short sale negotiations: 3rd Party Negotiations Part 2
- 01/19/12 04:30 PM
Yesterday, I wrote about whether it is prudent to utilize a 3rd party negotiating firm or perform the services in-house. I presented two legal considerations for the utilization of a 3rd party negotiation firm. Today, I will discuss the practical reasons why it may be prudent to employ a 3td party negotiating firm. According to NAR, the average short sale negotiation takes 27 hours to consummate. I maintain that this number is based on data that is now outdated. I believe that it takes at least 40 hours on average to complete a short sale. In any event, it takes … (2 comments)
1. The restrictions are required without legal “consideration” and are therefore invalid;
2. The restrictions are voidable because there is no “privity” of contract;
3. The restrictions cloud title (some states formally prohibit the restrictions);
4. The restrictions violate the spirit and intention of Uniform Commercial Code.
Today, I will discuss the third component in the four part series. Many if not most of the restrictions … (5 comments)
short sale negotiations: A New High in Short Sale Negotiation Lows.....Even for Wells Fargo
- 11/10/11 04:20 PM
Some days are so bad that you have to laugh when the day gets even worse. I was on the phone for three hours yesterday with Wells Fargo on a short sale that is in bankruptcy. Normally, I prefer short sales in bankruptcy because the bankruptcy departments have a higher caliber of negotiator and they tend to be more diligent. Not on this one!!! It has been a nightmare!! Wells Fargo claims that the file was no longer in the bankruptcy department. I advised them that the debtor was still in bankruptcy so there must be some mistake. After two hours, … (7 comments)
short sale negotiations: Series on the Enforceability of Short Sale Affidavit Restrictions
- 11/08/11 06:18 PM
The reason that short selling lenders cannot legally enforce their restrictive affidavits has four basic legal components. I will address each in a separate blog because of the length of each component. The Four Components 1. The restrictions are required without legal “consideration” and are therefore invalid; 2. The restrictions are voidable because there is no “privity” of contract; 3. The restrictions cloud title (some states formally prohibit the restrictions); 4. The restrictions violate the spirit and intention of Uniform Commercial Code
I. Legal Consideration. In order for a promise (or in this case restriction) to be legally … (3 comments)
Author Bio: Paddy Deighan earned his Juris Doctorate and PhD Paddy consults with taxpayers in regard to tax liens, tax levies, tax levy, offer in compromise, tax debt, tax settlement
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