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lender: OUCH! Downey Savings won't approve short sales - 07/30/08 12:29 AM
Venting...
After weeks of waiting for word from Downey Savings for approval for a short sale, I got my answer yesterday.
Private investor
Downey Savings won't approve any short sales. The only way they would approve a short sale is if they received the full payoff --- which, in that case, won't be a short sale.
I made it crystal clear that my sellers are in no position to pay off the full amount owed or sell at price they owed and still pay commissions out of their pocket. And that if they can't sell, then the only remaining avenue is a foreclosure … (7 comments)
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lender: Preparing Short Sale Package Template - 06/14/08 12:40 AM
There are so many short sales today that they now consist most of my business, both at the listing and selling side.
Educating clients is a priority. It is an absolute must to set expectations. Since short sale listings take a lot more energy and time than regular listings, I wanted to make sure I have a clear plan or template. I don't want to reinvent the wheel, so I put together a package of info gleaned from various resources for my listing clients.
My package consists of:
Q & A on avoiding foreclosures to let buyers know there are recourses available … (3 comments)
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lender: Bank won't take back up offers on REO. Is this typical? - 05/11/08 04:26 AM
Every day, there seems to be something new to learn. And in this sea of short sales, trustee sale and REOS, there are so many new or different rules, practices.
There is an REO property that was on the market only two days before it was posted as pending. An agent in the same office as the listing agent submitted an offer the day it was activated on the MLS; the bank countered the next day, and poof! It was accepted on the third day.
Unfortunately, my client and I couldn't see it until the fourth day on market. I called the listing … (8 comments)
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lender: GRRRR....While waiting for response for offer on short sale, the trustee sale was announced! - 05/02/08 12:54 AM
We submitted an all cash offer on a short sale listing on March 31. Although our offer was below the list price, we priced it according to a recent sale of a bank-owned property in the neighborhood. The seller accepted on April 3.
Change the status on the MLS! In our MLS, once there is a ratified contract between buyer and seller, even on a short sale, within 24 hours, the status should be changed to "pending" It took another week before the agent changed the status of the listing.
Follow up, follow up, follow up! Every so many days, I'd check with the … (2 comments)
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lender: Is this right? Short sale listing agent sent all offers directly to lender, bypassed seller. - 04/29/08 02:45 AM
I submitted an offer on a short sale listing last week. When I followed up with the agent on the seller response, she told me that she received four offers and that she sent them directly to the lender for approval. No written response (acceptance, counter or rejection) from the seller.
Is this right? Seems like she skipped a step and that is to have the seller formally respond to the offer(s).
Regardless of which offer is in first and back up positions, and knowing that the lender will make the final decision, the seller still owns the property and still has a role in the … (13 comments)
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lender: Fiduciary responsibility is to the seller of the short sale....not to the lender - 04/22/08 08:34 PM
We are having such a lively discussion at our office, and there were very strong opinions expressed.
One of the scenarios: there is an accepted offer on your short sale listing, but the lender hasn't accepted yet. Then more offers come in. You can take one or two in back up position, and you can/may present these other offers to the lender.
But do/should you?
We consulted a short sale specialist who told us that your fiduciary responsibility as the listing agent is to your seller. If you have a solid accepted offer, and the goal is to complete the transaction as quickly as possible and still meet … (8 comments)
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Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA
Oakland,
CA
More about me…
Alain Pinel
Address: 6211 La Salle Ave, Oakland, CA, 94611
Cell Phone: (510) 205-2992
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