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Short Sale Q and A

Got short sale questions? I have been successfully closing short sales since 2005 and I have dealt with just about every lender, every scenario. If you have a question, post it here and I will do my best to help.

Website: http://activerain.com/blogs/short_sale_expert
Location: Chicago
Members: 213
Latest Activity: Jul 30, 2013

Discussion Forum

Sellers Concerned About Extent of Credit Damage

Started by Ricky O. Gibson, Sr. Last reply by Aileen Potter Jul 30, 2013. 8 Replies

I’m working with a seller in Ft Worth, TX who are current on the mortgage but whose house is underwater. The husband accepted a job transfer to Phoenix, AZ and now has the house in Ft Worth that will…Continue

FHA Short Sale List at the Payoff Amount! Huh?

Started by Terrence D. Langford Mar 25, 2013. 0 Replies

I listed my client home with (Bank of America) as a FHA short sale. The owner who has defaulted on her mortgage payments and has failed two loan modification guidelines. We have a short sale and a…Continue

Going to initiate short sale with 5/3. Need answer to deficiency waiver

Started by marc lederman. Last reply by marc lederman Mar 20, 2013. 2 Replies

I am initiating a short sale with 5/3. 1st is for 1,300,000 2nd is $200,000. Both loans with 5/3. I have heard they will not negotiate on deficiency waiver. Anyone have any experience on this? 1st…Continue

BOA and POF's

Started by Smitty. Last reply by Aletha C. Hicks Jan 26, 2013. 6 Replies

I have an offer in on a property.   Cash offer.   BOA rejected his investment account as a legitimate way to pay for the property.  I've had previous BOA offers and they allow a POF letter from the…Continue

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Comment by MaryAnn Schroeder on January 2, 2013 at 8:03pm

Help!! Is there anyone that might be able to give me "door openers" when initially approaching an NOD prospect for a short sale? I'm looking for what to say after I have introduced myself - then what do I say???  Thanks so much!!  Anything will help!  :)

Comment by Karen M Riscinto on May 23, 2012 at 3:38pm

Does anyone have a contact # for Citi Mortgage I need to start a shortsale with them.  Thanks

Comment by Joe Beauchamp on May 5, 2012 at 1:56am

Andrew, unless you have an unusual contract that states such, no to the lender. You have a contract between the buyer and the seller - all legal obligations apply.

However, it is the listing agent's duty to present all offers to his client.

You can also be in a backup position with the seller.

Comment by Andrew Sawyer on May 5, 2012 at 12:53am

does a listing agent have to present all offers to the lender. I have a buyer that wants to submit a higher offer than the seller currently has but listing agent wont take it. does he have to? 

Also, can seller cancel 1st contract and accept mine?

any input would be appreciated.

Comment by Joe Robaina on April 25, 2012 at 1:51pm

Good afternoon all, would anybody have a great seller to distressed home owners that you would want to share with me?

Comment by Sharon Tukay on February 24, 2012 at 3:50pm

I have a short sale 2nd lien with Green Tree - They are asking for a pretty hefty payoff of about 22k. The 1st OneWest has agreed to pay $4200 and that's it  - How do I bridge this gap? They indicated that they don't care where the money comes from - seller, buyer, commish, etc,. even if it comes outside of escrow??? Is anyone encountering this because as far as I know, this is not legal and if so, how can Green Tree suggest a payoff knowing very well anything outside the HUD is not a good thing? Both buyer and seller are willing to contribute but BofA insists that their max payoff is to be $4200.00 and that they will not allow Green Tree to be paid more .. Any suggestions on how to wittle this down and make this work? I'd be soooooo grateful to any insight :) Happy Selling!

Comment by Julie Tinkey on February 17, 2012 at 3:01pm

Fannie Mae Exceleration Team

I have a loan serviced by Greentree and owned by FNMA. Our offer was submitted 11/9 (all cash for $52K) I was told 1/15 they wanted $58K. Buyer agreed, sent in the HUD 1/17 and got a "verbal approval on 1/26". It is now 2/17 and nothing in writing. The rep at Greentree will only tell me she only gets approval via email and she will not escalate. Any ideas who I can call either at FNMA or Greentree?? Let me know. Thanks.

P.S. All this for $58K. Please . . .

Comment by Janet Fuller CDPE, HRC, ABR on December 31, 2011 at 9:46am

There is nothing left of the estate - there never was.  I just faxed a letter of authroization with the obituary, death certificate, tax records, letter of explaination - so next week I will see what the result is.

The death occurred in 2005

Comment by Kevin - Greenville, SC on December 31, 2011 at 12:47am

Janet,  If the property is located in a deficiency state there may still be a benefit for the Estate and/or heirs by avoiding Foreclosure.

Comment by Susan Morimoto on December 30, 2011 at 4:18pm

Heard a rumor that VA, like FHA will allow you to purchase a home right after a short sale if they have had no late payments, I am trying to verify. Also, it has been a while since I have done a VA short sale.  Are they allowing $1500 seller incentive?

 

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Discussion Forum

Sellers Concerned About Extent of Credit Damage

Started by Ricky O. Gibson, Sr. Last reply by Aileen Potter Jul 30, 2013. 8 Replies

FHA Short Sale List at the Payoff Amount! Huh?

Started by Terrence D. Langford Mar 25, 2013. 0 Replies

BOA and POF's

Started by Smitty. Last reply by Aletha C. Hicks Jan 26, 2013. 6 Replies

Chase HAFA ?'s

Started by Dawn Rupersburg. Last reply by Aletha C. Hicks Jan 26, 2013. 1 Reply

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