cc" to the negotiator and his/her supervisor.

To get some attention from Wells, use an e-mail subject line like:
"We were so close, but, we will need to move closing"

My personal favorite (only used when we have nothing to lose and the banks are digging in their heels):

"Is The Investor On This Short Sale Smarter Than A Fifth Grader....I Think NOT!!!"

We have about an 80% success and response rate on that one.
In it we explain how even a fifth grader knows it is better to lose $100k on a short sale versus $150k on a foreclosure!!!!

OK, back to work.....

Comment by Ben Benita on April 13, 2010 at 7:40am

Basic negotiation tactic used by banks -- the longer they make you wait, the more likley you are to get "tired" and give cash, agree to prom. notes., agree to a 5% commission etc.
Your call!!!

If you and the Seller were willing to wait 2 to 3 weeks you could VERY likely get it covered.....
I would also try:
1) Tell them "no good", that the Seller MUST have that money for moving costs, security depsoits for the new place they are renting etc. Referecne the hardship
2) Tell them you have a closing date set for the end of the month or early May and that you will now have to cancel it, that your Broker, the Buyer and Buyer's agent are going to be REALLY mad!!!
3) Tell them your homeowner will just continue living in the home for free until you can find a new Buyer, one that will pay that $1200.

Giddyup!!!!

Comment by Victoria Frieberg on April 13, 2010 at 1:41am

just had Wells come back on the short sale from hell, and eat up the 1500 sellers incentive. Since the inception of the ss was months old, the taxes and a new inspection required. Wells said sure, they will pay, and the seller can bring in the difference, 1200! they will not budge, went to management..everyone is tired..seller says what the heck, they did not expect it anyway...

Comment by Ben Benita on April 13, 2010 at 1:34am

Kent and Terri are both correct. We add it in as a "Moving Allowance" on our HUD, I also think the new allowance is $3000 or you can get $3000 through HAFA? I would also bet if you push back properly on the lender you could get even more money.
Remember, end of the day it is all about the banks ONLY 2 options:
Short sale versus foreclosure
Whichever nets the investor more is what they will proceed with.

Comment by Ben Benita on April 12, 2010 at 4:58am

Kenny - I try to keep it a li'l sexy......we went to Jamaica for Spring Break.......good times.....cheap plug for GREAT deals to the Carribbean:
www.CheapCarribbean.com (I have no affiliation)

We paid $1650 for round trip air from DC to Jamaica (direct flight) and 4 nights at an all inclusive oceanfront place in Montego Bay Jamaica......as a "professional negotiator", I LOVE getting deals, was hard to pass that one up!!!!

Again, all my best to everyone here.....NOW GO CLOSE SOME SHORT SALES AND TAKE YOURSELF ON A MUCH DESERVED VACATION!!!!!

Comment by Kent Dills on April 12, 2010 at 4:53am

OBTW: Nice shades Ben! ;-)

Comment by Kent Dills on April 12, 2010 at 4:47am

Then there shouldn't be any problem. Just get the form filled out and sent in! Easy day! ;-)

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