Yahoo! Short Sale Approved by GMAC on Equator

6-08-2011%20%20GMAC%20SS%20Approved0001.pdf

 

GMAC approval on Equator with 6% commission and no Seller Contribution.

 

Loan Bal:                        $285,000

Offer:                              $170,000

Commission:                   6%   (3.5/2.5)

Seller Contribution:          $0

 

This was the 2nd offer I had approved on this property.  First buyer walked 3 days to close.  1st approval was for $192,000 in September.

 

Final Scenario:  

2nd offer:   $170,00

2/10/2011

Counter:    $200,000

Buyer:       rejected

  • Requested a new BPO or appraisal. 
  • GMAC still wanted $200K due to new BPO
  • Buyer rejected again and verbally terminated, however, still interested.
  • CMA's sent to GMAC bi-weekly until they accepted the $170,000.
  • Buyer came back - hadn't found another property.
  • GMAC approved via email prior to postponing the auction.  (no approval letter yet)
  • Auction postponement requested by me.
  • Auction Postpone for 30 days.
  • Seller Contribution Requirement:  Fannie Mae now wanted $2,500 from borrower
  • Borrower agreed to $1,500.
  • I countered to GMAC negotiator that they had approved via email without a contribution, so to keep their word
  • Requested an Escalation
  • GMAC:   provided approval letter within 24 hours of escalation request.

Copy of approval attached for your reference.

 

Lillie Dominguez

 

Views: 379

Replies to This Discussion

Permalink Reply by Christy Brock on June 24, 2011 at 3:24pm

Hi Lillie,

 

I did not see GMAC in the list of banks on Equator.  Did you start it via fax then GMAC moved you to Equator?

 

Christy Brock

Service First Real Estate

Permalink Reply by Lillie Handy Dominguez on June 26, 2011 at 11:48am

Hi Christy,

I started it on Equator.  It is one of the Banks on Equator.  When you initiate the short sale, the drop down window shows the list of banks.

Good Luck...Lillie

Permalink Reply by Randy Randolph on August 3, 2011 at 4:53pm
I just looked on Equator and can't find GMAC listed in the drop down menu?
Permalink Reply by Christy Brock on August 3, 2011 at 4:57pm
Equator was not on the drop down menu for me either so I had to start the transaction by fax and I gave them my Equator email.  After the transaction was started, it showed up in my Equator list.
Permalink Reply by Diego Marin on September 5, 2011 at 2:01pm
Hi Christy, I'm trying initiate a GMAC S/S listing, did you start by faxing the listing agreement to FAX 1-866-502-0424??  Thnx
Permalink Reply by Randy Randolph on September 6, 2011 at 4:49pm
I have been trying to fax to that number since Friday and it keeps disconnecting my fax :(
Permalink Reply by Christy Brock on September 6, 2011 at 5:03pm
Yes, that is the number I faxed to but you can try 866-709-4744 and Authorization to 866-501-1610.
Permalink Reply by Randy Randolph on August 3, 2011 at 4:59pm
Great! thanks for the tip!

Christy Brock said:
Equator was not on the drop down menu for me either so I had to start the transaction by fax and I gave them my Equator email.  After the transaction was started, it showed up in my Equator list.

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