"I just escalated a file. I sent a very good package. Everything was typed except for signatures. After them telling me not to put it in equator, I was then instructed to use equator.
I uploaded all requests immediately upon each…"
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When negotiating 2nd liens, how do you present the initial offer on a preliniary HUD?
Started this discussion. Last reply by Joseph C. Alfe Feb 14. 13 Replies 0 Likes
I find myself shooting my self in the foot many times with 2nd's. Does everyone give a different HUD to 2nds to negotiate room. Then when they get the final, they complain and stop the process…Continue
Tags: Preliminary, HUD, second, first, leins
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Larry Sarlo replied to Scott Russell's discussion Wells Fargo short sale denied because file (not offer) didn't meet investor guidelines
Joseph C. Alfe replied to Larry Sarlo's discussion When negotiating 2nd liens, how do you present the initial offer on a preliniary HUD?"it's only fraud if you attempt to close with two different HUD's. A prelim HUD, is just an estimation"
"Ditto as Josie said..."
Larry Sarlo replied to Larry Sarlo's discussion When negotiating 2nd liens, how do you present the initial offer on a preliniary HUD?"Now that banks are giving more money, are you asking for more money now? May be another topic. I got one of clients $22,000 but I think it was an accident. "Shut up and let them talk" They made the offer to me…"
Larry Sarlo replied to Larry Sarlo's discussion When negotiating 2nd liens, how do you present the initial offer on a preliniary HUD?"Yeah done this too. They all know their position of getting nutin but TD bank whose motto is "the YES Bank" is "The NO Bank" when it comes to Short sales. I found out they wrote off their loan and still…"
Clay Kime replied to Larry Sarlo's discussion When negotiating 2nd liens, how do you present the initial offer on a preliniary HUD?"Hi Larry,
If I'm going for a HAFA qualification, I start the process when the listing is signed AND "without submitting the offer," whether it exists or not. If the investor is a GSE, then HAFA won't be accepted "when…"
Larry Sarlo replied to Larry Sarlo's discussion When negotiating 2nd liens, how do you present the initial offer on a preliniary HUD?"Why only HELOC's? This is interesting. Obviously only for strong buyers with some xtra cash to purchase correct?
So an offer of 100,000 becomes an offer of say 95,000? Shown on both HUD's?
Then the $5000 goes to…"
Larry Sarlo replied to Larry Sarlo's discussion When negotiating 2nd liens, how do you present the initial offer on a preliniary HUD?"I do very similar. Using preliminary HUD's at first. I do not believe this fraud either.
Do you put any 1st mtg contributions to seller on the preliminary HUD?
So when they get the actual HUD, showing all this money to seller, to…"
Carol Pease replied to Larry Sarlo's discussion When negotiating 2nd liens, how do you present the initial offer on a preliniary HUD?"I use the same HUD1 for both lenders and start the negotiations simultaneously. If you are having trouble with the seconds hold firm on the commission grabbing. Escalate to their executive offices if you have to. Give them a…"
Paul Cmil replied to Larry Sarlo's discussion When negotiating 2nd liens, how do you present the initial offer on a preliniary HUD?"I also use 2 HUD's. There are standing agreements between the first and the second. BAC has one with Real Time Resolutions (RTR) where they mutually agreed to pay 6%. If the number is too low, then RTR won't forgive the balance. Fannie and…"
Clay Kime replied to Larry Sarlo's discussion When negotiating 2nd liens, how do you present the initial offer on a preliniary HUD?"Hi Larry,
In non-HAFA SS proposals, I always use two different HUDs. No it's not fraud at all, nor is it in any way dishonest. This is a negotiated process and the RE agent (us) is the negotiator for the…"
Karen Hulbert, Woodland CA replied to Larry Sarlo's discussion When negotiating 2nd liens, how do you present the initial offer on a preliniary HUD?"I always use only 1 HUD, sent to both lenders. I believe it is a red flag to fraud if you have different information. I work from a position of honesty. Do your homework upfront - find out the balance of the 2nd. Most lenders will accept…"
"I use 2 different HUD's - show the 1st they are paying more to the 2nd and show 2nd they are getting less, then they are happier when they get the max from the 1st."
