Julian Cover
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Julian Cover's Discussions

Preliminary Seller's Disclosure Form Rejection: Bad Math or A Bank Negotiating Tactic

Started this discussion. Last reply by Smitty May 28. 2 Replies

Hello all,I am doing my first short sale in Brooklyn through SPServicing. It’s been going smoothly thus far with submitting the paperwork. However, the servicer has not accepted our preliminary…Continue

I can't gain access to do an interior BPO for a condo...

Started this discussion. Last reply by Bryant Tutas Feb 3, 2014. 1 Reply

Hello!I'm doing a short sale in Florida thru Wells Fargo.  The bank needs an internal BPO but the current tenant (nor hoa board) will give me access to the property to let the appraiser in.  Will…Continue

 

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Smitty replied to Julian Cover's discussion Preliminary Seller's Disclosure Form Rejection: Bad Math or A Bank Negotiating Tactic
"If the offer price is $450,000 then the NET to the first and second lien would be less.  So you may have a payoff to the second lien for 10K, and then first lien payoff may be $410,000.  So basically $30K in settlement costs (commission,…"
May 28
Brett Goldsmith replied to Julian Cover's discussion Preliminary Seller's Disclosure Form Rejection: Bad Math or A Bank Negotiating Tactic
"Imagine you are getting a paycheck. The offer amount is the Gross Income and the NET income is after deductions ( closing costs for real estate ). Now Imagine if your NET income was higher than your Gross Income for that paycheck. It's wrong.…"
May 25
Julian Cover posted a discussion

Preliminary Seller's Disclosure Form Rejection: Bad Math or A Bank Negotiating Tactic

Hello all,I am doing my first short sale in Brooklyn through SPServicing. It’s been going smoothly thus far with submitting the paperwork. However, the servicer has not accepted our preliminary sellers disclosure twice now. Both comments are “The net amount can’t be more than the offer amount”.On the Preliminary Disclosure (Line 520 on HUD1) the total reduction amount due to seller is $638,800 (1st and 2nd Mortgages with closing costs). The offer price is $450,000. Also, the BPO came in at…See More
May 25

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First Name
Julian
Last Name
Cover
Are you a...
Agent
State
New York
City
Brooklyn

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