So we after months get our short sale approved, then a second appr comes in lower, a few weeks later, we wait, and it gets approved again. We get excited. We still know that, that until we close, not to get hopes fully up. No
Read more…To all readers
I want to thank all of you who have taken time to respond to my plea for examples of short sales that have failed because of Fannie Mae values that exceed FMV. As you would expect, I have had hundreds of examples sent to me. I have rev
Read more…Can anybody provide an escalation contact at FHA? Since we received the ATP and minimum net of $264K (our purchase price is $300K), the well at subject property tested dry, and there is no other water source. Buyer is willing to stay in but at a purc
Read more…I just had a first, although I shouldn't be surprised. Chase FHA with NO ATP issued yet, just asked us to have seller WAIVE their incentive. Anyone ever have that happen? Plus they are negotiating sale with NET etc, when we don't even have ATP yet.
Read more…I have a property whose first is BOA and second is GMAC. This is a co-op short sale. BOA offered $ 8,500 to GMAC, but they are requesting 15,000. The seller is receiving almost 10k from BOA as an incentive and seller was going to give the remaining $
Read more…I have a B of A, FHA short Sale. The seller is out of the country and the house is vacant. I noticed that around the middle of December the 2 A/C units had been stolen. The seller has maintained his home owners insurance so we called and filed a c
Read more…Members - I need you help quickly!! I have been in contact the past few months with NAR and Treasury Dept. regarding this issue. Please see the text below from my contact at NAR. If anyone is willing to provide "specific" examples per the request bel
Read more…I have been trying to buy a short sale in Flordia for ten months now. I have no more idea today where we are in this process than I did in March when I made the offer. My agent is a nice guy but all he ever tells me is there is no new information o
Read more…This is the 4th short sale we have tried to get, and the only one who accepted our offer.
Two weeks ago we placed a full price cash offer on a house that has been on the market for over 149 days. AFTER we placed th offer, our agent found out that th
Read more…I know this might be a bit too soon to ask the question but does anyone have a formula to estimate the taxes?
IE. Original sale price 350,000
Short sale price 175,000
Home improvements 55,000…
What would the 1099 be?
Read more…Hi, Stars -
First off, I understand that it's likely that none of us are CPAs or are qualified to give tax advice; that said, I have a potential seller who abandoned her primary residence perhaps a year ago and hasn't had anyone living there since.
Read more…Happy New Year everyone, make a great one!
I've had two issues lately with BofA short sales.
1. Seller is not delinquent, traditional short sale. Had a prior approval but buyer walked. This buyer was countered at $155,000 from $145,000 which was
Read more…I am buying a short sale. The short sale was approved on Dec 19, 2012. My mortgage broker is saying we can settle on Jan 30, 2013. I am afraid that is too long and BOA will back out and take back the approval. Does any one have any insight as to
Read more…I have a short sale listed with an accepted offer. The bank (Nationstar) ordered a BFO which was completed and accepted and now the bank wants me to do a BFO. I have never encountered this before and it seems there is a lot of information requested
Read more…Okay, so the bank FINALLY says yes to our LOWER buyer appr on the short sale condo purchase we started back over the summer. We had been approved, all that, we think we are ready, and basically we are, (we are NOT doing FHA).
Read more…We got final Approval from BoA as the first, and the approval letter from RTS (the second was sold to this collection agency). We were to close yesterday. On Tuesday BoA insisted RTS send an email specifically waiving deficiency per the investor Fr
Read more…Hi all,
I have sellers who have an incredible job opportunity in another city; unfortunately they are underwater on their current home.
So here's the question -- this isn't a forced relocation situation -- it's a voluntary relocation that's a much
Read more…Really need some direction here:
After 1 year, BOA seems to be able to get a formal approval letter but will want to close in less than 30 days.
However, I have GMAC who is the 2nd lien holder. They can be quick.
But looking at the timeline, it does
Read more…I received a phone call the week before Christmas from DTS telling me that they would be handling Fannie Mae's short sale outreach. They said they had chosen only a few of the DTS agents to handle the deals. I have received a set of leads so I call
Read more…hello Stars, A client contacted me about doing a strategic short sale. He has two loans on a rental property (EverHome (primary interest ARM - Fannie Mae loan)/CCO Mortgage (secondary with ballon in 10yrs)). Property has tenant but home is way under
Read more…
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