All Forum Posts by: Audley Humes

Do you know if either the homeowner, realtor, or even Litton could've enrolled homeowner in the HAFA program?

I can't really say typically, as each deal is different, but on this one I made a little over 10k.

Commission reduction is the lender reducing the standard commission of 6% (3% to listing agent and 3% to buyers agent) to whatever amount they see fit.

A per diem is what a lender may charge if you need an extention past the approval date. For example, if you have an approval for 30 days, and it takes you 45 days to close you will get charged a per diem for the 15 days.

This was my last deal that recently closed.

1st Mortgage
Name of Lender/Servicer: Indymac
Is Buyer on A to B an Investor?: I was originally, but buyer decided to pay me in cash about the same amount I would've made doing a double closing.

How long did the approvall take:? Roughly 3 months

Any per diem? NO

Any Restrictions:? At first, Indymac assumed I was assigning the contract and denied twice. Was able to clear up.

Any Commission Reduction?: 5%

An extension request made, if so was it granted? No Extention

2nd Mortgage

Name of Lender/Servicer: HSBC

Is Buyer on A to B an Investor?: No

How long did the approvall take:? About 3 1/2 months

Any per diem? NO

Any Restrictions:? Commission could not exceed 5%

Any Commission Reduction?: 5%

Any extension requests made, if so was it granted? No Extenions

1. If this was an A to B, B to C, was it successful?: No, by choice.
A. What is FMV?: FMV in AS IS condition was about $300,000
B. What was the BPO value (if known) or lender's counteroffer?:Not sure what exact BPO was but lender countered at $257,000. My original offer was $210,000. 1st and 2nd mortgages totaled $550,000
C. What was the Approved Price?: Original approval price was $235,000, but revised approval was $239,600 (long story)
D. Were commissions paid on the A to B?: N/A
2. If it was an A to C or retail buyer, did it close successfully?:Yes
A. What was the main reason it went A to C?: Buyer paid me fee for about what I would've made double closing on it.
B. Did you get a negotiation fee?:

There are still some lender's that will accept them. I used one with SPS, and they didn't have a problem. Although that was several months ago. Now, I just use my state specific contract attached with addendums. It's far superior to the Option Contract if you ask me.

Wow, I don't even get mad at stuff like that anymore. Just from what you've typed here proves to me she has no clue what she's talking about. She probably attended some 3 hour Realtor training, got some paper certification, and slapped the title "Short Sale Expert" behind her name.

I just feel sorry for all the poor homeowner(s) that come to her for help.

Personally, I wouldn't listen to a word she has to say!

I currently have a 3/2 3,000+ sq. ft. 25.4 Acre Horse Ranch farm in which I should be getting approval on very soon (Short Sale). Can anyone reccommend places to advertise other than craigslist, backpage, owner.com, etc.. Any feedback would be helpful. Thanks in advance.

IMO the commission agreement doesn't work. It may be used as an alternative to a listing agreement in some "Guru's" course, but in the real world it's worthless.

It's rare that I see a lender not requiring a listing agreement. Why not just send them the listing agreement? (Between Seller and Broker) In reality all they want is to see it so they can mark it off the check list of required documents. Listing Agreements can be to 7 - 10 pages+. Somewhere in the middle of the Listing Agreement add your addendums, such as "xxx company is a principle to the transaction." or "seller gives buyer right to immediately list for sale, negotiate, blah, blah, blah" They're way to busy to sit there are read through every listing agreement they receive. (Personally, I feel this is being disclosed anyway in the sales contract, but useful for added disclosure.)

Every MLS is different, and our MLS does not recognize "equitable interest" so the listing agreement can only be in the name of the person on title. Simply have your realtor upload an addendum to the documents section in MLS for the listing explaining what's going on in the transaction.

The key is you have to have a really good Realtor that completely understand what you do, and is able to explain it to other Agents when questions arise. The majority of the time, if explained well, there shouldn't be a problem. Every once in a while you may come across a jack-*** know it all Agent that doesn't get it, and may threathen to complain. From there you either have to get the Agent on board or take it A -- C.

I'm not a Realtor and correct me if I"m wrong, but I don't think you have to disclose the fact that the house was involved in a drive by.