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Short Sale Q & A: How do I move a dead end file forward?

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Real Estate Agent

Question #1: I am working on a short sale with BBT, the note is for $409,000 and there is a second mortgage with PNC for $114,000. BBT agreed to market the home and do a short sale for $399,000, we had three offers and one came back at $450,000, after presenting the pre-HUD1 with the offers they decided not to Waive the deficiency for the Seller, they cut the commission from 6% to 4.5% and is hesitating to offer PNC even a $1000. (the hud shows that BBT is not losing a penny) they actually making a small profit. The negotiator has told us plain and simple that she is the one that makes the decisions and she is in not rush to decide, mean while the buyer is ready to walk, I had talk to BBT and they won't transfer me to anyone other than the negotiator wish only work on her desk two days a week ( Mondays and Tuesday.) The homes sold in this area in the last 6 months are mostly REO's and selling around $300,000 and better condition. Is there any advise you can give me? I am very frustrated. Thank you so much for your time, Karem Kramer"

My answer: Escalate the file. Call the short sale phone number and ask the person who is answering the phone that you need to talk to the supervisor for negotiator(state their name.) Find out who the investor is and tell the negotiator that you will contact them directly. Hold the negotiator's feet to the fire. There is no reason for her to dilly dally, when the buyer is ready to walk and REO properties are selling for $100,000 less. Does the negotiator want to pay the $100,000 ou of her own pocket? Tell her you will let the investor know if the home sells for less as an REO. If the investor is Fannie Mae, then you could contact Barney Frank or someone like him. Here is how to find out who the investor is. It should be one of the following.

Fannie Mae. http://loanlookup.fanniemae.com/loanlookup/

Freddie Mac. https://ww3.freddiemac.com/corporate/

Sliced and Diced. Look at the Plaintiff's Name on the Lis Pendens. If it contains something like "CWALT 2005-06CB", "BOAALT Series 2005-10", "Certificates", or "Trust"; then it is probably "Sliced and Diced."

FHA. On the first page of the mortgage, there should be a small square and inside the square, it will say "FHA Case Number 091-4242640-703."

VA. On the mortgage, 1-4 pages past the signature page will be a VA Rider. At the top it wil say "NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS." That is a VA loan.

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