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P Nicolas Velecico's Discussions

Buyer agent scenario

Started Sep 22, 2011 0 Replies

  In the case where a buyer is paying a commission of 6% do you just reduce that from the final sales price and list the 6% on the buyers side of the HUD ? . Can a buyers agent take a short sale…Continue

Shortsale then Flip , is this allowed ?

Started this discussion. Last reply by Joseph Alfe Feb 24. 113 Replies

  I just took a property off the market after receiving an offer , the offer is a low ball but what the heck , I felt at least it will get the ball rolling to submit package to bank since they did…Continue

M and T HUD Short Sale , capped 1% seller concession ?

Started this discussion. Last reply by Realtor Scott Sep 20, 2011. 4 Replies

  Is this an M and T rule or is it a HUD rule , just got contract with 4% seller concession USDA financing but M and T is saying no concession allowed with USDA and only 1% if its FHA financingContinue

 

P Nicolas Velecico's Page

Latest Activity

Joseph Alfe replied to P Nicolas Velecico's discussion Shortsale then Flip , is this allowed ?
"this is real estate 101.  If you have an executed contract and it is still in force, you MAY NOT substitute another contract no matter what the offer is.  I'm amazed at what I read here sometimes."
Feb 24
P Nicolas Velecico replied to P Nicolas Velecico's discussion Shortsale then Flip , is this allowed ?
"what part of SELER FILED BK did you not understand ?"
Feb 23
Bryant Tutas commented on P Nicolas Velecico's blog post Federal Lien ( Dept. of Justice ) seller is in prison for one year .
"I would be more concerned about the fact that the seller is doing time for money laundering. This is in direct violation of Dodd Frank. The seller needs an attorney."
Feb 23
P Nicolas Velecico posted a blog post

Federal Lien ( Dept. of Justice ) seller is in prison for one year .

  Seller has about one year to serve on money laundering conviction which also carried a $260,000 fine The fine is showing up on title as federal lien DOJ , can he sell , mod or DIL with a lien that exceeds the value of the property ?See More
Feb 22
P Nicolas Velecico replied to Ginger Guerra's discussion Is is BOA (1st mortgage)? Or is it CHASE (2nd lean)?
"   just keep living for free as long as you can , screw B of A and Chase  "
Feb 20
P Nicolas Velecico replied to Travis Davies's discussion Seller Filed BK, switched jobs and relocated, now has lots of $!
"   Not if he lied on the BK petition"
Feb 7
P Nicolas Velecico replied to Sean Crosier's discussion Buyer submits offers on multiple short sales with no intention of buying them all!
"   I have run into these buyers and they way I handle it is that they will loose their deposit if they dont go through with the sale"
Jan 30
P Nicolas Velecico commented on Wendy Rulnick's group Aurora Loan Services
"Aurora must just be in the business of collecting fees and has no interest in closing a shortsale , like others I have the same problem since June 2010 , put in an offer and never herad back from Aurora untill seller got denial letter . You can…"
Jan 24
P Nicolas Velecico joined Wendy Rulnick's group
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Aurora Loan Services

Discussions and info on Aurora Loan Services short sales.
Jan 24
P Nicolas Velecico replied to Karyl Moore's discussion PMI suing the banks?
"   I dont think the 20% from an MI company is going to make or break the bank , the reason that servicers such as Chase do not modify is that they are better off just getting their fees for as long as possible . I have recently seen…"
Jan 18
P Nicolas Velecico replied to Team Thayer's discussion Chase short sale, MI company wants $5000 cash or $10000 promissory note
"   She must have disposable income for the MI company to try to squeeze 5K from her  Always find out upfront what % MI the loan has before even starting a SS  "
Oct 10, 2011
P Nicolas Velecico replied to Judy Bell's discussion Litton Short Sale transferred to OCWEN before closing
"   You will have a tough time with ocwen , the other service center is in South America , Montevideo"
Sep 24, 2011
P Nicolas Velecico posted a discussion

Buyer agent scenario

  In the case where a buyer is paying a commission of 6% do you just reduce that from the final sales price and list the 6% on the buyers side of the HUD ? . Can a buyers agent take a short sale listing ?See More
Sep 22, 2011
Realtor Scott replied to P Nicolas Velecico's discussion M and T HUD Short Sale , capped 1% seller concession ?
"Your lender can use form HUD-90041 to request a variance.  Usually the negotiator will do this for you, but i've even submitted the variance requests myself directly to Fannie/Freddie..."
Sep 20, 2011
Jill P replied to P Nicolas Velecico's discussion Shortsale then Flip , is this allowed ?
"Most definitely fraud on the part of the realtor."
Sep 12, 2011
Smitty replied to P Nicolas Velecico's discussion Shortsale then Flip , is this allowed ?
"EXACTLY.  To my knowledge this is the ONLY KNOWN case of prosecuted short sale fraud where two agents were convicted.  This case is over a year old and has been discussed to death.  There were NO disclosures, there was a higher offer…"
Sep 12, 2011

Profile Information

First Name
Nicolas
Last Name
Velecico
State
New Jersey
City
Atlantic City
My Profile
Lic. NJ Real Estate Agent with Valentino Realty in Atlantic City , a family based boutique brokerage concentrating in land sales , leases , commercial development , pre foreclosres and REO disposition

P Nicolas Velecico's Blog

Federal Lien ( Dept. of Justice ) seller is in prison for one year .

Posted on February 22, 2012 at 9:57pm 1 Comment

 

 Seller has about one year to serve on money laundering conviction which also carried a $260,000 fine

 The fine is showing up on title as federal lien DOJ , can he sell , mod or DIL with a lien that exceeds the value of the property ?

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