Short Sale Approvals with Seller isn't Delinquent

Howdy Folks -

 

Just curious if anyone is seeing short sale approvals when the seller isn't delinquent.  We just did one, but the seller was military and being transferred out of country.  Most however, the seller has been delinquent.  We are seeing more and more people needing to sell due to job transfer and moving...and they are upside down.

So please share who lender was and any special circumstances.

 

Thanks

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Permalink Reply by Woody Edwards on January 30, 2012 at 2:08am

Richard,  my son needs to move (growing family) but his home has lost 24% of value since 2008.  He has not missed a payment and can afford to make the payments, but NEEDS a larger house. Can he shortsale?

Permalink Reply by Kevin - Greenville, SC on February 29, 2012 at 7:06pm

Have most required a cash contribution or prom note?  What's in it for the Servicer/Investor? 

Permalink Reply by Jeffrey Burnham on January 30, 2012 at 5:41am

Done this a few times now. With B of A, and 2 local smaller banks.

There are now provisions with lenders who will finance a Seller immediately for a new purchase when there is a short sale (I got deficiency waivers on all of mine so there was no hit to their DTIs). We also did new purchases immediately so I'm pretty sure FICOs weren't even effected (not 100% on that part though.)

It CAN be done! One moved cross country for a new job, 1 was elderly in a 2 story house, forget hardship on other. Of course, as with MOST short sales... LOTS of follow up and nudging, but it got done! (Also no new house hunting for them until we had a Buyer fully qualified and ready to close on the houses we were selling.)  No requests for any cash contributions either (this is becoming more and more likely when there are 2nds!)

EVERY short sale is different. EVERY lender is different. Keep that in mind.

 

 

Permalink Reply by Greg Holland on January 30, 2012 at 6:00am

Just want  to thank everyone on this forum for all of their in put, all of this advice is in valuable. thanks

Permalink Reply by Christopher Pendleton on January 30, 2012 at 6:08am

I agree - some great viewpoints and info!!!!

Permalink Reply by Cathy Ryan on January 30, 2012 at 8:31am

I have gotten short sales approved without delinquent payments.  However, I just had 2 that were mortgage back securites with Wells Fargo.  Both were job relocations and they would not approve the short sale without them being behind.

Permalink Reply by Joseph Alfe on January 30, 2012 at 8:39am

Wells is one of the few....there is a certain investor for them that requires delinquency. Possibly also on loans that they own.

Permalink Reply by Jeffrey Burnham on January 31, 2012 at 4:43am

I would suggest escalating. The term you should use in dealing with the Negotiator is "immenent default." Wells is one of the more cooperative lenders when it comes to this. (At least in my experience.) THE BORROWER should also write a letter asking to identify the investor.

Permalink Reply by Kimberley Kelly on January 31, 2012 at 4:28am

Good replies Jeff..agree.  Prepare to pay some cash in many cases, but it can be done.

Permalink Reply by Joseph Alfe on February 28, 2012 at 12:44pm

About 40% of the short sales I get approved have sellers who are not delinquent, or have significant income or assets.

Permalink Reply by Kevin - Greenville, SC on February 29, 2012 at 6:58pm

Have most required a cash contribution or prom note?  What's in it for the Servicer/Investor? 

Permalink Reply by Liane Jamason on March 2, 2012 at 2:32am

I had one with Chase where we got all the way thru it and they were about to issue an approval and said they could not because the Seller wasn't late.  She went 30 days late and they approved it.

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