Negotiator asking for price reduction BEFORE sending it to the investor????
I am finding my current experience with Indymac quite weird. First, this file is taking FOREVER. My last Indymac only took 60 days from start to finish. This file was 100% complete from the beginning, nothing was missing. It stayed in negotiator limbo for a while. We couldn't get a straight answer about who the negotiator was for anything. We finally got a name, but when we e-mailed that person directly we got an e-mail back that she was no longer the assistant for Negotiator A, B and C and to contact them directly. Well we tried all three and got no response back.
Finally a month later after daily, and sometimes multiple calls a day, we found out who our negotiator was. The same person who had replied back that she was no longer an assistant. Anyway, she started asking for weird stuff (at least in my experience) like a copy of the condo association lien and a copy of the HOA bill. So then she FINALLY orders a BPO. It came in at $255k so she came back and told us to "counter our offer" from $180k to $255k.
Well I sent in a challenge on the BPO amount because it was downright ridiculous. A week or so later, last Friday late, she sent an e-mail back that said, "Our BPO came back a lot lower than the offer and I am worrying if this will appraise or not. Please counter your offer to $165k." (First thing, I don't send in "offers" I send in a "contract", but I digress)
We called immediately to ask if this was an approval at a price of $165k and if so could we go ahead and get a letter so we could provide something in writing to the buyer telling them that we have the approval since that contingency runs out in a few days. No response. Well since the foreclosure sale is set for this weekend, we sent another e-mail on Tuesday and tried to call, no response. She responds today and tells us that IF we get an approval, she will send us a letter, but not until then. And she will not cancel the foreclosure sale until we get an addendum to the offer reducing the price to $165k as well as a new HUD.
The contract has NOT EVEN GONE TO FREDDIE YET. And she is demanding a price decrease, after first demanding an increase, and we have a foreclosure sale this weekend that they won't cancel "yet." This adds $15k to the sellers deficiency amount over and beyond the $100k+ deficiency they would have already had.
I'm scratching my head as I try not to go insane over this one.
Finally a month later after daily, and sometimes multiple calls a day, we found out who our negotiator was. The same person who had replied back that she was no longer an assistant. Anyway, she started asking for weird stuff (at least in my experience) like a copy of the condo association lien and a copy of the HOA bill. So then she FINALLY orders a BPO. It came in at $255k so she came back and told us to "counter our offer" from $180k to $255k.
Well I sent in a challenge on the BPO amount because it was downright ridiculous. A week or so later, last Friday late, she sent an e-mail back that said, "Our BPO came back a lot lower than the offer and I am worrying if this will appraise or not. Please counter your offer to $165k." (First thing, I don't send in "offers" I send in a "contract", but I digress)
We called immediately to ask if this was an approval at a price of $165k and if so could we go ahead and get a letter so we could provide something in writing to the buyer telling them that we have the approval since that contingency runs out in a few days. No response. Well since the foreclosure sale is set for this weekend, we sent another e-mail on Tuesday and tried to call, no response. She responds today and tells us that IF we get an approval, she will send us a letter, but not until then. And she will not cancel the foreclosure sale until we get an addendum to the offer reducing the price to $165k as well as a new HUD.
The contract has NOT EVEN GONE TO FREDDIE YET. And she is demanding a price decrease, after first demanding an increase, and we have a foreclosure sale this weekend that they won't cancel "yet." This adds $15k to the sellers deficiency amount over and beyond the $100k+ deficiency they would have already had.
I'm scratching my head as I try not to go insane over this one.
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Oh man!!! This is strange indeed. You may have to go over this persons head to try and get this foreclosure stopped. And why in the world are they asking for a lower price? More taxpayers money down the toilet. I'd make sure your Seller gets good documentation of this for when they gey hit with a larger deficiency.
Wendy mentioned to me a couple of weeks back that she was dealing with a negotiator who was from "temp services'!! Definitely let us know how this one turns out. -
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Permalink Reply by Wendy Rulnick on
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Stephanie - This is very weird, bouncing around THAT much on price! I have found that normally the negotiator will only counter at a price they know will be accepted by the end investor. I have actually never seen a variation in that, so maybe it is worth a shot. (However, she does sound nutty!)
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Permalink Reply by Stephanie Lim on
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Got an approval on this one! Funny thing is even though I had room in the prelim HUD...she gave me more room. I have around $2k extra in closing costs. The homeowners have all of the documentation that they brought a buyer for $180k and the negotiator demanded the contract price reduction before she would send it to Freddie.
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Permalink Reply by Mori Langshaw Sr on
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Gosh! I had to read this twice.
1. Why is it "strange" that the lender wanted HOA/COA information? Uncommon - yes, but strange?
2. Im not smart so if I understand this, the lender says, "send in an offer for $265k", then you challenge the BPO and subsequently they say, "send in an offer for $165k?? Now THAT is strange. Plus the fact that you have sent in an offer for $180k???
3. In your 4th paragraph, you state "She responds today and tells us that IF we get an approval, she will send us a letter, but not until then." This is where I really got lost...Again, Im not smart so help me...Why does the LENDER need an approval? For what? Then she will send the "letter". ?????What letter? The approval letter?
