Replies to This Discussion

Permalink Reply by Tni LeBlanc (805) 878-9879 on March 23, 2011 at 7:07am

I have - I just closed a deal with them last month.  Feel free to call me at (805) 878-9879.

Permalink Reply by Joseph Kuhl on March 23, 2011 at 7:47am

Kim - I handle some of their commercial REO's and have a good working relationship with their main asset manager.  Is this a commercial property?

Permalink Reply by Mellissa Young-Ramirez on March 23, 2011 at 8:04am

Follow up, complete package with cover letter that outlines briefly the purpose for request, the purchase details and if possible the numbers to show them why it is to their advantage to approve the short sale. Have you confirmed who investor is? GSE's can actually hold things up. Is it traditional short sale or HAFA because they'll want to first offer modification to sellers as per HAFA guidelines and even if sellers say no or can't qualify, there are still procedures and due diligence to follow, so that will give you a month or more delay. And finally, ate you sure you submitted to correct department or fax line and have you tried submitting it again to make sure it went through. I always submit at least twice, two days in a row and sometimes I'll resubmit a week or two later based on the vibe I sense when I call in to track it.

Permalink Reply by Mellissa Young-Ramirez on March 23, 2011 at 8:10am

One more thing, my limited experience with Bayview was frustrating at first but once asset mgr was assigned it did go more smoothly. However they were very aggressive about pursuing and contacting homeowner in order to work out a loan modification, and for one client, that was all she really wanted and needed, for another client, they nearly lost short sale because they refused to accept any of the lenders calls and that is important to know because the servicers are also responsible for verifying the borrower is on board for a short sale and not bring scammed or chested. I will let you know how my current short sale goes with Bayview although it's commercial not residential this time, so brand new territory for me

Permalink Reply by Petra Norris on March 23, 2011 at 10:32am

I just closed a short sale with Bayview Loan Servicing a couple of weeks ago.  Negotiator communicated well - worked both sides of the transaction.

Permalink Reply by Kim McMahon on March 24, 2011 at 8:59am

Hi Joe,  Thanks for the response.  Yes, it is commercial.  We had a low ball offer early on which I realized wasn't going to get passed. I was looking for a feel on where their "pain" threshold was.  Their BPO came back about 100 k over current market value.  I now have a second offer which is more in line with market value and want to present.. Any suggestions?

Joseph Kuhl said:

Kim - I handle some of their commercial REO's and have a good working relationship with their main asset manager.  Is this a commercial property?

Permalink Reply by Kim McMahon on March 24, 2011 at 9:00am

Mellissa~ Thanks for the reply. Good luck with your commercial deal.

Mellissa Young-Ramirez said:

One more thing, my limited experience with Bayview was frustrating at first but once asset mgr was assigned it did go more smoothly. However they were very aggressive about pursuing and contacting homeowner in order to work out a loan modification, and for one client, that was all she really wanted and needed, for another client, they nearly lost short sale because they refused to accept any of the lenders calls and that is important to know because the servicers are also responsible for verifying the borrower is on board for a short sale and not bring scammed or chested. I will let you know how my current short sale goes with Bayview although it's commercial not residential this time, so brand new territory for me

Permalink Reply by Kim McMahon on March 24, 2011 at 9:02am

Petra~ Thanks for the response.  I wish I could say the same.

Petra Norris said:

I just closed a short sale with Bayview Loan Servicing a couple of weeks ago.  Negotiator communicated well - worked both sides of the transaction.

Permalink Reply by Kim McMahon on March 24, 2011 at 9:02am

Tni~ Thanks for the reply.  I read you on AR all the time.

Tni LeBlanc said:

I have - I just closed a deal with them last month.  Feel free to call me at (805) 878-9879.

Permalink Reply by Joseph Kuhl on March 24, 2011 at 7:08pm

Can I give you my email address here without violating guidelines?  Well, let's find out -- send me some basic particulars on the property (address, loan number and negotiator, etc.) and I will talk to my contact Mon or Tues and see if I can get him to shake the tree a little. Market values for commercial properties can be tough given lack of comparables - did the BPO do an income approach to value?  In many cases that is the best indicator in this market - generally, investors are looking for at least 10% ROI. I can give you some advice how to research that if you'd like . Email to:  [email protected]

Kim McMahon said:

Hi Joe,  Thanks for the response.  Yes, it is commercial.  We had a low ball offer early on which I realized wasn't going to get passed. I was looking for a feel on where their "pain" threshold was.  Their BPO came back about 100 k over current market value.  I now have a second offer which is more in line with market value and want to present.. Any suggestions?

Joseph Kuhl said:

Kim - I handle some of their commercial REO's and have a good working relationship with their main asset manager.  Is this a commercial property?