Blog

Here is a log for a short sale that I did with FNMA Investor. Thought it might be helpful.

Mike Sher

COLLINSON SHORT SALE - PUBLIC NOTES

04/25/2008 08:43AM by Mike Sher - got the hud back signed by Option one and all is done and closed. I gotless commission from the bank then what the listing agreement stated.The seller brought me a casher's check for the rest of my commission. Itold her that I needed to get paid and my agreement was with her notthe bank for my commission. So, she would have to pay me for anyshortage or we could not close

04/25/2008 02:28PM by Mike Sher - Got Harry the then got Jamla 949 XXX-XXXX got a supervisor names Shanin,after waiting 30 mins on hold got to speak to Myra. She told me toemail her the signed hud and she will change the letter

04/25/2008 12:20PM by Mike Sher - Called XXX XXX XXXX called loss mitigation, the approval letter was for asale of $90,000. The sale was really for $92,000, because we had toadd some concessions to the purchase to make it work while still givingoption one the payoff they requested. The title company would not closethe sale unless the approval letter state $92,000. So I had to calloption one to get the letter changed.

04/24/2008 03:12PM by Mike Sher - called option one tried to talk to myra but her voice mail was full andhad her message said she was going to be out 4/15 and 4/16. I dialed 0and asked for the loss mitigation dept spoke to Amit of option oneloan mitigation, he transferred me to the team leader Jermal lane andhis voice mail is full

04/14/2008 09:17AM by Mike Sher - called Myra 800 704 0800 x XXXX her mail box was left her a message.She did call me back and said do not have the buyer call her any more.This offer was finale and that is it!!!

04/11/2008 02:38PM by Mike Sher - Seller emailed myra to plead for her help.

04/11/2008 02:37PM by Mike Sher - Myra called back and said the her offer was firm with not other negotiation.

04/11/2008 09:19AM by Mike Sher - called Myra 800 704 0800 x XXXX her mail box was full

04/10/2008 12:27PM by Katherine Green - Fran from John Adams. Mortgage person for Collinson. Faxed and emailedMyra a 4 page document with the changes. lender letter and note frommelder, seller attorney

04/07/2008 03:39PM by Mike Sher - called myra 800 704-0800 x XXXX left her a message and will email her addendum

03/31/2008 10:43AM by Mike Sher - called myra and left a message and let her know that the deal is mostlikely dead since the buyer can only go up to 90K and that the buyerneeded more concessions

03/31/2008 10:42AM by Mike Sher - Pat spoke to me on the phone today and told me that they need theconcessions and can only go up to $90,000

3/26/08 Mike Sher Spoke to Myra and she said the bank got an appraisal at 114,000 and would not take less then91K after all expenses including commissions. She also said they wouldnot allow concessions over 3% I emailed Pat the counter

03/25/2008 01:29PM by Mike Sher - I spoke to Janeen the appraiser and she said she sent it today. I calledMyra and let her know that the appraisal was done.

03/25/2008 01:28PM by Mike Sher - Myra called and told me that the appraisal was not done yet

03/24/2008 04:13PM by Mike Sher - sent a email to Myra

03/24/2008 03:29PM by Mike Sher - called agent back and I told her I was working on this as quick as wecould. Please keep the buyer on this, we will work it out

03/24/2008 02:17PM by Mike Sher - called 800 704-0800 Myra x XXXX lm at her phone

03/19/2008 05:17PM by Mike Sher - Call Janeen. She did not get the email. I emailed it again and she said shethinks she has it

03/19/2008 05:13PM by Mike Sher - Janeen Cope did the appraisal for Option one

03/17/2008 05:13PM by Mike Sher -Emailed the pa XXXX@earthlink.net and faxed to XXX XXX XXXX to the appraiser Janeen Phone XXX XXX XXXX

03/14/2008 02:02PM by Katherine Green - e-mailed - Myra myra.xxxx@xxxc.com (negotiator Mike talked to3/14/08) entire Short Sale package & offer (25 pages total)

03/14/2008 01:17PM by Mike Sher - next 3 business day a full appraisal within two weeks by the 28th then wewill get answer back.

