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 we were able to keep the same negotiator that had approved the previous offer.  He only needed to “soft decline” that offer and that set the stage for me to complete a series of tasks in which I uploaded the new documents into the Equator system.

Additional Paperwork:

  • Wording in the offer that says they won’t assign the contract
  • FHA Short Sale Affidavit ver 1.3 signed by all parties
  • Articles of Organization for the LLC including a list of all signers

We missed a signature on the short sale addendum so that cost us a couple of days time.  The sellers printer quit working so the listing agent had to drive out to his house for that 1 missing signature.

Tasks Complete

Yesterday I completed the “Negotiate HUD-1” task in equator were I ensured the numbers in equator matched the numbers on the new HUD-1 we got from escrow.  Today I uploaded the Articles of Organization and the FHA Affidavit.  It is important to note that with Wells Fargo I can only upload items when they create a task for me to do so.  With other banks I am able to attach documents to messages or just upload pdf’s into the Library associated with the property.  Wells Fargo doesn’t allow that.  This can cause significant delays if your negotiator is not on the ball.  We are fortunate that we have one of the better bank negotiators I have ever worked with on this file.

The ball is in their court now.  They just need to review the documents for accuracy and submit for an approval. (I hope)

Until next time…

 

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