Archives for March 2013

Short Sale CASE STUDY: 019

Approved Once Again

I received word last Friday that the delegation was granted and the negotiator with Wells Fargo was able to issue the approval for our new buyer!

Yeah!

As always, I made sure that all the numbers were correct before forwarding to the seller and agent to let them know the good news.

Sometimes I have to remind myself that these things can’t close as fast as I think they will even though there is a cash buyer.  I often deal with short sale homes where the seller has already moved on and the home is vacant.

Not so in this case.

The seller needs to once again find another place to live and will likely need [Read more…]

Short Sale CASE STUDY: 018

Waiting on the Lender

Its been a week since I submitted everything the lender had requested and I hadn’t heard anything.  I messaged the negotiator to ask him for an update and he was quick to respond.

He said that he was waiting for HUD to approve his delegation request he had submitted 7 days ago.

What is Delegation you ask?

Simply put, delegation is permission to act without [Read more…]

Short Sale CASE STUDY: 017

New Buyer In Place

You can tell that spring is in the air in the Portland area because it only took a couple of days before we had 2 more offers in this property.

Both offer are from investors who know that there is a short of rental homes in the area.

This first offer was in and out in just a couple of days because his attorney advised him that he needed to restructure is LLC and hold off on buying any more properties in the near future.  This left us with 1 full priced offer from an LLC.

Remember that because this is an FHA there are a few bits of paperwork that need to accompany the offer that we are submitting to Wells Fargo.  We were lucky that [Read more…]