Another short sale closed this week by my short sale team. Property…
"Strange, I have done numerous relo/job moves with the hardship being the relo with Wells. I have never had a problem. Are you sure you submitted it properly?
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Kevin Vitali's Discussions
Banks Standing Firm at a Higher than FMV Price
Started this discussion. Last reply by Tim Sweeney Jun 16, 2010. 6 Replies 0 Likes
I have recently had two short sales where the bank honed in on a price about 5-10% above fair market value. I have not been able to get them to budge even with multiple offers coming in around the…Continue
Tags: sale, negotiating, value, market, sales
The Banks Value is to High.... Looking for suggestions.
Started this discussion. Last reply by Kendra Chui Apr 24, 2011. 16 Replies 0 Likes
I have recently been stonewalled by the bank on a few short sales where they are asking more money than I can possibly get for a property. I am just wondering if there are any good suggestions in…Continue
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Kevin Vitali replied to Lauren Case's discussion FHA approval for Wells - debt/income ratio an issueKevin Vitali replied to Jose Hernandez's discussion Can the seller pay additional commission?"In general, I would say no. The bank wants any money they can recoup on their loss. The bank demand letter/ short sale approval will always have the maximum they will pay out in a real estate commission. There is no other way to do it…"
Kevin Vitali commented on DeYanna Carroll's blog post Hoa foreclosed with out paying lienholders"I am not seeing these large chunks of money going to the seller here in Massachusetts. How does one go about finding out if they qualify for money back?"
Kendra Chui replied to Kevin Vitali's discussion The Banks Value is to High.... Looking for suggestions."Hi Joe,
Do you still have the secret application form to fill out for FHA/Fannie/Freddie to challenge value? kendrachui@gmail.com
Thanks for sharing tons of good information with us. "
Joseph C. Alfe replied to Kevin Vitali's discussion The Banks Value is to High.... Looking for suggestions."the rub is in the "comparables." Some lenders and Fraddie Mac do not allow distressed comps. This makes no sense, since a short sale is "distressed" wouldn't it make sense to compare with other like comps? …"
Dan thompson replied to Kevin Vitali's discussion The Banks Value is to High.... Looking for suggestions."As an Appraiser for 30 years and now an Agent for 10, it all comes back to proving your price with comparable SALES. Listings, Contingents and Pendings help, but it is the closed sales they are going to hang their hat on. If you have the sales…"
George Kenner replied to Kevin Vitali's discussion The Banks Value is to High.... Looking for suggestions."Who is the Bank.. if it is Bank of America go look at this
www.HAFA.us/navigate.htm and watch the clip on Values.. sometimes they really do not want to sell.. there could be multiple reason they don't want to do it. Including they…"
Jennifer Beltrame replied to Kevin Vitali's discussion The Banks Value is to High.... Looking for suggestions."If you are totally at your wits end try to get your seller to pay for an FHA appraisal and send that into the bank. They cannot argue with that! Good luck, Sheyenne!"
Smitty replied to Kevin Vitali's discussion The Banks Value is to High.... Looking for suggestions."Kevin, we do a combination of what Toby and Joseph do. The listing price should be dropped every two weeks until an offer comes in...shows great history and also a CMA and comps to the BPO agent.
Our fool proof method is having the…"
Brian Pitcher replied to Kevin Vitali's discussion The Banks Value is to High.... Looking for suggestions."Hey Sheyenne,
Have the seller order an FHA appraisal on the property. (as long as you know it will be alot lower then where the current value is) Because that FHA appraisal stays with the property for 4 months and the negotiators should know…"
Sheyenne Schultz replied to Kevin Vitali's discussion The Banks Value is to High.... Looking for suggestions."Joe Do you have info on this secret form? shy@shysells.com I have a ss with hsbc/beneficial. I met bpo agent there with comps, repairs, etc...and walked thru with this 18 yr old that got lost twice, not from this area. Price came back at…"
Kevin Vitali replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"Anything is possible. Hopefully you can get them to postpone the sale and get an extension to close in a reasonable amount of time. Seems like the banks forget that it is very hard for a buyer to obtain financing when there is not…"
Tim Sweeney replied to Kevin Vitali's discussion Banks Standing Firm at a Higher than FMV Price"I took a listing in Georgetown two months ago, a house that had been on the market with another Realtor for a few months at $249,000.00
I reduced it to $239,000, then $229,000, $219,0000 $209,000. We got an offer for $170,000.00 which I thought was…"
Southland Real Estate replied to Kevin Vitali's discussion Banks Standing Firm at a Higher than FMV Price"I agree with Mike's comment, stop foreclosure, wait for new valuation.
At a minimum try a new negotiator, close and reopen.
With a couple of deals, I have been able to challenge their valuation. I just kept pushing 'YOUR VALUE IS…"
Joseph C. Alfe replied to Kevin Vitali's discussion Banks Standing Firm at a Higher than FMV Price"Sometimes, the investor just can't stomach the loss and there is nothing you can do about it but move on."
Mike Linkenauger replied to Kevin Vitali's discussion Banks Standing Firm at a Higher than FMV Price"Wells Fargo is usually pretty good, but can also be very stubborn when it comes to things that shouldn't matter. We've had that happen a couple times as well. In our area, we usually just wind up waiting till the banks valuation is old,…"
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- North Eastern Massachusetts- Essex County, Middlesex County and Merrimack Valley as well as Southern New Hampshire
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Kevin Vitali's Blog
Amesbury MA Short Sale- Successfully Closed!!
Posted on June 10, 2010 at 3:17pm 0 Comments 0 Likes
Haverhill MA Short Sale Closed- Owner can move ON!!
Posted on May 28, 2010 at 1:59pm 0 Comments 0 Likes
It is important if you are in a short sale situation to hire the right real estate agent to handle your transaction. Short Sales are complicated and each one is different. You need an agent that is experienced in handling the transaction. A good short sale agent will obviously have recent short sales they have closed on. More importantly a short sale agent cannot guarantee an outcome, they can just work hard on your behalf for the best possible outcome for your situation and manage the…
Continue Succesfull Short Sale Dracut MA
Posted on May 12, 2010 at 9:30am 1 Comment 0 Likes
Short Sales can be a complicated real estate transaction. My Short Sale team and I just successfully closed another short sale in Dracut
Massachusetts.
mortgage insurance company. All three parties allowed the seller of
this short sale to sell the home with no future collection of… Continue
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Does anyone have any short sale experience with Ocwen Bank?
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Can the seller pay additional commission?
Started by Jose Hernandez in Question and Answer. Last reply by Satar Naghshineh on Sunday. 63 Replies 0 Likes
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