From the "It makes no sense" department.  I called into SPS today for the weekly update.  I was told the short sale was in the final stages and a decision should be made in the next day or so.  Then at about 11:30am today I get a call from SPS asking if the transaction could close by Friday of this week at the latest.  I say it is a possibility but maybe, maybe not.  The buyer is on board, the seller is on board, the title work can get done but the city of North Miami takes 5-7 days for their lien search and there is no "rush" available.

 

So I'm on the phone w/ the borrower and SPS and explained to them the situation of why Friday won't work.  She placed us on hold only to return saying that the supervisor for the investor won't budge from the closing date.  So my next step if the borrower cannot get a lien search completed by Friday is to take the short sale approval letter along with a copy of the sales contract to the courts to get a 30 day extension.  SPS absolutely will not even try due the expense and only about a 10% success rate.

Anybody else have any other suggestions??

 

Thanks!

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U need to have the borrower demand via a phonecall who the investor is...this can be done faster in a phone call than sending in a QWR...which takes up to 20 days for them to answer you. Once u know investor, go direct to the investor upper management asap with your problem. If this does not help, go direct to the OCC Fraud division asap.

Hi thanks for your comments.  I'm actually working on submitting contract number 2.  I have a buyer agent who says an investor will offer $85k highest and best, but not a penny more for this property in North Miami, FL  33168. My seller was able to get a 120 foreclosure sale date extension to 2-19-13 so hopefully this Miami-Dade county short sale will close!

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