Welcome to our Short Sale Group!

Maryann,

Thank you for taking the time to answer my questions!

I am sorry to hear that your BPO did not come in as planned, I assume the realtor thought she helped you out but that's not what one want to hear. Could you attempt to get the lender to order another BPO or is it too late?

Michael

Hi, I am a Realtor in Boise, Idaho. I am in the process of my 1st. short sale, representing the buyer & I am finding it to be very frustrating. The offer was written May 1st & submitted along with 2 other offers I have been told. I keep in contact with the listing agent who is communication with the Bank. A couple of weeks I ago in speaking with the listing agent I found out the Sellers are not actually in Default of their mortgage. They moved out & have renters in the home on a month - to month basis.

What happens now?????? My understanding is that for the Bank to consider a short sale the Sellers have to be in default of their mortgage for at least 3 months. Has this changed?

If anyone has any information on this to share please do....

Rhonda Conlan

Associtate Broker, GRI

SelEquity Real Estate

208.559.4606

Rhonda@Rhondaconlan.com

Suzanne, I have successfully gotten the bank, Wells Fargo in my case, to waive the request for a signed promissory note from the seller. It took persistence but by continually referring to the financial information for the seller and the showing history for the property, they finally agreed that it was in their best interest to go ahead and approve the sale without the seller signing a promissory note. I have completed several short sales with Countrywide and they have never even asked for the seller to sign a promissory note. So, as with everything else, I'm sure it is on a case by case basis.

I'm new to the group and think it's a great idea to share info and ideas. I started listing short sales in November of last year and have listed about 50 since then. I currently have 30 short sale listings. I've closed about 10 so far, have lost about 10 to foreclosure or gave up on due to uncooperative sellers. Some of these lenders are unrealistic in the amount they think the home is worth. Here in Brevard County FL, prices are still dropping and I have to fight with them about the value of the BPO. It seems that a few of the lenders are starting to get their act to together, but very slowly. I think we will be seeing more foreclosures due to the time the lenders are taking to get an approval.

Doug Wells

Rhonda-

I just completed a short sale with GMAC. The seller wasn't in default, late or behind in any way. Their hardship was divorce. GMAC took 56% of the mortgae owed and my sellers didn't have to sign anything. I'm even doing short sales on properties that aren't listed so all the old rules are falling by the wayside! The paperwork justifying the short sale needs to be in the bank's hands with all the documentation they require, but that's really the only standard now. It's pretty much a case by case basis and a lot depends on the loss mitigator you are working with. I find it's much harder to be on the buying side of the short sale than on the listing side. I have a client with offers on three different short sales and whoever works with us first will be the lucky one.

Penny Alper

Great Idea.

Does the National Association of Realtors recognize the CDPE designation?

I am at the very end of the ePro course and this is a final assignment. I am most interested in short sales and feel I have little knowledge. Where is the best education available regarding short sales? I live in a very small community in the mountains and am pleased that NAR & CAR have information that can be used.

Thanks for your help, in advance-- Mary

Hi Catherine,

My partner and I have recently entered the short sale market in our area and as you can imagine we have a lot of questions. We have been attending seminars on short sales and reading every piece of material we can get our hands on to establish a protocol for processing the short sale. Any suggestions?

Thank you,

Jeri Blanco

Blanco-Matlock Team

Coldwell Banker Cocoa Beach Realty