Comment

Comment by John Edelman on March 28, 2010 at 3:13pm

If people still need the new addendums, let me know and I send them or upload them if someone can let me know how.

Comment by CJ Wright on March 27, 2010 at 1:56pm

Hey Terri, post a note when you get them done. I need them next. thanx, cj

Comment by Ben Benita on March 27, 2010 at 1:33pm

not sure how that works....shoot me an [email protected]

Comment by Victoria Frieberg on March 27, 2010 at 1:31pm

messaging you!

Comment by Ben Benita on March 27, 2010 at 1:25pm

I do not at all profess to be "Smarter than a fifth grader", but, I still am not clear on things? Will you tell me:
WHo has first lien
what is owed to them
what they want to release

Who has second lien
what is owed to them
what they want to release
this will help clear up any issues.

My first thought, ANY second getting $20k should be VERY VERY VERY happy!!!

Comment by Victoria Frieberg on March 27, 2010 at 1:22pm

the buyer has offered enough for the net for wells to surpass their required net by 14K...and still give the junior 20K toward their required net. the buyer is using fha..not cash to improve offer..Fannie has said the 20 k is within an acceptable parameter for an 'exception', as Wells has increased their net also. nothing to be paid outside of closing

Comment by Ben Benita on March 27, 2010 at 1:11pm

Not 100% certain I get the problem?
If, for example, the first will only give $3k to the second and the second wants $10k to fully release, we write the HUD up as $3k to the second, and a P.O.C for the $7000 difference. The P.O.C is Paid Outside Closing (it is actually paid at closing by whomever is coming up with the $7000) and having it on the HUD covers you for disclosing. You can also pre-pay the $7000 difference with it being REFUNDED (Make CERTAIN CERTAIN CERTAIN YOU GET THAT IN WRITING) if the short sale does not close.......
Does that help?

Comment by Alan Remigio on March 27, 2010 at 1:11pm

Agree w/Ben. Move it forward and up.

Comment by Victoria Frieberg on March 27, 2010 at 1:04pm

I miss spoke, sorry on my wording, it is the lender contibution to the second that is holding us up. The offer has seller paids that have been agreed to, what they are not agreeing to is the payout to the second that will make the second sign off. I secured enough, and did a commissionectomy to get them to the level that they will sign off the junior lien. Fannie rep said it was reasonable amount seeing that wells will net more than they asked for also..and then the quiet began..

Comment by Ben Benita on March 27, 2010 at 12:57pm

Victoria -- you have just not found the right person at Wells, need to hit their executive offices.
Everyone will have issues dealing with Fannie/Freddie in the weeks ahead, they have some BIG things coming out in the next 1 to 4 months, new programs similar to HAFA.
Seller contributions -- MANY ways around this.....always push for NO Seller contribution and use lines like:
"How long will this stay open while the Seller saves up some money"
or
"Can we keep the file open for 3 or 4 months so the Seller can save some money"
or
"Will you keep this open so we can find a NEW Buyer, one who can bring in the extra cash...."

Again, Servicers HATE waiting....once it gets that high up the food chain, where they are negotiating the acceptance letter, they then have to explain to the investor why the short sale did not close. INVESTORS HATE when things get this far and do not go to completion....it means the investor will have to pay MORE SERVICING FEES.....
Conversely - if a Seller contirubtion or extra cash becomes a "must" you can use lines like:
"The Seller was able to borrow money from______"
"The Seller took money from his/her retirment, etc."

Also, EVERY AGENT should pre-qualify the Seller prior to even taking the listing. Asking if the Seller can/will contirubite cash, asking if the Seller can/will sign a promissory note, should all be part of the pre-listing appointment......I am writing a book on this stuff......

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