Please respond ONLY if you've dealt with Union Bank for short sales within the past 6mos. I'd like to hear anyone, even if they haven't personally worked a Union Bank short sale, but may know a…Continue
I'd like to hear input from those of you who may be working on a BofA short sale where the owner is current, but maybe has missed a tax payment, if the owner is not a wealthy person, are you getting…Continue
"You need to call up the listing agent right now & say exactly this: "I'm not going to order or pay for an appraisal or otherwise have my lender start processing my loan without receiving the written short sale approval letter…"
"Just put in whatever equals 10% of the loan balance for payoff to the 2nd lien holder & leave the payoff to the 1st lien blank, unless you have a HUD completed, then you can put their payoff on that line."
"Do NOT reduce your commission, negotiate with BofA to pay the $5k, I don't know what your purchase price is but BofA should be paying off the 2nd at 10% of what is currently owed. Redo your HUD & CC the SVP through Equator.
Do NOT reduce…"
"The best approach is to have the buyer use BofA to get their loan done. if they don't want to use BofA to actually get funding, that's fine, but they should cross qual & ORDER AN APPRAISAL OF THEIR OWN that is ORDERED by the BofA loan…"
"Yes, you could go that route, accept it, get it assigned to a closer (BAC & Equator will do this automatically once you accept their counter)
Then your due diligence period would start, order your appraisal IMMEDIATELY,,if you're confident…"
"If you're still 100% on board to buy this house, the listing agent needs to submit ONLY your offer into Equator. The Equator system is still a total PITA, so it won't necessarily go faster just because it's in Equator. Your listing…"
"Really? So in Virginia, when you're listing a sellers' home, for say, $500K & you know that the seller would take $400K, because you don't have fiduciary duty to the seller you can go right ahead & tell the buyer that the…"
"Your fiduciary duty is ONLY to Mr. Owner of Record (Mr. Smith), NOT the bank. Your short sale is only going to take longer and the bank will likely ask for a higher cash contribution or promissory note from Mr. Smith if you submit more than 1 offer.…"
"Your client does NOT have to declare 401K or IRA info to the lender, these are protected assets, they can leave these boxes blank on the financial info worksheet & if the lender asks about it, they can do a 'declaration' of sorts…"
"You need to log into Equator immediately and send a message to your negotiator & also CC (CTRL+Click) just above & to the left of where the subject line is, when you're "adding a message" in Equator,,,send also to the…"
"make sure you send an email to the negotiator and just simply ask this "Will my seller receive a 1099 after the short sale is complete?"
You WANT to receive a YES response back,,,& get that email copy to the seller. If ever they tried…"
"If page 1 of your counter worksheet has a purchase price. they know what their loan balance is. You'll be fine.
Tip: Equator likes to still auto-compute commissions at 5% even if BofA counters you & it shows 6%,,make sure your next column…"
"If you bring in your own buyer, get another agent in your office to go down as the "buyer's agent", you should still be able to get them to pay 5-6%
BofA will still pay for: Escrow/Title fees (however they're game to what is…"
"I suppose in the future, what one should do for an LLC, is to put one of the managing members names ON the purchase contract and / OR when Equator asks for the buyer name and first 5 of SS # etc, put in the managing member name there. OR keep the…"
I've been a Realtor since 1996 and have been helping homeowners with short sales in California, my office is in Long Beach, but I work out of my home in Rossmoor, I am/have worked with short sellers in my neighborhood & as well as the harder hit areas like the Inland Empire (Chino, Corona, Rancho Cucamonga) & work with upside down investors & owners in Las Vegas, Nevada. I've been working short sales since the Fall of 2006. I also have been receiving constant training from Harris Real Estate University.
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