Short Sale CASE STUDY: 020

Putting Out Fires

I have mentioned before how important it is to have great members on your team when it comes to handling short sales.  Of course this is true with regular real estate transactions too.  But short sales can be particularly tricky because of all the extra documentation a complications that can arise from them.

The escrow officer is use is a rock star.

More than 2 weeks prior to this file needing to close she was preparing the transaction to look for anything that could prevent us from closing and was able to [Read more…]

Short Sale CASE STUDY: 013

Don’t Forget Jr. Liens!

When I first spoke to the seller he mentioned getting some State assistance to help him make his payments.  At first I just assumed that this was some sort of disability program because of his medical problems.

It turns out he was actually lent $20,000 and they placed a lien against his property to get repaid!  Truthfully this looks like a good program because it was interest free and the balance was reduced over a period of years until it disappeared (to make sure you truly used it to stay in the home). It was through the Oregon Affordable Housing Assistance Corporation.

Never heard of ’em…

FHA won’t allow more than $2500 to go a junior liens so this could be a problem. Will they accept a short sale? [Read more…]

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…]