I just had to share what happened to me with this short sale.
It took me 6 weeks to get the 3rd party Authorization through with CITI Financial. I had to refax it in over and over and so did the seller. We finally got them to accept it after I sat with the seller and we both called them together to get them to talk to me.
After I finally got the authorization, I was told for a week that the file was in litigation and they could give me no information.
Well, I figured…Continue
Added by Judi Fiolle on October 13, 2013 at 6:00pm — No Comments
We submitted a short sale package back in Nov. IT was at market value for the property at that time at $150,000. They countered at $185,000 ( yes it is a Fannie Mae loan). We spent the entire day fighting about that value and they came down to $170,000.
We raised our offer to $156,000 and after a month, they declined the offer. We then disputed the value by having a new BPO completed by a 3rd party, arms length company.
We resubmitted the new BPO and offer at $156,000 and it…Continue
Well, I just sat in on the Fannie Mae webinar where they explained how they are doing short sales. I was struck by the fact that they insist that 1. we leave all short sales as "active" on the MLS even when our MLS service insists that we use things like"pending ss approval". They said they would consider it fraud if we do not keep these as "active".
2. They explained how they come up with their value and if you break through the garbage that they said, it is exactly what we have all…Continue
Here is the information that I received on the ss lease back program. I will be attending this convention in March and will post what I learn at that time.For now:
Short Sale Lease Back
The Short Sale Lease-Back Program is expanding in California.
Nearly 40 California real estate agents from around the state completed the required training…
I just received an email from CAR ( California Assoc of Realtors) which said that they have been in talks with Fannie about their new valuation of short sales. They have said that we can go to homepath.com if we wish to contest or question the valuation on any of our short sales now.
Also, For anyone who is in California, they are going to have a webinar with Fannie on 2/21 from 10am to 11am. Go to the CAR website for information and to sign up for this important webinar. They say…Continue
I just receive notice from BofA that starting 1/15 they will not be postponing foreclosures during the short sale process.
This means that after 1/15 if a seller is in negotiations with bank for a short sale and it is not completed prior to the auction date, they can sell it out from under the seller.
I thought that we resolved this issue with senate bill 306 here in California.....
Is there anyone else that has received this notice?
Here is my question. I submitted a complete short sale pkg on this short sale on 12/4/2012. Seterus did not call for a valuation until 1/4/2012 and the appraiser came out to property on 1/5/2012. They now tell me that it will be another 10 days before they get the valuation so that we can begin our negotiations and I can get the approval from them.
I understood that in California, lenders had 21 days now to give an answer on the short sale?? I was told by the negotiator that 21 days…Continue