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Bank(s) Involved: 1st Mortgage: Countrywide 2nd Mortgage: Countrywide
Short Sale Packet Submitted: 3/30/2009
Offers Received: 1 (all offers to be considered and welcome!)
BPO and Appraisal: Completed 12/23/2009
Negotiator: Closing negotiator assigned
Approved: Waiting
Additional Notes:
7/8/2009 File was sent to a negotiator who then referred it to a Fannie Mae negotiator because of the mass amount of short sale's Fannie Mae is working with a negotiator has not been assigned yet. We are calling every other day till one gets assigned.
7/14/2009 Called and talked to a manager getting a short sale negotiator should not take this long, Manager looked at the file and agreed, He personally is going to escalate the file to get a negotiator assigned. Still calling every other day!
2009-08-03 10:53 AM by Jeanette Smith - 15 minutes on the file DEMANDING that this get taken care of there is no other option but an escalations, still no Fannie Mae negotiator The agent on the file said that all they can do is submit the file to get negotiated she said that it is up to me to on how many times I call, every time I call I can request an escalation it may or may not work. As of right now we have no options but to wait.
8/10/2009 File was given to the investor for review he has 10 days to review file and come back with answer.
8/24/2009 Final Lender was in the office on Saturday working on the file they are getting the 2nd mortgage information and we should hear something by the end of the week.
9/8/2009 Called and left message for negotiator and sent email requesting update.
9/9/2009 This file has a PMI on it waiting for approval before the lender will sign off on it. I am calling everyday till we hear from PMI
9/14/2009 File is now with Investor (Fannie Mae) I am calling Fannie Mae to push the acceptance faster.
9/21/2009 Called the Investor they are currently reviewing file They are calling the negotiator about the file asked why it has not been submitted. Negotiator has till Sept 28th to submit to Fannie Mae.
10/5/2009 Called the suprivisor on the file, Calld Fannie Mae again about the file, Sent Email to negotiator, Suprivisor and Fanny Mae. Requesting information on short sale.
10/20/2009 No new information on file sent email to negotiator, Fannie Mae and suprivisor. Still no information about PMI on second mortgage.
10/26/2009 Sent email to negotiator no new information in system
11/4/2009 File was submitted to Lender and MI company for approval we have to wait for the MI to be accepted before the Lender will do give his acceptance
11/19/2009 We have a closing negotiator she will contact us with a status update.
11/30/2009 Called no new notes into the system from the closing negotiator she has 20 buisness days to respond deadline is Monday Dec 7th
12/17/2009 Negotiator requested a new BPO completed on 12/8
12/30/2009 New BPO was completed and put in the system on the 28th. I emaile the negotiator
again.
1/4/2010 Appraisal was completed on 12/23 and BPO on 11/28 negotiator has no new notes in the system sent in another request for new notes into the negotiator.
1/11/2010 Called and emailed for update
1/12/2010 Called and emailed for update Suprivisor took over the file from negotiator due to lack of updates in the file. I emailed him and called for a update.
1/14/2010 Suprivisor has not documented file with any information Emailed him again.
1/15/2010 No new Notes in the system Will call again on Monday.
1/19/2010 Negotiator Albert White has not put in any notes I will call and send the same Email again.
1/27/2010 No new notes in system sent Albert a email again!
1/28/2010 sent same email to negotiator called bank no new notes
2/01/2010 Sent the same email to negotiator Called bank had them send a note to him as well.
2/17/2010 No new notes in the system the seller also called and talked to them they said that stuff is still being worked on but the notes are not being updated.
2/23/2010 No notes in the system from the negotiator I got the phone number for the suprivisor's suprivisor I sent him an email and a phone call.
SEND IN HIGHEST AND BEST OFFER. THE OFFER WILL BE SUBMITTED WITH BANK OF AMERICA'S NEW EQUATOR SYSTEM. TURN AROUND TIME SHOULD BE APPROX 60 DAYS.
3/1/2010 Got a call from a negotiator she is requesting a few items sent over new offer with updated HUD1 to her email. Also submitted offer into equator system.
3/9/2010 Called and talked to the negotiator she had to order a different appraisal as per the Fannie Mae guidelines. I told her that she had many appraisals but they said they need another. I emailed her and talked to her.
3/23/2010 File is still in review the appraisal has been completed the negotiator on the 16th of March the negotiator has put in a request to fast track the file again hopefully to get this pushed into the front of the line. I sent her an email and called her to try and get a answer.
03/31/2010 Appraisal had been entered into the system File is in review with Fannie Mae
4/6/2010 No new notes into the system Called and left a message for the negotiator.
4/21/2010 Requested information sent over via email to negotiator.
4/28/2010 Sent negotiator an email for an update.
5/3/2010 Note from the Negotiator:
Hi, on the Miller loan please note that I have submitted the file for MI approval on the second. Once we hear back from them we should be good to go as long as they approve it. I will advise once I hear back from them.
5/10/2010 MI came back with a request for the Seller to contribute cash at settlement the seller countered the amount waiting for MI to agree or dissagree.
5/19/2010 Emailed the negotiator and called the bank for an update on the MI counter.
5/25/2010 No response from the MI company about the counter offer for cash at closing.
5/26/2010 NEED OFFER
6/1/2010 Need offer on Home MI company wants full cash contribution for closing.
6/15/2010 NEED OFFER HAVE BANK APPROVED PRICE HAVE ACCEPTANCE LETTER $189k CAN CLOSE QUICK
9/14/2010 Initiated short sale in equater system.
All offers must be at or above list price
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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