All Forum Posts by: Mitsu O'Riley

Hey ya'all!

I'm looking at three "BOA" approvals.
Two are countrywide/now BOA different investors shorts, and one is a BOA invested short.

The CW one have the 30 day transfer deal, and the BOA (never CW, investor BOA ALT) short without a 30 day transfer restriction.

Knock on wood since the two with the 30 day already closed and were non investor deals, but the BOA non restricted is a probate deal needing an extension for clear title.
Well either way that buyer plans to hold title for 30 days.

I've had investors tell negotiators their intentions, and they can't do anything. Their legal dept is the only one that can make changes. I heard f one that changed, but it took an attorney 8 months to get them to change the restriction.

Choices......

Mitsu

Originally posted by George Ramsay:

Well for whatever its worth
I made my offer in February, we received no reply from the listing agent & this property is still listed is still listed in the FMLS as active

So much for that 3rd party mitigator

Hey George,

You need to ask your agent why the house is still active in the MLS. That has nothing to do with the mitigator. Your agent should still be looking out for your interest in the contract.
The mitigation company gets the short sale package together, gets it through the process (the hardest part), and then gets an approval or counter offer to you. They have nothing to do with the MLS, writing of the contract, or any of the real estate stuff the agents get paid a commission for.

Does your contract allow the home to stay active on the MLS?

Also, I am not sure why you are not hearing status on the short sale. I usually send a weekly update on my files. It is up to the agent to pass that info to you, if they don't give me your email address for updates.
There are a lot of bad companies out there, like in any other business. It also depends on the bank on how quickly the file is reviewed, 2 weeks, 30 days, 120 days +. However you and your agent should be getting status.
Good Luck
Mitsu

That's a tough one. I think impossible financing terms reflects bad on an offer.

Maybe do something like subject to partner's approval within a number of days, or approval of inspection, or approval of resale profit analysis. The last one would probably be for a short sale purchase.
I guess it depends on how much time you are trying to get to be able to change your mind.
Try it both ways and see which one gets better results.

Did Chase do the BPO for the 2nd?
What is the lender on the first say?
Are you sure you are talking to the right department?
Offer to do an appraisal. Did they tell you what they site as comps?

We have a so many homes to choose from that buyers take months and look at 80 homes. That's just crazy. I feel having a bigger glut is not good for anyone. Yes a lot of people can't afford the homes right now, but a slow leak is far better than the dam breaking. I say prop it up as long as we can. It would be better for our economy, neighborhood safety, mostly everything. We don't need to be living like the great depression era. Salvage what we can, ease the pain, and hope for new jobs to continue to come out of this market.

You are one of the few coaches that I've heard of going and consulting with other coaches. I must have come across some of the less diligent ones. You seem to know what you are talking about, where some of these guys, well you won't find them helping on forums.

I guess I need to keep learning and keep doing the presentations, until I can come up with a study guide.

I think I might go to doing the investing then teaching the mitigation side.

Good luck getting that loan. If you can find it, pass the info along. I don't know of any lenders that still do lot loans at 90%. I don't think any ever did 30 year fixed. Buy a cheap house, and get rent now, to cover the nut. If the market turns around to where it will make a good profit to build for resale, then do it.

Originally posted by John Bart:

Can the bank come back after a seller for the money that was shorted?

Would the seller still be liable for the rest of the money the bank didn't recover?

How can you eliminate that in the paperwork?

thanks

John,
I think you are asking about the deficiency, and if the bank can come after that through filing for a judgment.
Yes, even on a short sale. The bank is sneaky on this sometimes. They are agreeing to sell the property short of what they owe. If they don't state they are releasing the lien paid in full, or they will not pursue a deficiency judgment, then they can come after the shorted funds.
The approval letter should tell you this information. Your closing/title company can help you, if you have a good one that understands short sales. (Most don't, and they don't take the time to learn).
The tax part is a whole different thing.

Go to the judge with your file in hand. The judge may postpone for you to get you the time you need.
Otherwise, ask the negotiator you are working with to "request postponement of sale".
Have you sent them info on why you feel this home is worth $150k? Comps and repair sheet? That can help make a decision to postpone until the BPO comes in.

They might want to wait for the BPO to see if your offer is worth putting it off sale date.
I would keep calling daily (or so) to see if it's been done.

The contract addendum probably says more than you will be buying the property as-is. Wells send one on their short sales. It says more than they will not do any repairs. Make sure you understand the addendum fully, and it doesn't contradict your resale or end plan. An 'as-is' contract should have been used, but either way is a normal thing for short sales. The contract (not sure of the addendum) says you are buying it as is, but you can reject the property (contract) after you do an inspection, and it comes back bad.

Realtors on here please verify.

I don't think I would do an inspection unless I knew the deal was approved.
However to answer your question, it should not be long for a decision to be made once they have that back. Who is coordinating the short for you? Tell then to ask the lender turn time once they have addendum back. Should be 10 business days, if an investor doesn't have to sign off.