I have a friend/client that would like to do a short sale. However, this client has strong income. He can certainly afford all of his monthly payments. He owns two lots that are upside down by about 70% and would like out. Is it possible to work him
Read more…I must admit, I hate when I don't know the answer! Fellow agent called me for help. Has a HAFA deal. Offer meets the minimum net. 1st is only willing to pay $669 to 2nd lienholder despite the fact that 6% of the balance owed is around $1500. In
Read more…Have known the roof was going to be an issue from day 1. Just received an offer and am wondering if I can line item the cost for a new roof to be paid at closing on the estimated HUD I send to the lender? Open to any and all possible strategies.
Lend
Read more…I had property listed with no offers and when GMAC asked why there had been no offers I sent them a CMA report showing value being lower then list price. They gave written advise for pricing, we reduced list price accordingly and received an offer w
Read more…I have an approval letter from Wells Fargo, due to close near the end of March. The inspection revealed termites yesterday and some baseboard damage from them. The seller is due to receive $3,000 relocation allowance. Is it possible for the owner to
Read more…I have a bofa short sale and the tenant (which has no lease or rental agreement with my seller) says he needs to stay about 2 weeks after the scheduled close of escrow. I am wondering....if escrow closes can the new owners call the sheriff and have
Read more…My wife and I found a great house for sale in San Diego, but it is a short sale and things aren't looking so good at this point.
The sellers are a recently divorced couple: Mrs. Seller is still living in the house (with tenants to make ends meet); Mr
Read more…Does anyone have a number from Bank of America for the buyer to call and get some customer service help? The negotiator is not replying to anything we ask for and there is no number to go to.
Read more…Just took a Short Sale Listing with one loan being serviced by Carrington. Looked it up, joined the group, but it appears there isn't much activity? Any advice superstars that have dealt with these guys?? Thank you!
Read more…What has your experience been with response from short sale lenders when your sellers donate a portion of their earnings to religious institutions, charities, etc, as a regular "expense" item, large or small?
Read more…Aurora Bank will not release my client from "Liability" on the short sale approval of their investment property, which means they can pursue them for a deficiency judgment in FL. If the Banks issues a 1099-C does this not in essence mean that they ca
Read more…Has anyone been able to figure out a percentage off the initial suggested list price that a lender might accept in a pre-approved short sale?
For example, in a HAFA short sale or a BoA Co-op sale, the lender does a BPO first and then suggests an init
Read more…Hello Superstars,
Are you finding that Wells Fargo (now on Equator) is still generally faster than B or A for approvals? I have a first and a HELOC, both with Wells and haven't done a Wells SS in a while.
Also, is there a document that compares the v
Read more…Can I tell a potential Short Seller that the lender will definately not seek a Deficiency Judgement? Are there any circumstances where they "are" seeking Deficiency Judgements? I've done a number of short sales thus far and have yet to have a lende
Read more…My first question on this forum: At what point do I start asking the bank to release the deficiency against my client? I don't even know if I asked that correctly. What I'm asking is, I don't want my client to have a deficiency at the end of this sho
Read more…Hello,
My fiance and I both own a home. We can afford both mortgages right now, but would like to sell her condo so we can consolidate bills, start a family, etc. We met with a real estate agent yesterday who said that our situation was not a va
Read more…I just saw this posted on the CDPE forums.
“Account is a claim-transferred from Radian to Franklin Credit Management collection. The claim represent the amount we are entitled to recover from you on the mortgage insurance claim Radian paid to your l
Read more…Hi Everyone,
I could really use some help. I have a client that has 2 judgments that need to be released so that her short sale can be completed. What is the best & fastest, as time is of the essence, way to get them to release them. One is Capita
Read more…i have a short sale with PNC, and of course after 9 months of feathering the price down from 240 to 125 where we got a cash offer at $120. And of course now they say they will only take $160,000. in the same breath of air he says that he is going to
Read more…As an agent, I have sold many short sales. I recently wrote an offer to buy a short sale as my primary home. The listing agent insisted that I write the contract as if my broker was representing me. I don't see why a lender would care if the buyer
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