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short sale approval: Lenders Holding Short Sale Approval Extensions Hostage - 05/01/12 04:34 PM
I’ve noticed a trend lately where short sale negotiators (especially on the second mortgages) are holding short sale approval extensions hostage, and I really don’t understand why.
There have been a couple of files lately where our negotiator gives us less than the usual 30 days to close a file. Of course we do our very best to meet these impossible deadlines, but there comes a point where we have to ask for an extension. Even in files where we have the full 30 days, there are situations where the buyer’s loan is not ready at the end of those … (9 comments)
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short sale approval: With a lot of hard work, a lot of experience and a little bit of luck... Wells Fargo - 11/19/10 12:59 PM
short sales can take only 90 days from listing date to closing date!
Property Information: 13871 Magnolia Court Davie, FL 33325 located in Shenandoah
Listing Price $190,000 - Sales Price $190,000
This beautiful Davie, FL home was listed on 08/16/2010 as a short sale. I obtained an approved listing price from the seller's lender in 21 days, two days later we had a contract and the transaction closed this week.
I had the pleasure to work with:
Incredible sellers who were pro-active from pre-listing to post closing; Barbara Sangetti with RE/MAX Advance Realty who represented the Buyer; … (6 comments)
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short sale approval: Who does the short sale approval letter belong to? - 09/01/09 06:37 PM
Buyers and buyer's agents sometimes ask to see the demand/release/approval letters but I am not convinced they should be allowed to.
Approval letters belong to the sellers, they are addressed to the sellers, mailed to the sellers, and contain the very private consequences of the short sale to the seller.
On the occasion when a lender is buyer specific, like Wells or BoA, the buyer's name will appear on the letter just so they deal CANNOT close with a different buyer.. A short sale has no bearing on the buyer whatsoever.
The title/settlement company must have a copy of the … (9 comments)
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short sale approval: Are your clients signing unsecured notes in order for their short sales to close? - 01/26/09 09:18 PM
As the number of short sale listings rise rapidly, the second mortgage holders are getting more and more brutal everyday.
The seconds are requiring 10% of the loan amount at closing and asking for a lump sum or an unsecured note for the difference (between the 10% they get a closing and the full loan amount) with monthly payments in order to release the secured note on the home and the sale to go through.
If the seller had either, they would be able to make their mortgage payments, not to mention that if thousands of dollars were laying around, the … (6 comments)
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short sale approval: Short sale with National City Home Mortgage as second lien holder. - 01/23/09 11:25 AM
Hi everyone, Just thought I would share my experience so no one else would be as surprised as I was today. I have been working on a listing where the second is National City Home Mortgage. I got an approval last year but the offer fell through because the BPO for the first came is about $15,000 higher than the same exact home for sale next door (an REO) the buyer bought that home. It has taken me months to secure another buyer which I just did in the beginning on this month then.... package resent to first, to 2nd and … (48 comments)
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short sale approval: GMAC-- TWO THUMBS UP! - 12/09/08 02:27 PM
Navigating through the short sales sea can be a challenging adventure... to say the least...
Most of the time there is MUCH more to complain then to compliment but today, I received a very pleasant surprise.
I submitted a complete short sale package to GMAC (the first mortgage) on 11/20/2008, followed up the next day to make sure the fax was received-it was. I called back to follow up 10 days later, Dec 1st to make sure of the sure that everything was ok, and I was told that the file was complete and I should expect an answer between six … (4 comments)
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Patty Da Silva, CDPE BROKER- REALTOR® Davie, Cooper City, Plantation, Weston.
Davie,
FL
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BROKER of Green Realty Properties® - 954-667-7253
Address: 12401 Orange Drive, Davie, FL, 33330
Office Phone: 954667SALE
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