"I would imagine they get more from the MI on the loan. Just plain wrong though. Good thing I was able to negotiate with the second so if it goes to sale the buyer will not owe any one a deficiency. We are lucky up here in Washington."
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Paul Nelson's Discussions
Wells Fargo denial of short sale
Started this discussion. Last reply by Paul Nelson Feb 1. 6 Replies 1 Like
I have a short sale which was approved at the banks set price. The first buyer walked but I came up with a new buyer at the price the bank required. Now a manager at Wells Fargo is telling me it is…Continue
What to do about IRA and retiremnt accounts?
Started this discussion. Last reply by Vanessa Calhoun Jan 4, 2011. 1 Reply 0 Likes
I have a short sale client who cant afford a payment of a rental he once occupied. He does however have $499,000 in his IRA. He also has $251,000 in stcks bonds and CDs. How will that impact his…Continue
Tags: accounts, Retirement
HAFA
Started this discussion. Last reply by Connie Martin Apr 19, 2011. 7 Replies 0 Likes
Is anyone having problems getting BOA to accept any short sale into the HAFA program. I have tried on 6 owner occupied sales and BOA states investors will not allow. I have experienced this with…Continue
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marc lederman replied to Paul Nelson's discussion Wells Fargo denial of short sale"I had the same thing happen to me on a Freddie Mac through One West Bank. I had a great offer for "full value" on the table. They would not postpone the Sheriff Sale and just denied the Short sale, saying "Not in the…"
Paul Nelson replied to Mike Linkenauger's discussion Bank of America BULK Short Sale Assignments"No!"
Paul Nelson replied to Paul Nelson's discussion Wells Fargo denial of short sale"We got it extended once through an attorney. We told Wells Fargo that we can close before the date with a cash buyer and they reviewed it with investors for teh last 2 and a half weeks. They now are saying that the investor will not do it. Thanks…"
Angela Alfe replied to Paul Nelson's discussion Wells Fargo denial of short sale"Honestly, Fannie Mae will usually not stop auctions for short sales. You can ask for a variance. If the buyers are cash and can close ASAP, then this may help you. If the buyers are financed...probably won't. Good luck!"
Angela Alfe replied to Paul Nelson's discussion Wells Fargo denial of short sale"Who is the investor?"
Paul Nelson posted a discussionWells Fargo denial of short sale
I have a short sale which was approved at the banks set price. The first buyer walked but I came up with a new buyer at the price the bank required. Now a manager at Wells Fargo is telling me it is not in the investors best interest to allow the short sale to go through.The auction is set for the 17th of February and I would appreciate any advice on how to have the bank allow us to proceed to closing with out auctioning the homeSee More
Paul Nelson commented on Mike Linkenauger's blog post Preferred Partner Membership Program"My name is Paul Nelson and I work King, Pierce and Snohomish counties in Washington State. I have been licensed since 1991and 80% of my business is short sales. I have focused on short sales since 2005 and have an 82% success rate. I am a…"
"The short sale i am working on with BoA started out as a HAFA then we regular Short Sale. I have sent several e-mails asking for clarification no one will tell me why my client was denied. As far as I can tell from all the guide lines she should…"
Angela Alfe replied to Paul Nelson's discussion HAFA"You should never, ever do a dual agency on short sales. Our agents all have a "buyer's agent" who puts their name on the HUD, but doesn't do any work...and they get a "referral fee" that is worked out in advance.…"
Joseph C. Alfe replied to Paul Nelson's discussion HAFA"No Paul, but this lays bare the structure of a short sale. The lender that you deal with (BOA, Chase, etc) May not own the loan and may only service for the investor. In other words, they have no authority. Until HAFA requires investors…"
Michael-Edward Cruz replied to Paul Nelson's discussion HAFA"I have a deal with BofA and Old Republic. We used the alternative program to HAFA called Co Op Short Sale. They approved 6k for the second and the buyer is paying an additional 4k for a total of 10k for the Old Republic. Old republic would rather…"
Profile Information
- Occupation
- Real Estate Broker
- Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
- King County WA, Bellevue, Issaquah, Samammish, Redmond, Seattle, Newcastle, Renton, Kirkland, Fall City, North Bend, Snoqualmie, Duval, Kenmore, Bothel,
- Short Sale Designations and/or Special Training
- CDPE (Certified Distressed Property Expert), Harris University Training (Of Some Kind)
- Website
- http://washortsale.info
- Short Sale Transactions Completed
- 50-100
- Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
- no
- About Me/Profile of yourself: - Please add your Brokerage Company name also!
- I have been a Bellevue resident since 1978. I have experienced every type of market condition over the past 20 years.With over 20 years of real estate listing and selling experience, I have the knowledge for every market. Since the beginning of 2004 I have focused on distressed properties.
1991 Macphersons RE Bellevue Rookie of the Year
1996-1998 Top Listing Agent, Top Sales Award,
Quality Service Award Century 21 Allstate
1999 Skyline Properties # 8 Top Producer (out of 411 agents)
2000-2003 Presidents Award, Customer Service Award,
John L Scott Real Estate. Top 5% Overall Company Sales
2004- Current Town & Country Real Estate Top Selling agent
- Put in todays date! This is to help stop spammers!
- October 11, 2010
- 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!
- I agree
Paul Nelson's Blog
Weak sales, foreclosures push home prices down
Posted on March 28, 2011 at 12:56pm 0 Comments 0 Likes
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