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today is a good day for short sales!

Posted by Jeff Payne on December 23, 2009 at 8:37am in Short Sale Discussions
I got a few more short sales approved: Tyndall Federal Credit Union: Original Mortgage Amount : $175,000 Sale Price: $85,000 Commission as per PMI: 5% 3 weeks for approval AHMSI: Original Mortgage Amount: $235,000 Contract price: $115,000 Commission: 6% Buyer to pay 1% for short sale fee to AHMSI Got an extension on a BofA short sale Closing a Wells Fargo short sale next week

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Replies

  • Stephen B. McWilliam December 26, 2009 at 11:15am
    Beware: the story about the MI restricting the commission is tpyically just that ; a story. Determine the amount of MI coverage (ie. 19%,25% etc). Use that percentage against the original loan amount do determine the MI company's liability. If the loss to the lender is greater than the amount of MI coverage then the MI cannot interfere in your compensation with the Seller. Typically, if they are maxed out the MI authorization is drafted from instructions created by the first lender. The first lender will attempt to blame the MI company but that correct and if properly argued the MI authorization will be ammended to the commission as permitted by the first lender and in accordance with GSE or HAFA policy.
  • Wendy Rulnick December 26, 2009 at 5:35am
    Jeff - Good info on Tyndall! Congratulations on a banner week, too.
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