Comment

Comment by Dawn O'Neal on March 30, 2013 at 8:07am

Has anyone successfully rebuked Guild's Investor's counter offer?

Yesterday received an email from Negotiator Nan - the 1/1.5 condo that has 4 flights of stairs:

listed at $375,000 - good FMV for this unit
Buyer offer at $400,000
Was countered via an email for $430,000

This price will challenge any appraiser to come in that high. Anyone had experience countering back?

Comment by Ute Ferdig on May 26, 2012 at 2:56pm

I understand that the loan mod requirement is not a Guild requirement.  I don't have a problem with the loan mod requirement per se.  I just did not like that they would not even talk about the short sale process in general.  I was just trying to get more general info as I knew that the loan mod would not work.  Yes, the UCC fixture filings pose a problem.

Comment by ElizabethWeintraub00697006LyonRE on May 26, 2012 at 10:50am

I don't believe the loan mod requirement is a Guild requirement, Ute, I think it's a HUD requirement because I run into this on all my FHAs regardless of the lender. Good luck with the SMUD lien, those can be deal killers if the seller doesn't have the money to pay them. Although, I did get bank approval to pay a SMUD lien last year, but that's only happened to me once. I ask my sellers to pay off their SMUD liens because they are UCC filings and survive foreclosure.

Comment by Ute Ferdig on May 26, 2012 at 8:04am

Elizabeth, you are absolutely right, the high appraisal has nothing to do with Guild.  When I said "they have a reputation" I meant CalHFA/HUD, not Guild.  The preliminary HUD showed that we did not have much playroom even with the buyer paying for escrow/title.  Even if we end up going down to the 84% level, we still need an offer pretty close to appraised value.  Our real problem is the SMUD lien, which of course has nothing to do with Guild either.  My only issue with Guild so far is that they refused to even discuss the short sale process without the borrower first submitting an application for a loan modification.  At least it did not take long for them to issue the ATP letter.

Comment by ElizabethWeintraub00697006LyonRE on May 26, 2012 at 3:49am

Some of the short sales I did with Guild last year contained guidelines that said the home must be owner occupied, so you might recommend that the seller stay put. As for the high sales price, I think that has more to do with HUD than Guild. Plus, remember, they want to give the seller $1,000. You might want to work the numbers backward from an 88% net and push most of the closings costs to the buyer.

Comment by Ute Ferdig on May 25, 2012 at 4:22pm

Have a short sale with Guild (servicer for CalHFA first loan).  Borrower was told that he had to pursue loan mod first.  Loan mod submitted to Guild mid April (2012) with hardship letter explaining in detail why borrower did not qualify for loan modification and therefor wanted to proceed with short sale as soon as possible.  Received approval to participate in FHA pre-foreclosure sale program on 5-21-2012.  Appraisal came in a little bit high, but that did not come as a complete surprise because they have a reputation for coming in high (unfortunately).  Challenge will be to find a buyer willing to pay enough to meet their minimum net. 

Comment by Henry Liu, Broker on September 27, 2011 at 10:43am

Does anyone have a success story with Guild.  I just received a short sale right now with Guild and wow.. will this be an uphill battle???

Comment by Van Bui on September 27, 2011 at 10:21am

I have had terrible experiences with Guild. The short sale negotiator dragged on the file for 347 days. 4 buyers walked; still no approval. Negotiator never returned phone calls. I sent a letter of complaint to the president of Guild, again with no response. The following week I got a phone call from the negotiator stating the short sale was denied, citing investors who did not approve. She did not say why investor did not approve.  The house went to trustee sale within 2 weeks. The sellers were extremely unhappy because of the foreclosure record on their credit reports. Guild short sale department has been VERY unprofessional. WATCH OUT !!!!!

Comment by Brian Bean on September 22, 2011 at 9:59am

Yes, she was.

Comment by Arlene Garcia Hanner on September 22, 2011 at 8:59am

Thanks Brian.  Is Maureen Gagne, the supervisor you dealt with?

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