Welcome to our Short Sale Group!

" the property needs to be bonded"

Could you please elaborate on that issue? Who is responsible for bonding the property, how and why? What is the agents responsibility in all of this?

Bonded? It used to be that if we , in California, as agents were going to sell an owner occupied home with an NOD filed to an investor, *WE* had to be bonded yadda yadda, but that bonding requirement has gone away.. is that what you mean?

All together here amongst this group of agents on this discussion board, I'll bet we've done hundreds of short sales, and I've never heard of a property having to be bonded?

Hi Catherine, So sorry but my wonderful suntrust loan mod contact was leah.terry@suntrust.com 804-319-1707 I was going from memory over the weekend and obviously it is not that good!!! Hope that helps. Good luck!

I agree, I have done several short sales here in Texas and have never had them bonded, which is why I asked what they he meant about "Bonded".

So is a Mortgage,a lease etc. Bonded meaning who does the bonding and is this your states law? or,,,do you mean like a stock broker bonded?

Matter of opinion of interpretation. But as I have been advised by the Calif Dept of Real Estate regarding short sales, if you are negotiating a sales price for a property it is a real estate transaction. "If it walks like a duck, quacks like a duck. it's a ....."

I have some questions regarding a distressed property listing (possible Short Sale listing) I have. This listing has been on the market since July '08. (Acutally a year before that with 2 other agents - I am #3). I priced it competitively with the comps but for whatever reason, everyone LOVES it (there is nothing negative about the property except it's size (1647 sf) and individual issues, so never received an offer and had to lower the price now down to moving into short sale area. The sellers have now filed BK which will be heard in court next week. In the meantime, we discussed pricing the home as a Short Sale. They are moving out of state right after the hearing and have only missed one payment (due 4/1, late 4/15) but soon, property taxes will be due and not paid. They said do what I have to but they are giving up knowing they aren't going to realize any money out of it.

Questions are - Do I have the authorization (sellers signed a Change form to change the price) to lower it to receive SS offers on it now, during or after the BK is heard?, do I need a short sale authorization form for the lenders before I change it on the MLS?, and, if I get an offer after the BK is heard, do I have to wait until after the BK is discharged (another 2 months+) to submit an offer to the lender or can I do so during that period? I realize I can't do anything while it is part of the BK proceedings, so what if I get an offer if I lower it now? And, since the owners would not legally own the property after, I'm needing some expert quidance on what I can or can't do and what would be required? Would the mortgage holders (lenders) be listed as the owners after the BK, and if so, can I even list it still? Lots of questions, just trying to get a grasp of what would be the best route to get this house SOLD under my listing agreement timeframe.

what area is the listing?

Washington state.

Hi Katherine:

Thank you for the HUD form. That is exactly what I've been looking for! This is my first time on this site, but I plan to return soon.

Thanks for the discussion.