One of the HAFA changes is that the junior lien holders will be able to get up to $8,500. I thought that this change, along with the others, went into effect on June 1, 2012 but a review of the Directive says that this change goes into effect immedia
Read more…Hi all,
I'm a prospective short sale buyer. Dumb question - but when people are talking the time it takes to close a short sale - are you including weekends as well - or just business days?
Hi. I am a buyer who has received an approval on a short sale from Aurora bank. I understand they are transferring their loans to new servicers throughout June and July. I am in escrow. I am concerned that a transfer of the loan will null our approva
Read more…We are meeting with agent today to discuss a price amendment on our SS offer due to a low appraisal ($30k less than offer). We will be including a copy of our lenders appraisal, but wondering if there is any particular language that should be includ
Read more…Need help. working on a preapproved HAFA short sale and Freddie Mac is the investor. the 3rd party vendor is LRC. The approved price was 240k (overpriced -BPO) Buyer came in at 220k. They countered full price, 240k, buyer came back at 225k. They sti
Read more…Just had a Coop BOA close yesterday in Durham North Carolina .
The seller incentive was $2500.00 and we were set to close at 2pm.
I recieved a call from our closing coordinator saying we could not close today as the HUD 1 has to change. Of course thi
Read more…I have made an offer to a property in Fort Lauderdale, FL that is in short sale. I was going to do some research however it is a very HOT property and priced way below market value (there is a catch of course) and I don't want to be doing my thinkin
Read more…I have a short sale that was submitted to Suntrust in December 2011. Unfortunately, Suntrust is probably the slowest servicer I've been working with when it comes to processing short sales. Back in March I saw a foreclosure sale date on the county
Read more…I NEED HELP WITH CHASE . . . I have a 2nd mtg with Chase. A complete SS pkg was submitted over a month ago and I’ve forwarded updated financials as well as the 1st mtg approval. Their file is 100% complete, yet they still have not opened the short sa
Read more…Seller here in the middle of a short sale.
We have the approval to proceed but we cannot get the deficiency waived and we are getting the runaround from every direction.
Our agent says close anyway "they won't come after you" uhhuh, well they do h
Read more…I know that Fannie allows a 6% commission, and I thought I read that Freddie does as well. Additionally, servicers are not allowed to negotiate those commissions.
I have a Freddie deal serviced by Wells Fargo. Turns out that the Buyer's Agent is rel
Read more…I have been thinking about investing in short sales, with idea of buy with cash and resell for a profit.
I have been reading alot out there that this kind of investing is dead. Can anyone shed some light on this.
Is the back to back closing a thing o
Read more…Oh my goodness gracious. This is a nightmare with BofA. I've been trying to get this short sale activated for quite some time. Homeowner has already called into the HRD and gone through the waterfall process. He was declined for loan mod. They w
Read more…I have a situation where the seller has accepted a offer. Another agent has brought in a offer that is not as good as the first. The seller doesn't care since the 2nd offer is from a friend. Help?
Read more…We had a closing fall out 2 days prior to close due to buyer financing, everything was signed and ready to close...put property back on the market the next day we received a full price offer (same as previous approval), all cash with no appraisal con
Read more…Good morning Superstars.Whether you like short sales, want to do short sales or want to avoid short sales, short sales are here to stay. Short sales are a major part of the market and in my opinion will become even more so. Lenders WANT to do short
Every case is a litle different. It is about common sense the $3000 relocation money belongs to home owner but if she has a 1st under water, 2nd asking for $20,000 and a water filter lien asking for $5,300 to settle and she really wants to short sale
Read more…I've actually SEEN now, and keep hearing about Short Selling sellers receiving HUGE amounts. I was on a transaction where the Seller received $30,000 for selling after NOT PAYING for a year!! That was from Chase. When I asked the negotiator on one of
Read more…I'm about to close on my Chase short sale on June 7. Just got the lender's final closing instructions letter. Unlike the "conditional/preliminary" short sale approval letter mailed in April, it does not contain any language about how the deficiency w
Read more…I have two short sale listings and seller has an attorney, who advised her about doing a short sale on both properties. Does anyone know about mediation process with Bofa? From what I have heard, it is a process where seller's attorney meets with ban
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