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Bank(s) Involved:1st Mortgage: GMAC 2nd Mortgage: Specialized Loan Servicing Short Sale Packet Submitted: 10/07/2010 BPO: Ordered for 6/17/2010
Approved:
6/17/2010 1st mortgage will be going into the new Equator system response time for an acceptance will be 30 after we get a offer.
7/27/2010 Talked to the negotiator file has been submitted into Equator system. 2nd mortgage Called and got his email address
8/4/2010 Negotiator needed us to update the financials again they had a problem saving it last time.
8/12/2010 No new notes on the Equator System with the 1st sent a email asking if any additional information was needed. 2nd mortgage sent over an Accpetance
8/23/2010 1st mortgage has been sent for final Approval have 2nd mortgage acceptance. Talked to the 2nd mortgage about the extension for closing date.
8/23/2010 We have the approval on the first mortgage
UNDER CONTRACT
Failed
10/7/2010 Sent in new offer for short sale approval sent to 1st and 2nd mortgage
11/1/2010 New BPO was ordered and back into the system the negotiator says they will send over a counter offer today.
11/9/2010 got a new offer submitting into bank for review.
2/7/2010
Foreclosure date is 2/14/2011 If we do get an approval out before the sale date, I would postpone the foreclosure 30 days to allow for closing. Since we have already had 3 buyers flake, I would not be willing to postpone further. 2/15/2011 Filed for Bankrupcy trying to stay in the property. 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
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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