Forum

Rushmore Financial Service

Posted by Anthony on July 22, 2016 at 2:01am in Short Sale Discussions
I currently working on a short sale with Rushmore. There're holding firm on a 200K net with no regards to the certified engineer report. The engineer report states the property has about 40K in repairs to bring the property into compliance. They're claiming the investor will take no less than 200K net, regardless of any report to include appraisal also. One of my biggest concerns is the value placed on the property is the result of an agent exterior drive by BPO. How can a $50-$75 drive by BPO carry so much weight, and not consider the engineer report and or an appraisal. The property is clearly not worth 200K plus. Any suggestions. Thanks in advance.

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • Darren Bell July 27, 2016 at 2:36pm
    Rushmore has taken over a ton of NPL's recently. Generally they are not very negotiable and will stick to the price
    • Anthony > Darren Bell July 27, 2016 at 2:40pm
      I see, I don't think I'm going to have much luck with them on this short sale. Any suggestions Darren.
  • Anthony July 22, 2016 at 4:23am
    First, Thanks Brett for a quick response. I'm not sure who the investor is and yes I've spoke to management and they had the same sentiments as the rep. I'm kind of lost for words because there're not willing to budge. My next strategy was to go to contract subject to appraisal, but that was shot down because it was said prior that appraisal wouldn't matter.
    • Jonathan Katz > Anthony July 22, 2016 at 4:28am

      When does their value expire and when will a new one be ordered? I'd also write a letter from the borrower asking who the investor is if the servicer won't provide it.

      Best of luck,

  • Jonathan Katz July 22, 2016 at 4:14am

    Tough situation. Who is the investor on the note? Can they be contacted or have you spoken to senior management at Rushmore about ordering a new value? I've seen small private investors who have recently bought non performing notes take their own agenda into account, especially if it's a property they feel they can foreclose on, take ownership, and make a larger profit on their exit strategy then a short sale.

    Brett@ishortsalenow.com

    310-564-6389

    www.ishortsalenow.com

This reply was deleted.
********************************** like buttons ************************