"Happens more than you realize. Once it goes "out of contract" they close the file. Much of it is automated. I list REO's, and the deadlines tend to be absolute. The Listing Agent can appeal to the Asset Manager for a review, but the…"
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Sally Rackey posted a blog postREO Cancellation of K re Missed Deadline
Has anyone out there ever had or heard of a bank cancelling a sale on a REO because the buyer was 2 days late in making the additional deposit due at the end of due diligence ?? They did/do not have any back-ups – craziest thing !!! Yes, it’s within their contractual rights to do so but I would think their 1st priority would be to get the deal done for the banks & their depositors best interest.Would appreciate all your comments. Thanks muchSee More
Sally Rackey commented on Mike Linkenauger's group Bank of America Short Sales"Ah Hah! I missed the part about spending my income to pay seller's debt. Not on your life or mine or anyone else's life. How old is the judgment? In my state if it is older than 5 years, and not renewed, it be…"
Sally Rackey commented on Mike Linkenauger's group Bank of America Short Sales"Regarding Jason's comments, is there a tax benefit to the buyer for paying or partially paying seller's Amex debt? Otherwise, I'd treat it as if the debtor were dead and any remaining estate asset pays whatever is available to…"
Sally Rackey replied to Andrea Cruz's discussion Bankruptcy chapter 7 3 years ago, House included. in the group Bank of America Short Sales"Once again, she is getting what she pays for. Either she gets an attorney -- and I recommended a foreclosure defense attorney -- or she simply leaves the house and moves on. I know you are trying to help but she is not helping herself by…"
Sally Rackey replied to Andrea Cruz's discussion Bankruptcy chapter 7 3 years ago, House included. in the group Bank of America Short Sales"Andrea: I hate to say it but I guess you get what you pay for. It now appears that she has lived in the property as a tenant at will for several years. It would seem that her only option is to cooperate with a short sale…"
Sally Rackey replied to Andrea Cruz's discussion Bankruptcy chapter 7 3 years ago, House included. in the group Bank of America Short Sales"HUH??? That bank rep doesn't know what he's talking about either -- duh. In fact, he's so wrong, I'd question if he is even a rep. Are you sure this was someone from the bank? Something sounds…"
Sally Rackey replied to Troy Warrick's discussion Bank of America inflating BPO's? in the group Bank of America Short Sales"1. Gather stats from outside sources like Realty Trac, Inman, Zillow, local newspapers, local MLS, to show the percentage differences between shorts, REOs and regular sales and then compare to the offer price.
OR
2. Compare the…"
Sally Rackey commented on Mike Linkenauger's group Bank of America Short Sales"BoA allows substitutes without having to start over. A window to get higher offers? Smoke and Mirrors? Bank waiting for higher offer? Watch your backside as someone's buyer may decide the listing agent also has a part in…"
Sally Rackey commented on Paddy Deighan, JD PhD's blog post Federal Bankruptcy Appellate Court Makes Astonishing Decision on "Produce the Note""Paddy: To follow up, if the bank can't produce the note, and the lis pendens has been dismissed, can the homeowner then file a suit to quiet title and would this action then remove the security interest?"
Sally Rackey commented on Paddy Deighan, JD PhD's blog post Federal Bankruptcy Appellate Court Makes Astonishing Decision on "Produce the Note""Paddy: If the bank can't produce the note, and its suit is dismissed, 1) is the bank barred from filing a separate action, 2) and if so, what happens to the underlying mortgage, and finally, 3) what is the seller's obligation,…"
Sally Rackey joined Andrew Sawyer's group
Deficiency nightmares
What is everyone doing about the banks not releasing deficiency language in approval letters?
Sally Rackey replied to Tamilyn Simard's discussion Bank of America Commission Approval in the group Bank of America Short Sales"If it was a FNMA/FHMLC loan, then they had no legal right to enforce the 5% (FNMA/FHMLC rules). Just for grins, I'd probably send a copy of the correspondence to the president in NC and show him what his staff is doing. I read that…"
Sally Rackey replied to Tamilyn Simard's discussion Bank of America Commission Approval in the group Bank of America Short Sales"Tamilyn: Sorry to be responding a month later. Dec. was hectic and I wasn't on this site for awhile. I had this happen in November. While BoA wouldn't give us a reason, we felt sure it was a matter of their bottom…"
Profile Information
- Occupation
- Realtor, Real Estate Broker
- Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
- Sarasota and Manatee Counties including the cities of Sarasota, Longboat Key, Siesta Key, Casey Key, Manasota Key, Anna Maria Island, Ellenton, Palmetto, Bradenton, Osprey, Nokomis, Venice, North Port, Englewood, Florida.
- Short Sale Designations and/or Special Training
- CSP (Certified Short Sale Professional), Harris University Training (Of Some Kind)
- Short Sale Transactions Completed
- 5-10
- 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?
- Yes. No designations.
- About Me/Profile of yourself: - Please add your Brokerage Company name also!
- With almost 18 years in real estate and 20 years as a legal assistant in related fields, I bring a great depth of knowledge to the real estate field, primarily in residential although I also have 4 years in commercial real estate. I am also a National Certified Guardian working with elders in need of real estate services. I am a broker associate with Re/Max Platinum Realty, Sarasota & Osprey FL.
- Put in todays date! This is to help stop spammers!
- June 30, 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!
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Sally Rackey's Blog
REO Cancellation of K re Missed Deadline
Posted on February 21, 2012 at 8:20pm 1 Comment 0 Likes
Has anyone out there ever had or heard of a bank cancelling a sale on a REO because the buyer was 2…
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