Replies to This Discussion

Permalink Reply by Kynse L. Agles CDPE on March 24, 2010 at 8:49am

I wish I had your negotiator! Today is frustrating me!

Permalink Reply by Donna McClelland on June 28, 2011 at 12:40pm

HI Bryant,

 

I really love your website!  I don't feel so alone now and I don't take my setbacks personally as I have discovered it's all the bank's fault!  Anyway, on your successful Fifth Third SS, was that a primary residence?  I have a seller wanting to short sell a secondary residence (their son lives there full time and they stay there several weeks per year).  This is my first Fifth Third short sale and I don't even have a phone number.  May I email you privately to get this info?

 

Thanks!

Permalink Reply by Bryant Tutas on June 29, 2011 at 3:59am

I've closed several Fifth Third short sales and all were investment properties. The info you need is in the Fifth Third group on this site.

Permalink Reply by Bryant Tutas on June 29, 2011 at 4:00am

http://shortsalesuperstars.com/group/fifththirdbank

Permalink Reply by Donna McClelland on June 29, 2011 at 5:51am

Thanks Bryant!  I joined the group and was able to get the contact info. I'll keep you posted on my progress.

Permalink Reply by Donna McClelland on September 9, 2011 at 12:28pm

Hi Bryant,

 

I just got declined (my first time in a year) on a short sale due to no financial hardship.  Here's the scenario: 2nd home, retired couple, have a lot of money in the bank (close to a Mil); their hardship is that the property is a two story and due to health probs, they can no longer climb the stairs.  I had another couple with similar finances who got a ss approved by Provident with a $10K cash contribution.  I was hoping I could do the same with Fifth Third.  Do you have any suggestions for me or should I just chalk this one up to a listing I shouldn't have taken in the first place?

 

Thanks!

Permalink Reply by Bryant Tutas on September 9, 2011 at 12:49pm

Donna. If it were me I'd find another buyer and try again. I've had short sales denied 2 and 3 times and was then able to get them approved. Concentrate on the medical hardship. Try to get a letter from their doctor.

Permalink Reply by Donna McClelland on September 9, 2011 at 12:56pm

Thanks for the quick reply.  So you are saying that we should accept this decline, start over with a new buyer and see if we can get lucky the next time around?  You don't think I should try to convince the lender with the current buyer (that I know  REALLY wants this property)?  I did get info from the contact at 53rd that our file was passed to a number of people over there and that they could not find a way to qualify it for a short sale.  The sellers are thinking now about just letting it go to foreclosure.  Perhaps I should relay this info to 53rd (although I'm sure they've heard this threat a million times).  Maybe I should just cut my losses and put my time into other more promising deals (and ones with a sales price over $100K). 

Permalink Reply by Meg on December 12, 2011 at 4:54am

Bryant,

 

I have a question for you. My house is currently waiting approval for short sale and the paperwork is into Freddie Mac at this time. This is a learning process for me and I did not realize Freddie Mac was going to get involved. I have looked into the guidelines for Freddie Mac and one of them is to be 60 days delinquent. Well, I am not, I tried to go delinquent this month and long story short, bill payer took payment out of my checking account that had no money in it and I had to pay that back and now I'm current on mortgage. Grrr. Well, I'm really concerned that I will get denied from Freddie Mac. Do they look at all the criteria? Or, is not being delinquent 60 days a pretty firm denial? Any ideas? What should be my next plan of action if denied? Thanks for any help/suggestions you can give me!

Permalink Reply by Donna McClelland on December 12, 2011 at 7:25am

Hi Meg,

I had a seller denied twice due to having good credit, an excellent income and a ton of money in the bank.  This was my first ever denial of a short sale.  They have decided to let it go to foreclosure.  So, to answer your question, Freddie Mac also looks at your credit score, your income, and your savings, not just whether or not you are behind on the mortgage.  They prefer to see you having trouble keeping up with all of your obligations, not just the mortgage.  

Donna 

Permalink Reply by Meg on December 12, 2011 at 7:52am

Hi Donna,

Thanks for your response. Was your seller behind on the mortgage during the short sale process? The buyer for my house also really wants the property and I really want her to buy it for so many reasons. It is so frustrating that the banks make us go through all of this and then sometimes basically forced into foreclosure.

I'm just waiting for the decision which should be early next week and will go from there on a plan of action. Did you have to wait approximately 14 days for each decision of denial? My buyer is antsy and I am considering renting my place to her if I receive feedback on the decision such as "needs to be delinquent" and then I will do that and just have her live there till we close. Ever had any experience with such a scenario? My buyer is currently living with family as she moved from a different state and is waiting for the sale to go through.

Permalink Reply by Donna McClelland on December 12, 2011 at 8:04am

Hi Meg,

My seller was not behind the first time we submitted the short sale package.  They were 60 days behind the second time we submitted the package.  We did not have to wait 14 days for each decision.  You can call the bank as often as you like to try to get them to expedite the process.

Is your listing agent doing your short sale negotiations?  I'm sure he/she has advised you that you will want to have a lease agreement with the potential buyer before you allow her to move into your property.  

(This is not intended to be legal or financial advice.  You should consult the services of a professional before making any decisions).

Keep us posted on your progress!

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