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Bank(s) Involved: 1st Mortgage: Bank Of America 2nd Mortgage: Select Portfolio Servicing Short Sale Packet: 6/10/2010 Appraisal: Completed Approved Price: $350,000.00 Comments: 6/14/2010 File has been submitted into equator system and sent to SPS. 7/6/2010 1st mortgage File is in final review the negotiator has a task that needs to be completed sent them an email reminding them to complete task. 2nd Mortgage needs to have 10% in order to approve. 7/13/2010 We have a negotiator for the first mortgage got the contact information for her was instructed to contact the bank 3 day before foreclosure to put in a request to stop. 7/19/2010 We have the acceptance from the 2nd mortgage Emailed negotiator from first mortage waiting for response. 7/27/2010 Home is still in negotiations with the negotiator they have 1 task they are working on 2nd mortgage has extension 8/13/2010 Resubmitted offer into equator site. Home Owner needs to call and update hardship and financials again. 8/16/2010 Called the bank nothing is currently needed Home Owner still needs to call and update hardship and financials called him to remind him. 8/23/2010 Bank reviewing file no new notes Home owner still needs to call and update hardship and financials. 9/7/2010 Negotiator working on file still in review mode Home owner still need to update hardship and financials 9/22/2010 No new updates no tasks needed negotiator deadline is on the 24th for them to review requested them to update file. 9/27/2010 the task has still not been completed sent in a request to have updated should take 48 hrs for a response following up with them on Wed. 10/4/2010 New Appraisal was ordered on Sept 30th waiting for that to be scheduled for them to be reviewed. 10/12/2010 Foreclosure date set for 11/9/2010 nothing needed from seller Waiting on overdue tasks from the appraisal 10/27/2010 BANK APPROVED PRICE $350k1/25/2011 Home was winterized and the lock changed. Forclosure due on 2/10/11 Appraisal was completed and will be due on 1/29/2011 2/4/2011 Buyer has cancelled contract Forclosure is now 3/8/2011 Hardship and Financials updated into equator library 3/11/2011 No forclosure date. 4/28/2011 Offer submitted into Equator calling to get BPO done. 5/9/2011 Sent email to negotiator to get status update. Bank needs 2010 taxes, paystubs and bankstatements 5/24/2011 We have an acceptance from the second mortgage sent email to negotiaor on file for 1st Called home owner for 2010 taxes, paystubs and bankstatements need most recent. 6/7/2011 Sent over requested items again to seller we only have 48 hrs to complete. 6/13/2011 Called BofA and HAFA sent all emails 6/21/2011 Need utilitiy bill 6/22/2011 submited the Utility bill to negotiator. seller is filing bankruptcy 6/30/2011 Sent over divorce Decree as per requested. no bankruptcy filed yet. 7/1/2011 Moved to Green Light, Awaiting Delegation All docs are in and we are currently waiting on a review of the investor to be done, we will order the value to be assessed 7/7/2011 Appraisal is going out today needed a 2nd one via the bank 7/13/2011 File in still in review went in on the 5th should take approx 14 days. no bankrupcy scheduled yet next follow up Tuesday 7-19 7/15/2011 The valuation for the property at 4463 WEST ISLA DAYBREAK ROAD is complete and we can move the short sale forward. At this stage, we will be obtaining internal pieces of information, such as the payoff amount, so that we can analyze the deal and determine the net proceeds for the investors. You may receive questions or counter offers directly from your Short Sale Specialist. The next status notification will be sent to you once the file is submitted to the investors for decisioning. 7/18/2011 No new notes in file still in valurations 7/20/2011 No new Notes in file still in Valuations 7/26/2011 No New notes in system still in Valuations. Had bank send email to negotiator. I sent email and called. File is not in bankrupcy yet. 8/2/2011 still in negotiations they are gathering internal information. no bankrupcy advised that file is in certification check and offer is being analyzed 8/8/2011 submitted the HAFA approval into equator all filled out left message for the ASSET manager for an update. 8/15/2011 Sent email to negotiator via equator. 8/29/2011 Sent the negotiator a message asking for them to send us the acceptance ASAP. 10/11/2011 Talked to the bank they are in document collections the file is going to go HAFA as well. NO BPO will need to be ordered. 10/24/2011 everything has been submitted to the negotiator talked to her and she will review and let me know if anything is missing. 11/1/2011 File is still in document collection. Called the bank to get the key for the property. Sent in Authorization again to the second mortgage it expired. 11/15/2011 Appraiser went out to the property 11/14/2011 2nd mortgage only needed the HUD1 REPC and listing agreement, Send the approval once we get. 11/21/2011 Sent email to the negotiator asked her to update us asap let her know the buyers would love to close asap 11/28/2011 Need discharge paperwork bankruptcy. Sent to negotiator asked her not to put in the Bankruptcy dept. 12/6/2011 Not in the bankrupcy dept! Appraisal has been ordered and completed. Email from negotiator says that it is in bankrupcy dept but bank says no. I will be emailing the negotiator for a accurate statis. 12/8/2011 Called to see if any correct update on the Bankrupcy nothing new File is not in bankrupcy sent a message to manager because negotiator isnt doing anything with file. 12/13/2011 Nobody in Bank of America has seen where the bankrupcty has been located on the file including the Bankrupcty dept. I called and emailed negotiator and called and emailed her manager! Follow up every day till answer! 12/14/2011 Called Bankruptcy dept they left message for negotiator called her manager left message follow up tomorrow. 12/19/2011 Emailed negotiator to see if they cleared up the bankruptcy issue. 12/20/2011 uploaded the bankrupcy in equator system PDF formatt. 12/27/2011 Sent negotiator email asking about the file if this was cleared out of bankruptcy. 1/9/2012 Got the HUD all squared away for short sale File is in offer analysis left message for negotiator 1/17/2012 Waiting for final decision 1/23/2012 Sent over new HUD to 2nd mortgage. Disclaimer: This site is up to date with all information and is revised as progress is made. To schedule an appointment call 801-566-7800
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Please Explain the following to your buyers: 1. The short sale addendum notes that the seller can cancel the contract and take another offer. 2. Our seller has the right to accept any offer whether its higher or lower than your client's offer just like any other normal sale. The seller makes this decision. 3. As a result, whats puts a buyer in the best position? Making a good offer and having an agent that stays in contact with us regarding their interest. This could be as simple as a weekly e-mail that states "let me know if we need to improve our offer to keep in the running." If someone ever wants a first right of refusal, a non refundable option money would be the most likely to entice them to do so depending on the bank/banks with the short sale. 4. Most of our banks don't require signatures on our offers. (Contrary to what people may think.) When we submit an offer to the bank it isn't contractual. When there is a bank that requires signatures upfront, we will mark that property as 'offer under review.' Otherwise, any offer a buyer submits will be reviewed by seller even if there is an offer into the bank and any buyer has an opportunity to purchase the property despite being 2nd to put the offer in.
Utah Dave Locations:
Salt Lake City Office
South Valley Office
St George Office DAVE ROBISON, Principal Broker, ABR, CDPE, CRB, CRS, e-PRO, GRI |
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