4. Finally, I do not see any short sale "specialist" talking about this? There RARELY is an "end investor". Many times I hear, "...the file has to be approved by the Investor...blah blah blah..." There hardly is EVER an Investor. It makes me wonder that Short sale specialist really believe that banks send files to fannie/freddie or most Investors for approval. -
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Mori, What I found strange was that the lender was requesting that the contract price be reduced. I mean honestly how many times have you had that happen? Wendy and I interviewed a negotiator for one of the big lenders last week according to him ALL of their files involved an "end investor". Now they were a delegated servicer so they did not need to send the files to the investor unless there was something out their predetermined parameters but there are certainly "end investors" involved.
The approval could very well be coming from the MI company. Don't you agree?
Mori Langshaw Sr said:Gosh! I had to read this twice.
1. Why is it "strange" that the lender wanted HOA/COA information? Uncommon - yes, but strange?
2. Im not smart so if I understand this, the lender says, "send in an offer for $265k", then you challenge the BPO and subsequently they say, "send in an offer for $165k?? Now THAT is strange. Plus the fact that you have sent in an offer for $180k???
3. In your 4th paragraph, you state "She responds today and tells us that IF we get an approval, she will send us a letter, but not until then." This is where I really got lost...Again, Im not smart so help me...Why does the LENDER need an approval? For what? Then she will send the "letter". ?????What letter? The approval letter?
4. Finally, I do not see any short sale "specialist" talking about this? There RARELY is an "end investor". Many times I hear, "...the file has to be approved by the Investor...blah blah blah..." There hardly is EVER an Investor. It makes me wonder that Short sale specialist really believe that banks send files to fannie/freddie or most Investors for approval. -
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Approval letter came from Freddie on Freddie letterhead.
Bryant Tutas said:Mori, What I found strange was that the lender was requesting that the contract price be reduced. I mean honestly how many times have you had that happen? Wendy and I interviewed a negotiator for one of the big lenders last week according to him ALL of their files involved an "end investor". Now they were a delegated servicer so they did not need to send the files to the investor unless there was something out their predetermined parameters but there are certainly "end investors" involved.
The approval could very well be coming from the MI company. Don't you agree?
Mori Langshaw Sr said:Gosh! I had to read this twice.
1. Why is it "strange" that the lender wanted HOA/COA information? Uncommon - yes, but strange?
2. Im not smart so if I understand this, the lender says, "send in an offer for $265k", then you challenge the BPO and subsequently they say, "send in an offer for $165k?? Now THAT is strange. Plus the fact that you have sent in an offer for $180k???
3. In your 4th paragraph, you state "She responds today and tells us that IF we get an approval, she will send us a letter, but not until then." This is where I really got lost...Again, Im not smart so help me...Why does the LENDER need an approval? For what? Then she will send the "letter". ?????What letter? The approval letter?
4. Finally, I do not see any short sale "specialist" talking about this? There RARELY is an "end investor". Many times I hear, "...the file has to be approved by the Investor...blah blah blah..." There hardly is EVER an Investor. It makes me wonder that Short sale specialist really believe that banks send files to fannie/freddie or most Investors for approval. -
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It sure could come from the MI company. I also agree that there is an end investor on all mortgages, however, like you mentioned, the "approval" rarely comes from the "end investor". Did you attach an approval from Freddie that we can see. In all my (whopping 2.5...lol) years, I have yet to see an approval from Freddie/Fannie. They have all come from the service, MI companies.....Would love to see that...
Stephanie Lim said:Approval letter came from Freddie on Freddie letterhead.
Bryant Tutas said:Mori, What I found strange was that the lender was requesting that the contract price be reduced. I mean honestly how many times have you had that happen? Wendy and I interviewed a negotiator for one of the big lenders last week according to him ALL of their files involved an "end investor". Now they were a delegated servicer so they did not need to send the files to the investor unless there was something out their predetermined parameters but there are certainly "end investors" involved.
The approval could very well be coming from the MI company. Don't you agree?
Mori Langshaw Sr said:Gosh! I had to read this twice.
1. Why is it "strange" that the lender wanted HOA/COA information? Uncommon - yes, but strange?
2. Im not smart so if I understand this, the lender says, "send in an offer for $265k", then you challenge the BPO and subsequently they say, "send in an offer for $165k?? Now THAT is strange. Plus the fact that you have sent in an offer for $180k???
3. In your 4th paragraph, you state "She responds today and tells us that IF we get an approval, she will send us a letter, but not until then." This is where I really got lost...Again, Im not smart so help me...Why does the LENDER need an approval? For what? Then she will send the "letter". ?????What letter? The approval letter?
4. Finally, I do not see any short sale "specialist" talking about this? There RARELY is an "end investor". Many times I hear, "...the file has to be approved by the Investor...blah blah blah..." There hardly is EVER an Investor. It makes me wonder that Short sale specialist really believe that banks send files to fannie/freddie or most Investors for approval. -
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