Guerry Clegg
  • Male
  • Columbus, GA
  • United States
  • Georgia
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Guerry Clegg's Discussions

Short sale checklist

Started this discussion. Last reply by Patricia Bravo Dec 18, 2012. 2 Replies

I use Top Producer, which makes it easy to schedule tasks, like emailing updates to buyers agent. Does anybody have a general checklist they could share? Obviously, there's no one-size-fits-all, but…Continue

Chase VA compromise sale

Started this discussion. Last reply by Mike Rosania Mar 30, 2012. 5 Replies

My colleague is representing a seller with a VA loan through Chase, and her contact -- presumably a negotiator -- said they would accept a net payoff that was $3-4k below the VA required 88.13…Continue

Who has to say 'Yes'

Started this discussion. Last reply by Joseph Alfe Feb 6, 2012. 3 Replies

I tell clients and agents that one of the keys to getting short sales approved, or at least understanding the process, is knowing who has to yes. The lender(s), obviously, has to, but there's often a…Continue

VA shortsale and Fannie Form 710

Started this discussion. Last reply by Guerry Clegg Feb 6, 2012. 2 Replies

I'm working a short sale with SunTrust, and they have asked for the seller to complete the Fannie Mae form 710, Uniform Borrower Assistance form. I don't recall sellers having to complete this for a…Continue

 

Guerry Clegg's Page

Latest Activity

Guerry Clegg joined Jeff Payne's group
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US Bank

US Bank services Florida Housing loans Ph#: 1-800-365-7900 Fx#: 1-866-563-9508See More
May 20
Guerry Clegg joined Edward Codelia's group
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Loancare Servicing

A 3rd party company processing short salesSee More
Mar 14
Guerry Clegg liked Edward Codelia's group Loancare Servicing
Mar 14
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"Got that. So, if a PC is say $2,000 and the seller is eligible for relo assistance, then I guess the seller would receive $1,000. Is that right? Either way, this seller cost would be $3,000 or more, depending on the amount of the PC, so it looks…"
Feb 21
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"That makes sense."
Feb 21
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"In Mortgagee Letter 2013-23, the only disqualification for the $3k relo money that I see (assuming the seller has not already relocated) is sellers required to make a cash reserve contribution. Then the wording was updated in ML 2014-15. But maybe…"
Feb 21
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"You are probably right. I have not encountered one with a partial claim and relo assistance. Again, the Sales Contract Review would spell out why it was denied -- if the denial came from HUD. "
Feb 21
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"I agree with Brett. I would also ask to see the Sales Contract Review (HUD-90051). The seller should be given a copy of the ATP and Sales Contract Review. Looking at the numbers, though, if the seller qualifies for the $3,000 relocation assistance,…"
Feb 21
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"Gladys, you should definitely appeal. You don't need to be behind to get approval to participate. You just have to be behind to close. A Realtor cannot tell a seller to not make a payment, but a seller can connect the dots. I had one where we…"
Dec 12, 2016
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"Asking for a colleague: How does the listing agent escalate a BOA decision with HUD? BOA says the closing cost concession is capped at 1 pct. But the 1 pct CC is for buyers who are getting an FHA loan. The Allowable Costs list still applies. I…"
Sep 25, 2016
Guerry Clegg joined Jim Schneider's group
Jun 15, 2016
Guerry Clegg added a discussion to the group Chase
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Chase denying certain closing costs on VA Compromised Sale

I have run into this issue twice in the last few months. Chase says VA will allow only the following costs (specific amounts were from a recent closing):Allowable Costs Amount- Loan Origination Fee $350.00- Appraisal Fee n/a- Credit Report $18.00- Lender's Inspection Fee n/a- Tax Related services n/a- Flood Certification $9.00- Underwriting Fee $400.00- Wire Transfer Fee n/a- VA Funding Fee n/a- Closing or Escrow Fee $549.00- Document Prep Fee $99.00- Notary Fee n/a- Attorney Fee n/a- Owner's…See More
May 19, 2016
Guerry Clegg added a discussion to the group VA Compromise Sales
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Required net reduced to 84.05 percent

Many of you may know this but I just learned that the required net for VA Compromised Sales was reduced to 84.05 percent on Dec. 23, 2015. Someone at VA just confirmed that for me today.See More
May 19, 2016
Guerry Clegg replied to Wendy Rulnick's discussion Important - VA COMPROMISE NET CHANGED to 85.05% in the group VA Compromise Sales
"A negotiator at Chase told me today that the required net for VA was reduced to 84.05 percent last December. Does anybody know if that's true?"
May 18, 2016
Chad Gelsinger replied to Guerry Clegg's discussion Special LOA? in the group BB&T Short Sales
"Guerry, they will accept a general LOA for 3rd Party Authorization..... Be sure to include the normal details: Name, account number, property address, and your contact info.  Chad"
May 9, 2016
Guerry Clegg added a discussion to the group BB&T Short Sales
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Special LOA?

Does BB&T have a special LOA form? This is a VA compromised sale, in case that makes a difference.See More
May 9, 2016

Profile Information

First Name
Guerry
Last Name
Clegg
Are you a...
Agent
State
Georgia
City
Columbus
My Profile
I've been selling real estate for 9 years and added short sales as a specialty about 4 years ago. I've completed a number of them and hold the SFR designation. But there's always so much more to learn. This site is one of the best places to learn because of the breadth of experience everyone here has collectively.

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