Home > Blogs > Fernando Herboso - Associate Broker MD, & VA > Homes For Sale in Maryland

Short Sales Specialist in Maryland DC and Virgina. We will LIST & SELL your home for FREE

By Fernando Herboso - Associate Broker MD, & VA

Managing Real Estate Broker with Maxus Realty Group of Samson Properties Broker - Realtor - CEO

March 25, 2009 02:40 PM

Short Sales in Maryland "Short Sales specialist in MD DC and VA"

A Short Sale Question
(we specialize in short sales in Maryland DC and Virginia)
!

Sometimes we receive inquiries from people outside the Maryland DC and Virginia region where we specialize in short sales.

Such is the case below.

We understand that our knowledge in short sales could benefit people anywhere.

Here is a sample of an actual email Short Sale Question :

Good day sir,

I am pursuing a house here in Georgia.
I am under contract (if it can be called that) to purchase a short sale, but we are awaiting approval from the seller's mortgage company, Wells Fargo. After signing, I discover that the seller has a second mortgage with Wachovia, which was recently bought by Wells Fargo. Assuming that the two Loss Mitigation dept.s have not been merged yet, how much should I be concerned that the second mortgage holdermight delay or derail the process? According to county tax records, the house was FMV at 121k in 2001 ( as far back as I could research), and 147k in 2008. The seller originally listed at 121k, then dropped it to 111k, and accepted my offer of 110k. What are my chances, without knowing the amount of that second mortgage?

Also, the listing agent has been been uncooperative in helping us discover how much the seller owes on the house or other details about the mortgages. I especially want to know how much the second mortgage is. Is there a diplomatic way to persuade the listing agent to cooperate? We had scheduled a conference call with the seller's lender for last Friday, but the listing agent was a no show. My buyer's agent transmitted my list of questions, e.g. about BPO and contractor's estimate (there are damages to the home that I'm prepared to fix myself, but I want to know if they have already made that case to the seller's mortgage holder). They responded that they are not rookies and answered only one of my 10 questions. (I give them the benefit of the doubt that they know what they are doing, only I need information to make informed decisions. Am I wrong to ask them to tell me what they know about Wells Fargo's process?)

Thank you for your advice. God bless you.

. . .here's my answer

Dear Short Sale in Georgia:

Please know that . ..

The listing agent is always your referee. . in a short sale. keep him/her happy
The listing agent ( I imagine is the same in Georgia) has to keep his clients information confidential.
The second mortgage does not have a leg to stand on and more likely they will end up agreeing to a partial payment
The first mortgage knows what kind of repairs they house needs by doing the BPO
If you suspect a botched BPO because the agent doing it is expecting the foreclosure listing when the short sale goes bust. . raise hell then
Not now. .allow the listing agent to work the short sale . .he wants to get paid too.

I know you need more info than this. . the good news. .Wells Fargo is decreasing the number of foreclosures by aggressively seeking short sales. . have patience, you will get your turn.

The Final Happy Outcome. .

Thanks, Fernando!
We received our approval letter on the 10th, and we're scheduled to close on Friday.
Thanks for the advice.

You are welcome!

We will List Your Home and Sell it

FOR FREE as a short sale. . call Fernando for details. . 240-426-5754

What is a short sale?. . .and why you should hire an specialist

short sales in maryland dc and virginia Fernando Herboso & Associates are CDPE certfied: