I have a prime candidate for a short sale and Vericrest has just informed us simply that they will do no short sales. Has anyone run in to this mentality and is there anyway to escalate this. Their…Continue
"I've had this happen before. Bank of America took too long to approve the buyer's offer and then the ATP expires. I've been lucky enough to get them extended but I've also had a situation in which they started over because there…"
We obtained our ATP and had an accepted offer. Buyer walked due to the length of time it was taking for approval.We now have a great offer and B of A is saying that the seller no longer qualifies for a short sale as of 10/1/14 because the ATP expired. He said we cannot move back into a short sale, but only forward to a DIL.The seller does not want to do the DIL. Is there any alternative?Marcy SpiekerSee More
"Our short sale approval letter expires today. Escrow has been emailing the negotiator who has to sign the final HUD since Tuesday with no response of any type. Does anyone have a contact in upper management I can contact to get the HUD…"
I agree with you completely! Short sales are just about impossible to complete right now.
My 2013 business plan has changed completely and I am prospecting other areas. When you consider the small number of short sales as a…"
"I've never heard of this but the way short sales are progressing nothing would surprise me anymore!
Citi is one of the absolute worst IMHO. I have a short sale with them that has been dragging on for a year now. …"
"I, too, am fighting with Fannie Mae on a value dispute. After they came in with their ridiculous counter (which, by the way they gave to us in the form of what Fannie has to NET, not a fair market value sales price) we went back with our…"
"Congratulations Sharon. It sure feels good when you get one like that closed.
I am also battling with Citi on a short sale. We have been under contract for 7 months and Citi just keeps stonewalling. No excuse whatsoever!
"Wow! What next!! Who is the buyers lender requiring this? It would be nice to know for future reference.
Would a change of lender for the buyer be possible? There are lenders that can close transactions in 10 -14 days. …"
"I agree with Diane- -definitely meet the appraiser there. We may do everything today by technology but good ol' face to face is still very important in certain situations. Make certain the appraiser is aware of the deficiencies in…"
"From my knowledge a security clearance is most definately affected by credit. A DIL is much worse on credit than a short sale, escpecially if they can do a HAFA short sale as that gets reported differently.
We just had B of A counter a…"
"One of the requirements for HAFA is that you are an owner occupant so why that topic even came up is beyond me. HAFA should never have been an issue.
Find out who the investor is on this loan. If it is Fannie Mae, they have just changed…"
"Marcy, I see where you recently had a SS with SunTrust as the 1st and 2nd lien holder. I am close to approval with the1st and honestly have not done much with the equity line but now am moving ahead with it. Any contact numbers you can share and…"
Believe it or not, I do enjoy short sales! I get great satisfaction out of helping people arise from a seemingly hopeless situation to selling their property and avoiding foreclosure.
I have my CDPE and am constantly looking for new information, advice and education on short sales and the foreclosure market in general. You can never learn too much as the market is continuously evolving and changing.
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Marcy, I see where you recently had a SS with SunTrust as the 1st and 2nd lien holder. I am close to approval with the1st and honestly have not done much with the equity line but now am moving ahead with it. Any contact numbers you can share and advice?? Will they move quicker as the 2nd? Thank you for any assistance!
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