Stephanie Lim
  • Jacksonville, FL
  • United States
  • FL
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Stephanie Lim's Discussions

Title Company Prospecting my sellers?

Started this discussion. Last reply by Cathy McAlister Aug 22, 2009. 10 Replies

Marketing to sellers in a short sale situation

Started this discussion. Last reply by Sunnie SanLorenzo Jul 26, 2012. 24 Replies

 

Stephanie Lim's Page

Profile Information

First Name
Stephanie
Last Name
Lim
State
FL
City
Jacksonville
My Profile
We are Jacksonville Real Estate professionals with Re/Max Unlimited in the Jacksonville, Jacksonville Beach, Ponte Vedra Beach, World Golf Village, St Johns and St Augustine Florida area. We specialize in helping buyers and sellers in short sales.

Latest Activity

Brett Goldsmith commented on Stephanie Lim's group FHA - HUD Short Sales
"The only time one is able to go below 84% NET from what I've ever seen is when there is a partial claim that is required to get paid."
Sep 13
Brett Goldsmith commented on Stephanie Lim's group FHA - HUD Short Sales
"Gurerry, let me rephrase that for you. You can get to a lower tier prior to the requested time period per the ATP by having a variance submitted. Here's an example: I've gotten 84% NET approved within 30 days of borrower being in the PFS…"
Sep 13
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"I'm confused. Why would you need a variance for 86 percent within the 30-60 day period when that's the required net for that period?"
Sep 13
Brett Goldsmith commented on Stephanie Lim's group FHA - HUD Short Sales
"@Gregg depends if NET is being exceeded or not. It's possible to go straight to 86 or 84% tier within 30-60 days but you need a variance submitted."
Sep 12
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"That's good to know. The last time I tried they were completely rigid, but that has been a while. Our net was about 94 pct, which made it more frustrating. "
Sep 12
Alexis Adams commented on Stephanie Lim's group FHA - HUD Short Sales
"It's hard to say as a general rule as I am sure it's case-by-case but I have seen HUD go below required net and allow concessions within the first 30 days. For example, a few weeks back I had a case with an FHA buyer where we were just shy…"
Sep 12
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"So Brett and Alexis, it sounds like HUD has loosen their rule about the allowable/disallowable costs. Is that right? If so that's good to know. It still has to net 88 percent for the first 30 days, so that doesn't allow much wiggle room…"
Sep 12
Al commented on Stephanie Lim's group FHA - HUD Short Sales
"Reason why I ask is on my previous offer for the same property the bank only allowed 1% but it was a conventional offer. Now I have a fha offer and seller is asking 3% but its a fha offer. "
Sep 12
Minna Reid joined Stephanie Lim's group
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FHA - HUD Short Sales

HUD rules for FHA short sales, tips, experiences, etc.Fax LOA:  918-236-3274PH 877 622-8525See More
Sep 12
Brett Goldsmith commented on Stephanie Lim's group FHA - HUD Short Sales
"3% is typically approved for FHA buyers if the minimum NET for investor is being exceeded. If you are asking for closing costs and obtaining conventional financing you likely will not be approved for any credits towards closing…"
Sep 12
Alexis Adams commented on Stephanie Lim's group FHA - HUD Short Sales
"Al, I have gotten 3% of sale price approved many times for an FHA buyer. I suggest providing the buyer's side of the HUD/CD and also get a closing cost worksheet from the buyer's lender outlining all costs. This has helped in the past. I…"
Sep 12
Chad Gelsinger commented on Stephanie Lim's group FHA - HUD Short Sales
"Hi Al, FHA Preforeclosure Sales allow 1% of Buyer's FHA Loan Amount for closing cost assistance. A variance can be requested for 1% of Buyer's Conventional Loan amount. We can typically get 1% of Sale Price approved, but the regs are…"
Sep 12
Al commented on Stephanie Lim's group FHA - HUD Short Sales
"What is the maximum allowable closing cost assistance. For fha pfs can I ask for 2% of sales price? "
Sep 12
Neddie B. commented on Stephanie Lim's group FHA - HUD Short Sales
"Thank you @Dean and @Brett."
Aug 29
Neddie B. commented on Stephanie Lim's group FHA - HUD Short Sales
Aug 29
Andrew Travis liked Stephanie Lim's group FHA - HUD Short Sales
Aug 28

Comment Wall (3 comments)

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At 10:22am on June 21, 2010, Fiona Barone said…
Yah!!!! I agree with that one hundred percent, however too late someone else told them. Yes, your input is very helpful, that is how I feel across the board. I did contact their attorney and that is what he advised them to do :) Thanks so much Fiona
At 9:40am on June 21, 2010, Fiona Barone said…
Dear Stephanie, in reference to HUD short sales. I have a client who owes $280k on his mortgage and his house is comped at $330. We have it priced as a non short sale at $319, tons of showings no offers, house needs some work and updating at that price. Someone suggested to him to stop paying his mortgage and short sell it at $279. Given the big difference in price I feel this would arouse a suspision with the bank (rightfully so) and suggest we drop the price in 30 day incriments by $10k if no offers, right now a $305k offer will break him even with no foreclosure on his credit. He refuses to and just wants to drop it so he can get out. Thoughts???
At 11:30am on July 17, 2009, Bryant Tutas said…
Hi Stephanie, Welcome aboard. You are officially our first Short Sale Superstar!! Wendy and I are here to help in anyway we can. Please bare with us as we build this site. Also, feel free to add any information related to short sales that you choose.

The official launch of ShortSaleSuperstars.com will be 1 August. We truly hope that this site will grow into the go to place for agents handling Short Sales. With all of us working together we can make a difference.

Thanks again. Please don't hesitate to contact us with any questions or suggestions to improve the site.
 
 
 

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