Elizabeth Nance
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  • United States
  • Utah
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Elizabeth Nance's Discussions

Client credit score discrepancy for Streamlined PFS....any suggestions?

Started this discussion. Last reply by Elizabeth Nance Sep 22, 2015. 2 Replies

 Yes, STILL trying to wake up from this nightmare!Vey long story short, have ANY of you superstars had any luck in resolving the (very) ambiguous issue of challenging what the bank says the credit…Continue

Tags: a, Streamlined, PFS, for, score

FHA PFS "Net Sale Proceeds" change?

Started this discussion. Last reply by Bryant Tutas Aug 2, 2015. 5 Replies

Greetings Superstars!I was told that the laws have changed on the "NET SALE PROCEEDS" and what they encompass and include.  It has been my experience with all other of my FHA Short Sales that the…Continue

Any agents been told that on Dual Agency (Nationstar SS) they will only pay 4%

Started this discussion. Last reply by Kevin - Greenville, SC Apr 3, 2014. 6 Replies

Fellow Superstars,  I know back in the initial collapse ('07 & '08) banks often refused paying the full 6% and got away with it, but I have not had the issue as late since legislation was put in…Continue

Tags: Agency?, Dual, for, fees, reduced

Limited Agency Changes for FHA HUD Short Sales

Started this discussion. Last reply by Lori & G-II Klindera/Varrato I Sep 30, 2013. 14 Replies

Hi!  Just received and email this morning from BofA that states as of Oct 1, 2013 an agent (nor broker) can represent BOTH seller and buyer in a single transaction? The verbiage is: "Different dual…Continue

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Elizabeth Nance replied to Elizabeth Nance's discussion Client credit score discrepancy for Streamlined PFS....any suggestions?
"Brett,   Absolutely right. I am letting this one go (never had a short sale that I could not close). Bottom line is, the seller must participate or as Realtors, we are wasting our efforts. I do understand that after over 4 years, they are tired…"
Sep 22, 2015
Brett Goldsmith replied to Elizabeth Nance's discussion Client credit score discrepancy for Streamlined PFS....any suggestions?
"Tough situation as you likely need to get the servicer to pull credit again. Probably would be easier to just have borrowers provide financials. Sounds like the delay isn't worth the streamlined aspect unless if the sellers won't move…"
Sep 22, 2015
Elizabeth Nance posted a discussion

Client credit score discrepancy for Streamlined PFS....any suggestions?

 Yes, STILL trying to wake up from this nightmare!Vey long story short, have ANY of you superstars had any luck in resolving the (very) ambiguous issue of challenging what the bank says the credit score is and what the credit agency states? I know they are different models, but if M&T previously (little over 30 days) said they qualify for a Streamlined PFS but the offer did not meet 84% guidelines, and now we DO have an offer that does meet the "min", but now M&T claims her score is too…See More
Sep 21, 2015
Elizabeth Nance replied to Patricia Bravo's discussion Did anybody ever have a successful short sale with M&T Bank? in the group M&T Bank
"Patricia, I have been trying to get this done with a short sale for over 3 years with M&T. This is the same tactic they have used to wear my clients down. M&T wants them to give up and get tired. How many full packets need to be submitted?…"
Sep 21, 2015
Elizabeth Nance joined Jason Yacoub's group
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M&T Bank

M&T Bank  Short Sale Home Assistance deptseller must call 800-724-1633 for financial interview for House hold income and expenses Fax third party authorization first to 716-848-3748See More
Sep 21, 2015
Bryant Tutas replied to Elizabeth Nance's discussion FHA PFS "Net Sale Proceeds" change?
"The required NET is after all expenses not before fees. The 88%, 86% and 84% figures is the amount that goes to the seller after all is paid. If the NET is lower then it requires a variance form HUD."
Aug 2, 2015
Brett Goldsmith replied to Elizabeth Nance's discussion FHA PFS "Net Sale Proceeds" change?
"Sorry to hear that. It's hard to know what's going on from the outside. Do you have a contact at HUD? Novad should assign someone from HUD. Well, maybe you had an offer close to 88% and the NET was within 84-88%. The 88% NET is after all…"
Jul 28, 2015
Elizabeth Nance replied to Elizabeth Nance's discussion FHA PFS "Net Sale Proceeds" change?
"Hi Brett,   Thank you for the response!   This has been the longest short sale I have done...originally loan was @ BofA, and while we were in the middle of obtaining the ATP, the loan was sold to M&T....so we had to start all…"
Jul 28, 2015
Brett Goldsmith replied to Elizabeth Nance's discussion FHA PFS "Net Sale Proceeds" change?
"Why won't they issue an ATP? Has a case been opened up with HUD? 88% NET must be met at top tier which would mean the 1st lien payoff is 224,400 after commission, taxes, title, etc. 3rd tier down is 84% NET. Let me know if you need anything…"
Jul 28, 2015
Elizabeth Nance posted a discussion

FHA PFS "Net Sale Proceeds" change?

Greetings Superstars!I was told that the laws have changed on the "NET SALE PROCEEDS" and what they encompass and include.  It has been my experience with all other of my FHA Short Sales that the "Net Sales Proceeds" is the actual purchase price that will satisfy the Broker fees, Title Fees, RE tax pro-ration, and any amount due to the Seller for participating (if applicable).  In other words, if an FHA appraiser states the fair market value is $255,000.00, then according to the 'three-tier'…See More
Jul 28, 2015
Kevin - Greenville, SC replied to Elizabeth Nance's discussion Any agents been told that on Dual Agency (Nationstar SS) they will only pay 4%
"most government loans do have a cap of 6% though."
Apr 3, 2014
Kevin - Greenville, SC replied to Elizabeth Nance's discussion Any agents been told that on Dual Agency (Nationstar SS) they will only pay 4%
"with rare exception a private investor (MBS) don't dictate a specific commission rate and I have yet to see a pooling and severing agreement that mentions agent's comissions.  it's more likely in this case and others that…"
Apr 3, 2014
Beverly Cibulsky replied to Elizabeth Nance's discussion Any agents been told that on Dual Agency (Nationstar SS) they will only pay 4%
"You need to know who the investor is? As Wayne suggested. I always research who the "players" are. Then again, there is the Us Treasury Department to go to. If your State allows dual agency and most important your listing contract,…"
Mar 30, 2014
Elizabeth Nance replied to Elizabeth Nance's discussion Any agents been told that on Dual Agency (Nationstar SS) they will only pay 4%
"Thanks for the responses. It is irritating when our work is "discounted" by the banks, particularly when we are working these time intense short sales for pennies already.  :(  Unfortunately, I think this trend will continue for…"
Mar 29, 2014
Adi replied to Elizabeth Nance's discussion Any agents been told that on Dual Agency (Nationstar SS) they will only pay 4%
"That really annoys me! We work extremely hard and get paid peanuts! They have the audacity to accuse us of being "overpaid"."
Mar 28, 2014
Wayne Brooks replied to Elizabeth Nance's discussion Any agents been told that on Dual Agency (Nationstar SS) they will only pay 4%
"That's not a surprise, it's more investor specific rather than Servicer specific. There isn't any legislation dictating commissions, just Fannie/Freddie/HAFA program guidelines."
Mar 28, 2014

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First Name
Elizabeth
Last Name
Nance
Are you a...
Agent
State
Utah
City
Pleasant Grove
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Full time Realtor in Utah.

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