Ar_home_b_search
 

I knew it, I knew it. I should have kept my mouth shut in the fear of getting a transaction jinxed but it did happen. I need an attorney who can go after Indymac, what they did was stupid and heinous and I am still shaking with anger and disbelief.

I have been representing a buyer on a short sale in Windemere.

  • Buyer has been waiting for 5 months. 
  • We had an approval from the first on oct 21st.
  • Then the struggle begins with national city on the second.
  • No answer since October from the second lien holder
  • In this time frame national city gets bought out by PNC
  • yesterday PNC comes up with a demand of 80K to settle the second. Are you kidding me PNC? Even if you sell it as a note, you will not get 50 cents on the dollar
  • Buyer is being pushed into a corner to contribute 42K as the first lien holder had agreed to give 19,500 to the second and the agents were expected to come up with the difference(hic)
  • And here comes the BOMBSHELL from the first lien holder-
    " We are going to have to take an approval from Wells fargo( the investor is .... and we do not have delegated authority).From what I am told, it can take up to 3 weeks to get an approval. This initially was mistakenly approved without going through to them first."

Are you freaking kidding me??????????????????? Oops I just shot you in the face by mistake and I should have shot your behind???? I smell law suit here. How can the banks be so incompetent that they play with people's lives so callously and we are letting them get away with it.

President Obama and his administration- awake or asleep?? This is the sector of the economy that needs grassroots digging to find out from people what they are facing in these times. I am so ticked off that I will even accept a federal take over of these bufoons !!!

Call Rama Mehra @ 925.698.1815 or email: Rama@RamaMehra.com

Rama Mehra is your San Ramon Real Estate Connection. Selling Homes in San Ramon, Windemere, Gale Ranch, Norris Canyon Estates, Bent Creek,Dublin Ranch,Danville.

Free Evaluation of your Home's Value- Get Customized AVM Reports for your Home

Visit my Facebook Page
 

Rama Mehra REALTOR - Cell: 925.698.1815 - Office: 925.855.8333 - Fax: 925.891.9180 - rama@ramamehra.com

 
This post has been included in California Real Estate News
Post is included in group: Realtors®
Post is included in group: Short Sale REALTORS®

7 Comments on Just when I was getting happy...

DEC
10
2009
622,286 Points 21 Featured Posts Outside Blog

I don't know how there would be a law suit.  I would just move on and let the bank take the loss.  It sounds like a dead deal.

6:31pm • #1
109,304 Points

We are expecting the banks to figure out what is wrong? They messed up the banking and they don't know how to fix it.

You can't change the out come with the same thoughts that got you there.

6:33pm • #2
1 Featured Post

Thanks Russ and Valorie.I cannot change the outcome with my thoughts but there is a definite sense of exasperation and just awe at the things the banks get away with. I totally understand that they are taking huge losses but darn it, an approval letter sent by mistake?? C'mon that takes the cake

6:37pm • #3
110,196 Points 2 Featured Posts Called Shot Master

Rama - I am shocked that they contributed 19.5k to the 2nd. I think that alone was their error. Watch them come back and state that they will only contribute 3k-5k to the 2nd.

80k for the 2nd! Wow! Is this a non-purchase money loan?

Also, why didn't the listing agent negotiate both lenders at the same time?

It's things like this that we place many offers on short sales and go with the first one that materializes on our terms.

 

 

9:52pm • #4
1 Featured Post

Satar, I was very surprised myself when the listing agent told me that first was contributing 19K to the second !! I thought they were being very magnanimous.The second was a purchase money, according to the listing agent, but who knows these days !  As for negotiating both lenders at the same time, my experience is that the second will not talk till the first gives an approval.I am going through the same scenario on one of my listings. It is a tough world, we are all trying to navigate our way around

10:17pm • #5
110,196 Points 2 Featured Posts Called Shot Master

Purchase money second wanting 80k...unbelievable. They must have been paid off already via bailout or MI.

Regarding negotiating both lenders, my experience is that a few of them want to see an approval letter from the first, but the majority do not. The ones that do want to see an approval letter, I ask them how long for an approval. That way i can time it or convince them to go ahead with the process.

"It is a tough world, we are all trying to navigate our way around"

So true! However, with Activerain, I never feel alone.

Take Care

10:31pm • #6
1 Featured Post

Thanks Satar ! I too do not feel alone with activerain with wonderful people like yourself

11:24pm • #7

What does the graphic say?

Leave a response…



(optional)
What does the graphic say?
 
Img_1102 Rainmaker_large

Rama Mehra,Call 925.235.0376 Certified Pre Foreclosure Specialist

San Ramon, CA

More about me…

Keller Williams Realty

Address: 760 Camino Ramon, Ste 200, Danville, CA, 94526

Office Phone: (925) 855-8333

Cell Phone: (925) 698-1815

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog