Comments

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  Kay VanKampen September 13, 2019 at 8:26am

  So here's what I changed:

  Buyers and Sellers agree that buyers will contribute $34,000 to Wells Fargo Home Equity, Loan ########, to be paid through escrow at closing to satisfy Wells Fargo Home Equity Short Sale conditions.  Buyers contribution is contingent on written approval from both the first, SPServicing, Loan ###### and Wells Fargo Home Equity prior to closing.
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  Linda C. Babbitt August 15, 2014 at 5:48am

   Hi Tom,

  Thanks for the validation.  These people need to be stopped!
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  Michael Hayley July 26, 2013 at 4:45am

  Thom: thank you for the Freddie Mac BPO form. Wow. What a time saver. Thank you. 
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  Barbara Thomas April 5, 2013 at 2:50pm

  I saw comments at the Auction.com group -- apparently I have to be "approved" by an administrator to comment there, so I'll comment here instead.

  I have my 3rd "Auction.com" auction event happening this weekend.  The 1st 2 were associated with Coop short sales through Bank of America. Mixed results there so far.  I'll save those comments for the BofA lender group.  At least BofA provides this as an option to the homeowner with a financial incentive for participation and successful closing of the short sale.

  The most-recent one is a Nationstar short sale.  We had a Seller-accepted offer at the end of January, and then sometime later in February, the Seller and I both received a letter stating that Nationstar had engaged with Auction.com to market and sell this property, and they hoped we would take advantage.  We said "No, thank you", and then we were later told that this was not "optional", but a required part of the short sale process.  When I asked if the homeowner would be offered an incentive to participate -- similar to Bank of America -- I received a rather rude response:  "Short sale is a gift to the borrower so we will not offer an incentive....."

  In my opinion, "Auction.com" is very much oriented toward REO properties.  Short sales -- especially when they are still occupied -- do not fit quite so well into their model.  For example, the current Nationstar is for a tenant-occupied duplex.  We were supposed to hold an open house from 11 am to 4 pm both Saturday and Sunday the weekend before the auction event.  Really??

  Another observation is that Auction.com has marketed all 3 of the properties so far as "Non-financeable - cash-only".  This has conflicted directly with my MLS comments which also suggested that conventional or rehab financing might work.  And it also strikes me that this moves these short sale properties back into the world of low-balling investors that the banks say they have been trying to avoid because they want "fair market value".

  I will just conclude by saying that, so far, I am underwhelmed.
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  Duretta Lorang January 24, 2013 at 9:52am

  awesome and thank you.   this is a very conscientious homeowner.  serious illness of wife, no insurance for husband and home underwater.  tried to sell a couple of years ago, but no luck and prices only worse.  however, here is my major concern....90,000 in bank and income is good.   They just have reached an age where he can't take care of the property anymore and she has a very bad disease and needs surgery.  He does also and no insurance.   With proper documentation, could this work, Thom?  thank you.
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  Edward Romero January 11, 2012 at 6:15am

  Thom,

  Do you work Irvine? I am looking to refer a Buyer for the Irvine area, looking for a short sale. Please advise.

  Thanks,

  Ed Romero
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  Smitty January 8, 2012 at 2:08pm

  Hey Thom!  You have excellent insight.  I know sometimes we are on opposite sides of the pole, but I have great respect for you.
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  Joe B. Bragado, Jr December 21, 2010 at 10:07am

  Thom, thank you very much for the information on the BofA counter Offer.