Short Sale Strategies

<p> Gael and Elva seem to have had a good experience with Chase. I would like the community advice, again. I have a SS with Chase. First deal canceled by buyer 9-12 as Chase would only give 3% sellers cont. New offer/package faxed 9-23 to negotiator. 9-25 negotiator calls and wants and addendum to price and terms. 9-26 faxed addendum. 9-29 received call from negotiator requesting sellers fill out asset disclosure addendum. 10-4 addendum sent to negotiator. 10-8- sent fax requesting update, nothing; 10-14 Sent fax requesting update. nothing..10-19 Left voice mail, nothing. (they say will return call within 24 hours); 10-21, left voice mail, nothing; 10-26 left VM, nothing. </p> <p> At what point do I try to go above to get some answers without getting on the &quot;wrong side&quot; of the negotiator? </p> <p> Last, the seller has an IRS lien which the negotiator asked me about. It appears that they are doing title. I didn&#39;t even know about it until then. Since then I had the closing attorney do a lien/title search and there it is. Now the seller is working with the IRS to do an &quot;offer in compromise. But I still would like to know where I stand on the file with Chase. </p> <p> </p>

<p> I have a client with a home that will sell around $680-690,000. She has a First of $620,000 and a Second of $115,000. So there will be about enough money from the proceeds to satisfy the first but it leaves nothing for the Second. The second was a HELOC used for Purchase Money. Lender on both is HSBC. </p> <p> Reason for sale is Divorce. They are up to date with payments etc. </p> <p> What is likely to happen here? What kind of attitude will HSBC have? Any thoughts? </p> <p> Thanks In Advance </p> <p> Bernard Gibbons </p> <p> +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++<br /> Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist<br /> J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526<br /> Phone (925) 997-1585<br /> <a href="mailto:bernard@bernardgibbons.com">bernard@bernardgibbons.com</a><br /> <a href="http://www.bernardgibbons.com">www.bernardgibbons.com</a><br /> DRE License #: 0131583 </p> <p> Please send me your referrals - I will treat them like family.<br /> 25% paid up to $1m - 30% over $1m </p>

<p> I have a client needs to do a short sale and I can not find any contact info for their lender (AHMI). The contact she has does not get her to a live person. Does anyone have the contact info for AHMI? </p> <p> </p> <p> Thank you,Alison Polson </p>

<p> </p> <div style="margin: 0in 0in 0pt"> I hope you can help me. </div> <div style="margin: 0in 0in 0pt"> </div> <div style="margin: 0in 0in 0pt"> Seller has two loans. It took several months and now first loan approved the sale at $286,000 but willing to pay$ 3,000 only to the 2^nd lien holder. (Both Wells Fargo home and heloc) </div> <div style="margin: 0in 0in 0pt"> But 2^nd lien holder does not want to approve unless they get $27,000. (Total outstanding 90,000) I tried to have seller, buyer, me, and selling agents contribute to the difference. </div> <div style="margin: 0in 0in 0pt"> And 2^nd tried approve the sales at minimum $18,000 though it&#39;s not guaranteed as per negotiator. (He will ask the upper level decision maker.) </div> <div style="margin: 0in 0in 0pt"> We all together could come up $11,000, and 1^st lien holder told us that he will take care of it. </div> <div style="margin: 0in 0in 0pt"> But we got the news that 1^st can&#39;t do anything due to investors didn&#39;t allow them. </div> <div style="margin: 0in 0in 0pt"> </div> <div style="margin: 0in 0in 0pt"> Seller is willing to foreclose since he could not bring any more money, and buyer is willing to walk away since he contribute as much as he could. </div> <div style="margin: 0in 0in 0pt"> $7,000 difference could break whole deal, which I don&#39;t think it wise for the banks either. </div> <div style="margin: 0in 0in 0pt"> Do you have any solution or any advice for this situation. </div> <div style="margin: 0in 0in 0pt"> Thanks </div> <div style="margin: 0in 0in 0pt"> </div>

<p> <br /> Rick I am a real estate investor in Texas.who flip Short Sale . I also Wholesale real estate specialist fix and flip Properties and I partner with Realtors to help their clients avoid foreclosure. I always keep up with market trends and change my real estate investing strategies to position myself to maximize my earning potential. My ability to adjust my investing strategies and take action is what has allowed me to be successful in this industry.I am looking to network with all types of professionals in this industry who have integrity and are willing to help others. Please feel free to contact me. I check my messages everyday. If there is something that I can&#39;t help you with I will gladly refer you to someone that can. I am a real estate Consultant and Investor who provides to flip Short Sale . I partner with Realtors to flip short sales and help many clients avoid foreclosure. ANY REALTORS OR INVESTORS KNOWS ANY ONE FACING FORECLOSURE ILL BE GLADE TO PROVIDE MY SERVICES. Pass this on to your other Network. Be glade to do business with any one. We buy houses for cash or buy houses from FSBO. Networks turns to NETWORTH.<br /> <br /> <br /> RAY REYES<br /> 469-737-0385 Office Direct Line<br /> 214-477-1355 direct Line<br /> <a href="mailto:rray.ach2009@gmail.com">rray.ach2009@gmail.com</a><br /> facebook.com/raymondreyesjr<br /> <br /> Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude.<br /> Thomas Jefferson </p>

