Replies to This Discussion

Permalink Reply by Pam Simpson on July 20, 2010 at 1:45pm

Ana, I just got an approval letter this week for my Sun Trust short sale. They would only go 3% in closing costs assistance for buyer. I submitted this package to them on Dec. 3, 2009. I can't believe the buyer hung in there this long. The only advice I have is be persistant and methodical. Take lots of notes. I eventually had to email anybody I could find with a "title" behind their name.

Permalink Reply by john doe on July 20, 2010 at 1:47pm

Pam, do you recall how long it took once it was submitted to the investor for you to get your approval letter back?

Permalink Reply by Anna "Banana" Kruchten on July 20, 2010 at 4:02pm

Well here's a twist - we may have enough to cover the 1st with suntrust with the current offer but now we'e got chase as the 2nd. First for me with 1st not being upside down. We ordered the payoff to know exactly where we're at on 1st.

Not please to hear it took you so long - we don't have enough time to wait that long without them playing

Permalink Reply by Pam Simpson on July 21, 2010 at 3:20am

@john doe - This is an 80/20 with Suntrust the servicer on both but 2 different investors. The first time I was told it was sent for "investor approval" was April 5.

john doe said:

Pam, do you recall how long it took once it was submitted to the investor for you to get your approval letter back?

Permalink Reply by john doe on July 21, 2010 at 8:36am

Thanks Pam....so over 3 months to get investor approval, ugggh!

Permalink Reply by Anna "Banana" Kruchten on July 21, 2010 at 9:47am

Thanks Pam - buyer walked so on to the next.....

Permalink Reply by Kelly Eads on July 21, 2010 at 11:53am

Suntrust is the worst! I've TRIED 7 short sales with them, 1 successful (the 1st I might add) with 6 foreclosures behind it. Every time they say my offers are too low, force the foreclosure and list at, below or near my offer price. I've been hearing the banks prefer to force the sale and put in for the mortgage insurance claim. Anyone know if this is true?

I've got 2 more in the pipe line with them. If they foreclose on these I will never do another Suntrust deal. What's the point in trying to help a consumer, and work for free for yes.... 6 plus months? These last 2 I submitted in January 2010, it took until June 2010 to assign it to a negotiator and each file they gave me 1 week to raise my offer or they were letting it go to sale the following week. One was a townhouse for $29,000. They told me they had to have an offer of $37k. Guess what it listed for today? $29,250!!! What a joke!

Permalink Reply by Mike Benitez on July 21, 2010 at 12:43pm

Congrats Ana!!!

Has anyone seen the investor come back and ask for more than submitted?

Also what did the 3% cover Title Policy, and what else?

Did they pay all outstanding leins and taxes not including the 3%?