Comment

Comment by Ismael Medina on January 2, 2014 at 4:22am

Due to the holidays it was difficult to get everybody together, specially the buyer was out of the country until Monday.  But now that I have it and was ready to send it in, I was declined again with the excuse of the 10 days approval requirement prior to a short sale.

Comment by Paola Martinsen on January 2, 2014 at 4:09am

That's probably why. I had a similar issue. They wanted to see the contract was written after it was listed for the 5 days. So I had a the buyer and seller write up a new contract. It makes no sense. However, sometimes is easier to comply with the craziness then to escalate and argue against it. Especially with Wells Fargo.

Comment by Donna Clayton, Broker, MBA on January 2, 2014 at 4:08am

Ismael,

Based on these replies, I think the answer is quite clear. You should have the buyer re-submit a NEW offer with a current date which is, by now, five consecutive days (including the weekend) past the list date.  If you do so, you will be in compliance with the guidelines.

Comment by Ismael Medina on January 2, 2014 at 4:05am

The contract was the same.  I was not going to mess with that.

Comment by Ismael Medina on January 2, 2014 at 3:58am

That is the funny thing.  Here in Passaic, NJ the actual inventory is very low.  My client came to me about 6 days prior to the sale date.  Being a Buyers Agent most of the time, I have pending buyers and sold the home 1 day after listing it.  I did not have the time to keep it in the market long enough to meet the guideline.  After getting the sale postponed (thanks to attorney getting involved with court) and Wells giving me additional all was submitted again into Equator.  Then I get a declined because the contract day was not as per guidelines.  I was told to put the home back in the market, wait the time and resubmit the file.  I did, the same contract and they came back and declined me again.  I was told that a soft declined would be generated and that I could try again.  Equator gave me task I did, and now I got a complete Decline as they only have 12 days to Sheriff sale and Freddie Requires approval 10 days prior to any sale.

What Should I do?

I been doing a lot of Short Sale, not too many with Freddie but this is getting abnormal.

Comment by Chad Gelsinger on January 2, 2014 at 3:41am

Ismael, Make sure you have a contract date after the required 5 day marketing period. If you are following the guidelines, contact Freddie directly to see what the real issue is.

Here are the Fannie Mae guidelines that Freddie Mac follows as well: Servicing Guide, Part VII, Section 604.05: Requesting Fannie Mae’s Approval; Announcement SVC-2012-19, Standard Short Sale/HAFA II and Deed-in-Lieu of Foreclosure Requirements
On or after August 1, 2013, all properties being considered for a standard short sale/HAFA II must be listed with an active status on a multiple listing service (MLS) for a minimum of five consecutive calendar days, including one weekend (i.e., Saturday and Sunday), prior to the servicer
 submitting the standard short sale/HAFA II recommendation to Fannie Mae for review, or
 approving the standard short sale/HAFA II.
The property must be listed on the applicable MLS which covers the geographic area in which the property is located and a printed copy of the property’s MLS listing must be kept on file. If a property is located in an area that is not covered by an MLS, the property must be advertised in a manner customary for that real estate market for at least five consecutive calendar days, including one weekend.

Comment by Paola Martinsen on January 2, 2014 at 3:22am

Ismael Medina, did the contract you re submitted have the same contract date as the first one? In my opinion Wells is ridiculous when it comes to interpreting investor guidelines.

Comment by Ismael Medina on January 2, 2014 at 3:18am

The funniest thing just occurred to me on a SS in NJ.  Loan is owned Freddy and I submitted a complete 100% pkg.  After a couple of weeks and the BPO being performed I was told that the my contract date was not good and needed to be exposed more time counting a weekend.  So I was declined, I was told to put the property back in the market and resubmit the offer.  Which I did.  Then I just got a another declined for the same exact thing, although I follow their instructions to a tee.  Anybody has any history on this and what I can do?  There is a Sheriff sale on 1/14/2014 and lender negotiator took it off the Equator.

Comment by Sharon Burgos on December 13, 2013 at 2:54pm

The interesting thing to me is that I had to challenge the negotiator to get a straight answer and a chance at getting this offer accepted. Why did he tell me my buyer was not approved and, therefore, he could not submit the offer for review? Now at least I have the opportunity to get the docs submitted and get the offer reviewed.

Comment by Thom Colby CA Brkr 888-391-5245 on December 13, 2013 at 2:48pm

And, there you have it - there's always more to the story.

@Ron, Any Mortgage Holder can refuse to approve a short sale for any buyer on any property they desire and they do.....

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