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Why would a short sale lender ask for a promissory note or cash contribution from the seller? The emails below, from Bank of America negotiators, will show you exactly why: EXAMPLE #1: Santa Rosa Beach Florida Short Sale “ Please be advised, that before we discuss the closing costs you have to talk to the sellers regarding contribution to mitigate the loss. The reasons:
* FICO in the high 700, never late on any account, continue to make payments on all credit cards * good deposits * good income on tax returns Requested (15 comments)
This week I had my all-time record fastest short sale approval. It took two days. Here is what happened: Property: Investment condo - Fort Walton Beach FL Seller Hardship: Loss of Income Lender: BB&T Original Purchase Price: $640,000 Mortgage Balance: $550,000 Contract Price: $380,000 Submitted: 6/22 Approved: 6/24 Conditions: $30,000 promissory note negotiated directly between seller and BB&T
The key to this quick approval was both the lender and the package. Unlike many other lenders, BB&T will start a dialogue directly with the homeowner prior to the short sale listing. (43 comments)
A few weeks ago my life started to change. I was asked to step outside my boundaries and outside of my comfort zone. What happened? I “met” Bryant Tutas- otherwise known as "Broker Bryant" on Activerain. You may have heard of him- he’s one of the best-known real estate bloggers around. His writing is insightful, direct, witty and often very funny. He’s got quite a following. Anyway, in the past several months I started to notice Broker Bryant’s comments on my blog posts and others. I noticed we were “simpatico”, of like-mind, on many topics, notably short (45 comments)
VA Short Sales: "Stuck" With Appraisals for 6 Months! - 06/21/09 12:15 PM
I recently had a short sale contract on one of my listings in Mary Esther, Florida, where the seller had a VA (Veterans Administration) home loan. A VA short sale is called an "Offer in Compromise". The offer price was $120,000, which I thought was reasonable given the condition of the property. Wells Fargo, the short sale lender, ordered an appraisal. Not just any appraisal, but a VA appraisal, called a " Notice of Value" or NOV. The seller's short sale VA appraisal came back at $135,000, much higher than the offer and fair market price, in my opinion. The buyer backed out (13 comments)
In Destin, Florida, and around the country, as time goes by with short sales, a new problem is growing-- unpaid condo association dues. I currently have two short sales pending with with over $20,000 in unpaid association dues. Short sale mortgage holders are growing weary of paying these huge back-fees to facilitate a short sale. Sure, I've had $10,000 or $12,000 paid to satisfy associations in short sales before. But the longer the short sale or bank action takes, the more the dues will start piling up. Now I have Bank of America balking at paying the association dues on a $300,000 Destin short sale. They want my (14 comments)
"But He Didn't Do Any Work- Why Should He Get The Commission?" - 06/15/09 08:21 PM
My husband and I had to go shopping for a new television last weekend. The old one was about to die - its channel guide was getting fuzzy and my eyesight is already "bat-like". We researched our options online, found one we wanted, then set out for a reconnaissance mission to Sears, Best Buy and yes, Sam's, at my Hubby's insistence. Right away, at our first store, Sear's, there was our new flatscreen- and it was a lot less expensive than the internet price! I got really excited. The on-duty salesman, Lee, came over and quietly introduced himself to ask if we needed any (156 comments)
I know you are doing a double-take, but this is a true story about a four-day short sale approval from Countrywide... The key is- it was a new construction loan... Here is what happened.... My seller. "George", bought a lot in Rosemary Beach, Florida. This a one of the higher-end markets on the Emerald Coast, with a view of the Gulf of Mexico, and a five-minute walk to the beach. George decided to build an upscale home on the property to sell. It would be over 3500 square feet, with spectacular views and extravagant finishes. He hired a builder and took (19 comments)
IMAGINE... Beautiful Gulf Views, Sugar-White Beaches, Emerald Water, Quiet Surroundings, Incredible Sunrises and Sunsets, Ultra-Relaxing Vacation... Sound Good? This is a beautifully redecorated townhouse at The Legends in Santa Rosa Beach Florida. It has new flooring throughout (07), offering over 1400 square feet of living space. The master suite has a king-size bed with a pillow-top mattress, whirlpool tub with separate shower in the private bathroom, and beautiful gulf views from the deck. The ' Surfin' ' room sleeps up to four on 2 full-size beds with it's own bathroom and walk-in closet.
The Legends is a beautifully landscaped complex (6 comments)
Deep water views graced by tall trees... this is a unique hideaway in Fort Walton Beach Florida for boat and water lovers. and lot sits up high. Circular drive brings you to home set back from street for privacy. Magnificent oaks adorn lot. Tile floors throughout, wood-ceiling living room, happy kitchen open to dining room. Kitchen has recessed lighing, breakfast bar and warming oven, plentiful cabinets. Oversized covered patio plus screened porch. Master bedroom is restful, with French doors out to back. New dock- 1 year old with water, 4 extra posts set for a lift. Seller estimates can park (0 comments)
Bank of America/Countrywide "Forgets" to Ask for Promissory Note - 06/09/09 07:02 PM
We all make mistakes, but this was a big one, by a big corporation... I was in negotiations for a short sale on a Crestview, Florida listing. My sellers owed Countrywide/Bank of America about $175,000 as the senior lien and around $25,000 to Citi Financial as the junior lien. The sale price was a spot-on $150,000. Bank of America asked for a promissory note of $5000. Although my sellers had recently divorced and had to move to separate homes, they both had stable jobs. Bank of America told me that was a factor in asking them for the note. The couple agreed, and I emailed the negotiator. (17 comments)
Short Sale Basics. Let the Class Begin!!! - 06/08/09 01:52 PM
I am excited to announce that Broker Bryant and I will be launching a Short Sale Webinar starting June 27 - for all to learn and grow.... Broker Bryant has been sharing his thought-provoking and information-packed blog for years, and he never fails to delight his many followers. We are teaming up on this project to educate YOU and share our knowledge. Take it away, Bryant!
Via Bryant Tutas-Tutas Towne Realty, Inc: Hi folks. Did you know I have been giving away free information on Active Rain for three years? Just about everything I know about Real Estate I have shared and have never asked for anything (6 comments)
OK, I love listings. Always have. I rarely work with buyers- only with personal referrals, friends, relatives or repeat customers. All of my buyer leads go to my team. I also love short sale listings. I have been presented with hundreds of short sale offers, so I know the typical pitfalls of poorly written short sale contracts and how to avoid them. This week I worked the rare buyer. My cousin, “Sue”, has never bought a home, and at age 23, is now stepping out in the world. Delighted and excited, she was (10 comments)
Adorable Bungalo home in gated Sandestin, tile floors, upgrades, porch. Close to amenity-filled Baytowne Wharf shopping, dining. Fish, pools, tennis, play, job, lifestyle. This home is 1596 square feet, built in 2005. It has three bedrooms and three and a half baths. Destin Florida location has some of the best beaches in the world! This is a pre-Foreclosure Short Sale subject to seller's mortgage holders' approval. Offered at $317,900. It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. Destin FL Real Estate Destin Short Sales & Pre Foreclosure Help. Read Destin Real Estate Blog Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 (8 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.