Short Sale Help (Realtor involved) - Posted by Gary-OH

Real Estate Investing
1

Posted by Griffith on March 12, 2006 at 17:18:13:

Gary - Can you be more specific on why NONE OF THIS would have happened if the Realtor had any SS experience?

Are you saying that if the Realtor had any SS experience, Loss Mitigation wouldn’t have quoted FNMA rules, ordered their own BPO, or rejected an offer?

What exactly did the Realtor do wrong and how would an experienced SS Realtor have done it differently?

Thanks for clarifying.

2

Short Sale Help (Realtor involved) - Posted by Gary-OH

Posted by Gary-OH on March 10, 2006 at 21:37:15:

I made an offer of $155k on a house worth 200k with 12k in repairs. The home is in foreclosure. The 1st mortage (Chase)is due 200k+ and a 2nd to benifical for 15k. Chase sent an appraiser out without my knowledge that appraised it for 195k with no repairs needed. We had a BPO done that came in at 180k with 12k in repairs. The Chase loss mitigator is telling the RE agent that they are not aloud to accept less than 90% of appraised value per FNMA. i told the RE agent that they were being lied to. We are at a stand still. What should we do? other than go to the next deal.

Thanks,

Gary

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Re: Short Sale Help (Realtor involved) - Posted by Equity Hunter

Posted by Equity Hunter on March 11, 2006 at 23:22:57:

“Chase sent an appraiser without my knowledge” That’s their right. It doesn’t matter what “your” BPO is. Come on. Who did that? Your cousin? As far as Chase is concerned?

The RE agt wasn’t being “lied” to. This is the facts of life with short sales. I’ve been saying this for a while now. I don’t waste my time with them anymore.

Thanks for making my point. 90% of the BPO. That’s the success story. You can do them all day long and say you have a 70% success rate with short sales.

The responses you received previous don’t hold water.

4

Get a new Realtor - Posted by phil

Posted by phil on March 10, 2006 at 23:07:56:

If yur Realtor had any SS experience at all this wouldn’t happen.

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Re: Short Sale Help (Realtor involved) - Posted by lukeNC

Posted by lukeNC on March 10, 2006 at 22:12:40:

FNMA makes alot of crazy rules…its gov’t bureaucracy…

I’m surprised FNMA is saying they’ll accept 90%, they usually say they want the BPO price.

Submit your BPO to the contact at Chase and see what they say…