Buying Nationstar Short Sale - Any advice???
We've been trying to buy a short sale where Nationstar is the 1st lienholder. We were told by the seller's agent and "short sale" negotiator that they had gained approval for a specific deal 2 times previously and buyer fell through. We made this same offer on/around September 9th, 2013. Due to the time that had passed, NS insisited on a new BPO, and in early November, 2013, allegedly countered our offer by $10K. (We never received anything in writing). We accepted the counter, and were assured by the sellers' short sale negotiator that the file was complete. Since then, we have received virtually no new information, and movement has been minimal at best. I have been assured seller has accepted all terms related to deficiencies, etc. In the State of Maryland, it is my understanding that NS can't force the seller to use Auction.com, so I don't believe this is the issue. We have been ready to walk because of the lack of information and lack of movement, then out of the blue, we were informed by the seller's short sale negotiator yesterday (3 days before we would be "out of contract" without an amendment) that the Nationstar office handling this has shut down (one of the Texas locations) and all files have been moved to Phoenix. That this file would be one of hundreds, maybe thousands sent there, and they will reach out to NS next week to see if we can get a time frame. My questions for the forum are:
1) As a buyer, is there anything I can do to engage directly with NS? State of MD prohibits my agent from talking to them.
2) If seller has agreed to all terms, we accepted their counter offer on value, Auction.com is not an issue, our ability to close is not an issue, what is the hold up?
3) Is there anything a seller can do to gain some standing in this negotiation? It feels like the seller's team relies on Hope as the key strategy to making this deal happen.
Thanks - I look forward to any advice you can give!
Replies to This Discussion
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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1) The Seller's Lenders, no matter who they may be (NS, BofA, Citi, etc.), will nto speak with you unless the Seller provides written authorization. Also, The Seller's Lender - especially NS - will not negotiate directly with the Buyer.
2) Nationstar is just difficult to work with - remember, they are not a bank and don't have to abide by banking laws.
3) The Seller can attempt to contact / escalate their file within NS.
Quite frankly, if this has been going on since September '13, it doesn't feel like this one is going to get approved / close anytime soon. Have you seen any other "non-short sale" properties you might be interested in? I suggest you start looking. Of the hundreds of files I've negotiated and closed, NONE have been with NS - All of my NS files have gone to Foreclosure by no fault of the Seller & Buyer in the short sale but purely due to lack of cooperation by NS.
Best of luck,
Thom Colby
CA Broker / Negotiator
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Permalink Reply by ElizabethWeintraub00697006LyonRE on
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I work with Nationstar and have not encountered difficulties beyond a few instances of isolated incredible delays, but that could just be my luck of the draw. As a buyer, I can understand how incredibly frustrated and irritated you must feel, as though there should be something you could do personally to push this along, and when there is not, it's easy to look at the listing agents as though they are working strictly on a wing and a prayer, but that is most likely not the situation whatsoever.
Buyers rarely if ever receive anything in writing concerning a price increase by the negotiator. The longer you wait, in a market of rising prices, the more likely you are to see a price increase when the BPO expires.
When you sign on to wait for a short sale, it helps to have an abundance of never-ending patience and optimism. If that is not in your makeup, then maybe a short sale is not the kind of transaction you should hope to buy.
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Permalink Reply by Theresa Bethune on
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Thanks, Thom and Elizabeth. I can relate to both perspectives shared. We have been looking for alternatives - haven't seen anything that meets our needs yet, though. I understand the need for patience - at the same time, is it typical to receive no feedback at all? When we started this process, the seller's short sale negotiator (not the listing agent) committed to weekly updates on how the deal was progressing. In a 5 month period, the only updates we ever receive happen after numerous phone calls, emails, text messages and the like. I think if we were receiving better or more regular communication, we would be more patient. I think our biggest issue is when to determine that timing is important to us, and walk away? Concerned we're caught up in a perfect storm - a mortgage servicer with lots of short sale files in review, a reorganization that reassigns hundreds or thousand of files to already overwhelmed negotiators, and frankly a short sale negotiation team that perhaps has limited experience with this lender? Is there anyway to know what a given short sale negotiators success rate with a given lender is?
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