Joseph C. Alfe replied to Larry Sarlo's discussion When negotiating 2nd liens, how do you present the initial offer on a preliniary HUD?"I've never run into this. I put either 1500, 3000, or 6000 depending on who it is, who the first is, and the balance. On very large 2nds I'll use a second HUD with low #'s to 2nd and high numbers to 1st. If it's a…"
Larry Sarlo posted a discussionWhen negotiating 2nd liens, how do you present the initial offer on a preliniary HUD?
I find myself shooting my self in the foot many times with 2nd's. Does everyone give a different HUD to 2nds to negotiate room. Then when they get the final, they complain and stop the process again. How can you get them to commit?Most of the time the 2nd won't even give me an answer to what they will take until they see reduced commissions and the difference on their side of the HUD, no lender contribution to borrower even HAFA contributions... they want that too, then they want personal…See More
Larry Sarlo replied to Jose Hernandez's discussion Can the seller pay additional commission?"No The Bank will not allow money go from seller to agent(s)...
You can certainly negotiate money from the banks but any money coming from seller, the bank will want themselves. If you even try to ask permission or this, the bank…"
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- Short Sale Designations and/or Special Training
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- Website
- http://LarrySarlo.com
- Short Sale Transactions Completed
- 10-25
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- yes
- About Me/Profile of yourself: - Please add your Brokerage Company name also!
- Larry Sarlo a RE/MAX Preferred agent. Real Estate sales and investing since 1979. Short Sale Specialist, I do most all negotiating, I have an assistant and building my team now
- Put in todays date! This is to help stop spammers!
- January 27, 2012
- PLEASE READ THIS!!! - This site is primarily for Realtors, REAL buyers or sellers with questions are welcome to ask, anyone here for other purposes may be banned. 1. Because this site is primarily for agents agents, Any soliciting is pointless and is not allowed. Please do not sell or promote products or services in any way, directly or indirectly. Do not link or sneak in links promoting your services on comments, posts, discussions or blogs. You may have links on your profile pages to your websites as long as your are not selling things other than real estate! Again, absolutely no outgoing links to your websites, blogs or listings 2. Do not speak disparagingly about members on this site. This community is meant to be helpful, and we are here to help each other. 3. We reserve the right to delete content and/or ban members that violate these rules. 4. Member Name (Full Name Field) format must be FIRST NAME, then LAST NAME! Please no company names, DESIGNATIONS, or website in the name field! Please read the terms of service under the "home" tab! IF YOU AGREE TO THESE TERMS, PLEASE TYPE "I AGREE" IN THE BOX BELOW!! Thanks for your cooperation, and welcome to the Network!
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Larry Sarlo's Blog
Buy a Home or Rent? I Shoulda!, I Woulda!, I Coulda!
Posted on January 31, 2012 at 11:30am 0 Comments 0 Likes
"Don't Be A Shoulda!"
Ever say "I shoulda did that" or "I coulda did that", or "I woulda done that"?
I am sure we all have. I coulda bought gold at $400, I shoulda bought Apple at $25, or I woulda put more money for my retirement when I had the chance...
Would you rather Buy Real…
"NEW" New Year's Resolution: Get Out of Your Underwater Home! Make it a Healthy Happy Debt Free Stress Free 2012
Posted on January 30, 2012 at 6:30pm 0 Comments 0 Likes
Make a "New" New Year's Resolution to Get Out of Your Underwater Home!
Mortgage Forgiveness Debt Relief Act tax breaks set to end in 2012
Sicklerville NJ: We all begin our New Year with Resolutions and most of them are the same. Spend more time with family, make more money,quit smoking, quit drinking, lose weight. In 2012, the resolution of choice for many will be... Get out…
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