"I have had this occur once, let the buyer know the maximum and calculate that way - for example if it is 15 days its $1500 though it may be less set the expectation high - i was only ever been able to get extensions twice before the fees kicked…"
I have a COOP approved short sale, buyers have requested two extensions to the original close date. Approval letter states BofA will charge daily interest through closing for closing extensions. I've also read on other discussions where they could charge up to $100 per day for per diem. I've been trying to find out the costs for this from the closing officer but no response. Does anyone have experience with this? I want to let the buyer know what they'll have to come up with at closing for…See More
"Andrea, my clients and I discussed the short sale process and I pushed for HAFA but BofA disapproved. BofA then offered them the COOP, the clients told BofA that I was their agent and BofA tasked me with the short sale on Equator. They…"
"Just curious how did you go about getting your clients approved for the coop program. I wanted to get my clients approved for the cooperative program and initiated a shortsale on equator but they kept tasking me for an offer submission of which…"
I'm currently working a BOA cooperative short sale. Terms state if it doesn't sell in 120 days owner agrees to a Deed in Lieu of Foreclosure. Just wondering if anyone knows if the owner does a deed in lieu of, does he still receive the $2,500 relocation assistance? My contact at BoA didn't know. ThanksSee More
"I have a client who wants to do a short sale, Freddie Mac is the investor and wants it under HAFA. I've read other posts that said not to list until the approval comes through. I talked to Citi today and they said HAFA can't be…"
From my understanding, B of A is correct, HAFA pertains only to non GSE loans (GSE being Freddie or Fannie). Freddie and Fannie have their own versions of HAFA.
If it's an FHA backed loan, then you'll need to…"
"Thanks for your responses. I countered with everything I could think of, hardship, divorce, medical bills, job loss, property value decline, etc, and asked them to waive the promissory note and cash contribution. They came back and…"
Normally the lender/servicer/investor will require a promissory note or contribution if the income of the seller is too high - for instance if the pension is high or there are insufficient exopenses on the sellers' worksheet…"
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?
Closed two commercial real estate transactions for $400,000
About Me/Profile of yourself: - Please add your Brokerage Company name also!
Owner/Broker of Colomo Realty, LLC. A full service real estate company in Burleson, TX.
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May 17, 2010
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