The bank will determine what they will accept based on the value determined by the Short Sale lender. They determine this by 1. drive by appraisal 2. interior appraisal. The amount currently owed or the current listing price is virtually meaningless in their decision making. If the offer is substantially lower 15%+ than their pre determined (drive by) value they are most likely going to request an interior inspection. My guess is that an interior has not been completed yet since they just took over the loan. If you can find out when/what that inspection came in at then I can give you a MUCH better idea if they will accept your offer. What was your offer?[ Edited by jackbenimble on Date 01/17/2008 ]
Of course they will go below the value of the first, that is why we call it a "short sale"
The shennanagins with CW and USB are because your agent doesnt seem to know what they are doing regarding a short sale-pretty common.
as far as pricing and offers, I personally would be offereing USB no higher than the 500K range-maybe lower.[ Edited by ICGPROPERTIES on Date 01/21/2008 ]
Numbers just do not work if I have to pay full second note. I would rather let it go to the foreclosure court in a few weeks and see if I can get it.
Does anyone have any contacts at wachovia? I have their 800 number but I am not sure how to approach them on reducing their not which is the second. My lender says that they should be willing to deal since if it goes to auction the the 1st note lender will get payed first and most like they will be out of luck on their note.
Does anyone have suggestions on what to offer?
Another problem is the owner I am dealing with is a dope head and does not know any of his account info on the second note. I do have his dob,name , property address, and contract signed by him agreeing to sell to my for first note pay off.
This is my first time please any help would be great.
Numbers just do not work if I have to pay full second note. I would rather let it go to the foreclosure court in a few weeks and see if I can get it.
Does anyone have any contacts at wachovia? I have their 800 number but I am not sure how to approach them on reducing their not which is the second. My lender says that they should be willing to deal since if it goes to auction the the 1st note lender will get payed first and most like they will be out of luck on their note.
Does anyone have suggestions on what to offer?
Another problem is the owner I am dealing with is a dope head and does not know any of his account info on the second note. I do have his dob,name , property address, and contract signed by him agreeing to sell to my for first note pay off.
This is my first time please any help would be great.
We have our sellers attend every closing with us. In addition, we have the sellers sign a limited power of atty on every deal in case they decide to skip and in case we need to correct errors.
No seller at my last closing and it was a pain as there were items of dispute. We wound up walking (we were the buyers), although we did come back a week later and close the deal.
I have done lots of closings by overnight mail both as the buyer and as the seller. Fax machine, wire transfers, and FedEx means I never have to attend a settlement in person.
Although, HUD did have a rule that settlement must be in person when buying their foreclosure properties.
I have done lots of closings by overnight mail both as the buyer and as the seller. Fax machine, wire transfers, and FedEx means I never have to attend a settlement in person.
Although, HUD did have a rule that settlement must be in person when buying their foreclosure properties.
The bank will determine what they will accept based on the value determined by the Short Sale lender. They determine this by 1. drive by appraisal 2. interior appraisal. The amount currently owed or the current listing price is virtually meaningless in their decision making. If the offer is substantially lower 15%+ than their pre determined (drive by) value they are most likely going to request an interior inspection. My guess is that an interior has not been completed yet since they just took over the loan. If you can find out when/what that inspection came in at then I can give you a MUCH better idea if they will accept your offer. What was your offer?[ Edited by jackbenimble on Date 01/17/2008 ]
Hi there,
Property Listed at $ 809,000
We offerred $ 755,000
(Apparently, the 1st loan is for $ 849,000)
What do you think???
Thanks again!
check the contract. Not all are binding on the seller unless you sue.
On that I certainly agree- a lender would be quite foolish not to jump on your offer in this market.
Chris
Of course they will go below the value of the first, that is why we call it a "short sale"
The shennanagins with CW and USB are because your agent doesnt seem to know what they are doing regarding a short sale-pretty common.
as far as pricing and offers, I personally would be offereing USB no higher than the 500K range-maybe lower.[ Edited by ICGPROPERTIES on Date 01/21/2008 ]
have you thought about purchasing the 2nd, or does that make the property upside down.
Numbers just do not work if I have to pay full second note. I would rather let it go to the foreclosure court in a few weeks and see if I can get it.
Does anyone have any contacts at wachovia? I have their 800 number but I am not sure how to approach them on reducing their not which is the second. My lender says that they should be willing to deal since if it goes to auction the the 1st note lender will get payed first and most like they will be out of luck on their note.
Does anyone have suggestions on what to offer?
Another problem is the owner I am dealing with is a dope head and does not know any of his account info on the second note. I do have his dob,name , property address, and contract signed by him agreeing to sell to my for first note pay off.
This is my first time please any help would be great.
Numbers just do not work if I have to pay full second note. I would rather let it go to the foreclosure court in a few weeks and see if I can get it.
Does anyone have any contacts at wachovia? I have their 800 number but I am not sure how to approach them on reducing their not which is the second. My lender says that they should be willing to deal since if it goes to auction the the 1st note lender will get payed first and most like they will be out of luck on their note.
Does anyone have suggestions on what to offer?
Another problem is the owner I am dealing with is a dope head and does not know any of his account info on the second note. I do have his dob,name , property address, and contract signed by him agreeing to sell to my for first note pay off.
This is my first time please any help would be great.
The seller need not be there. Not only the HUD 1 would need to be signed, in advance, but the deed, affidavit of title, etc.
We have our sellers attend every closing with us. In addition, we have the sellers sign a limited power of atty on every deal in case they decide to skip and in case we need to correct errors.
No seller at my last closing and it was a pain as there were items of dispute. We wound up walking (we were the buyers), although we did come back a week later and close the deal.
Chris
I have done lots of closings by overnight mail both as the buyer and as the seller. Fax machine, wire transfers, and FedEx means I never have to attend a settlement in person.
Although, HUD did have a rule that settlement must be in person when buying their foreclosure properties.
I have done lots of closings by overnight mail both as the buyer and as the seller. Fax machine, wire transfers, and FedEx means I never have to attend a settlement in person.
Although, HUD did have a rule that settlement must be in person when buying their foreclosure properties.
Here I have never yet seen a final HUD before I got to the closing table.
Chris
please explain "e-mail secret"
Interesting. I have never not been able to get to loss mit.
I know that for Chase it is @jpmchase.com. Not sure of what preceeds the @ but I can find out at work tomorrow and let you know.