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All Forum Posts by: Lulu Wang

Lulu Wang has started 1 posts and replied 3 times.

Post: Short Sales in Nyc newbie Need help

Lulu WangPosted
  • New York City, NY
  • Posts 3
  • Votes 0
Originally posted by @Wayne Brooks:

Is the negotiator the listing agent?  Who is the bank? Are there junior liens?

 No. The negotiator was hired by the listing agent. And he was not aware of foreclosure information at all! My own agent found out the infor using her connections... The bank is the seller's bank. Based on what I have known there's a $70K unpaid common charge, late fees, etc from the management company and the bank is negotiating with them and trying to decrease the amount... But I don't know the progress and status at all other than that.....

Post: Short Sales in Nyc newbie Need help

Lulu WangPosted
  • New York City, NY
  • Posts 3
  • Votes 0
Originally posted by @Wayne Brooks:

Short sales often end the property going to the foreclosure auction.  The question is Why is there no progress: has the owner been approved based on his financials, has the bank done their BPO yet, are there junior liens that can't be negotiated out, etc.  An attorney generally isn't the best for negotiating short sales.  You/your agent need to find out Exactly what the issue from whoever is negotiating the short sale.

 Thanks for the info! The negotiator is an idiot (excuse me) and does not disclose useful information and keeps telling me to keep waiting and it's coming to the end. I feel I'm kept in the dark and does not know what's exactly holding up the process. And now my agent got the latest info the bank is going to foreclose it ... Is there anything I can do here to stop the foreclosure? Getting a new/better negotiator ? 

Post: Short Sales in Nyc newbie Need help

Lulu WangPosted
  • New York City, NY
  • Posts 3
  • Votes 0

Hello folks!

I had a short sale went into contract but it's taking forever to close because the seller bank still has not provided the consent letter. And the recent update is the sale is going to auction in two moths!

I'm not sure how could the happen but apparently there's some information mismatching here. Does anyone ever have experiences dealing with this kind of situation? I want to stop the foreclosure and close the deal. 

I'm currently in nyc and also looking for an attorney who has experiences in shot sale. Thanks in advance!