Short Sale Strategies

<p> can someone let me know the fax and phone numbers for B of A equity line short sale dept. </p> <p> Dose the borrower have to be behind in his payments for them to consider the short sale? The first is with BAC </p> <p> Thanks </p>

<p> I have been trying to contact WaMu for approval of my short sale offer since 7-15-09. I have called their short sale no. at 866-497-4038 every day. I get the same message. &quot; We are currently away from our desk and leave a message&quot; but the mail box is full. The negotiator has changed her email. Does anyone have an alternate no. ? What&#39;s going on? </p>

<p> I may ruffle some feather with this but I feel it must be said. Agents seem to have found a way to get their short sales approved with invalid offers. We have seen here in California that there is a lack of inventory and multiple offers are being made within a few days of the listing, including short sales. Agents are intentionally submitting offers well above the current value and of course the banks are approving the short sales. They do not question why a buyer&#39;s offer is over priced or well above their BPO as their internal analysis system simply calculates the loss severity and if the net proceeds are at or above what they want they simply approve the short sale. The agent knows that it is above curent value but opens escrow anyway and then when the buyer&#39;s appraisal comes in much less than the approved short sale price, they submit a revised purchase agreement along with the buyer&#39;s appraisal. The bank recalculates the figures and re-approves the short as the revised net proceeds will still be acceptable. This is a terrible thing agents are doing. I have seen buyers that have made fair market offers then told their offer was not accepted by the seller and not sent to the bank. I personally will be contacting managers at banks to get their input on this intentional &quot; manipulating practice&quot; by agents. </p> <p> Note: this messge does not apply to the ethical honest agents that are struggling through this current market dilemma </p>

<p> I need the wisdom and experience of the board! I have a short sale on going involving a house that was damaged by hurricane Ike last year. The owners took out all the sheet rock and did some remediation (about $7,000 still unpaid) but through job loss, illness, etc. can no longer keep up their mortgage (besides paying for secondary living expenses because they can&#39;t live in the house). So it is being sold short and I have a cash buyer, ss package has been sent to lender and I have been advised that our package will most likely be approved next week. I also have 3 uncashed insurance checks totaling $68,000. These checks are made out to the owners and the lender so require both signatures to be cashed. Has anyone here ever had a similar situation? What do you do with the insurance checks? Send it back to the insurance companies? Endorse, send to lender and get the first draw to pay the oustanding repair bills? But then what do you do with the rest of the money from the first draw? The lender is saying they cannot use the insurance money to pay down the mortgage balance. What to do? </p>

<p> Has anyone been involved with TLC Foreclosures.com partner of realty trac? They ask for$ 7500 down and then $7500 after you make money. This is an advanced foreclosure class that will also train and provide the hard money lenders? Too good to be true.... </p>

<p> What do you do when the owner keeps telling you she&#39;ll take care of disposing of stuff all up until last weekend when her son was going to &quot;rent a truck&quot; and he and a friend will move the house --- of course this didn&#39;t happen, the son couldn&#39;t care less. I have a household of junk - and to make matters worse she still has very sentimental personal items that she was like please make sure you save this and save that --- how the heck could I order a trashout company - closing is tomorrow and I went there last couple days and I personally was going through her stuff throwing things out, carrying this here and there - huh??? how did I get in this position - or better how do I never get myself in this position again - what could I have said - she rightfully has until day of closing to get her stuff out - can I tell her you have until such and such a date and then get a company to literally throw all her belongings without being liable??? Last week when someone attempted to do this she had a cow - I&#39;m so stressed with this deal it&#39;s affected my other business... can&#39;t wait till it&#39;s over tomorrow - although now I have boxes in my garage for her??? &lt;&lt;&lt; how did I get myself in this position - arrghh!!! </p>

<p> Can anyone tell me for sure if a lender will go after a seller for a deficiency in the event of a short sale in the State of California? I know that, in most cases, the lenders will put on their approval letters that they reserve the right to go after it, but I also know that they generally don&#39;t. Also, I didn&#39;t know if that applied to California. Thanks! </p>

<p> I have a deal now with BAC (countrywide) and ONLY the second will be short. However, the second will net more than 40 or 50% of their full balance. Has anyone had any issues with this? It seems like a win win, but in the past I&#39;ve had banks want to &quot;confirm&quot; the first is also short. In this case, the first will be covered, we are only off about 100k, and we&#39;ve been on the market over 90 days to avoid it going short.. But we are finally going to have to give in and go with the market to get this sold. </p> <p> Thanks. </p> <p> </p>

