Short Sale Pro. Urgent Help Needed!
I have been working on a short sale with gmac for aver a month now. I put together a killer package. Out of the 13 Short Sales I have done in the last 3 months, this is the only one that has been denied and I do not understand WHY?
Situation:
108,000 owed on 1st MTG (Litton) and they are even willing to entertain a short sale.
$24,000 owed on 2nd. (GMAC) . I sent them package just like your primer has taught me. Its amazing how well it works. These dopes denied me.
I know that I can sell this home through a lease option for $150,000, but that is only through a lease option. I am located in the Saint Petersburg FL area and the market is miserable. There is no doubt that the bank will take a loss.
This homeower has an overwhelming hardship. Perfect candidate and home needs cosmetics.
I had an appraisal done, the value came out to $105,000.
the payoff is $108,000
and they denied my offer at $1000 payoff for the 2nd.
The BPO agreed with me that the value is $105,000 , but I feel that he submitted a different value.
GMAC simply denied me without even making a counter offer.
I must tell you the truth, I am a little confused as to what to do now.
I was going to re-submit my offer at $3000 and send in a FACT SHEET. Explaining all of the facts of the current situation (including how the homeowner, who is a single woman with 6 children will file Bankruptcy over and over to stay there).
For some reason they are convinced that they will get their money from the homeowner. She has 6 children (one paralyzed and one with HIV) and can only work part time (makes $300 a week).
What do I do? Should I use the Bankruptcy threat). Should I locate a supervisor?
There is no doubt that them denying my offer will cost the bank money, me money and make her credit worse.
I need your advice ASAP. Whatever I am going to do, needs to be done and handled by Friday (2 days).
Thank you all and God Bless.
Tommy
Has the first agreed to a payoff?
The second has rejected $1000?
The first did not agree to anything yet, but based on the numbers, they are willing to work something out.
Yes. The 2nd denied the $1000.
Short Sale Pro,
Thank you for your offer. I would love to. I thought that I had until Friday, but I should actuall have until Monday to re-submit.
I have never new they insure the loans to protect from foreclosure. How would I find this out?
I will try to get everything to you by tomorrow afternoon.
hi ,
do you think its just GMAC. i am currently trying to negotiate a short sale with GMAC. my first attempt ever. also are there banks that just dont do short sales???
have you ever done a short sale with GMAC??
amynewbie
What issue? An agent can be an invaluable component to the process. You are lucky! Use the agent to add credibility to your proposal.
I have worked with agents several ways. The first is to sign a contract that they will get 2k once the title is conveyed to drop the listing. The second is to work with you on the short sell. Unfortunately, most investors really push the envelope on SS and only the lazy or sleazy realtors will go along without a lot of questions.
Realize that most SS require the home to be listed.
The lender is probably not "bluffing". Mitigators WANT to get deals closed but they can only be stretched so far. Have you given them good reason to accept your low offer? Comps, repairs, market research, etc.
You are on the right track but putting "$$$" as an amount the lender will recieve is not what the bank is looking for. The LM will need the SS approved by the supervisor and they always want to see hard figures, not symbals. Send the HUD 1 again, this time with an actual amount the bank will net.