Short Sale / REO

<p> I was fortunate enough to snag two BPOs thru Summit Valuations. They told me that they pay $75. I completed both but have not yet received a check. </p> <p> Does anyone on this site have any experience with Summit Valuations? </p> <p> Thanks, Josie </p>

<p> On a short sale transaction, what is the reason the banks ask if the owners occupy the property or not? How does this affect their approval decision? </p>

<p> I have been working with a buyer who is hoping to purchase a short sale home. The sellers have vacated the property, the house is only 3 years old, but according to the listing agent, no one is responding to her as to whether or not they will accept, counter, or reject the offer. They are telling the sellers that if they accept any offer, the sellers will need to sign a promissory note for the balance they owe and the sellers will get a 1099 form for their 2010 taxes for the amount of the difference between what the house sells for and the amount the bank was shorted. Does this seem fair? </p>

<p> Was there a law that passed where lenders are required to give a decision on a short sale transaction within 21 days from submission? Someone told me this was effective early October. </p>

<p> Anybody have a &quot;higher up&quot; contact for IndyMac? I&#39;m not getting ANYWHERE with them. I have an approval from both IndyMac (1st lienholder) and SLS (jr. lienholder) but their approvals are far off from each other as far as the payoff to the 2nd. My 2nd lienholder negotiator is great! He answers my calls every single time. He even called WITH me to IndyMac on a conference call twice to see if he could get anywhere with them and negotiate a deal. </p> <p> Anybody have any suggestions or a contact at IndyMac that can put full speed on this? </p> <p> My jr. lienholder negotiator will not accept the $3,000. They want $12,508 but seeing that he was willing to call WITH me to the 1st, he seems to be open about negotiating a deal at least. We just need to be able to get a hold of someone besides the call center! </p>

<p> My seller is considering asking the bank for reimbursement for damages that incurred by the bank. </p> <p> Seller stopped paying in July. Still occupied and well-maintained. It was obviously not an &quot;abandoned&quot; property. However, in September, the lender decided for themselves that the property was considered &quot;abandoned&quot; and hired a third-party to break in and change the locks. This break-in caused damage to the door and the painting, not to mention that he had to pay to get this re-keyed. </p> <p> He is now considering a short sale but also wants to pursue reimbursement with their legal department for having to pay to repairs and a locksmith. </p> <p> Could this harm the short sale process? Should the seller even consider writing to the legal department for reimbursement? </p>

<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> I may be asking for a little too much, but anyone in Austin willing to help another fellow short sale colleague out by going to 2900 Esparanza Crossing, 4th floor to One West Bank (IndyMac) and get me the business card for the branch manager / top person of that office? Negotiator WILL NEVER RETURN my calls or emails and I&#39;m on crunch time with the buyers before they walk. These buyers are more than qualified for a loan, but will only hang on for just one more week. </p> <p> I know for sure my negotiator is out of that office. I did a reverse search based off of her address on the approval letter and got the main phone number. The receptionist confirmed she is out of that office. </p> <p> If anyone in Austin can help, that would be great! I&#39;m in Calfornia, or else I&#39;d do it myself. </p>

<p> I was all excited to receive the short sale approval letter from Chase -- UNTIL I read .... &quot;the buyer is still responsible for all deficiency balances. &quot; </p> <p> What should I recommend to my seller ?? Would it be better for him to let this house go into foreclosure ? </p> <p> I asked Chase what it would take for them to forgive the debt -- the response was for the seller to bring money to close. The seller has no money. </p>

<div class="body"> <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> </div> <p> P.S. For those of you on both this and the Short Sale Strategies forum, sorry for the double posting. </p>

<p> I&#39;m a broker of a small company in San Diego, CA and I&#39;ve got an agent with a unique situation - her client lives next door to a property he would like to purchase. An NOD was filed on the property earlier this year. Both the agent and her client have attempted numerous times to contact the seller, with no success. The agent has also tried to contact the lender directly to see about either listing the property or facilitating a sale directly in the event it is foreclosed on, with no success. The client really wants this property. Does anyone have any suggestions for my agent? What she might try to reach the seller or the lender? </p> <p> Denise Wells, e-PRO, GRI </p> <p> Broker/Owner </p> <p> San Diego Real Estate Specialists </p> <p> <a href="mailto:Denise@DeniseWells.com">Denise@DeniseWells.com</a> </p>

<p> I have a short sale file I&#39;m about to submit. 1st in IndyMac and 2nd is SLS. The balance of the 2nd is around $117,000. We&#39;re proposing $10,000 to the 2nd. Is this too high? Too low? </p> <p> Anyone have input as to IndyMac&#39;s yes or no to this proposal? </p>

<p> Does anyone know if B of A considers short sales on investment properties? Tenant still lives in it and still paying rent. The rent only covers 50% of the monthly mortgage and the owner can no longer keep up with making up the difference. Owner lives in another state. </p> <p> Any input would be appreciated! Thanks. </p>

<p> I am representing a buyer who has been approved and ready to close since June 30th. I can&#39;t close the transaction because the property still does not have clear title. Bank of America underwriters require this step before closing and will not do any corrections to title after closing. I am not blaming BOA. My question is this, how the heck was this property ever listed for sale in the first place if the title is not transferrable and clear to begin with? </p> <p> Now, I find out that the foreclosing attorney himself is at fault for this error. The listing agent thought it had clear title so I am not blaming her for this mess. I keep extending the closing by no fault of our own. My buyer has been very patient. However, this is ridiculous. We have gone through 5 different extensions now. </p> <p> Is this fraud? What should I do to get this closed? The bank can&#39;t seem to do it, First Preston who is representing the transaction can&#39;t seem to get it done either. What now? </p> <p> My thought is that it should have never been on the market to begin with. A property listed for sale that cannot sell. What would you do? </p> <p> Thank you. </p> <p> Kelly </p>

<p> Has anyone outsourced their short sale transaction coordinating? Do you know what the going rate is for having them handle your short sales? Thanks! </p>