I have a deal where the seller/borrower has a discharged bankruptcy, B of A has approved the short in writing, but GMAC 2nd (discharged) is refusing to sign off. They are recieving $3,000 from the…Continue
I've only been doing short sales for a couple of years but have noticed a disturbing trend as of late. When I started doing shorts the 2nd lien holders were typically getting 10% of their balance…Continue
I have a short sale in process with Wells Fargo. Shortly after listing the property and getting an offer we discovered that the Seller had had new siding installed on the house after buying the home. They are in default on the loan payment to the bank who funded the siding installation which is not uncommon.
What is not common is that lender saying tat the lien on the property is a UCC2 lien and that it will take precedence over the Wells Fargo lien even though Wells Fargo was filed…Continue
Short sale negotiations, as we are doing them now, consist of collecting a complete short sale application and an offer and then working through the bank to get them to agree to accept less than they are owed so the contract can close. The presumptive position in the negotiation inherently disadvantages the agent/negotiator as they are asking for a tangible discount by providing evidence that the lender will be better off in the long run based on subjective evidence of value (BPO).