I am currently working with Pennymac trying to send them a cash offer which they are refusing due to their 37 day rule (short sales need to be submitted 37 days before a foreclosure). Is there an escalation number I can contact?See More
"Got the following from Citi:
"The Investor has declined any more offers. The file has been taken out of my name and closed. You will need to reach out to HUD if you have any questions, I do not have any answers except…"
"Thanks for the insight Nolberto. I had emailed Ms. Torres this morning detailing my situation but not Perez. Also emailed Ron Ferris. Hopefully this gets something going. Also, they told me a CMA would not be…"
"It sounds as the old BPO expired and they did a new one or drive by which came back much higher. Do your homework and give them your BPO along with a CMA. Ocwen doesn't have negotiators but underwriters in India FYI. You could have…"
"The answer is that your buyer is paying cash and they will want to milk it. Also, the appraisal won't guarantee anything unless you counter with a bit over the original offer, prove that the buyer has no more money and see what they will…"
"Get your buyer to pay for an appraisal and submit it to Ocwen. The cost of it will outweigh the amount he will save by agreeing to Ocwen's new price. If the investor is Fannie Mae, you can go to their short sale website and submit a…"
My situation is is this: I was issued an approval letter stating that Ocwen wanted around 195k net to close on a property. The original buyer walked, so I had another buyer as a backup. All I needed was a reissued approval letter with the new buyer's name. 2 weeks later, I get a call from my negotiator saying that the investors met and decided that they now wanted 225k net to close. That's a 30k jump from what they originally wanted. I asked about the reasoning to this, and she told me in very vague terms that "guidelines" have changed and that the only way to dispute this is to have an appraisal done by the buyer (no CMAs) and even that would not guarantee a net change.I do not understand how the investors can justify a 30k jump in price. My market is stagnant, so there is no way the value jumped that high.What can I do? I have a cash buyer who wants to close yesterday and is ready to walk now...See More
I came into the market at its lowest and feel that has given me an edge that a lot of older Realtors do not have. I am willing to learn more and grow in this business. I have successfully closed a few short sales with nightmare lenders, so I have a few tips of my own as well!
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