NEED HELP ASAP WITH NATIONSTAR SHORT SALE PLEASE!

HELP... I am representing a buyer for a short sale that was advertised for $109,900 in Orlando, FL on MLS per the following: "BPO COMPLETED AND BANK IS READY TO GO! PRICE ACCEPTED BY BANK!" My buyer offered $110K conventional loan with $30K down. Listing agent advised the FIRST buyer walked ( IMAGINE THAT!!!!) when NATIONSTAR bank countered previous buyer within a very short time period prior to putting house back on the market, at $109,900. Listing agent/short sale processor has EVERYTHING in writing from recent deal that became dead and has CLEAR documentation that bank WANTS & APPROVED within last 30-60 days at $109,900.  When buyer walked, NATIONSTAR advised to get a buyer at that APPROVED price- $109,900. THREE "MOST RECENT" comps, show every house with same square footage/bedrooms, etc ALL CLOSED for $110K ( which was sent to NATIONSTAR yesterday along with a letter from me advocating and describing the facts to explain my client's position in DETAIL and inability to pay $116K. Buyer did agreed to pay $1500 toward back HOA dues, which she was BLINDSIDED by being asked to do so, but didn't want to lose a deal over $1500 so she reluctantly agreed. In addition, she wants to be in a house for the holidays so she decided to move forward. However, she is NOW being asked for an extra $6K (Buyer Only approved to finance $80K and her dad gifting her $30K) which will in turn also increase her closing costs. At this point per counter proposal, my buyer's out of pocket expenses will be an ADDITIONAL $7500+++++. NATIONSTAR is the bank negotiating and for WHATEVER reason, is NOT approving the current pending deal,as presented, despite us GUARANTEEING closure by 11/30/13! We have the Outstanding HOA dues taken care in the amount of $4352.68 ( HOA WON'T BUDGE) and Nationstar only paying $1500 toward outstanding balance and seller paying $1K and agents splitting the difference of $852.68. I have a WELL Qualified buyer NOW, that can close in less than 30 days and Nationstar is standing firm on $116K and told listing agent to put the house back on market and get an offer for $116K. (when next buyer walks, I guess the house will be listed at $125K-LOL) The house has been on the market since 06/12. This house won't appraise for $116K, needs some work and certainly NOT worth $116K! Nationstar NEVER did another BPO b/c when 1st buyer walked, we came in with an offer immediately afterward, so that BPO is still valid and is where NATIONSTAR came back with initial counter of $109,900 to original buyer. The longer it takes this house to close, the more HOA dues. property taxes, etc will accrue and I can't believe NATIONSTAR is taking this risk and stance. This deal is through EQUATOR & SAME negotiator BTW! (Comps, letter from me, etc sent via email & uploaded in library) Can ANYONE explain this to me on why reportedly, "the investor" is declining my buyer's offer of $110K, with closure in 23 days or less or give me head honchos #'s or email address at NATIONSTAR so I can address this above described matter accordingly. My first time home buyer ( her mother used to be a Realtor/owner/broker) DID NOT WANT TO pursue a short sale b/c she didn't want the HASSLE and since the property was advertised at approved price of $109,900 and I talked to listing agent about ordeal PRIOR to submitting an offer, I told my buyer this deal should go smoothly if she offers $110K. Me and the listing agent are on the same page and together we have tried ALL WE CAN!!!! PLEASE HELP!!!! Any guidance, feedback, advice or contact information for NATIONSTAR would be GREATLY appreciated as TIME IS OF THE ESSENCE for ALL concerned parties. Thank you kindly, KIM CENTURY 21

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Comment by Toni Nicholas on November 8, 2012 at 3:42pm

Hi, It looks like the end investor is not going along. You could ask for "escalation dept." and that usually entails a quick letter outlining the problem to be faxed in to whatever emergency fax number they give you. If that is denied, then you and your buyer probaably should look elsewhere and withdraw the offer. One question, did your buyer ask for a seller concession? It's the net they're looking at, so if the buyer did ask for and received a seller conc., maybe knock that out and split the diff. But then, any changes "should" require a do-over. So, the list agent or her negotiator will have to begin the process again. NS does use Equator, and once it's started, it can go pretty quick. My last one with NS did get hung up, but... maybe 60 days, I'd say, and we were done and Closed. As for this or any bank making logical decisions, you may as well get that out of your head right now. Otherwise, you may as well just bang it against a brick wall... They don't care about closing in 23 days. They don't care about having another previous deal approved. They don't care about the Holidays. They simply don't care. Although the list agent, you say, is on the "same page," he or she may have made an error somewhere... causing the end investor to stand his/her ground. By chance... did you share a pre-approval letter for a much higher amount than the price being offered?  ...all these things play into what's going on. If you cannot get any answers by escalation, the only other thing is to request the list agent ask the seller for the money as a seller contribution. Sometimes, sellers are working and are able to contribute something to help get it done and/or avoid foreclosure, and all cases are different. So, this may or may not apply... I have no idea. It's a bit hard to throw out generalized possibilities without being into the thick of it... but, I hope this was helpful.  Good Luck! 

Comment by Lacy Summitt on November 8, 2012 at 6:17am

The lender may say the price is pre approved at 109k but it is always subject to investor review and approval. Each offer has to be re presented to the investor for review...at which point they can change their minds. Did the listing agent do a formal value dispute with Nationstar?  I am assuming the listing agent has already done the Nationstar required BPO too? I have had buyers do their own appraisal, send in comps, and request another interior BPO.  Perhaps that could get the investor to see the light?  Good luck! It is so frustrating!

Comment by Bryant Tutas on November 8, 2012 at 2:48am

Unless the bank states bring us an offer of $110,000 and we will accept it the price is not approved even if it was for an earlier buyer.

FYI. you will get a better response using the forums for questions and assistance and use the blog for sharing info

Comment by Stacy Webb on November 7, 2012 at 6:44am

866-312-2432 option 1

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