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Expenses "above the national average" ???

Posted by Steve Early on April 13, 2011 at 4:05am in Short Sale Discussions

ASC just sent the seller a list of documents they wanted along with a few questions. Among the questions was:

"Why are Food, Transportation, and Utilities Expenses above the national average?"

Are you kidding me?  Has anyone ever seen anything like that before? We've done hundreds of short sales and that is a first for us.

 

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Replies

  • Jeff Payne April 14, 2011 at 6:12am
    Bryant, I like to call myself full figured :)   I feel like I am shape, round is a shape
  • Bryant Tutas April 14, 2011 at 6:05am
    Maybe there's a reason I'm 250 lbs!!! But it is strong fat :)
  • Jeff Payne April 14, 2011 at 3:26am

    $1000 for 2?  I am rethinking buying you lunch next week Bryant! 

    I ran into this once, the seller simply explained that he lives in Hawaii and everything is expensive there!

  • Bryant Tutas April 14, 2011 at 12:02am
    Smitty I don't know if they would be penalized or not but they will have to explain it. I had to on the 2 short sales I did for myself. My monthly food bill for 2 was well over $1,000!! This is way high for my area. However my wife was on a special diet for health reasons. I was able to prove this and all was well.
  • Smitty April 13, 2011 at 2:44pm
    I had no idea either.  That IS interesting.  So let's say I'm an organic fan and my gallon of Milk cost more than the regular stuff....is a homeowner penalized for that in some way?  Seems ridiculous.
  • Steve Early April 13, 2011 at 2:33pm

    Thanks Bryant -- I'll have to search the internet to see if those charts are on the net, because I have no idea if they are off by $50 or $5,000 from "the norm".

    It helps to know that the charts even exist.

  • Bryant Tutas April 13, 2011 at 11:37am
    Steve. Lenders have a chart showing these averages. If the sellers expenses are out of range they may very well ask why. The sellers just need to explain it.
  • Steve Early April 13, 2011 at 10:11am

    Yep, really. And on top of that, he sent us this request involving multiple documents that have to be collected at 8:53 pm last night, and told us that if he didn't have an answer by 3:30 today, he was going to deny the client's application for a HAFA short sale. Seems just a tad unfair, don't you think?  Especially when the client is active military and can't exactly tell his CO that he can't do his job today, he has to go collect some paperwork for a short sale. 

    I'm not sure if it is a matter of having no hearts, no brains, or a combination of both.

     

  • Smitty April 13, 2011 at 9:55am

    WOW.  Really?  They are stretching huh.  I once had AHMSI ask me if my seller owned his truck...as if to say, "Hey sell your truck and pay your mortgage"

    UNREAL

     

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