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Bank(s) Involved: 1st Mortgage: Bank Of America 2nd Mortgage: Select Portfolio Servicing Short Sale Packet: 6/10/2010 Offers Received: 1 (all offers to be considered and welcome) Appraisal: Completed Approved Price: Waiting for Offer 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 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 DAVE ROBISON, Principal Broker, ABR, CDPE, CRB, CRS, e-PRO, GRI |
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