Providing you with the knowledge and tools needed to succeed with Short Sales.

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Christine Donovan's Discussions

Has anyone had issues with PMI?

I am going through this right now. The PMI company is requesting a promissory note or cash payment to accept the short sale. This is purchase money in California which means it's non recourse. It wou…

Replied Mar 17

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Helped one more homeowner avoid foreclosure! Completed BofA short sale through Equator. Jun 8

Latest Activity

Joe Niece replied to Christine Donovan's discussion 'Buyer Paid Closing Costs' in the group Bank of America Short Sales

It actually in not a BOA thing, it is an FHA thing. If it is a short sale with previous FHA financing, the bank can not contribute to the buyer unless the new loan is a VA loan and the contribution is limited. The contribution is Zero for a new FHA…

August 16

Janie Booth replied to Christine Donovan's discussion 'Buyer Paid Closing Costs' in the group Bank of America Short Sales

Christine - Update on my last post here regarding buyer paid cc. For audit purposes, closer has asked me to put back on the seller side of the HUD the typical seller paid fees, taxes, escrow (settlement), title, natural hazards report and just reduc…

August 14

Debbie Franklyn replied to Christine Donovan's discussion 'Buyer Paid Closing Costs' in the group Bank of America Short Sales

I had one where B of A paid CC for buyer and it is VA.

August 12

Valorie Stover Quality Realtor replied to Christine Donovan's discussion 'Buyer Paid Closing Costs' in the group Bank of America Short Sales

Yes, they didn't even pay everything that the seller should have paid. The buyer paid some of the sellers cost.

August 12

Janie Booth replied to Christine Donovan's discussion 'Buyer Paid Closing Costs' in the group Bank of America Short Sales

In CA, B of A did accept 2% for buyer's closing costs with conventional financing, but then would not pay for anything else and moved all other seller's closing costs to buyer's side. Thankfully, the buyer accepted their counter. I think B of A agre…

August 12

Paul Francis - Vegas Short Sales replied to Christine Donovan's discussion 'Buyer Paid Closing Costs' in the group Bank of America Short Sales

My experience with B of A on this... Tough to get on even if the Net makes more sense then B of A foreclosing. Just ask all of the Buyer's agents out there that have clients using FHA loans how successful they are purchasing a B of A REO property. O…

August 12

Christine Donovan replied to Christine Donovan's discussion 'Buyer Paid Closing Costs' in the group Bank of America Short Sales

Katerina - Thank you.

August 12

Katerina Gasset replied to Christine Donovan's discussion 'Buyer Paid Closing Costs' in the group Bank of America Short Sales

They don't normally like to pay cc unless it is FHA or some other type of community program. Then they still will counter back with 3%. But it all depends on how much net they are getting in relation to market value, etc. It always comes down to the…

August 11

Christine Donovan added a discussion to the group Bank of America Short Sales

Buyer Paid Closing Costs

Have you heard anything about BofA being unwilling to pay closing costs for the buyer if the buyer's loan isn't FHA?

August 11

Debbie Franklyn replied to Christine Donovan's discussion 'Promissory Notes, Plus Cash Contribution, Plus Back Taxes, Plus Past HOAs - None Paid by BofA - Ideas?' in the group Bank of America Short Sales

I am personally going to visit one of the Board members of an HOA to explain my seller's situation. I am also going to attend their board meeting on July 13 to appeal to them to assist in reducing the hoa lien. I am going to have to take some funds…

July 4

Kimberley Kelly replied to Christine Donovan's discussion 'Promissory Notes, Plus Cash Contribution, Plus Back Taxes, Plus Past HOAs - None Paid by BofA - Ideas?' in the group Bank of America Short Sales

I have a Short Sale Listing with approx $15,000 liens against it..past HOA's, attorney fees, taxes. I included this info in the Listing. The offer I have submitted is a purchase price PLUS agreement to pay the back liens..it's a HAFA Seller, so we'l…

July 2

I thought I had a problem Your problem is insane! Perhaps they want you to get zero in commissions, or they want to foreclose. I wish I had a good answer for you. Ask Ben Benita -- bet he has an answer! He would say, "escalate, escalate"!!!!!

July 1

Christine Donovan replied to Christine Donovan's discussion 'Promissory Notes, Plus Cash Contribution, Plus Back Taxes, Plus Past HOAs - None Paid by BofA - Ideas?' in the group Bank of America Short Sales

Seller would be contributing by paying the past due HOAs, which are significant. Seller could do cash contribution but not along with HOAs.

July 1

Deidre St. Romain replied to Christine Donovan's discussion 'Promissory Notes, Plus Cash Contribution, Plus Back Taxes, Plus Past HOAs - None Paid by BofA - Ideas?' in the group Bank of America Short Sales

IMHO it would probably best best to have the seller do the cash contribution at COE of 5K - lien holders want "seller participation". This would be best looked upon by the lien holder. This is a LOT to ask the lien holder to pay and if there is no p…

July 1

Christine Donovan added a discussion to the group Bank of America Short Sales

Promissory Notes, Plus Cash Contribution, Plus Back Taxes, Plus Past HOAs - None Paid by BofA - Ideas?

I have a short sale where the HOAs are a couple of years past due and supplemental taxes weren't paid several years ago. BofA wants the seller to come up with $5,000 cash contribution at close plus a promissory note, plus pay back taxes of several…

July 1

Ben Benita replied to Christine Donovan's discussion 'HOA Foreclosed - Chase in First and Second Position' in the group Chase

ok, last thing, any chance I can get the phone number for the HOA, I would honestly like to see what they are thinking and if I am missing something??? If you have it, or an address, you can e-mail it to me off of here, BBenita@comcast.net, and I wi…

June 8

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I am a real estate broker and attorney, with a background in real estate financing in Orange County, California seeking to help troubled homeowners find the best solutions to a difficult situation. I work throughout Orange County, California with an emphasis in Newport Beach, California, Costa Mesa, California, and Huntington Beach, California .

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Why Do I Do Short Sales?

Why Do I Do Short Sales?

A few years ago, the discussions around real estate were two fold: either the bubble is going to burst or you better get in before you can't afford to buy.

In Orange County, California, our prices sky rocketed between 2001 and 2007, increasing in double digits for several years running. They always say that what goes up must come down, and so it was with the Orange County real estate market.

But, I don't think many would have believed how hard it could fall. The media… Continue

Posted on January 7, 2010 at 8:13pm —