I am a first time home buyer and have placed a bid on a short sale. The lender on the sellers end is Bank of America, and I suppose they are accepting my offer, but I was asked if I would be willing pay $1000 for a 'letter of approval' because the s
Read more…The situation is I own a rental property, that has a 1st on it for $200,000 and a second TD to my bank, as collateral for a loan (balance of loan is $350,000).
My question is, that If I decided to sell the property for $250,000, and the actual FMV
Read more…Hi,
We completed our short sale last November (With B of A, believe it or not).....we did do 5 months on trial payments last year totalling about $5000. We received a 1098 saying we paid $25,000 in interest last year which of course we didn't. I have
Read more…Hello. Dealing with the purchase end of a short sale right now. Buyers offered full asking price to help get the sale through. Title search done revealed 2 liens (Chase as 1st, USB as jr). Selling agent is very difficult to get info from. Won't even
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The FBI is focusing its attention on real estate brokers to see whether or not the broker submitted all offers to the lender in a short sale transaction. A real estate broker who does not submit ALL offers to the lender could be charged with being
Read more…If you were listing a short sale where you already had a buyer for the property, and an offer price (pretty low) for the house, what would you list the property at? Market value? Close to the offer price? Sellers don't care what the house sells fo
Read more…have the right to know how many liens on the seller's property? My agent says no, but everything I read seems to indicate otherwise.
Read more…I have a client who has an 80/20 loan. Both are with One West Bank. What does this mean in terms of the second? Will One West Bank treat them separately or will they treat it as a package?
If these both were taken out at the same time (ie purchase mo
Read more…Currently on the buying end of a short where Chase is the first, and USB the second. Was in to USB about doing some investing and was told if I put my money there they could give me direct info on how the SS is going. Interesting. However, I then got
Read more…If seller signs prom note, does that modify the mortgage and release them from future deficiency amounts?
Read more…On Thursday, March 10, C.A.R. is running an open letter in several newspapers statewide, addressing the numerous challenges associated with short sales.
The open letter addresses the following topics: The benefits of doing a short sale rather th
Read more…Has anyone received assignments for REO assets from Titanium Solutions?
Read more…For those of us that use an electronic signature service, I thought it might be helpful to make a list of the banks/lenders that accept electronic signatures. Hopefully this could potentially be a reference thread to prevent future surprises from ne
Read more…I am the listing agent and Wells Fargo has approved our short sale and sent it to investor, Freddie Mac, for sign off. I was expecting final approval today and got this email from the negotiator at WF instead,
"Buyer is under a Corporation. Inves
Read more…Did anyone ever have any luck convincing USDA to stop an auction?
We have been calling on a property that was listed for a short sale and, even though we were authorized, were unable to get any information from USDA as to the foreclosure status of th
Read more…I am the seller with a Short Sale (FHA) involving B of A. I had been instructed to request a "Letter of Forgiveness" from B of A with regards to the deficiency amount. I finally got a reply from my latest request which stated: "HUD doesn’t send ou
Read more…Flagstar is by far one of the worse ever. Started a SS with them about a year ago. About 6 months out they transferred the file to mortgage outreach. Everything was moving along in which I thought was going pretty good. Then HAULT... we have to now g
Read more…This information was posted in the confidential remarks of a local listing:
New Fannie Mae Short Sale Assist program,with kazork.com.Expedite the process with our 15 day offer response time.
Has anyone heard of this or have any insight?
Thank you
Read more…Thought I would share this with all the Superstars
http://www.equator.com/home/index.cfm/products/short-sale-module/
Rick
Read more…Hello all,
I am in Palm Beach County Florida, Boynton Beach to be exact. I would like to get some feed back from as many as short sale superstars as willing to give. Here is my question:
Does anyone know where we can find what is typical for an
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