Short Sale CASE STUDY: 012

Approval To Participate

Before we get too excited, this doesn’t mean that our offer has been approved.  In fact, they haven’t even reviewed it yet.  This is just FHA approving the seller and the property to participate in a short sale as a loss mitigation option.

In a perfect world, this would have been completed before we even received an offer. This basically means that they have reviewed the sellers hardship and are allowing him to sell that home on a short sale at a pre-determined loss.

In this case, the bank has sent an FHA appraiser out to the home and determined that the value is [Read more…]

Short Sale CASE STUDY: 011

Back on Track

The seller on this transaction is awesome!

He was able to get the form signed in front of a notary and back to me in one day.  I have already uploaded the new notarized form to complete the task 3 days early.

This got me thinking about having the right team together when doing short sales.  You will only be as good as your weakest link.  We can’t always assume that the lender will be the weakest link in the short sale process. They often are.

I can’t stress how crucial it is to have experienced people in all facets of the short sale.  From Listing Agent, Buyers Agent and even Escrow, you need to have a team that has been there before so they can navigate through strange items like this [Read more…]

Short Sale CASE STUDY: 011

They Didn’t Like My Form…

I totally screwed this one up and wasted a week of time.  Remember I mentioned in the beginning how things worked and how important it was to have everything perfect?

Yeah, well I need to listen to my own advice.

I was so focused on searching for a name affidavit form that I forgot that they specifically asked for it to reference the judgement case number that they had on file. Remember this from [Read more…]

Short Sale CASE STUDY: 010

Make It Go Away!

How do you make a lien go away that isn’t there?

This is what I have been fighting all week on this file.  Several messages back and forth with the banks negotiator and I think I have finally figured out a way to make them happy.

I created this form to have the seller sign in front of a notary.  I will upload this to complete the OVERDUE task in the equator system.

It never ceases to amaze me that no matter how many of these I have worked on (close to 200 now) there is always [Read more…]

Short Sale CASE STUDY: 009

A Lesson in Liens

I received a message from the processor at Wells Fargo right before Thanksgiving that they found a judgment against the seller for $451.40. My title company showed no such judgement and is willing to insure a clean title.

Why is this a big deal?

Clean Title.

In order for a property to be passed from one person to another, it needs to be free of liens (claims) against it. The transfer of ownership is recorded in the county that the property resides in. Title insurance is often purchased to ensure that [Read more…]