Replies to This Discussion

Permalink Reply by Tni LeBlanc (805) 878-9879 on July 18, 2011 at 11:20am

Yes I have.  And yes, that is a ridiculous demand, especially for someone who is BROKE.  

 

What state are you in?  

Permalink Reply by Kathy Morris on July 18, 2011 at 11:28am

Hi, I did 4 short sales for my own investment properties in Florida, 3 were with BAC and I didn't have a deficiency on any of them. It was only last year that they were done.

Permalink Reply by Smitty on July 18, 2011 at 12:06pm

Massachusetts.  The property note is 1.2 million.  The valuation came in at $490,000 (or the first counter from boa came in at that amount...I have no idea what the actual valuation came in at) the buyer's appraisal is $460,000.  I spoke with the buyers and they are willing to go up. They are willing to go up the $50,000 +  but are not necessarily willing to go over the appraised amount.  Property is mold ridden with structural issues.  I'm curious if I ask the negotiator if the buyers increased their offer the amount the investor wants, would they waive the deficiency?

 

The investor backing the note is BOA, NA

Permalink Reply by Maya Thomas on July 18, 2011 at 12:20pm

$5,000 to $15,000 usually, unless the financials don't support the short sale.  Could be the ENTIRE short fall if the people have excellent income and assets in my experience.

Permalink Reply by Maya Thomas on July 18, 2011 at 12:21pm

Justify, justify, justify.  It works miracles.

Permalink Reply by Maya Thomas on July 18, 2011 at 12:23pm

I think it really depends upon the solvency and income.  If the seller is insolvent and has no income or not enough income to support a soft note your seller should be in the clear.

Permalink Reply by Smitty on July 18, 2011 at 12:33pm

My seller has a part time job as an umpire.  They don't have the income for $50,000+  they MAY be able to swing $5,000, but this is a cRAZY amount of money to release deficiency.

Permalink Reply by Maya Thomas on July 18, 2011 at 12:37pm

Gosh, just lay it all out there.  You should get out with nothing if you can show on paper that it is impossible for your guy to pay.  They run you through the hoops like when you go to buy a car.  You'll get there with patience and determination and lots of paper work to back you up.

Permalink Reply by Smitty on July 18, 2011 at 1:24pm

I know right!!  I thought she mis keyed and emailed her to clarify $5000 or $50,000 and she wrote back $50,000

Permalink Reply by Gael Adair Grove, CDPE/SFR/ePro on July 18, 2011 at 2:51pm

yes, all of the investment properties I've closed that were shorts got full releases. and California's gov just signed a new bill that covers deficiency judgements for both primary and junior liens! yahoo!

 

Permalink Reply by Katerina Gasset on July 18, 2011 at 5:28pm

Remember that this depends most on the state that the property is located in. 

 

Yes, we get deficiencies removed in a deficiency state of Florida for investors all the time. Sometimes with no cash to close and other times with as low as $5,000 and $10,000. It depends on who the note owner is and what the investor's guidelines are on accepting losses from investment properties.

Permalink Reply by H Razak on July 19, 2011 at 5:30am

Just completed one with full release. I think it depends on the investor also...

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