Comment

Comment by sherry on February 14, 2010 at 1:03pm

Hello All, I thought I would start here. Back in August 2009 5th 3rd had approved a short sale for a property in Tampa, FL but they wanted my seller to sign a promissory note for like $35K. He has no money at all so we walked. Now the prpoerty is still listed for sale going on 12 months plus with no bites and also with a foreclosure sale date set in May 2010. Still no solid contracts. I was wondering if anyone has any suggesting for negotiating the promissory note? I would think if they get an offer close to the BPO value they would take it negotiate the note down with a sale date set...



Any help would be much appreciated? The file is with a local person so I guess this is a good thing?

Comment by Kynse L. Agles CDPE on February 14, 2010 at 9:27am

I have 2 Fifth Third Short Sales. One I just got a bank approved price of $545K , the buyer walked. The other is still in negotiations because they seem to believe the seller has to much money. I will keep you all updated. Both packages were submitted December 1st. I have local negotiators on both files which is nice, I actually dropped the tax returns off at the local office and spoke with the negotiator.

Comment by Alton R. Tyndall, Jr on February 11, 2010 at 4:53am

Just submitted a full packet with 5/3, they received it and gave me a shortsale contact name but no contact information..said wait two weeks until BPO comes in..this is freddie mac loan according to loss mitigation..any tips appreciated to speed it , thanks

Comment by Bryant Tutas on September 20, 2009 at 12:16pm

OK Richard I guess my head is not functioning right tonight. I don't get the question. But if I had to guess I'm positive I am/was part of the solution :)

Comment by Richard Zaretsky on September 19, 2009 at 12:02am

BB - I should have said "ARE you", not "were you".

Comment by Richard Zaretsky on September 19, 2009 at 12:01am

Good Job BB. Now in negotiating this were you part of the solution or part of the problem? (hint - it is a worldly question!)

Comment by Bryant Tutas on September 18, 2009 at 7:27am

I just received final approval from 5/3. We were able to negotiate the $35,000 requested from the MI company down to the seller bringing $1,000 cash to close. YIPPEE! They are also paying 3% in buyer closing costs and full commission. It was a Fannie Mae loan.

Comment by Richard Zaretsky on September 13, 2009 at 1:47pm

No cousin Bryant... not long at all! I need to check with our BK attorney but my guess is about 60 to 90 days tops. Of course if they are getting rid of the 2nd by doing a BK 13, usually the debtor is trying to stay in the property..... But we have used it in the right circumstances (ie: 1st is close to the selling price) to get a sale done. Also we have used a 7 and a 13 (depending on which the debtor qualifies for) to avoid a tax event from a forgiveness of debt where there would have been a tax to pay (and the client did not have the ability to pay the tax).

Comment by Bryant Tutas on September 13, 2009 at 8:29am

Richard are you saying file BK 13 to get rid of the 2nd then have the property released from the BK so the borrower can do the short with the first? Is this a long process?

Comment by Dick and Dixie Sells on September 13, 2009 at 1:59am

Right on this is a 2nd. Think that the BK is the way and that is the reason for the attorney to advise my seller. Luckily the buyers are in for the long haul. It is right at Fair Market Value on the offer (now as we have been in negotiations a while) Thanks for confirming what I thought would be a good avenue. Dixie

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