Steele V. Propp
  • Male
  • Minneapolis, MN
  • United States
  • Minnesota
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Steele V. Propp's Discussions

Need some ammo to fight a secondary lien

Started this discussion. Last reply by Bryant Tutas Feb 27, 2010. 5 Replies

Have a small local credit union that is in second position.  We have an offer that actually pays off the first mortgage as it was already shorted at sheriff/trustee sale, and give the second some 37%…Continue

Anyone working with Paladin Legal?

Started this discussion. Last reply by Steele V. Propp Feb 28, 2010. 2 Replies

Would like feedback from anyone who is or has worked with these as short sale negotiators. Good, bad, indifferent?

HUD to suspend 90 holding rule

Started this discussion. Last reply by Carrie Haymond Jan 25, 2010. 1 Reply

Starting Feb 1st HUD will suspend it's requirement that a property be held by an owner for 90 days before being eligible for FHA financing. This suspension should open the market to more investors…Continue

Marketing to those in Bankruptcy

Started this discussion. Last reply by Stephanie Lim Dec 19, 2009. 2 Replies

Recently received an "educational" offer from a real estate guru. It was on marketing to those in bankruptcy that have a foreclosure in process. In listening to a webinar I gleaned from them some…Continue

 

Steele V. Propp's Page

Latest Activity

Steele V. Propp replied to Connie Redden's discussion Will Chase pay a listing agent commission if the owner is also a realtor but not a listing agent in the group Chase
"Having worked on the lending side of the equation, most banks are most concerned with the borrower getting any commission funds (either a split or a referral). I have not found them so concerned with a listing agent in the same real estate company…"
Mar 27, 2013
Steele V. Propp replied to Nili Walp's discussion Can someone explain why a junior lien holder would not approve a short sale? in the group Help Me!
"A lot of these second lien holders are simply tired of getting the short end of the stick.  And frankly they are in a good position in that while they could lose the $10,000, the first lien holder could lose a lot more.  Just released…"
Mar 20, 2013
Steele V. Propp replied to Elvira Quiray's discussion Seller Concessions in the group Chase
"Off hand I would say that is within reason.  With an acceptable price, of course.  Most lenders are aware of seller paid closing costs and will look at what is "normal".  Typically with an FHA, 3% is the norm and you are…"
Jan 24, 2013
Steele V. Propp replied to Dottie Klein's discussion 2nd lien holder reduced commission to 4.0% in the group Help Me!
"Well, typically when a 2nd does this it is with the stipulation at the savings go to them.  Would want to check that before making this argument.   Also, the 2nd can just refuse to go along with the deal and then go after the seller later…"
Jan 23, 2013
Steele V. Propp replied to Elvira Quiray's discussion Seller Concessions in the group Chase
"Could you be more specific and give some examples?  I have many times seen Chase agreeing to buyer paid closing costs.  It is ultimately a "bottom line" thing as they end up paying for everything."
Jan 23, 2013
Steele V. Propp replied to Julian Jahoo CDPE, SFR, ABR's discussion Chase investor reduces seller closing costs on the day of closing... in the group Chase
"I have seen a number of cases where this has happened.  The lender/investor will be willing to cover legit closing costs and not allow what they see as "padded" costs.  So often they will have approved closing costs and only…"
Jan 5, 2013
Steele V. Propp replied to Donna McClelland's discussion Post Short Sale - BofA leaving $1 in seller's online account and won't close it in the group Bank of America Short Sales
"So the only question is, was the loan covered by mortgage insurance?  If so, it appears the former borrower is covered.  I personally would check on that and have the MI information handy (policy number, coverage dates, etc.) just in…"
Dec 7, 2012
Steele V. Propp replied to Donna McClelland's discussion Post Short Sale - BofA leaving $1 in seller's online account and won't close it in the group Bank of America Short Sales
"One of the things I would  check is the exact wording of the deficiency release.  Althought terms vary area to area, a lien release can be done without taking care of the deficiency.  Just want to be sure that your client received…"
Dec 7, 2012
Steele V. Propp replied to Cindy Nordstrom's discussion Arm's Length Question in the group Chase
"That makes sense.  Most I have seen would forbid working partnerships, but we have business relationships with hundreds of people.   The main concern is that there is no insider game going on.  You did the right thing in asking…"
May 2, 2012
Steele V. Propp replied to Cindy Nordstrom's discussion Arm's Length Question in the group Chase
"You need to read the actual disclosure for an arm's length transaction.  They do vary a bit from lender to lender.  If in reading it, one feels that they are in violation and they sign it anyway, it's fraud.   If…"
Apr 30, 2012
Steele V. Propp replied to STACY LACROIX's discussion Seller doing Deed in Lieu after a year of working on short sale. in the group Help Me!
"Usually you are out of luck.  That is one of the problems of an industry that decided long ago that they would take contingent fee listings.  In states that allow it you might consider taking a basic retainer upfront.   But if you…"
Mar 2, 2012
Steele V. Propp replied to Leah Olson's discussion Chase Arms Length Affidavit in the group Chase
"What is it that your buyers find objectionable?  What is the difference between new and old? Enlighten us :>)"
Feb 21, 2012
Steele V. Propp replied to Jennifer's discussion First time homebuyer - Bank countered fees in the group Bank of America Short Sales
"I think you are fine, Jennifer.  And it makes sense that your new loan will not proceed until there is full approval.  I wouldn't want you to be spending money (appraisal, inspection, etc.) until you know you have a deal.   Short…"
Dec 12, 2011
Steele V. Propp replied to Jennifer's discussion First time homebuyer - Bank countered fees in the group Bank of America Short Sales
"Since the lender is ultimately paying the fees/commissions to the real estate agents it is not uncommon for them to condition the acceptance of the sale on a lowering of the commissions.  And although those who are real estate agents don't…"
Dec 12, 2011
Steele V. Propp replied to Coleen DeGroff's discussion Contacted by Chase to do a short sale in the group Chase
"Question.  Are you being asked to pay any kind of referral fee to Chase or other party?"
Dec 12, 2011
Steele V. Propp replied to Jen Basnight's discussion Worksheet/HUD1 Question: Agent did not input Buyers Down Payment Correctly in the group Bank of America Short Sales
"Just had this discussion with a lender.  The comment was that the prelim HUD is rarely 100% accurate to the final closing.  But if the numbers are off they better be an improvement for the lender as opposed to a bigger loss…"
Dec 7, 2011

Profile Information

First Name
Steele
Last Name
Propp
State
Minnesota
City
Minneapolis
My Profile
26 years in real estate, 18 of which have been in corporate relocation, REOs and most recently short sales. I have worked exclusively in the foreclosure market for the past 6 years. I service properties and buyers throughout the Twin City Metro area.

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