Buying A Nationstar Reverse Mortgage SS

Hi everybody! I wanted to Join to see if we could get any advice about what to expect in our adventure of buying a Nationstar reverse mortgage property.

We sold our current home and are closing in 8 days, but luckily we have a house we are staying in until we can move things along for this new purchase.

The complete paperwork package was sent over to them a few weeks ago. Title work and preliminary HUD is also done and there is no second lien holder on the property.

My husband is a commercial real estate attorney, and we are hoping for advice/info about what to expect when dealing with Nationstar. The attorney for the estate has been wonderful, and we feel that our offer is in the right price range.

We read horror stories about Nationstar using Auction.com and we are worried this happening to us also. While it is great that we have a home to stay in temporarily, all our belongings will be in a POD and our 20+ goats will be staying with a friend so we can't allow this to turn into a 3 month process or we will have to explore other properties.

Is there any way we can get our file moved to the top, or any advice you can give us about what to expect? Thank you!

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Replies to This Discussion

Permalink Reply by ElizabethWeintraub00697006LyonRE on June 7, 2014 at 6:47am

This is where your real estate agent can be invaluable to you and share his or her experiences. Hopefully, the listing agent in this transaction has worked with Nationstar in the past and understands the process. It changes all of the time. My newest Nationstar listing involves a participation agreement much different from previous agreements, and there appears to be no hard and fast rule about the Auction process, for which the seller vehemently disagrees and is incapable, physically, of handling.

Each short sale is unique and different. Good luck to you.

Permalink Reply by Aden Mott on June 8, 2014 at 1:20am

Thank you very much for getting back to me. We have been told my several people that you can speed up the process by having your agent call them every day to get an answer. Is this true?

We were told that there is "46 business day" waiting period from the time we submit the final paperwork to them. What happens after that? We believe they already ordered an appraisal, but we have no idea what to expect on day 46 which will bring us to July 9th.

Thank you!

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