Im so frustrated. I have a rental property that I know longer can afford so my tenants decided to purchase the property instead of moving. So I decided to short sale it to them. Everything was fine, contracts were signed, pre-approval was granted, bank approved the short sale.

Ok now Im waiting. My Realtor gives me a call and told me to go to the Title Company to sign the final papers for them to draw docs. This is prior to funding.

Now my Agent just informed me that the deal is dead. The Buyers Agent informed my Agent that the final underwriter turned down the sale due to the relationship on the buyers lease. WTF DOES THAT MEAN?!

The lease was under a Mothers name but she recently lost her job the time they decided to buy it and her son who lives with her decided to buy it under his name. I don’t get why her son cannot purchase the property.

Will any lender work with this type of deal today? Since the short sale began, I was letting them live there rent free. Should I make them pay last 7 months of past rent and kick them out? put it back on the market? help me pls. IM STRESSSING OUT!

I currently have a bid in on a short sale for 150,000 with the seller to pay 5,000 to closing costs. It has been a few weeks now and still no answer. I was thinking of raising my offer to 158,000 with the seller paying 2,000 to closing costs. The house is listed at 174,000. The realtor says I should try going up by 5,000 but I really like the house. Do you think they take this offer?

Louis Keefer: The Idaho Legislature must keep lenders from delaying troubled-property sales
The Legislature should act this session to make lenders act speedily on offers for real-estate-owned, foreclosure and short-sale properties.

Read more on The Idaho Statesman

I am in the process os purchasing a short sale home. The seller has accepted my contract . Seller’s lawyer also told me that the bank has approved the contract. I have done an appraisal and inspection. I have paid the earnest money. My loan officer has received the home title last week. All iwas waiting on was a closing date. But I was shocked when my lawyer told me that the bank has not approved the short sale even though the seller’s attorney still insists that the bank has approved it.

How do i go about this?

I am looking for a class action attorney who is willing to represent the countless agents in California who have worked diligently on “short sale listings” only to have the bank foreclose on the property and give the listing to an REO broker offering them more commission and refusing compensation for time and money spent on Utilities, cleaning and preparing the properties etc… E mail me if you would like more detail on the unfair, unethical, and scandalous business practices of almost all of the major banks. The list is long.

Short Sale Leadership Series - Avoid the Temptation to Argue with Lenders

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Home Page > Finance > Real Estate > Short Sale Leadership Series - Avoid the Temptation to Argue with Lenders

Short Sale Leadership Series - Avoid the Temptation to Argue with Lenders

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Short Sale Leadership Series - Avoid the Temptation to Argue with Lenders

By: Art Lee

About the Author

For more information on becoming a Short Sale Education Leader in your community, join WHB Solution’s community of Short Sale Classes and join short sale experts at www.whbsolutions.com/members.

 

(ArticlesBase SC #2519334)

Article Source: http://www.articlesbase.com/ - Short Sale Leadership Series - Avoid the Temptation to Argue with Lenders

The application process for short sales may appear to lack rhyme or reason, and we may find ourselves in situations where we attempt to fight the process in the hopes of bypassing the bank’s inefficiencies in order to get a faster approval for the short sale transaction. Criticizing the process, or attempting to bypass the rules, often result in the opposite result – a short sale application that loses all momentum, while files that are following the normal process pass them by.

For example, Bank of America recently incorporated an automated short sale system called Equator. The stopped accepting fax applications, and required Realtors to enroll into the Equator system to initiate any new short sale applications. Furthermore, they required the borrower to also enroll, and log in to the Equator system to input their financial details, and to upload financial documentation that supported their hardship. Also, they were asking for private information from the Buyer, such as their date of birth and social security number.

The files we initially submitted into the system were rejected without a clear explanation. Error messages appeared, and the Bank of America employees did not have the proper training to explain or resolve these error messages. There were times when we tried to submit a document multiple times, and upon an unsuccessful third attempt, we were locked out of the system.

With each of these events, we attempted to escalate our issue because the Equator system was making the process slower instead of faster. We spoke to management to request that the file be processed in the old system, at the same time that they were receiving the same request from a majority of applications being entered into equator. None of our requests were granted, and were told to just start the process over and hope for the best.

It was not until we made an honest attempt to understand what was valuable to the lender in the transition to the automated Equator system. Their goal was to provide a system for sellers and their agents to accurately and consistently deliver information to the loss mitigation department. Another goal was to have all of the documents available in a central location, instead of files being lost or misplaced. Finally, they wanted to have a repeatable process that resulted a decreased amount of time required to process each short sale application.

In one of our situations, we entered the short sale application into Equator, and received an error message each time. We recorded each screen, including the screen containing the error message that prevent us from completing the online short sale application. We then offered to provide to a Bank of America manager a copy of our files, and all of the steps that we did in order to reach this error message. The manager was able to reproduce our error, was unsuccessful in using her manual override tools to force the application through, and referred the matter to the technical support department.

Because she determined that it was impossible for our file to be processed by the Equator system, and that we provided her with information that would help them troubleshoot their software, she agreed to manually process the file. We received an approval letter within 10 days. By following the rules, and by understanding the bank’s objectives, we were able to arrive at a win-win solution for each party. We got our approval letter, and the bank received the detailed feedback they needed to improve their software.

Look out for our future blogs/articles from our Short Sale Leadership Series content.

 

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(ArticlesBase SC #2519334)

Art Lee -
About the Author:

For more information on becoming a Short Sale Education Leader in your community, join WHB Solution’s community of Short Sale Classes and join short sale experts at www.whbsolutions.com/members.

 

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Article Tags:
short sale leadership, short sale classes, short sale education, short sale program, short sale success, short sale trends, short sales, real estate agents, short sales opportunities

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