Posted by Barry (FL) on August 13, 2003 at 23:35:14:
I’ll be calling again tomorrow morning.
Every Lender has different requirements
They don’t all have a “Package” so to speak, what he is asking you for though is still a “package”.
I believe Di-tech was recently acquired by GMAC. They are a seperate entity anyway so they may have different rules. Just give him what he wants.
I’m sure this is the case. Everyone is getting on the SS bandwagon.
what kind of nonsense is this? - Posted by rm
Posted by rm on August 13, 2003 at 14:55:58:
I’m doing a short sale on a home, 1st mortgage is GMAC.
The arse in loss mitigation tells me I have to pay appraisal price for the property, that short sales “only work for people who are planning to live in the property.”
Then, he proceeds to tell me about how he’s been doing this for 20 years, and “I’ve seen guys like you…blah blah blah.”
[Yes, I understand the bank doesn’t have to take my offer, whether it makes sense or not.]
Any truth to this GMAC “appraisal price only” policy?
What’s your experience been?
Any input is much appreciated.
bear with the mortgage companies - Posted by gerald(tx)
Posted by gerald(tx) on August 14, 2003 at 10:50:36:
Right now, they are feeling the brunt of this oversold “short sale” fad the seminar folks are pushing. Understand that newbies galore have bought into this fad, thinking the mortgage companies are dumb and will take a short sale on anything in arrears.
The reality is, unless it’s a mortgage company that deals in old, low priced properties, or a company that did those 125% mortgages, very few properties go on short sale. There has to be a “compelling reason”, and probably over 95% of the properties don’t have one, it’s just a young investor trying to steal a property. So, it makes it tough, if you do have a legitimate short sale candidate.
Now what your guy may be referring to is that some mortgage companies are now wanting an appraisal rather than a BPO, before they will consider it. And secondly, they will be more cooperative with an owner occupant vs an investor who may be in and out and re-exposing them to more risk.
Hope this helps.
Re: what kind of nonsense is this? - Posted by Barry (FL)
Posted by Barry (FL) on August 13, 2003 at 19:43:18:
Tell the arse that any time you had done one it was based on a BPO (Brokers Price opinion or Brokers Opinion of Value), then ask to speak with his supervisor.
Re: what kind of nonsense is this? - Posted by rm
Posted by rm on August 13, 2003 at 19:59:35:
I’ll be calling again tomorrow morning.
I have never dealt with a lender that wouldn’t accept a DISCOUNT to appraised value.
I’ll keep trying until I get someone else on the line.
BTW, he also said they didn’t have a short sale package, “Just go ahead and submit a letter, the offer, last bank statement and paystub, and a net sheet.”
So, no package, right? Then, I call Ditech, who holds the second and is OWNED by GMAC, and funny thing- THEY have a package… Hmmmmmm.
Perhaps this guy has dealt with a lot of “investors” who’ve never done this before… whatever.