Short-sale Trouble
Right now i am in the process of a short sale with MLN. This seems to be very difficult with this company. They are telling me that they do not want to accept my offer because he thinks that they can "sell it themselves" He is telling me that they will get a realtor here and put it on the market and try to sell before the foreclosure. Can they do this?
My offer to them is actually 87% of the BPO so i do not see the trouble. He tells me that he needs to try and convince the broker (who ever make the final dec) that they are getting a good price and that right now that just isnt good. Is this normal for them to be this difficult?
He seem to think "he can get more." Is this something they just say to try and get you to offer more? should i send in a final Net Sheet with my same offer and tell them to submit it and try to get it shorted. Also he is telling me that there is a chance for a deficiency but hes not sure yet. Any help would be great.
Thanks, Ryan
any takers? this is important
any takers? this is important
They will always try to get more. Most of the time, they are in the business of lending money, not owning property. Yes, they will verify your numbers, and come up with their own. They of course do not want to lose a lot of money. The more money they lose, the more you gain...
I do not see how they could try to sell a property that they have not foreclosed on. Being that they have not foreclosed, they do not own the property, thus they can not sell something they do not own.
Just my 2 cents worth
hey thank you guys very much for your responses. that is exactly what i needed to hear. They specifically said "do not send pictures or estimates as they will not even be looked at" He told me that when people send him stuff like that he throws it away and puts the package at the bottom of his pile. He says "thats my job." Something seems a little screwy with this short-sale. He wants me to give him a net sheet showing exactly what i am going to be paying and exactly what he is going to net. so i have to take my offer and add in taxes and tax conveyance and closing cost and everything like that and show exactly how much i will be paying for the prop and then show exactly what they are going to net. does this seem normal? has anybody else had these problems? Thanks a lot, Ryan
Who/What is MLN? Are they the originating mortgagee? Are they a specialty foreclosure servicing company?
What type of loan is it?
Perhaps, most crucial, in what state is the property located?
MLN is Mortgage Lenders Network. They are located here in CT. The house is in CT. I am not really sure what you mean about what type of loan it is. It is an 80 20 loan and they hold both of the notes. it is a conventional loan. Is this acceptable of what they are asking? Thanks, Ryan
Does MLN own the mortgage, or are they simply servicing the loan?
i believe they own the mortgage
ssp, what are the pros and cons of the lender either owning or servicing the loan?
i think they have owner it for about 1 year or so. Thank you for the help