03/14/2008 01:07PM by Mike Sher - Myra called me today. She is going to order a appraisal. she is checking tosee what she has from. Email myra.XXXX@oomc.com

03/14/2008 11:42AM by Mike Sher - Spoke to Gayatri. She told me that it takes up 14 business days from theMarch10th to get an answer from the negotiator. We can call theretention dept anytime to get an update

03/14/2008 11:37AM by Mike Sher - Called Myra at x XXXX got her voice mail and did not leave a messagedialed 0 and got Brandon he transferred me to the Home retention dept888 275-2648

03/13/2008 01:59PM by Mike Sher -called myra and got her voice mail again. I did not leave a message

03/13/2008 01:19PM by Mike Sher - Called Jeff at XXXX and got him. He said that this was not his file itis Myra x XXXX and she is back Called her and left a message

03/13/2008 01:03PM by Mike Sher - Jamal at 800 704-0800 x XXXX his voice mail was full.

03/12/2008 10:32AM by Mike Sher - spoke to buyer's agent. the buyer wants to know how much longer.

03/10/2008 01:44PM by Mike Sher - Spoke to Harneet she told me that the shortsale was delayed by seller'sprevious request of loan modification. She also told me that the shortsale file was update on 3/7/08 and we do not have negotiator yet. Shesaid I should call on March 17th. I told that I would like to callsooner. She said that I should call on the 14th.

03/10/2008 01:33PM by Mike Sher 800 704 0800 got receptionist and asked for retention dept

03/10/2008 01:31PM by Mike Sher - Called Jamal 800 704 0800 xXXX lm on his office number

03/07/2008 01:53PM by Mike Sher - called Jeff H. at xXXXX now I was told no negotiator

Is on this. Andy said home retention team, they got the offer 21st and that we should get call back 14 daysafter offer is in. He transferred me to Robyn and I explained the wholething. Told her not to throw away the old offer. We do not want tostart from the beginning

03/07/2008 01:21PM by Mike Sher - Ivan fax 866 452-XXXX walk it over jamal 800 704 0800 xXXXX Re-faxed the offer to Ivar.

03/07/2008 01:03PM by Mike Sher - Bhisheka from dept of home retention dept 888 275-XXX, was transferredto Sayli of the retention dept our new contact is Robyn D. x XXXXpackage is submitted for finale approval.. Spoke to Robyn who said shewas work not on a short sale but a loan modification.. She told methat she did not know there was a short sale on this home. I told herthat we spoke to Manish on the 22nd and said they had the hardship andoffer in. Robyn thinks that Manish was confused and though we ment thehardship package for the loan modification. Robyn told me to faX theoffer to Ivar at 866 452-XXXX and we would get a cal back next week.She said she would walk the file over to Jamal right now who is the headof the dept. Robyn told me to call Jamal at 800 704-0800 x XXXX if Idid not here anything back in the 3 to 4 business days.

03/07/2008 10:06AM by Mike Sher - called jeff H at XXXX and did not leave a message.

03/06/2008 01:48PM by Mike Sher - Called Jeff H. at xxxxx and left a message.

03/06/2008 01:42PM by Mike Sher - Called Myra and she is on a leave of absence and all loans that endwith 0 need to call xxxxx Jeff H.

03/06/2008 01:32PM by Mike Sher - 888 xxx xxxx called. Spoke to Ralph, he said we have a negotiator myragliver 888 xxx xxxx X xxxxx. he has transferred me to her but it didnot go through

03/05/2008 10:31AM by Mike Sher - called 888 xxx.xxxx they were closed will call back

02/22/2008 01:35PM by Katherine Green - Called 888 xxx.xxxx talked to Manish. They received our hardshippackage & offer. A negotiator will be assigned to the loan, the 1stupdate on loan acct, will be available to us on March 7. We need tocall in on that day, will find out who the negotiator is and will getmore information. They will tell us then if/what we need to do next. Ifthey need more info before then, they will contact us or the homeowner. Itold him to please contact us. The process will take 30 - 60 days.

