"be prepared...I had a short-fall of $500 and Wells let it go to foreclosure. Wells was paying only $2500 to 2nd & the 2nd wanted $3000. I even told negotiator that I would pay the difference AND they still wouldn't postpone the Trustee…"
"Oh well you left all that other stuff out :)
I would gather comps and take them to the lender and show the values based on comps and explain that 1 appraisers guess isnt always right (show proof) and ask for another appraisal."
"If it were that easy - lets see, change in lenders means: written consent between buyer & seller, buyer would have to kick-out another $500 for appraisal, new appraiser will need to be ordered & performed, new lender would have…"
"Wow, that's a tough one. Sounds like the 2nd would have to take $800 if I'm reading your post right. I don't know how much commission is there, but I'd see if what you're kicking in + the seller taking back a note would…"
Appraisal came in $10k below sales price. Buyer can't pay difference. Seller has no money. The 1st is getting full amount of loan & 2nd is taking a major loss. We lowered our commission, again - to give the 2nd a higher net AND here is our Negotiator's response, to lower sales price."Is there a way that we could still get $10,800 for the 2nd lien? That is the absolute lowest we can take for the 2nd. If we make the first mortgage a short sale instead of the current full payoff, Fannie Mae…See More
"Since the negotiator is not opposed to a postponement but refuses to contact the Trustee and you know that the Trustee needs authorization from the bank to halt the auction....I'm wondering how you can get the authorization through?.. …"
"I am still laughing about this. We went back to the Negotiator & insisted that she do it & that we CAN'T! Nor can the seller ...and I reminded her that she had done it for us previously. Good grief! We have tried to escalate…"
"The Trustee needs the directive to postpone the foreclosure to come from the Lender. The fact that the negotiator requested that you (the agent) contact the Trustee to stay the auction suggests 1) either they are clueless about the protocol,…"
"that is why I can stay in business.....negotiating with these clowns all day so you don't have to!!!!
It is amazing, I actually had a negotiator at Wells ask ME what a BPO was!!!!
I called in and asked if the BPO had been done yet, she said…"
"just CLASSIC ding dong negotiator move.....imagine if all any of us had to do (or the homeowner as alluded to above) was call the foreclosure trustee to stop an auction....IT WOULD GO ON FOREVER!!!
"Oh, we want the postponement. It's just funny that the negotiator told me to call Tiffany & Bosco to request the postponement. What's even funnier, is we told the negotiator - "we don't request the postponement" so, the…"
We are a team of 4 agents with over 24 years experience. John is an Associate Broker with many years of experience with "distressed properties." Michelle has 10 years of new home sales experience and is a Accredited Home Staging Professional.
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