<p> <a href="http://realtytimes.com/printrtpages/20091006_shortsale.htm">http://realtytimes.com/printrtpages/20091006_shortsale.htm</a> </p> <p> </p> <center> <span class="Apple-style-span" style="font-family: &#39;Times New Roman&#39;; font-size: medium;"><font size="5"><b>Court Rules Against Lender&#39;s Attempt to Cut out Commission During a Short Sale</b></font><br /> <i>by Bob Hunt</i><br /> <br /></span> </center> <table> <tbody> <tr> <td> <p> One reason that many real estate agents are less than enthusiastic about short sales is that, too often, a commissionectomy may be involved. By demanding a certain amount of net proceeds, the lender effectively cuts the commission that had been stipulated in the listing agreement. (To be sure, since March 1, 2009 Fannie Mae has prohibited its servicers from cutting short-sale commissions below 6%; and, as of August 20, Freddie Mac announced the same policy. But not all loans are held by those agencies.) Brokers and agents should be pleased, then, to learn of a recent court case that awarded a broker&#39;s commission when a lender sought to cut it just before closing. </p> </td> </tr> </tbody> </table>

<p> First, I know none of us are attorneys, but I&#39;m wondering how people have dealt with this. I spoke with someone whose bankruptcy was discharged a week ago. Trustee&#39;s sale set for auction almost immediately after that. One loan only, recourse. I asked how the house was dealt with in the BK. </p> <p> He said the attorney told him since the house is secured debt he couldn&#39;t include it in the BK. He owes $700,000. House is worth about $550,000. He doesn&#39;t want to stay in house. He just wanted to do a short sale hoping to buy some time for his sister who lives with him to find lodging. His wife of 45 years just died, so he just let things go. He&#39;s had his son &amp; other family members living with him rent -free for years. </p> <p> He has no interest in keeping house, &amp; I obviously have no interest in doing a short sale with no motivation - not to mention I told him he needs to speak with an attorney. </p> <p> My question is, if someone clearly doesn&#39;t want the house, wouldn&#39;t the BK include the debt and the house just be given back to the bank? Thanks, everyone </p>

<p> <strong>Welcome!</strong> Thanks for joining our group to share information and to gain knowledge about the ever growing, and ever changing, short sale transaction niche. </p> <p> We all know short sale has nothing to do with the time being short, and everything to do with long waits, endless hoops to jump thru and the stress of dealing with clients that are in many cases, in the worst financial position of their lives. </p> <p> That is the reason for this group. Whether you want to ask if someone knows a tip or trick for dealing with a particular lender, or the best way to gain more listings - we&#39;re hoping this group will become a resource for <u>all things short sales</u>. </p> <p> We welcome real estate agents - on the front lines, as well as we&#39;d welcome attorneys, financial advisors and CPA&#39;s, etc who help us with our clients every day. </p> <p> So jump in, anytime!<br /> </p> <p> <strong>Catherine Myers</strong>, REALTOR<br /> Alain Pinel Realtors<br /> <a href="http://www.ccshortsales.com">www.CCShortSales.com</a><br /> Walnut Creek, CA<br /> Serving the San Francisco East Bay Area </p>

<p> A couple, breadwinner lost her job Jan - her husband makes 60k which is not enough to sustain two homes - right now they live in one (trying to do a loan mod with this one) - while depleting their savings on the other - they have an interested party for $325k they owe approx. $490k first GMAC, second Principal (30K approx.) - they are not delinquent, but will be in the coming months - my concern is since they&#39;re not delinquent will these banks even consider such an offer - this buyer has been interested from the getgo but I don&#39;t want to put him in a no win situation - thanks! </p>

<p> I have a client with a 4 plex income property that is upside down and needs a short sale specialist to list and negotiate a short sale for them. Anyone on this discussion group in the area who would like to take this on? Please contact me off line. Thanks. </p> <p> Rick Stuart </p>

<p> We closed another ASC/Wells Fargo short sale in Palm Harbor today! It was FHA, so the seller gets $750 in moving expense $, which he sorely needed. Also, we received an approval letter from EMC for a property in Madeira Beach. We are thanking our lucky stars that the MI company is only asking for $1,000 from the Seller (banks are being so brutal about this lately). </p> <p> Good times, good times. </p> <p> Jennie Blackburn </p> <p> <a href="http://www.StopFloridaForeclosureNow.com">www.StopFloridaForeclosureNow.com</a> </p> <p> </p>

<p> I live in Florida. I am considering a short sale on my house. <u>I originally purchased it as my primary residence</u> and 1 year ago I purchased a new home as my current primary residence to take advantage of the prices while I could. </p> <p> I have 2 mortgages 80-20 both with Chase. I currently am renting my first house the one that I am considering a short sale. My mortgage was an Arm which began to adjust very high and I had that loan modified so that it is now fixed at 10% on both mortgages. Everything I am paying is going towards interest and I have perfect credit with both houses low credit card balances ect 771 credit score. I am now experiencing a hardship paying both houses and I attempted to have the loan modified again with Chase but they will not do a modification on a NON Owner Occupied Residence currently. </p> <p> I am wondering what is the best way to approach a short sale. Should I first let the 2 chase loans default so that they will look at this situation more seriously or is there any benefit to continue paying the payments on time and attempt a short sale. </p> <p> Legally can Chase come after my primary residence, bank accounts, Stock Accounts paid off cars ect... if I stop paying on the house to start a short sale or worst case the house goes to foreclosure. Sorry for the long post. </p>