I was contacted by a lady that had her house burn down last August. She stopped making payments in October. The house is currently being rebuilt. She tried to get BofA and Fannie Mae to postpone the foreclosure because she wants to short sale the property. The house should be done the end of March. The foreclosure date is the middle of August. I've never run into something like this. How do you start a short sale without a house?? How do you put a house on the market that isn't…Continue
Over the last few months, it has become apparent that Fannie Mae is more interested in foreclosing than approving short sales. The scenario is the same over and over again. The BPO comes in at one price and Fannie Mae adds 20 or 30% and says that is what they will accept. Some have suggested that they are trying to get next year's prices if the current price trends continue. In the meantime, buyers are unwilling to overpay by that much and are backing out of the contracts when they hear…Continue
Added by Mike Rizzo on October 31, 2012 at 9:32am — No Comments
Weird situation here that I basically don't understand. I've been doing short sales for clients for a few years and have never run into this situation.
Client preapproved for HAFA with a list price of $146,000. I thought it was inflated but put it on the market anyway. Got an offer for $128,000. Counteroffer came back at $146,000. Buyer walked. Got a new offer from a new buyer at $138,000. I submitted this offer with an appraisal of $137,500. The borrower owes approx.…
Added by Mike Rizzo on February 15, 2012 at 8:17am — No Comments