"Sounds good! Thanks for updating us all on the final result."
Jerri Schick's Groups
Jerri Schick's Discussions
Obligation to Bank on a Back Up Offer
Started this discussion. Last reply by Kevin - Greenville, SC Mar 25. 9 Replies 0 Likes
Do I have an obligation to the bank to tell them I have a back up offer? I have a short sale working on a property with an executed contract from a qualified buyer and I have sent this contract to…Continue
Wells Fargo Gives me 8 days to Close
Started this discussion. Last reply by Joseph Alfe Mar 25. 3 Replies 0 Likes
After 8 months on the market and 2 buyers, Wells Fargo finally sent me the short sale approval letter for my second buyer giving me a close on/before date of March 30. When I told them there was no…Continue
Title Company Won't Sign Shortsale Affidavit
Started this discussion. Last reply by Justin Berry Apr 26. 19 Replies 0 Likes
Hi everybody, I am doing a Wells Fargo Short Sale (for the past 9 months :-( Wells Fargo has a Short Sale Affidavit that Everybody in the transaction signs, including the closer at the title…Continue
Non-Realty Items Outside the Contract
Started this discussion. Last reply by Shannon Blankenship Mar 5. 11 Replies 0 Likes
I have a situation with a short sale where the seller is insisting on selling all furnishings and appliances outside the contract and will not sign any offers unless the buyer agrees to purchase…Continue
Jerri Schick's Page
Latest Activity
Keri Sweetland replied to Jerri Schick's discussion Title Company Won't Sign Shortsale Affidavit"Exactly Dave...the title company has nothing to do with this. They are caught in the middle unless they are underwriting the title policy themselves...WF requires it and the underwriter for the insurance policy; who of course has no knowledge of how…"
Dave Halpern replied to Jerri Schick's discussion Title Company Won't Sign Shortsale Affidavit"It is not the fault of the title companies. Wells Fargo is taking an overly strict approach to language in the arms length affadavit.Freddie Mac and others have already softened the language to limit th eliability of all parties to their individual…"
Kevin - Greenville, SC replied to Jerri Schick's discussion Obligation to Bank on a Back Up Offer"Amen, except in NC where you do actually have a duty to disclose to the Servicer of another offer.
NORTH CAROLINA REAL ESTATE COMMISSION REQUIREMENTS. The North Carolina Real EstateCommission requires that the real estate agent or the…"
Lori & G-II Klindera/Varrato I replied to Jerri Schick's discussion Obligation to Bank on a Back Up Offer"The idea behind the Arizona Short Sale addendum is that the document is a bit like a safety valve. The seller has no obligation to send backup offers to their lender/servicer. What the seller wants, most of all, is to put a bad real estate adventure…"
Jerri Schick replied to Jerri Schick's discussion Obligation to Bank on a Back Up Offer"Wow. Our short sale addendum does not speak to multiple offer at all. I can see how that language could create some really upset buyers (which is what I am trying to avoid) in a rapidly moving market and a desirable property it could…"
Lori & G-II Klindera/Varrato I replied to Jerri Schick's discussion Obligation to Bank on a Back Up Offer"Ok, so I get it, that the buyer and seller have an accepted offer. However, if the offer is ‘contingent’ on the seller’s bank accepting the buyer’s offer then, isn’t there an opportunity for the first buyer’s…"
Marjorie Blumenfeld replied to Jerri Schick's discussion Obligation to Bank on a Back Up Offer"Thanks for the basic training Joseph."
Joseph Alfe replied to Jerri Schick's discussion Obligation to Bank on a Back Up Offer"This is basic real estate 101. No matter what the seller or the bank says, you have an executed offer. The only way that you can do it is find a legal way to terminate the first offer and go with the second. Either way, you are NOT…"
Marjorie Blumenfeld replied to Jerri Schick's discussion Obligation to Bank on a Back Up Offer"Jerri,
I have this scenario also. The accepted offer by the sellers is good, but the back-up all cash offer that came in after is much better. I feel it is my fiduciary duty to the seller to reveal there is a better offer on the property. The seller…"
Joseph Alfe replied to Jerri Schick's discussion Wells Fargo Gives me 8 days to Close"they do this a lot with cash buyers."
Joseph Alfe replied to Jerri Schick's discussion Obligation to Bank on a Back Up Offer"No you do not. You have no fiduciary duty to the lender whatsoever.
"
Jerri Schick posted a discussionObligation to Bank on a Back Up Offer
Do I have an obligation to the bank to tell them I have a back up offer? I have a short sale working on a property with an executed contract from a qualified buyer and I have sent this contract to the bank. I also have a back up offer that is significantly better and a cash offer. I told the bank about it and the bank told me to go back to both buyers and ask for highest and best, ignoring the fact that we have an executed contract that we must deal with first. Has anyone else had a similar…See More
Brian Avery replied to Jerri Schick's discussion Wells Fargo Gives me 8 days to Close"Just request an extension. Is 3/30 a sale date? In general Wells is pretty good with extensions"
Erik Larson replied to Jerri Schick's discussion Wells Fargo Gives me 8 days to Close"Jerri, just had the same issue on a CA property with Wells and Wells HELOC second. To make a long story short, we got an offer quickly and got the package submitted same day. We asked for an extension, which we got, we got a negotiator and a WF…"
Jerri Schick posted a discussionWells Fargo Gives me 8 days to Close
After 8 months on the market and 2 buyers, Wells Fargo finally sent me the short sale approval letter for my second buyer giving me a close on/before date of March 30. When I told them there was no way we could get this done in 8 days, they said to just send in an extension for the closing date. I asked if they would have to re-issue the approval letter and they said no. I just do not believe them. Any thoughts, or similar experiences? See More
Profile Information
- My Profile
- I specialize in assisting homeowners with their difficult real estate situations. Many times this means explaining to them what their options are in a stressful time of their life and assisting them in carrying out their decisions to do a short sale on their home. I also work with many buyers and investors to find and purchase property, many of which are distressed. I am a real estate Match Maker!
Comment Wall
- No comments yet!
Members
CONTACT US
SITE FOUNDERS
MODERATOR
This site is owned and operated by REGrow, LLC
Wendy Rulnick and
Brokers of Record
A Licensed Florida Real Estate Brokerage
628 Grand Canal Dr
Poinciana FL 34759
407-873-2747
Badge
© 2012 Created by Bryant Tutas.
like buttons