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Steve Loynd Male Lincoln, NH United States: Share; Share on Twitter; Share on Facebook

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Steve Loynd replied to Joseph D. C.'s discussion 'Does it mean anything if B OF A is asking for the Sellers for Income and Bank Statements?' in the group Bank of America Short Sales

This means the seller will have to come up with money at closing...if they have any money B of A will want it.

March 1

Ray Saenz commented on Steve Loynd's blog post 'A $50 BPO will cost the seller, lender and listing agent ...a big chuck of change.'

Steve, you are not alone, Wells Fargo, it is all the personnel that they have at that time, it is a chain, I have had good experience with Wells Fargo on my short sales, so everything depends what negotiator you got assigned , the mood, etc :) I bel…

January 4

Wendy Rulnick commented on Steve Loynd's blog post 'A $50 BPO will cost the seller, lender and listing agent ...a big chuck of change.'

Steve - The BPO's - and even sometimes appraisals- are taken as "THE WORD" and golden! I just had a Chase, last sale comps were $308,000. Their APPRAISAL was $371,000!! After five months, and finally getting the Chase to agree to $349,000, the buyer…

November 18, 2009

Steve Loynd added a blog post

A $50 BPO will cost the seller, lender and listing agent ...a big chuck of change.

Another Short sale story...where a BPO done from a-far was the kiss of death (edit/delete) Working on a short sale in a project where the last sale was over a year ago, I advised the seller of the likely selling price and asked for the price adjust…

November 18, 2009

Pam Jank commented on Steve Loynd's blog post 'Interest only land loan, from Bank of America is killing this client.'

Steve, you’ve done above and beyond. You have given him great representation. From this point forward... you will just be spinning your tires and losing all your tread! Don't list it over market value and don't list if seller is not willing to short…

November 7, 2009

Steve Loynd commented on Steve Loynd's blog post 'Interest only land loan, from Bank of America is killing this client.'

Bryant..We spoke of that, he is his business, personal credit and personal signatures no reasonable separation but I like the thought...thanks for spit-balling that one, many issues are solved just this way.

October 22, 2009

Bryant Tutas commented on Steve Loynd's blog post 'Interest only land loan, from Bank of America is killing this client.'

Steve, Has he received legal advice? Maybe he can file a personal BK that won't affect his biz?

October 22, 2009

Wendy Rulnick commented on Steve Loynd's blog post 'Interest only land loan, from Bank of America is killing this client.'

It's too bad he changed his mind after all your work.... If business was under corporate name, not his individual name, would not hurt him...

October 22, 2009

Steve Loynd commented on Steve Loynd's blog post 'Interest only land loan, from Bank of America is killing this client.'

Thanks Wendy...It is a huge weight to hold a seller's expectation on a sale when you know its not going to happen under the current terms.

October 22, 2009

Wendy Rulnick commented on Steve Loynd's blog post 'Interest only land loan, from Bank of America is killing this client.'

Steve - I would not continue with the listing. It needs to be market value.

October 22, 2009

Steve Loynd added a blog post

Interest only land loan, from Bank of America is killing this client.

October 22, 2009

Steve Loynd commented on Steve Loynd's blog post 'My Saxon Rant...'

Bryant...they can be a surly bunch, and when they don't have an answer the company line is to ignore...ignore...ignore and hope you go away.

October 20, 2009

Bryant Tutas commented on Steve Loynd's blog post 'My Saxon Rant...'

Love this article Steve. Great analogy. I have yet to have the pleasure of dealing with Saxon. After reading this I'm not looking forward to it.

October 20, 2009

Steve Loynd commented on Steve Loynd's blog post 'My Saxon Rant...'

Debe...I've been married twice so I don't give up easily...I'll get it to work, that's what we do. Thanks Steve

October 18, 2009

Debe Maxwell commented on Steve Loynd's blog post 'My Saxon Rant...'

EXCELLENT analogy, Steve! I love it! Sorry you've had so much difficulty with Saxon--it seems that we're hearing more and more stories such as this one, these days. Hopefully you'll be able to get someone to negotiate that commission back for you.

October 18, 2009

Steve Loynd commented on Steve Loynd's blog post 'My Saxon Rant...'

Saxon...was born under the sign of the Ox...big, dumb and unfriendly even to the people that feed them.

October 18, 2009

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Managing Broker at a White mountain N.H. Realty Firm involved with short sales, resort development and general brokerage, primary focus Second homes...and custom design- build services.

Steve Loynd's Blog

A $50 BPO will cost the seller, lender and listing agent ...a big chuck of change.

Another Short sale story...where a BPO done from a-far was the kiss of death

Working on a short sale in a project where the last sale was over a year ago, I advised the seller of the likely selling price and asked for the price adjustment...subject to his lenders acceptance on a short sale offer.

90 days from listing date (showing this was still not a give away price) a 90% offer is made, with the only condition being the seller lender accepting the short sale. Two months in to the process two… Continue

Posted on November 18, 2009 at 8:30am — 2 Comments

Interest only land loan, from Bank of America is killing this client.

The Short sale and the Sole Proprietor
I have been working on a short sale for several months, and the seller is truly in a hardship position…stuck between a rock and a hard place.

He is paying an interest only note on land at 8%; he was able to arrange a 90% loan when the property was purchased directly from a developer (not from a Realtor) for $400,000 three years ago.

The current market value is approximately half the purchase price, or $160,000 less than the existing mortgage. I advised th… Continue

Posted on October 22, 2009 at 11:06am — 6 Comments

My Saxon Rant...

Saxon..the Oxen of the Short sale industry.

If you have an Oxen in your field....you will be expected to feed it and protect it everyday. For these daily chores you will be ignored, pushed around and drooled upon. If you meet one of these lumbering creatures while traveling in the road, you may honk all you wish but you will not be allowed to pass...traffic will come to a grinding halt.

The lesson of trying to work with oxen is this,,they will tear up your field and leave it infertile for ye… Continue

Posted on October 18, 2009 at 11:26am — 6 Comments