02/20/2008 03:03PM by Katherine Green - Faxed ENTIRE packet again, with all of this enclosed...Fax Cover saidthis along with address, loan #, & Seller's name, and Mike's # tocontact: Enclosed you will find: Purchase Agreement and buyer/sellersigned disclosures, buyer FHA addendums, buyer pre-approval letter &copy of Ernest Money deposit check, hardship letter,, Estimated HUD 1,Most Recent W-2, last 2 months of pay stubs, last 2 months of bankstatements.

02/20/2008 01:57PM by Katherine Green - Jamilla XXXXXX said she may be submitting an offer in the next day or two.

02/20/2008 12:14PM by Katherine Green - Called to confirm best fax # to send offer to, spoke with Bear id#BH5. He said Authorizations go to this # 949.xxx.xxxx. Offers are faxedto this # 866- xxx.xxxx . Faxing over offer from Pat Wolgost. Iasked Baer if we could call tomorrow to confirm they received the offer,he said no wait 72 hours. Said Mr. Sher would have to call though.

Fax Cover said this along with address, loan #, & Maria's name: Enclosed you will find: Purchase Agreementand buyer/seller signed disclosures, buyer FHA addendums, buyerpre-approval letter & copy of Ernest Money deposit check, hardshipletter,, Estimated HUD 1, Most Recent W-2, last 2 months of pay stubs,last 2 months of bank statements.

02/18/2008 11:27AM by Mike Sher - gave offer info to Jan for Capital to make me a HUD

02/18/2008 11:18AM by Mike Sher - offer terms 85,000, credit $4,700 for FHA, Dwp $4,300 April 20th, 100repairs, $300, water escrow

02/18/2008 10:49AM by Mike Sher - called 888 xxx.xxxx. No one was able to talk at that time.

02/18/2008 10:47AM by Mike Sher -Here is a email that i Sent to the seller: Hope all is well. We hopefullywill be getting an offer soon on your home. In the mean time I wantedto forward you a few comments that the buyer's agent gave me. Her buyeris buying FHA and she told me that in the basement under the porchthere is a bucket and some towels that make it look like there is aleak. She recommends removing the bucket and towels. Also in thebasement a vent near the furnace has been blocked off in a way thatcould be a fire hazard. Lastly she wanted to know if the basement waterproofing has a transferable home warranty.

02/4/2008 10:40AM by Mike Sher - got a fax showing that I have auth with option one.

01/30/2008 12:54PM by Mike Sher - 2 month pay stubs and 2 month bank statements, most recent w2, sign pa,and estimated HUD 1, pre approval letter from buyer, Listing agreement,hardship letter, phone number to call for questions(888) xxx-xxxxRetention dept. spoke Ashish

01/30/2008 12:48PM by Mike Sher - they still do not have the auth!! all offers faxed to 866-497-1265 att: retention

01/30/2008 12:39PM by Mike Sher - bank phone hours 8:30-5:30 pacific

01/28/2008 02:11PM by Mike Sher - spoke to rep at the bank. They still do not have the auth. they told me to call Tuesday

01/28/2008 12:18PM by Katherine Green - Status on MLS - Active

01/25/2008 12:19PM by Mike Sher - spoke to a Customer rep. they did not get the authorization. I will fax it again now.

01/18/2008 04:14PM by Katherine Green - kg Called (800) xxx.xxxx Attn: Customer Resolution Dept: Loan # onAuthorization, Fax: 949.xxx.xxxx. Fax over, allow 5 - 7 Days toprocess. Faxed over Auth Letter 1.18.08. Call Friday 1.25.08 &see if they've received it.

01/18/2008 04:06PM by Katherine Green - Option One Mortgage - Loan # xxxxxxxxxx

01/18/2008 04:02PM by Katherine Green - ss# xxx-xx-xxxx