Short Sale Strategies

<p> Here&#39;s a new one on me ... .someone was asking my advice (all of a sudden I&#39;ve become the expert right :) _ anyway - before the question was even out another agent comes over and is so adamant about her answer - the question: </p> <p> The listing agent of the SS is telling the selling agent to get the inspectiond one and get her financial application done because &quot;if&quot; approved they&#39;ll want to close in a week &lt;&lt;&lt; I was going to tell the agent - wait until approval if that happens because so many things can happen - and this other agent was like all the short sales I&#39;ve worked req&#39;d that we close in less than a week after approval? is this common??? I never heard of such a thing??? </p> <p> Thanks- </p>

<p> My 2nd lienholder, SLS, denied our offer of 10% of the loan balance and has asked me to get the 1st&#39;s payoff statement (not the mortgage statement) for further review because they want to see how much loss the 1st is taking. </p> <p> Anyone experience this? And any thoughts on this? Should I be concerned about anything? </p>

<p> The Phase 2 negotiatior reviewed our file with an offer of $455,000.00 The escrow fee on the HUD1 is $1,340.00. Here in Calif the escrow fee has a base fee and then percentage of sale price. Phase 2 negotiator sent me email that maximum escrow fee they can approve is $750.00 and stated I must revise the hud1 to this or the file is cancelled. Does anyone have a closed deal where I can show them they did approve an escrow fee over $750.00? </p> <p> <a href="mailto:tmshortsales@earthlink.net">tmshortsales@earthlink.net</a> </p>

<p> FYI to all - I actually received a call from my negotiator of B of A this morning (on a Saturday on top of that!) just to let me know that she has reviewed my file and will be taking this to phase 2 now. And that I will be assigned to a phase to negotiator in the next 72 hours. </p> <p> An actual phone call just to give me a status update from the negotiator? Wow! </p> <p> Is everyone else experiencing this with B of A as well? Or are they really trying to get better in their ss process? </p>

<p> This property was bought during the heydays when the Foreign National Loan Program existed. Being a foreign national purchaser, he obviously didn&#39;t have U.S. tax returns, bank accounts in the U.S., a social security #, etc. etc. ...... everything the bank would need for a short sale package. </p> <p> In this case, will the bank even consider a short sale without all these documentations? His credit is not in jeopardy because he has no social security number and he doesn&#39;t even live in the U.S. anymore. But he&#39;d prefer to do a short sale rather than foreclose if possible. </p> <p> Anybody run into something like this? </p>

<p> Hi all, </p> <p> I love that this group has become such a great resource for so many. One thing I&#39;d love to start (and please tell me if you like it) is to have a post dedicated to each lender. On the top post of each we share info such as phone numbers, url&#39;s to their workout packages, fax numbers, or any other relevent tips that are useful to someone pursing a short sale with that lender. </p> <p> I&#39;ll start today with a couple, and please let me know what you think. Please start a post for a lender you&#39;ve worked with if one has not been started. If you add other resources in subsequent posts, I&#39;ll move the important information via cut and paste to the top post so the most important is always in that top post. </p> <p> What do you think? </p>

<h2 class="contentheading"> Welcome to Save America Homes - We Provide Homeowners with Options to Avoid Foreclosure and Rebuild Credit. </h2> <p class="contentheading"> I just recently had a seller sign on to work with the company to help negotiate a short sale. Even though I&#39;ve worked several, he signed up with this company. One of their people told me that they charged the seller with a 2% fee. The lender would only negotiate to pay 1% so this company came after me, the listing agent for the other 1%. I did not sign any type of agreement nor ever agree to pay any fee. My commission was reduced by the lender which the buyer&#39;s agent and I agreed upon. Price of the house was only $115,000. Imagine what my cut was and after having the house listed for almost 18 mos. Now this guy with the company has stated that I&#39;m the worst realtor he was ever worked with because I&#39;m not willing to pay him 1% when myself and the seller had already had the lender agree to a short sale just needed a little more room. </p> <p class="contentheading"> </p>

<p> Unfortunately or fortunately as many of my listings have sold but in either case I have recently found myself with a very low inventory. Listings used to come easily but over the last 4-6 months it seems everyone wants to get into the short sale business which makes it much more cpmpetitive. I have worked expireds, fsbo, sent thousands of costly postcards and tried the lead generation companies with no great results. Has anyone found any way to buy quality leads or creative ways to locate owners and find sellers who need our help? Thank you in advance...any ideas are much appreciated! </p> <p> Susan </p>

<p> I have the buyer so no control over process - but it&#39;s frustrating to say the least that atty doesn&#39;t get response whatsoever they just tell him it&#39;s in review. The packet was submitted 8/20 and my buyers are getting antsy. They have to go out of county Jan 2nd for extended trip and they were hoping to move into their home by then - doesn&#39;t appear likely - what is the usual turnaround time for even a response for WAMU? </p> <p> Thanks </p>

<p> I had a conversation today with a rep from the Home Equity Solutions Dept today and got some insight. (I&#39;m sure some of you on this forum already know this). This is Home Equity, the 2nd position. </p> <p> If they are 180 days past due, it rolls into charge off status which automatically sends to their legal department. Once in legal dept, it goes into recovery, which at that time the legal dept decides whether to charge this off and sell this to a 3rd party collections company, or go with an alternative solution. </p> <p> If it gets sold off, then we are now negotiating with a collections company! In my experience, dealing with a collections company is MUCH HARDER than dealing with the bank themselves. </p> <p> She said an option was to have the borrower do a loan mod. They ask for 2% (annually) of the balance for the monthly payment. If the balance is $50,000, then the monthly payment would be around $80/month or so. This way, they don&#39;t hit that 180th delinquent mark. Then after the loan mod gets approved and the borrower&#39;s payment is manageable, then we are allowed to submit for a short sale. This avoids the loan being sold to a collections department and we can deal directly with the bank&#39;s short sale dept. </p> <p> Anybody see any redflags by doing this? </p> <p> Also, the DTI to qualify for a loan mod is 125%, according to the rep. </p>