Re: Structuring A Reo To Receive Cash Back At Closing Beyond Closing Costs
Hello, anyone know how to structure a deal with a bank property that can exceed the normal 2-3% seller concessions? my mortgage company says 3% is the most I can receive but the bank that owns property is willing to give me 6 % towards repairs..... just looking for some money for fix up would help greatly. but like all the deals I do self employed hoop jumping unlimited .....Thanks for you feedback
The "process" can take from 45 days to 180 days from application to approval depending upon the lender, the loan type, and the interested parties (PMI, master servicer, or investor who owns the loan)
I have closed at least 5 short sales with Countrywide. They are one of the hardest, Make sure you have had the seller complete a short sale package including copies of 2 yrs tax returns, paystubs, hardship letter. Once you submit the file , it should be assigned to a Loss Mit Rep that will handle the file till close. I always call once a week. Your main priority should be to make sure they have ordered a BPO or Appraisal on the home. Make sure you have comps to support your offer. Once the appraisal is done you can usually get approval or conteroffe within a week.
Hope this helps
Update:
The Sellers have moved out because they know they cant afford to pay any longer.
Countrywide says that they ordered an appraisal and that the appraisal is for the exact value that Sellers owe. My offer amounts to about 92% of the appraisal value. Countrywide stated that they would not accept anything less than the full appraisal value. Are they just bluffing? Any ideas?[ Edited by jemicatz99 on Date 09/13/2005 ]
did your proposal include a cost benefit analysis, foreclosure/recovery timeline, and time value of money scenario?
mbbransc,
yes I plan to live in the house