Short Sale CASE STUDY: 008

Minor Updates – Still Waiting on the Bank

After a few messages to the bank had not been answered I decided to have the seller fax me the form letters he received from Wells Fargo to see if there was a contact number I could find to speak to the processor directly.

I didn’t find what I was looking for but did see that they gave him the option of faxing his financials to them outside of the Equator system.  Since I am still unable to upload any information into Equator I decided that I needed to  [Read more…]

Short Sale CASE STUDY: 007

Form Letters and Red Tape

The seller received a notice from the Lender late last week acknowledging that they received the request and were processing the short sale.  The letter also directs him to have his agent upload his financial information into the Equator system to avoid the file being cancelled.

It has been over a week since I last uploaded information on this file and I am still not able to [Read more…]

Short Sale CASE STUDY: 006

Now For The Dirty Work

Yesterday Wells Fargo assigned 3 separate tasks and gave us until 6am tomorrow to get them complete.  These are the tasks I have been preparing for and why it is so critical to get all of your paperwork lined up in advance to avoid delays.

I will describe the tasks in the next few paragraphs but want to point out a few things first.  Remember that this particular short sale has an FHA loan in place that is being serviced by Wells Fargo.  The tasks in Equator are going to be different depending on who is servicing the loan and what type of loan is being serviced.  The following tasks may be different if [Read more…]

Short Sale CASE STUDY: 005

Back on Track and Waiting on the Lender

I am very fortunate to have a seller that is on the ball for this file.  He was able to fill out the requested information and return it to me in plenty of time to get it uploaded before their cut-off.

Again, most of the time these short deadlines are all fluff to get movement on the part of the agent.  But we don’t want [Read more…]

Short Sale CASE STUDY: 004

Our First Bump In The Road

So the existing loan is apparently and FHA loan.

You can read a previous post about FHA Short Sales to get some of the details regarding some of the unique characteristics of this type of short sale but the bottom line is that this just got a little more complicated.

Not harder.  Just a little more complex.

I didn’t want to do an FHA short sale as part of the case study because it adds that extra wrinkle that doesn’t apply to other short sales. But that pretty much sums up the nature of short sales doesn’t it?  You have to role with the punches.

Specific Language Required

FHA requires there to be specific language in both the listing agreement and the purchase agreement in order to complete a short sale. For the listing agreement it needs to have this language:

[Read more…]