Comments for Real Estate Short Sales

Comment on Can Buyers Speed Up a Short Sale Review? by Tim Burrell

Tim Burrell — Sat, 05 May 2012 23:57:31 +0000

GMAC should tell you who the investor is. If they will not provide that information to you, have the seller/borrower request it in writing. I have had some other lenders refuse to provide that information to me as the agent, but I have always gotten it when the borrower asked in writing. GMAC is doing a fairly good job, particularly since they have switched to doing most of their short sales on Equator. It speeds up the process by giving you a way to upload the documents immediately and the negotiator knows that you can verify that they have received them. Also, you can see the progress of your sale just by going to that site. Good luck with your sale.

Comment on Can Buyers Speed Up a Short Sale Review? by Dick

Dick — Thu, 03 May 2012 11:20:12 +0000

Tim, I love the clarity and frankness of your blog. You have made numerous references to Fannie and Freddie mortagages. However, I have an offer in on a short sale and it is for a home with a VA mortgage with GMAC. Are VA mortagages any different and how can I find the present investor? Has your rather neutral opinion of GMAC changed over the last year?

Comment on Can Buyers Speed Up a Short Sale Review? by Tim Burrell

Tim Burrell — Fri, 20 Apr 2012 01:56:59 +0000

Contact the escalation department that Chase provides. Call the Short Sale Hotline at 866-233-5320. If you need to escalate your review, send an email to liquidation.escalations@chase.com or you can call 877-496-9025. You can light a fire under them by explaining that you may have to reduce your offer because your lender will no longer appraise the property for the price you offered. Chase made a presentation at REOMAC saying their goal is to approve short sales in 25 days. You might want to show them how your sale will ruin their average.

Comment on Can Buyers Speed Up a Short Sale Review? by Rich

Rich — Fri, 06 Apr 2012 22:11:24 +0000

We put a bid on a short sale on 8/19/11 and still do not have a closing date. The first mortage (thru Chase) was approved in january and the second mortage (also Chase) has not been approved. The owners of the property have not made a payment since 2009 and there is still no forclosure on the property. We have since had an appraisal (since the first loan went thru) and found out what we are paying would have been good in Aug, but the property dropped in value more since its been 9 months. Any advice?

Comment on Bad BPO Creates a Bad Short Sale Decision by Tim Burrell

Tim Burrell — Tue, 27 Mar 2012 19:55:11 +0000

I think it is a wonderful idea, but most of the MLS in my area will not participate, so I do not have much in the way of feedback to share. I wish I did because it would be an easy solution to the problem of over-valuing the home. Thank you for your comment.

Comment on Short Sales and the Military by Tim Burrell

Tim Burrell — Tue, 27 Mar 2012 19:53:34 +0000

Good information, thank you for that clarification. I appreciate you help in getting accurate information out to anyone who may still be able to use this program. Thanks again.

Comment on Short Sales and the Military by VA Home Loan Centers

VA Home Loan Centers — Tue, 27 Mar 2012 19:36:24 +0000

Tim, the extension to 2012 only applies under BRAC or as part of the $25b settlement as per USACE. If the homeowner PCS’d after September 30 2010 and their former duty station is still operational, HAP will not pay for the shortage as of 03/27/2012.

Comment on Bad BPO Creates a Bad Short Sale Decision by Michele

Michele — Tue, 27 Mar 2012 16:32:55 +0000

Tim, how do realtors feel about this product/SSAD? Do you know what realtors who use SSAD are saying about it? Do you know of any MLS Associations in non-disclosure state using it (Fannie Mae SSAD)?

Comment on How To HAFA: The Process from Start to Finish by Tim Burrell

Tim Burrell — Sat, 24 Mar 2012 14:02:49 +0000

This is one of the most interesting challenges in Short Sales. The answer depends on the rules in your state. In North Carolina, the answer is clear because the NC Real Estate Commission has stated that it is the obligation of the listing agent to disclose all offers to the lender who is considering the short sale. So, in NC, you submit the offer as a back up offer, but it is submitted to the lender for their consideration. If the lender likes the back up better than the original offer, it can disapprove the original offer and accept the back up. One thing to remember is that the original offer can improve its offer and the back up has no right to object to the change in the original offer. This requirement gets interesting with lenders whose system is set up to consider only one offer at a time. For example, Equator is not set up to easily submit the second offer. I do not know the rules in Texas. However, I would submit your offer with a back up addendum just to “play out the hand”. If you do not submit it, there is no chance of consideration. If you do, there is some opportunity. Your worst case senario occurs if the lender does not approve the original offer, you are the one who is considered next. Your best case is that you get considered along with the other offer. To find out the rules, call your state Real Estate Commission.

Comment on Fannie and Freddie’s HAFA Program: Good News and Bad News by notch filter

notch filter — Fri, 23 Mar 2012 12:46:07 +0000

Hello There. I found your blog using msn. This is a really well written article. I¡¯ll be sure to bookmark it and come back to read more of your useful information. Thanks for the post. I will certainly comeback.