Edward Goldfarb's Blog (2)

HUD lien junior to the first mortgage.

We had a surprise just before closing on what we thought was a traditional sale.  We found out the seller had a loan modification in 2015 that include and $80,000 junior lien from HUD. This made the payoff about $20,000 short to close and HUD would have to agree to take $60,000 to $65,000 and release the lien and note. According to the seller's attorney, HUD doesn't negotiate.  I don't believe that because after 500+ closed short sales I've never experienced a lender that would not work with…

Continue

Added by Edward Goldfarb on July 18, 2017 at 9:47am — 4 Comments

Fannie overpricing +/-125% of market value.

I began noticing about nine months ago; confirmed with several other short  sale Realtors and a law firm that does a lot of foreclosure defense and  short sale negotiations.  Have you also noticed Fannie has been countering  offers at +/-125% of fair market value?  I recently had one Fannie short  sale were they countered at $215K and three weeks later changed their mind,  reneged and recountered at $230K.  The buyer met both counter offers and  the FHA appraisal was ordered which came in…
Continue

Added by Edward Goldfarb on October 13, 2013 at 5:13am — 1 Comment

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************