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Bank(s) Involved: 1st Mortgage: America's Servicing 2nd Mortgage: GMAC Short Sale Packet Submitted: 7/30/2010 Offers Received: 3 (none at bank approved price) Negotiator: 8/16/2010
Appraisal: Ordered for Wed 10-12
Approved: $280,000.00
Additional Notes:
5/20/2010 Authorization submitted
6/30/2010 No Foreclosure date set.
7/29/2010 Getting HUD from Title Company then submitting full short sale packet to 1st and 2nd mortgage
7/30/2010 Full short sale packet submitted into banks with the offer.
8/5/2010 1st Mortgage was just set up in the system they are making sure if everything has been received I gave them my contact information to set up the BPO and Appraisal 2nd Mortgage inputed all the information in the Equator system.
8/10/2010 BPO has been ordered for the 1st mortgage they will go into the property 8/11 10-12
8/16/2010 Negotiator sent me forms for the seller and buyers to sign. 2nd mortgage nothing needed right now.
8/31/2010 Buyers backed out sent over new offer bank has to resubmit and start over still have acceptance on the 2nd mortgage.
9/7/2010 Need a few items we have a new negotiator BPO not needed it was done on Aug 11th
9/13/2010 Negotiator assigned. All docs have been recieved.
9/14/2010 No new notes. Will call again wed or thurs.
9/20/2010 Have the acceptance from the 2nd we asked them to extend the settlement deadline waiting for a response talked to the first mortgage nothing is needed at this time they are in final review with the offer. Calling everyday till we get word from them.
9/21/2010 BANKED APPROVED PRICE $280k PLEASE BRING HIGHEST AND BEST OFFER.
9/27/2010 Countered the banks counter with highest and best offer waiting to hear back from the first mortgage talked to the second and they are able to extend the acceptance once we get the approval from the first.
10/18/2010 Offer feel out BANK APPROVED PRICE $280K NEED OFFER.
11/29/2010 Sent over new offer and Listing agreement that was requested
12/14/2010 File is now with negotiator who requested again the listing agreement I faxed over to them again.
12/27/2010 Bank approved price is $280K we submitted file again they will not have to do a BPO till Feb but will look at the net again. re-submitted 12/27/2010
01/05/2011 Foreclosure date Feb 11th 2011
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
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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