All Forum Posts by: Mark Kenneth

Hey Guys !!!

Here are a few that I've seen. Hope they help.
http://www.freehud-1.com/default.aspx
http://www.fasthud.com/index.php

Thanks Phil !! Looks like you missed a lot of the background detail. Bank has already approved the new buyer. They had no problems with the buyers conventional funding long as it closes by the date set.
The bank is paying the Realtor fee. The reason a short sale fee will be charged to the buyer is to collect my profit on the deal.It will be not inluded on the HUD. It could be called anything. Release of equitable interest,Contract for consideration, etc. I was looking for suggestions on How to do the reverse assignment.

Thanks David. I already am collecting a RE fee from the lender. Now I need to collect my fee from the buyer. I was doing a double closing with him until we ran into seasoning issues.Most likely, I will be charging him a short sale fee to collect my profit. I would love to know what others have used.Otherwise , it might be net listing.

Hey David,
This short sale has been torture. I'm trying to avoid it becoming a net listing.I notice you have a brokers license. I keep a license as well ,so i can market my properties.
Problem, is that I no longer have equitable interest. We had seasoning issues.Atty sugested buyer to pay me outside of closing. Locally, I see brokers asking for buyers premiums, short sale fees that cannot be financed and have to be paid seperately.I've seen release of equitable interest fee. Would love to see what others have used. Scott, Do you have any samples of your contracts that i could get an idea to use. Thanks guys for everything.

Thanks Mitch. I took a reaming from the Bank about switching names. Mostly my buyers fault , Homeq decided to keep his extension money. It can no longer be used to fund the purchase. what crooks.
This has been the short sale from hell. Through some miracle, I was able to get a request for postponment on Friday. Hopefully it will reach the foreclosing atty in time of auction. Might tell buyer to scr...w now. I picked his offer over 7 others.loss of about 30 grand in profit.

Yea , He will be paying me a fee out of closing. Either through an reverse assignment. if i can figure out how to do that. Or through a short sale fee or a buyers premium. It's very dicey because I have real estate license as well. Will be recieving 4% on the back end as well.So to protect myself, so that it's not a net listing.

Thanks Guys !!! Taz , It doesnt make sense but I have 2 approval letters that state this. I've probably tried to buy at least 30 short sales the last 3 years. Not all with great success. But What i have learned is that nothing makes sense. Everyone has been different.I ideally it would be great if my buyers loan was for 294,000. 290500 would go to the first and another 3500 would go to the second. I dont think that can be done. The second will give us a promissory note on the 2nd. I dont know why I keep calling them Cw. It is actually Homeq. Sorry.
Most likely we will do as David Suggested and pay off before closing.

Hey Mitch.
What experiences have you seen with switching buyers on a short sale.
We ran into seasoning issues with my buyer so we are basically doing a reverse assignment. But Now I have to let Homeq know that i'm not the buyer but someone else is. Nothing will change accept the name of the buyer. I will be sending the the New P/S and approvals. Closing date will happen before the auction as scheduled. Have you had to do this yet. Thanks

Sorry Mark !! Basically this has been the SS from hell.I dont want to bore you.
But what my delimma is now is paying the 2nd note balance outside of escrow.
The first lender will only allow 2500 to go to the second. The second wants 6000. So we can not let the first know we are paying an additional 3500. I would like my buyer to be able to payoff the second with his financing. Not sure how to work around this on the HUD or with the closing atty. If we send in the new P/S with the total amount due they will either keep it or think the seller is profiting from the sale.
Hope that helps. Thanks for your reply

I Might be looking for my third extension. My second extension I was pushed to either show a commitment letter,a 1003 application or a 3000 fee for extension.Tough to do when you dont even have an appraisal yet. I was able to get my buyer to pay.
We also had the atty general's banking div assis on calling the bank. there are many similar groups that will help

My dilemma continues. I think the secret lies in Having your buyer use the right lender and the right lawyer. I even prescreened the lenders atty.

CW is only agreeing to paying 2500 of the second note with BOA.BOA wants 5000 Total. BOA wants the additional 2500 to come outside of Closing. We cannot let CW know that we are paying the additonal 2500. Does anyone know if Quicken can write two seperate checks. One for CW. and then a seperate one for BOA. Or is it possible for the atty to cut a check to BOA for the second from the total. Just not list it on the HUD that goes to CW. Any suggestions. Greatly appreciated.
Thanks