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Bank(s) Involved: 1st Mortgage: Aurora Short Sale Packet Submitted: 3/15/2010 Offers Received: 4 BPO: 4/6/2010 good for 90 days. Negotiator: Assigned on 6/11/2010
Approved Price: <Waiting>
Additional Notes:
3/11/2010 Called bank no forclosure date set yet after a offer comes it it should take approx 30-60 days.
3/15/2010 submitted offer on short sale Sent over full short sale packet.
3/24/2010 The short sale packet has been received no negotiator has been assigned as of yet. On
3/23/2010 they did look at the file and put a request to have a negotiator assigned to the file. Put in a request, deadline for a negotiator is March 26th following up on March 29th
3/30/2010 Requesting additional information from Seller sent in today Calling to verify they received on Friday. 4/2
4/5/2010 Talked to the seller he is sending over the requested information today a BPO has been ordered.
4/14/2010 The bank received the missing documents turn around time for the bank to review will be 48 hours No foreclosure date set.
4/21/2010 No foreclosure date set. Missing docs received have not been reviewed yet sent in an escalation to get review and uploaded into they system. BPO done on the 6th not put into the system yet.
4/28/2010 BPO is back into system the value looks good vs offer. Negotiator is currently reviewing.
5/5/2010 Bank is requesting information about second applicant on loan informed them that the applicant is a stay at home mom file has been expidited.
5/14/2010 Waiting for seller to send in the checkstubs.
5/19/2010 Called seller to send in the checkstubs talked to the bank they are going to send file to the negotiator in hopes that we get the checkstubs asap.
5/19/2010 Got the Seller checkstubs sent into the bank
5/26/2010 Bank has requeted seller fill out 4506-T tax form and Sign the RMA form seller has both will send back to bank on Thursday.
6/10/2010 Bank has all items Nothing else needed. Need to check back by monday for negotiator info.
6/14/2010 Negotiator was assinged on 6/11/2010 the BPO on file is good till July.
6/23/2010 File is still under Review a Forclosure is set for 7/28/2010 negotiator has 60 days to review the file and make a decision as per 6/11/2010
6/29/2010 No new notes in the system had the bank send a email to the negotiator for an update.
7/1/2010 Talked to bank they recommended we increase the purchase price said to contact bank near July 12th to stop the foreclosure.
7/6/2010 Sumbitted higher offer to the bank offer is in Aurora home loans guidelines.
7/14/2010 Negotiator has put in a request to stop the foreclosure. Has received the higher purchase price and is reviewing.
7/20/2010 Home is still in foreclosure they requested us to talk to them on Monday to make sure the foreclosure has been stopped. They do like the offer we have submitted does not think stopping the foreclosure will be a problem.
7/22/2010 Negotiator called he is doing another BPO MI asked for it and the MI company has been notified to stop the foreclosure should hear something first of next week.
7/27/2010 Foreclosure has been stopped no new date set, negotiator is looking for 2009 taxes. They were sent today.
7/30/2010 UNDER CONTRACT
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.
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St George Office DAVE ROBISON, Principal Broker, ABR, CDPE, CRB, CRS, e-PRO, GRI |
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