We are Jacksonville Real Estate professionals with Re/Max Unlimited in the Jacksonville, Jacksonville Beach, Ponte Vedra Beach, World Golf Village, St Johns and St Augustine Florida area. We specialize in helping buyers and sellers in short sales.
"I have been doing short sales since prior to the market falling in 2007. I am finding that it is getting harder and harder these days as there are few short sales now. I have an issue with Chase Bank saying they submitted a variance to HUD since my…"
"How do I escalate an issue with NOVAD and with M&T Bank? Two issues, actually. Lack of communication with my negotiator and an unrealistic valuation due to property condition.
Background: I have a short sale with M&T. We have an ATP,…"
"Gurerry, let me rephrase that for you. You can get to a lower tier prior to the requested time period per the ATP by having a variance submitted. Here's an example: I've gotten 84% NET approved within 30 days of borrower being in the PFS…"
"It's hard to say as a general rule as I am sure it's case-by-case but I have seen HUD go below required net and allow concessions within the first 30 days. For example, a few weeks back I had a case with an FHA buyer where we were just shy…"
"So Brett and Alexis, it sounds like HUD has loosen their rule about the allowable/disallowable costs. Is that right? If so that's good to know. It still has to net 88 percent for the first 30 days, so that doesn't allow much wiggle room…"
"3% is typically approved for FHA buyers if the minimum NET for investor is being exceeded. If you are asking for closing costs and obtaining conventional financing you likely will not be approved for any credits towards closing…"
Yah!!!! I agree with that one hundred percent, however too late someone else told them. Yes, your input is very helpful, that is how I feel across the board. I did contact their attorney and that is what he advised them to do :) Thanks so much Fiona
Dear Stephanie, in reference to HUD short sales. I have a client who owes $280k on his mortgage and his house is comped at $330. We have it priced as a non short sale at $319, tons of showings no offers, house needs some work and updating at that price. Someone suggested to him to stop paying his mortgage and short sell it at $279. Given the big difference in price I feel this would arouse a suspision with the bank (rightfully so) and suggest we drop the price in 30 day incriments by $10k if no offers, right now a $305k offer will break him even with no foreclosure on his credit. He refuses to and just wants to drop it so he can get out. Thoughts???
Hi Stephanie, Welcome aboard. You are officially our first Short Sale Superstar!! Wendy and I are here to help in anyway we can. Please bare with us as we build this site. Also, feel free to add any information related to short sales that you choose.
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