Comment

Comment by Ben Benita on April 12, 2010 at 4:47am

Look at me go, I figured out how to put a photo on here!!!!!

Sending that Form, 4506T, is common practice for several lenders.....nothing to be concerned with unless your Sellers sent in false returns (even then, VERY likely nothing to worry over with your lender, with the IRS, ABSOLUTELY, with your lender, again, 1 in 10000 chance they actually take the time to go back and pull taxes)......

Comment by Kent Dills on April 12, 2010 at 4:33am

Ginny, it's really not a big deal. Get them to fill out the transcript request and sent it to you for further transfer to the bank. ALL BANKS as for 2 years worth to tax returns or the transcript request. It's an underwriting condition I think to complete the short sale package. Apparently the sellers haven't submitted 2 years worth of returns yet. Is there a problem in doing so?

Comment by Ben Benita on April 8, 2010 at 1:16pm

we always put it in under the payoff amounts as a "Moving Allowance". Our initial HUD gives $2500 to the Seller then we reduce if need be. Some smaller banks WILL allow the $2500 just like some smaller banks WILL allow an 8% realtor commission......Contact me offline and I can give you a copy of what we [email protected]

Comment by Victoria Frieberg on April 8, 2010 at 12:30pm

instructions from wf read..add 1500 to a line in the 1300 section

Comment by Kent Dills on April 8, 2010 at 11:19am

Terri, I haven't had one of these yet but I just did an FHA/HUD short sale where the seller's got $1,000 as a seller's incentive and it was put on the front page of the HUD1 line 506 as "consideration to seller" and reduced the bank's net by by $1,000. Seems like this will work similarly!

Comment by Curtis L. Doss on April 8, 2010 at 7:30am

Thanks Ben.

Comment by Ben Benita on April 8, 2010 at 7:26am

wells uses standrad forms but DOES require several Wells Fargo addendums, believe they are downloadable from the Shortsalesuperstar web site someplace?

Comment by Curtis L. Doss on April 8, 2010 at 7:09am

I'm doing my 1st short sale with Wells Fargo. Do they have a standard short sale package like other banks (ex. listing agreement, borrower's auth, hardship letter, etc...) or do they have their own special forms that they would like to have filled out?

Comment by Victoria Frieberg on April 8, 2010 at 1:39am

None of the previous HUDs or the first demand letter had the 1500 on it, I did ask for it, but only at the last minute, saying 'since the new rules are in effect' and voila..on the new letter!

Comment by Alan Remigio on April 8, 2010 at 1:39am

Victoria,
You will be exposing yourself to liability if you give a copy of the demand letter or any other matters exclusive to the seller to ANYONE not authorized by the seller. It is financial information between seller and lender. I am going through this again, closing this Friday, and have gone through this in the past.

I inform the seller in detail what is requested and what the possible downside is. I get written permission to show ONLY a redacted document. Remove or block all financial info. The letter should show reference to approval and date the letter is good through.

Before sending the document, I ask for a trade. Show me his stip sheet that requests it. Do what you feel you need to do, if the LO does not have it as a stip. Just remember, you are still charged with protecting your seller.

If it is an agent, attorney or closing agent, I tell them it will be a redacted document and in return for the document, I want written assurances the sale will go through. This procedure works, is necessary to protect your seller and when you use it you will be surprised at the response. At least, I've been. Good luck!

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