All Forum Posts by: Preston Hamilton

This has been quite the controversy here in Oregon. Nothing to state that its not illegal, but they are actually lining up indictments for doing it anyway!

I'm choosing to sit on the sidelines for a while until it can be figured out. I did note the new taskforce happens to have a headquarters in Portland and they specifically mentioned shortsale flips during their press conference. Their points really aren't worth repeating as everyone here knows they don't really hold up, but when you have the FBI, IRS etc chasing people down, it tends to make things interesting.

I have similar issues with them. Trying one out to see what will happen, but essentially just that. ended up getting an agreement to list the property for 90 days at a certain price with an incentive to the homeowner to sell it for that amount during that time. If over 90 days at that price, then they will discuss reducing the price.

No better or worse than any of the other banks really. They are backed up like just about everyone right now, but generally things can get done through them. Much better than dealing with Ocwen for example.

Interestingly enough. They refuse to remove it when I fought with them. However my title company's legal department said something to them and now they have stated they will remove it on every transaction as along my title rep requests it instead of me.

No idea what the argument they used was, but I am buying my title rep lunch.

Yeah, this is on a shortsale transaction. They are saying I can't turn around and sell the property for thirty days. Actually, they are not saying I can't, just that the title company must notify countrywide if I do. I would imagine they would send their dogs after either myself or the homeowner

Its obviously an attempt to keep us from flipping the property for a profit after they took a loss. Still, I agree with you, I don't see how they have the right to know anything after they have released their interest.

Yeah, me too. I have done probably 20 shortsales with CW and never seen this one before, and I think I have roughly 10 more in with them. I have my fingers crossed. I am trying to get a hold of someone and thinking of explaining that it is a fixer and that while it is not likely that its re-sold in less than 30 days it could very well happen and the buyer does not want any kind of liability. Truthfully its an option deal so I will likely just step aside and let it close if they give me too much friction. I always stick with my promise to the homeowner that I will get the short done one way or the other.

Line # 10 basically states the home may not be transferred or sold for 30 days. Escrow are to add this verbiage to the closing instructions and must notify Countrywide if this does indeed happen.

That kinda sucks. I have not seen this on any other CW approvals before, I wonder if this is investor specific?

You are on the right track. I have problems like this with First Horizon, West Coast Bank, and a few others. If its like the others, the regional president is your problem. Their bonus is based upon losses etc. He takes a discount on that deal, and his pay is directly affected. Going through the auction process will lengthen the time before he gets hit with that on his P&L report.

Also you want to be very careful with construction shortsales. Do you know that in Oregon, sub-contractors have priorities on the property over mortgage liens? Keep a real close eye on who has liens on that property or who could put a lien on it while you are in the middle of the negotiations. If there is no occupancy cert on the property, there is absolutely nothing you can do other than pay them or workout a deal with them to make them go away. They even have the right to foreclose and take the property.

I have seen it done, but you have to watch it. In Oregon tenants can request protection under FED, which means evicting them can take up to six months. So if you get a bad apple that rents the property on a short term lease, and they suddenly decide they really like not paying market value for their rent. They can screw up your closings pretty badly.