by ste_admin | Mar 29, 2013 | blog
It is important to understand your servicer and investor guidelines before taking on a short sale with a 2nd from a smaller local bank or credit union. You may not be able to get there from here. We were surprised on a couple of short sales in the past two weeks...
by ste_admin | Feb 20, 2013 | blog
BB&T will usually not waive the deficiencies in a short sale if they own the loan (if they are servicing the loan then there is a chance that the deficiencies will be forgiven). Like most smaller or regional banks and credit unions, they simply cannot afford to...
by ste_admin | Dec 30, 2012 | blog
As we have discussed before there are new players coming into the loan servicing business. Additionally, because of new rules and guidelines for banks, some are getting out of the loan servicing business. When one bank/servicer sells its loan servicing rights to...
by ste_admin | Nov 11, 2012 | blog
I first ran into NationStar a couple of months ago when all of our Aurora loans were serviced- released to NationStar. That is a fancy way of saying that the files were sent to another servicer and we now have to start over with them. Well, not only did we have to...
by ste_admin | Oct 16, 2012 | blog
In a short sale it is always a good idea to close as quickly as possible. Just because you have an approval letter with a green light to close by a certain date does not mean that things won’t change. The bank will usually honor the terms of the approval as long as it...
by ste_admin | Sep 25, 2012 | blog
Sometimes a reminder is needed about an unfortunate fact that we all have to live with: The bank drives the bus, not us……not the seller, buyer, agent or attorney. We are asking the bank/investor to take a loss on this loan and for that they get the keys. Our job is to...
by ste_admin | Aug 5, 2012 | blog
I have already written about the buyer getting the home inspection done earlier instead of later. The absolute best way to handle the home inspection for a short sale, however, is for the Seller to get a pre-inspection before putting it on the market…or at least...
by ste_admin | Jul 4, 2012 | blog
The designation of “Short Sale” in the MLS indicates that if a full price offer is brought to the Seller, there will not be enough proceed at closing to payoff the Sellers mortgage(s). It will be short of a full payoff. It is notice to all potential Buyers that this...
by ste_admin | Jun 11, 2012 | blog
The answer is, maybe. Before April of this year, this would have been put in the “myth” category. We have handled many files in which the Seller continued making their payments throughout the short sale. However, back in April we had two BOA files and a Wells...
by ste_admin | May 21, 2012 | blog
This should not come as a surprise, but all buyers are not necessarily good candidates for a short sale. The buyer’s agent should qualify their buyer before attempting to take them down the 1 – 4 month path of a short sale. Your time and the listing agent’s time is...
