Tags:
Yes
Only the listing agent will know what communications have taken place and the expectation. In a short sale the date is when the Servicer gets ready, however to goal is to get closed before expiration of the Approval to Participate (ATP) So to answer your question, not really.
The Servicer will give a letter telling the listing agent the terms under which it will accept a short sale. -- Included in that letter is the minimum amount the Servicer will accept on the 1st ( which you said is not short. However, remember real estate commissions and other expenses come out of the gross sales price as well as the payoff to the junior lien holders). This is commonly referred to as an ATP.
The listing agent should also have a preliminary closing statement (HUD-1) showing the projected payments to lien holders.
It could mean that the first lender has requested the unpaid balance statement from the second lender, and they typically do this to make sure the amount does exceed their own short sale guidelines regarding payoff percentages, but I can't really tell by the description. The second investor usually receives a percentage or it could be a flat fee as permitted by the first.
As far as the Approval to Participate, that applies only to FHA loans. Is Dean below involved in another conversation that I am missing? Is this an FHA loan, per chance?
When Bank of America issues a counter offer in Equator (which is not exactly a counter offer), you're generally about 10 business days away from an approval. Of course, if this is an FHA loan, then it's not in Equator.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.