Ismael Medina
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Ismael Medina's Discussions

FHA Short Sale - Citi using Subject to Value for Counter

Started this discussion. Last reply by Darren Bell Jul 19, 2016. 4 Replies

Hi Guys,Running against the clock on this one.  Got an all cash offer on a property that is 1/2 finished.  Owner decided to make repairs and never finished.  Now Citi has an appraisal for $135,000.00…Continue

NJ-NationStar does not want to cover oil tank remediation. Anybody with the same problem?

Started this discussion. Last reply by Paddy Deighan, Esq Jun 2, 2013. 2 Replies

This is a New Jersey Short Sale Transaction - After battling with NS about not getting a property on their fraudulent Auction.com, we later found out the underground oil tank soil test came back with…Continue

 

Ismael Medina's Page

Latest Activity

Ismael Medina commented on Stephanie Lim's group FHA - HUD Short Sales
"Yes I understand, but they never got approved and SS was an option on the Turn Down Letter."
Feb 27
Ismael Medina commented on Stephanie Lim's group FHA - HUD Short Sales
"Having a situation with Carrington Loan Servicing where they seem like they do not want to move forward with a Short Sale after turning down a Loan Mod.  We have been told but not in writing that due to the time in delinquency it would be…"
Feb 27
Ismael Medina posted a status
"Does anybody have a good Escalation Contact at Caliber Home Loans? Trying to get ext to close but wont give due to Sheriff Sale."
Sep 1, 2016
Darren Bell replied to Ismael Medina's discussion FHA Short Sale - Citi using Subject to Value for Counter
"Hate to be the bearer of bad news. You are most likely wasting your time on this short sale. Even if you accept the 112K, HUD will most likely deny the variance because the property is not marketable"
Jul 19, 2016
Brett Goldsmith replied to Ismael Medina's discussion FHA Short Sale - Citi using Subject to Value for Counter
"I'm assuming by your offer being Est. 80k and your post that you won't be coming up to the Est. 120k range needed to meet minimum NET per HUD guidelines. If you're not going to be able to NET them 84% as a bare minimum, you should be…"
Jul 11, 2016
Ismael Medina replied to Ismael Medina's discussion FHA Short Sale - Citi using Subject to Value for Counter
"So you think a new appraisal would be the best course of action? Cause since the current one gave a Cost to Cure, they would have to go by the appraisers estimation."
Jul 11, 2016
Brett Goldsmith replied to Ismael Medina's discussion FHA Short Sale - Citi using Subject to Value for Counter
"Push to get a new appraisal ordered. If negotiator won't order it, I'd open up a ticket for HUD and try. [email protected] 310-564-6389 www.ishortsalenow.com"
Jul 11, 2016
Ismael Medina posted a discussion

FHA Short Sale - Citi using Subject to Value for Counter

Hi Guys,Running against the clock on this one.  Got an all cash offer on a property that is 1/2 finished.  Owner decided to make repairs and never finished.  Now Citi has an appraisal for $135,000.00 Subject to Repairs and with an estimated cost to cure of about $84,400.00.  We have an all cash offer of $83,000.00 and Citi Comes back with a counter of $112,000.00 (88% of $135k).  When I questioned the negotiator she says her figures are correct.Has anybody come across this issue in calculation…See More
Jul 11, 2016
Ismael Medina commented on Wendy Rulnick's group Wells Fargo Short Sales
"Does anybody know how to handle a Turn Down for an FHA short sale of a property that at one point was a Mixed use and now is 100% Commercial? I was Turned Down for a Short Sale because Wells Fargo says that the property is now 100% Commercial and…"
May 4, 2016
Ismael Medina commented on Wendy Rulnick's group Wells Fargo Short Sales
"Does anybody know how to handle a Turn Down for an FHA short sale of a property that at one point was a Mixed use and now is 100% Commercial? I was Turned Down for a Short Sale because Wells Fargo says that the property is now 100% Commercial and…"
May 4, 2016
Ismael Medina replied to Tom Tock's discussion Denial on variance from FHA. What is my next step? in the group FHA - HUD Short Sales
"Does anybody know how to handle a Turn Down for an FHA short sale of a property that at one point was a Mixed use and now is 100% Commercial? I was Turned Down for a Short Sale because Wells Fargo says that the property is now 100% Commercial and…"
May 4, 2016
Ismael Medina replied to Flor Melgar's discussion Borrower's Incentive Compensation & NET Question in the group FHA - HUD Short Sales
"Hi Guys, quick question. I have a going smooth NJ FHA Short Sale, however the BOA Negotiator explained to me that although the house has been in the market for over a year he has to start the negotiations at 88% and not at the 84% I understood they…"
Jul 9, 2015
Ismael Medina commented on Ismael Medina's status
"I will check, thanks so much"
Oct 14, 2014
Ismael Medina posted a status
"Wells Fargo declined to pay HOA fees on a Non-GSE loan. Anybody with this situation before?"
Oct 14, 2014
Ismael Medina posted a status
"Hey Brett, thanks for the info. Sorry about the delay but these things are getting more difficult by the day."
Oct 14, 2014
Ismael Medina posted a status
"On an FHA Short Sale is the $3000.00 relocation part of the closing costs paid by the lender or part of the net?"
Oct 11, 2014

Profile Information

First Name
Ismael
Last Name
Medina
Are you a...
Agent
State
New Jersey
City
Clifton
My Profile
I am a 20 year veteran of the Banking & Real Estate Business. Currently owner of Buildings Realty, LLC. in Clifton, NJ and serving an area which short sale market segmentation is about 75%.

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