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Comment
URGENT!!
In the wake of passage of SB458, lenders are struggling with how to respond. We've had 2 separate clients today tell us that BofA has stated they are cancelling all loan settlement negotiations. Since these concerned 2nd loan liability, this may mean that BofA will be killing all short sales in which they are involved as a junior lender. What is unclear is whether they are extending this to ALL short sale negotiations regardless of whether they are in first or junior position.
Needless to say, this will be devastating to short sales since BofA is involved in so many. It will be worse if other lenders follow their lead. Perhaps this is a strategic move to create a backlash in the market to force the legislature to amend or even kill SB458.
Please let us know what you are seeing in your real estate short sale dealings.
Steve Beede
[email protected]T,
I am assuming your agent did not get any written correspondence, starting with the reduction in commission. If the agent did, commissions should have been among the last challenges addressed, as the focus should always be on the price FIRST! For the most part, I agree with Thom that you may have bigger issues and the very first is the price. My experience has always told me that I never agree to the listed price, regardless. This is classic negotiation with the bank in complete control, because the price was not committed to first. Take your concessions off the table (as they do), counteroffer and be prepared to walk. If you don't have an agent working for you, alone, get one. Good Luck!
T-
First, I'm surprised BofA cut the commission to only 2.5% total - typically that only happens when the same agent is on both sides of the deal - (and, if that's the case you probably have bigger issues anyway). 2½ months is not that bad. What do the comps from your REALTOR suggest the market value should be? BofA is using BPOs and Appriasals to determine market value. It is not unusual for a short sale lender to disallow closing cost credits on non-FHA loans.
The big question you need to ask yourself is - Is this house "the one" that I must have? And, am I willing to pay this price, pay my own closing costs, pay the commission and pay the repairs not covered?. Add all of these items up and see if it's worth it !
If not, move on and find another house.
Best of luck,
Thom Colby
Broker
Newport Beach CA
p.s. Since you're in DC - maybe a call to the local TV station might help !
I would really love some advice: My husband and I are attempting to purchase a short sale home - as is. We originally offered the full asking price with 3% cc help but requested a $10k reduction in price due to inspection findings ($25k in immediately necessary repairs).
First we were told that BoA will only pay 2.5% of realtor commission and that we would need to pay the remainder out of pocket. We agreed.
When BoA finally came back with a response 2 1/2 months later, they wanted to increase the price by an additional $8k, only deducting $2k from the asking price. We agreed.
NOW they are saying they refuse any cc assistance because we have a conventional mtg and not an FHA!
We are almost at the end of our rope with this house. The costs are starting to mount up and we're not sure what to do.
They want to be paid. MI wants more money because it pays whether its foreclosure or short sale. They can jinx the whole thing. B of A doesn't seem to want the seller to pay them. I think that's due to SB 458.
Elizabeth Weintraub
Broker-Associate #00697006
Lyon Real Estate
Sacramento Short Sale Agent
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
I've read all of the comments on this MI issue. I am wondering why anyone would support B of A and their shake down of a seller in duress?
Again in California we have two major Civil Codes that protect a seller in duress.
Also has anyone ever read and of the TARP manuals for the CEO's? If you get a chance dig some up online and you can see the compensation bonus program each of our nation's banks leaders received in that program.
Look up what AAL is and how they receive bonuses to move the loan losses as a positive on their books.
So do not succumb to the belief they are hurting and they need to pay off the MI.
9999.99% of the time it is a smoke screen to get money or NOT approve the short sale to collect on a Loss Sharing Agreement.
Loss Sharing Agreement's pay them to foreclose and our FDIC compensates them as well.
Commenting on Catherine Gheen's
Thank you for your information, very good to know. I just listed a home that has both the first and second loans with Countrywide, therefore BOA. Good information to know before I get a contract and submit to BOA.
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