After 8 months working on a short sale with a very reasonable offer. The Equator (Bank of America) closed the short sale on me, because a none sense Appraisal, apprised the house for 295K. The house has lots of problem and it does worth only 220k. After sending CMA and talking over and over with the negotiator finally he said maybe $5000 reduction not 45k. What do you do if you were me? Feed back…Continue
Working with BofA on what should be an “easy” short sale. The second is requesting they get $14,500.00 on a balance of $85,000.00. The first (Citi) is only giving them 8K, which I think is fairly standard. Our 2nd buyer is ready to pack up & move on. This deal should have already been funded and I’m getting tired of all the lip service these 24-yr old asset manager kids are…Continue
Added by Jim Little on March 29, 2010 at 4:18pm — No Comments
This post might step on some toes but it is not meant to. Most REALTORS are on tight budgets now and need candid answers to questions about short
sales, short sale classes and which class or course is better.
I am not professing to be an expert on which class or course of
instruction is better but I will give my unbiased opinion as to which
is better in my opinion.
I currently hold the…
People who face losing their home in foreclosure often ask, "If the bank is going to lose all this money by selling my home at fair market value, why can't they re-work my loan at that same price? I could make
the payment if they would simply reduce my loan balance to fair market
value." In effect, that is exactly what Bank of America is proposing
Not all of the details are out, but…Continue
Added by Brian Garff on March 26, 2010 at 11:58am — No Comments
I've got news for ya. You already did. When you purchased the property. You signed two documents. The mortgage. That created the lien and gave the lender the right to foreclose on your property (their collateral). And, you signed a promissory note. That was/is your personal promise to pay back the money you borrowed.
The Short Sale releases the lien (mortgage). It may or may not…Continue
Short Story: BOA approved my short sale after a lengthy process - CUT my & other agent's commission too. Buyer walked because he didn't like home inspection. Found ANOTHER buyer in two weeks for $10,000 less. Resubmitted to same negotiator last Friday with all kinds of estimates for repairs (per advice from Bryant Tutas - THANKS!!) GOT AN ACCEPTANCE OF DEAL LAST NIGHT!! Close in 2 weeks, MY OWN BUYER AND THEY PUT MY COMMISSION BACK UP WHERE IT BELONGS!! WOW! I almost feel like I'm…Continue
Hi Folks. Recently I have had two Buyers balk at providing me personal info I need if they want to purchase a Bank of America Short
Sale. I really do understand where they coming from but....most of the
big lenders including Bank of America and GMAC are now running most of
their short sales through http://www.Equator.com.…
Can you believe that BOA removed the language that says "BAC... and its investors may pursue a deficiency judgement...????"
It took some yelling! But finally, it got done!
Is it just in my little world, or are the banks FINALLY moving on some of these loans?
I recently had 12 approvals come through in a 10 day period. 4 of these were loans that have been "in the system" for over a year or close to it.
The lenders were Bank of America, Chase and Citi - 3 of my favorites! HA!
I hope this is a sign of improvements being implemented in the short sale process!
Keep up the hard work…Continue
Added by Melanie Hollis on March 18, 2010 at 8:29am — No Comments
If you are considering selling your home Short make sure your listing agent uses a licensed Negotiator or better yet they do it themselves. Stay away from unlicensed or unscrupulous short sale third party negotiators. Someone who charges a fee to…Continue
Added by Richard OBrian on March 17, 2010 at 11:35am — No Comments
I ran into a previous client today. I had tried to conduct a Short Sale for her back in 2007 to 2008. I had priced the home at $199,000 and received 8 offers. After the bank conducted it's appraisal and
against my strong objections, they determined they would take nothing
less than $259,000. I tried to get the negotiator to come to her senses
and warned her and later her supervisor that they would be taking this
home back if they didn't accept the sale now. All 8 of my…
First I would like to thank ALL of you for your comments. It worked! Let me try to sum it up for you.
- Put the house on the market October 2009.
- Got an offer 1 day later, VA buyer fully approved
- Submitted ALL paperwork to BOA
- Waited all of October, November and December
- Get a notification that we must use REO Trans/Equator - WTF???
- We upload everything in Equatore
- We get a denial end of December because they cant get the log in…Continue
Hello all. I was wondering what success you were having with the bank/lender approving the negotiation fees for a third party company? How many of you have started another company/corporation to handle your short sale negotiations? Your feedback is appreciated.