Short Sale Strategies

<p> Has anyone had any experience with needing a &quot;More Specific Hardship&quot; request. CITI has infomed me that loss of job is not specific enough, even thought that loss has been thoroughly explained in the hardship letter - business failed, had to move to another state to find work. I have sent bank statements from the failed business - any other suggestions would be greatly appreciated. </p> <div style="line-height: normal; margin: 0in 0in 0pt"> Chris Yates </div> <div style="line-height: normal; margin: 0in 0in 0pt"> REALTOR, Consultant, ePRO, CDPE </div> <div style="line-height: normal; margin: 0in 0in 0pt"> Keller Williams Realty First Atlanta </div> <div style="line-height: normal; margin: 0in 0in 0pt"> <a href="http://www.intownrep.com/"><font color="#0000FF">www.intownrep.com</font></a> </div> <div style="line-height: normal; margin: 0in 0in 0pt"> Twitter - @IntownATLRep </div>

<p> Does anyone have experience with delinquent HOA fees and the banks willingness to pay if included in the HUD1? My deal is with BofA. </p> <p> Thanks, </p> <p> Jim Barton </p> <p> Broker/Appraiser/ePro </p> <p> 209-968-7321 </p> <p> <a href="mailto:Jim@JimBartonRealEstate.com">Jim@JimBartonRealEstate.com</a> </p>

<p> Is this a valid option? sounds very interesting and better than short sales for some situations&gt;&gt;&gt; what do you think? see the video in the link below. </p> <p> <a href="http://www.avoidforeclosuresale.com/">http://www.avoidforeclosuresale.com/</a> </p>

<p> I have two new recent files that both have Wells Fargo 2nds (two different clients that have nothing to do with each other). I got a call from both negotiators BOTH saying that they only allow a max of 4% commission to the brokers. Anything more than 4% approved by the 1st must go to Wells Fargo 2nd, no matter who the 1st is. </p> <p> What???? I said! If the 1st knows this about Wells Fargo 2nds, why would they approve anything more than 4%? And the 1st probably won&#39;t allow this anyway. </p> <p> Anyone else experience this with WF 2nds recently? This seems to be a recent policy of theirs. I have other WF 2nd files from before and my negotiators for those files didn&#39;t do this. How would you treat this? </p>

<p> I can finally post some good things to say about a lienholder. I am used to being a listing agent on Short Sales, feeling in somewhat control - but this time I&#39;m working as a Buyers Agent on a Short Sale. We placed an offer on December 15. I got the approval and Demand letter last Monday - 2/1. 45 days??? No package was submitted until this offer was received and yet we have approval - from the 1st and the 2nd, both with Wells Fargo. I&#39;m just amazed! My last SS with a buyer took from August until Jan 10 - Chase, need I say more? </p>

<p> HI.. thanks so much for the new group! Hopefully we can all reduce the amount of time from agreement to approval! I have a current client who is facing foreclosure with Wells Fargo. She has a second with TCF. TCF has agreed to give her 3 more moths before they persue foreclosure but she needs Wells Fargo to do the same. Anyone out there have a stellar Wells Fargo contact or tips to get them to agree? We are being agressive on price--- however this is a bank-owned neighborhood at this point. </p> <p> Thanks! </p>

<p> faxed complete package on 12-28-09. Only 1 call from negotiator on 1-25-10. Approval received 2-3-10....35 days! </p>

<p> We have been working a shortsale file for approx. 1 year. It had to go through 6 approval phases because of the size of the loss. Received verbal approval and homeowner moved out and turned off the power. You guessed it, almost every pipe in the house broke!! </p> <p> The buyer is willing to de the repairs and pay for them in order to get a Mortgage. However, he wants a written approval good until April 30th. The negotiator has refused and said if it doesn&#39;t close by Feb 23rd it is a dead deal. </p> <p> Asked to speak to supervisor and was given her vm with no call back yet. Does anyone have a contact peroson or better yet an e-mail so I can send them the pictures of the damage and save this file??? </p>

<p> B of A is requiring that us as listing agents input the buyer&#39;s personal information (social security #, date of birth, buyer&#39;s address, etc) as if we&#39;re taking a loan application. Unless we do this, they have it where the system doesn&#39;t let us go on. </p> <p> I was literally on the phone with B of A for about 4 hours (disconnected couple of times in between) trying to get them to understand that we as listing agents will have a hard time getting the buyer&#39;s to give us this information. And frankly, I don&#39;t feel comfortable asking the buyer for their personal information when I don&#39;t represent them. </p> <p> I called C.A.R. (I&#39;m in California) and left a message asking if this was even legal for us to do. If B of A is imposing that we practice illegal acts and we can prove it to them, then I&#39;m sure they will take this requirement out. </p> <p> GMAC has adopted Equator. I did my first one with them this morning. EVERYTHING WENT SO SMOOTHLY. And although they have the same exact fields as B of A, they don&#39;t have a red asteriks by the cells that ask for the buyer&#39;s information so I was able to get this to BPO request status within a couple of hours. </p> <p> Any thoughts?? Or am I just overreacting? I can&#39;t imagine it would be easy for us to get the buyers to give us their personal information when they don&#39;t even know if the short sale will even be approved. </p>

<p> Any suggestions would help. Citi the second lienholder for 40k wants 7k to satisfy the lien. Capital one say they will only give 4K (10 percent) both have said if they won&#39;t budge. What would you do? </p>