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Buyer Willing to Offer the Second Cash
Started this discussion. Last reply by Bryant Tutas Dec 27, 2011. 36 Replies 0 Likes
I'm struggling a little and feel like I'm going to be on the verge of fraud if I'm not careful. I have a first and second on a short sale. The first is a Fannie Mae loan and we've gotten approval.The…Continue
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Samuel Hilbert replied to Raquel Alberty's discussion Wells Fargo New Approval Letter does not provide a waiver of deficiency!!! Has anyone had this issue recently??!!!Samuel Hilbert replied to Raquel Alberty's discussion Wells Fargo New Approval Letter does not provide a waiver of deficiency!!! Has anyone had this issue recently??!!!"Hi Amanda -
By that statement I meant that I knew that I could fight it if need be because of Freddie Mac's posted guidelines. However, I sure didn't want to have to fight it and I'm very glad I didn't end up needing to. If the…"
Samuel Hilbert replied to Raquel Alberty's discussion Wells Fargo New Approval Letter does not provide a waiver of deficiency!!! Has anyone had this issue recently??!!!"I had been following this thread a little nervous as I had been waiting on an approval letter from Wells Fargo. It is a Freddie Mac backed loan so I knew I could take care of the deficiency if I needed to but was hoping not to have to worry about it…"
Laura Marshall replied to Samuel Hilbert's discussion Commission on First and Second in the group Wells Fargo Short Sales"In California, there is no deficiency on any residential 1-4 unit approved short sale as of July 2011. See attached: SB 458...which amends SB 931. This applies to ALL lienholders, where the prior SB 931 only applied to first lienholders :)"
Samuel Hilbert replied to Samuel Hilbert's discussion Commission on First and Second in the group Wells Fargo Short Sales"I'm in Washington. The problem with the buyer paying money is that the first may want that money. The other option the kept giving me was commission and they told me commission would likely lead to the same outcome. He kept saying we should…"
Laurie Lock replied to Samuel Hilbert's discussion Commission on First and Second in the group Wells Fargo Short Sales"Hi Samual~
Thank you for this! What state are you in? In CA we cannot have sellers pay anything. So I suppose we could have buyer pay a small amount for the deficiency release."
Samuel Hilbert replied to Samuel Hilbert's discussion Commission on First and Second in the group Wells Fargo Short Sales"Hi Laurie -
I'm putting this here so everyone can see what happened though feel free to email me if you have more questions. I consistently got pushback from them about the deficiency. The ultimately told me that they would submit it with no…"
Laurie Lock replied to Samuel Hilbert's discussion Commission on First and Second in the group Wells Fargo Short Sales"Hi Samuel~
I would love to get an update from you (and anyone else!) on this- could you email me and we can 'Chat" more about it? I just got this same joyful news from my negotiator. I am willing to fight, but would rather go to…"
Samuel Hilbert commented on Sidney Kutchuk's blog post Real Time Resolution Rejects Chase Banks short sale incentive."Hi Sidney, curious as to how you best have found contact information in RTR. I submitted a file on March 27 to them with all of the information from their online short sale package. I have tried several methods to get a hold of someone in the last…"
Michael Hayley replied to Samuel Hilbert's discussion Commission on First and Second in the group Wells Fargo Short Sales"Keep us updated. I'll be cheering you on and developing strategies for when they try to get into my pocket. "
Samuel Hilbert replied to Samuel Hilbert's discussion Commission on First and Second in the group Wells Fargo Short Sales"Just a quick update...he is submitting it without cutting commissions though he's telling me that "we likely won't get approval or at least no debt forgiveness." I said, "well I guess we'll see what happens"...and…"
Samuel Hilbert replied to Samuel Hilbert's discussion Commission on First and Second in the group Wells Fargo Short Sales"Good to hear...I'm going to be pushing back...I think they're likely getting greedy because the purchase price of the home is close to $600,000 so they see big dollars on the HUD going out and want a chunk of it.
This is a HELOC as well."
Thom Colby 888-391-5245 CA Brkr replied to Samuel Hilbert's discussion Commission on First and Second in the group Wells Fargo Short Sales"I agree - the contract is between Seller and Buyer - and - commission is between Seller and Broker. Short Sale Lender is merely approving how much of a loss they are willing to accept. If the Short Sale Lenders were smarter, they…"
Beth Walsh replied to Samuel Hilbert's discussion Commission on First and Second in the group Wells Fargo Short Sales"Hi Samuel, I take it this is not a HAFA short sale? Is the 2nd a loan or equity line? I like Thom's suggestion. Have 'em put their money where their mouth is.
In the end I think agents have an excellent case for a huge class action…"
Tara Semtner replied to Samuel Hilbert's discussion Any one had recent luck getting GT to accept Fannie Mae required 6%? in the group Green Tree Servicing"Actually it is defrauding the 1st if their approval letter specifically states junior loan is not the be paid more than 6% ($ amount). it has to be disclosed on the HUD- which means it has to be disclosed on HUD that seller is making that…"
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- First Name
- Samuel
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- Hilbert
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- WA
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- Real Estate Broker involved in helping buyers and sellers through the short sale process. Have listed and sold many short sales over the past two years and look forward to continuing to help people through the short sale process. I've been through it personally myself on one of my own homes and also understand the emotions on top of the business side of it.
www.agentsamuel.com
(206) 395-8767
samuel@agentsamuel.com
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