All Forum Posts by: B Cory

Spoke to my attorney today, who represents many Short Sale Investors, and he informed me to clients of his last week got either approvals or affidavits (can't remember) from Wells and Chase requiring the buyer to sign stating a lot of garbage including they wont resell for 30 days. 1 from each. Anyone seen it?

I have been doing Short Sale Flips for over 1 1/2 yrs. Currently negotiating 150+ deals, consistently. I need to see if someone can suggest a lender who is doing 30 day plus lending so I can begin doing Countrywide deals again. I just don't want to work with someone who is going to charge an arm and a leg. I have found many who are reasonable, but need more time to get ready.

We have been working a Short Sale with Chase for a while. The homeowners put the property into a trust, and the contract and HUD both reflected the trust. All of the sudden the negotiator comes back and says that the property can not be in the trust. WTF? If we take it out, there goes seasoning for another 90 days. The sellers did not transfer any interest, and they are also the trustees as well. Has anyone done a Short Sale with Chase/WAMU where the seller was a trust?

Someone brought some language used by lenders to my attention. I hadn't noticed it before, but now that I look back, I see it in a couple of my approvals. I know a lot of investors use the Trust Method of flipping, deeding the property into a trust. Do these clauses affect that? Please give me your take on the language.

Wells Fargo: "It is further understood this transaction may not involve any third party who received a deed from mortgagor at, prior to, or after settlement."

GMAC: "This transaction may not involve a third party who receives a deed prior to this closing or after after this closing and before recording of the deed to the purchaser."

Who is the best Short Sale Negotiator. I am looking for a Short Sale Negotiator that fits what we need, and wants to make a piece of every profit we do together. Can seem to find the best. I was looking for an Attorney thinking they could use a leverage, but unsure.

As most of you may know, Wachovia (A part of the Wells Fargo Company) has come out with a new Short Sale Approval letter stopping investors from buying the property, and marketing for a end buyer or putting a end buyer in escrow before closing the 1st deals. Chase has also come out with similar language, that according to my attorney is questionable. This is now BofA, Chase, Wells Fargo, WAMU, Wachovia, EMC, and America's Servicing Company. Has anyone found a strategy to get items from the approval removed or amended? Rumor has it that there are attorneys out there getting these removed or amended. Let's work together as investors to find a way. :idea: