Comment

Comment by Debbie Franklyn on July 6, 2010 at 8:52am

Elaine, B of A is asking everyone involved in my transactions to contribute!
One of my sellers is contributing $1000, I personally am assisting out of my commission toward HOA lien.

Comment by Stephen Shafer on July 6, 2010 at 8:44am

Entered a new short sale 10 days ago with great offer, the negotiator turned down Trustee Sale postponement of July 9 should I call the Exec.# for help or is there a better alternative?

Comment by Kent Dills on July 6, 2010 at 8:38am

I've seen it go both ways Elaine; sometimes they're adament about the cash only coming from the seller - though it makes no sense. I'd offer it from the commissions if everyone is willing and seller unable to help and see what they say (usually it's yes). Good to see an agent willing to help a seller out of a difficult position too! I've done it before and will do it again. Good luck to you! ;-)

Comment by Elaine Kan on July 6, 2010 at 8:09am

Can somone pls tell me if B os A is asking for cash contribution whether or not they would allow buyers and agents to help out with that or no? Thanks everyone!

Comment by Ben Benita on July 5, 2010 at 1:31pm

Gunna -- I believe so, we have never had a short sale where insurance was not paid, HOA and taxes yes, but never with insurance. I believe the investor ALWAYS has insurance just to cover their "patooty" in case of fire, flood, etc.(nice, "patooty" used twice in one day)
I would say with 99% certainty this is a requirement of the Investor on each and every property, be it a short sale or otherwise.
I know these payments also DIRECTLY effect the close-by date of short sale approval letters, often the date you must close by is just prior to another insurance payment being due (the close-by date is also directly affected by when payments are due TO the Servicer from teh Investor, for those of you wondering why some approval letters only give you a few days to get to closing)

Enjoy, keep your "patooty" out of trouble......sorry couldn't resist!!!!!!

Comment by Gunna Voigt on July 5, 2010 at 12:55pm

Ben, in a short sale where the mortgage is not paid, i.e. no money is paid towards the home owners insurance, isn't the bank then putting it on their policy? Of course, that probably doesn't cover leaky flashings etc. How can I find out?

Comment by Kylee Roe on July 5, 2010 at 12:28pm

lol....so much to that story to tell, but lost words and details in the mess. Patooty so much more politically correct. :)

Comment by Ben Benita on July 5, 2010 at 12:16pm

Kylee, 2 things:
1) NICE WORK ON THE SHORT SALE CLOSING!!!!!
and
2) EXCELLENT use of the word "patooty"....don't see that everyday.....

;-)

Comment by Barbara A. Hill on July 5, 2010 at 11:48am

Thanks Ben I will let you know how it goes. I think it is too late but I will try

Comment by Ben Benita on July 5, 2010 at 9:32am

Barbara - the ding dong at Fannie told you that to get you off the phone, call back TO THE SAME NUMBER, and watch what happens....
I think we only have general numbers for Fannie (they are often not helpful), but, I do know there are many ways to get contacts higher up the food chain.....

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