<p> </p> <div style="margin: 0in 0in 0pt"> I have been watching this discussion but now need the community&#39;s advice. I have a SS with BOA/CW that has been in the system since 4-24-09. It has been escalated at least 8 times and now on the 3^rd negotiator. I have left 3-4 voice mails and sent at least the same number of emails with no response from any of them. The first negotiator was 7-22 and the last 9-23. The original buyer walked over 2 months ago. One person I spoke to on 9-9 requested new bank statements and pay stubs. I emailed them the next day. (She will not respond either..) <b>My question is:</b> should I wait for some sort of approval to tell them I have a new/lower offer or just submit the new offer package now? I hate to go to the back of the bus when I might be close.. Needless to say, the value has declined 15% to 20% from the original offer to now. ($155K to $ 125K). Another clincher: the second mort with Ctit was approved in June and August, canceled Sept 1 and is now in collections, even though the borrower was making payments. </div>

<p> I have a potential short sale listing of a condo in El Lago,TX in zip 77586. Please contact me a <a href="mailto:rick@rickstuart.com">rick@rickstuart.com</a> if have expertise and work the area. Thanks. </p> <p> Rick </p>

<p> We are in a non-deficiency state so in the event my client forecloses their 2nd purchase money mortgage is wiped out. </p> <p> The 2nd however refuses to acknowledge this, even after I sent them the statutes, links to case law, and finally even a letter from the seller&#39;s attorney spelling out that in the event the seller forecloses then the jr lien is completely wiped out with no recourse. </p> <p> They are insisting on a cash payment at COE (about .30 on the dollar) and a promissory note for the remaining balance. The first (Wells) has approved about .05 on the dollar to pay the 2nd and no more. Of course the seller has no money and said they would rather foreclose then deal with a promissory note. </p> <p> Any ideas on this one? </p>

<p> I have the 1st Lender inwriting telling me it is O.K. for the Buyer to take care of the 2nd outside of closing. If this is o&gt;k&#39;ed by both parties...is this O.K.? </p>

<p> There are BPO will accept the offers but some dont. What is the good way that BPO will accept our offer. </p>

<p> I was asked today if I do the &quot;new thing&quot; and submit two different estimated HUDs. I was told a new training class out there suggests this is the best way to do short sales in &quot;todays market.&quot; </p> <p> I know we&#39;ve talked about this before generally, but specifically now I&#39;m curious of your thoughts. </p> <p> The idea is to submit an estimate to the 1st showing them paying (for instance), $10,000 . Then the other HUD1 to the 2nd lender showing the 1st only giving 1,000 (or 3,000). </p> <p> Thoughts? I know my initial thoughts, but curious as to yours... </p>

<p> Is the &quot;Beneficiary&quot; on title for your liens the Investor? If not, besides asking the call center, how do you find out who the Investor on the loans are? Most call center reps and negotiators say &quot;They are not allowed to provide that information.&quot; </p>

<p> This may have been discussed previously but at the time, I didn&#39;t have the need for the information.<br /> My brother is a licensed agent in Virginia Beach. He would like to list his house as a short sale, understanding that he is not allowed to benefit in any way, particularly relative to commissions. I have advised himn to refer this to an experienced short sale agent. Of course, he can&#39;t get any referral fee on it either.<br /> Does anyone have any advice for me to give him as to how to proceed? His first is with Wells Fargo, the second is with ACS, and he also has an IRS lien of $30k. <br /> Any thoughts or suggestions are much appreciated.<br /> Deb Orth, CDPE <br /> Keller Williams Realty<br /> Richmond, VA. </p> <p> </p>

<p> Scenario: </p> <p> I have an approval from both the 1st and 2nd lender. 1st is IndyMac and the 2nd is SLS. </p> <p> IndyMac&#39;s final settlement approval to them is $6,400 higher than what we offered on our initial EST HUD-1 ($430,000 was our offer on the HUD. They came back with $436,400 approval). SLS&#39;s approval is $2,508 higher than what we offered on the initial HUD-1. ($10,000 was our offer. Approved at $12,508). </p> <p> I spoke to my negotatior at SLS, the one who hold&#39;s the 2nd. He will NOT budge on the approval amount. I asked him if I can convince IndyMac to come middle grounds with what you&#39;re demanding verses what IndyMac is willing to give the 2nd, would he resubmit for Investor re-approval. His answer was &quot;No. Even if I did, I can guarantee you that this particular investor will come back with even a higher a demand.&quot; </p> <p> I left a message for the negotiator at IndyMac to see how much I could squeeze out of her. The difference between what IndyMac wants to give the 2nd verses what SLS is demanding is over $9,000. </p> <p> Here&#39;s my question: </p> <p> 1) Even if the agent&#39;s and/or the buyer were willing to contribute towards the $9,400 or so difference to get everyone paid what they want, (so we can close and move on), IndyMac wouldn&#39;t approve because the approval specifically states that no more than $3,000 be paid to the 2nd and anything additional shall go to IndyMac, right? </p> <p> 2) If I can convince IndyMac to raise the payoff to the 2nd a little more, do you think it&#39;s worth taking the risk to resubmit to the 2nd with a lower payoff amount compared to what they&#39;ve already approved on based on what my negotiator said? </p> <p> I hope this all made sense. I&#39;d be more than willing to clarify if anyone needs. Thanks! </p>

<p> We have been working a short sale that the owners just came out of Chapt 7 a few months ago. Their are 4 liens on property. We have acceptances from 3 and all we need is BOA, the 1st lien holder to accept the offer to close. It has been reassigned to 4 seperate negotiateors in the course of 3 months. We are told we are now at level 2 with BOA. What the hell does that mean and more importantly how can we get them to issue us the approval ASAP? </p> <p> Any suggestions would be greatly appreciated. </p>