"so day 92, we heard back from the second lender and now the second mortgage has been handed over to a collections company. The seller's attorney has agreed to a settlement amount with them, but it needs to get processed back through the bank…"
"You are in the driver's seat unless you have to have THIS home. Nationstar is not in business to help you. The agents, if they want a commission, should get Nationstar on the phone (good luck) and hammer out a deal. Nationstar is loathe to put…"
"hi sam, any update from the bank yet? just to give you an idea where we are at, our BPO was ordered and completed on day 45 from our offer and today is day 75. Today we just heard back from the bank regarding the second mortgage lender shortfall. If…"
Today is day 75 since submitting our offer and we just received a call from our agent with a message from the short sale bank (NS). The second mortgage lender has asked for $12,500 to close and the NS has agreed to give them $6,000. The bank is now asking us (the buyers) and the sellers if we will make up the difference.Some more info: All docs have were processed by NS quickly and BPO was ordered and completed on day 30. Our offer (we are the buyers) was $320K for a home worth somewhere…See More
"thanks, and all answers were in line with what i expected. I am expecting the worst and that we will need to refute the BPO based on a lot of what I have read on this forum. I just wanted to make sure that there wasnt other options to get…"
"Brian, I have been a listing agent for NationStar and other banks REOs, I have also been an agent for a BofA in a short sale listing, and selling agent with other banks. I have yet to see a bank willing to provide this…"
"They all take the position that they paid for it, therefore it is private info. Under duress and pressure, you can get it, after a cozy conversation with a decent negotiator, you can also get it but not stated as the BPO. On the other…"
i have heard mixed reviews on whether or not short sale lenders share BPO results with buyers if requested. Does anyone know NationStar's policy? I would expect them to just counter or accept our existing offer once the BPO is received and not share the results.- Brian the BuyerSee More
"NS moved quick and were very responsive afterwards on equator. Approx 3 weeks for me after that and it was with mi. Don't forget your 2nd. Nothing moves forward without the first agreeing to the payoff."
"Just an update here. On day 26 I provided the NS buyer loan application to the sellers attorney as mentioned above. On day 33 (yesterday), the BPO was already ordered and completed! We are expecting the bank to get it by this Friday.
All, I am currently in the short sale process for a new primary residence (I am the buyer). You may have seen my other post regarding our timing. We are about 30 days since we submitted our documents to the bank.During those same 30 days, I have also been approached by Chase (my current mortgage lender for the home we own) regarding the HARP 2.0 program which would allow us to refi our home at a more competitive rate (4.875% vs our current 6% rate).My mortgage broker we are using on the short…See More
"Wendy, Tara and Others,
Sure enough, the seller's attorney reached out to me today to tell me that NS needed the buyer pre-approval application filled out! At least I know NS has seen my file now and hopefully the buyer pre-approval is the only…"
"yes, I have a NS that is in closing now; another one we are challenging the BPO, and I can think of at least 2 other files that were NS that closed in the last couple of months (sometimes remembering which lender on which property starts to blur…"
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