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Bank(s) Involved: 1st Citi Mortgage 2nd Citi Financial Short Sale Packet Submitted: 7/15/2010 BPO: 7/31/2010
Appraisal: Waiting for offer
Approved: Waiting for offer
NOTES:
5/21/2010 Authorization sent
6/30/2010 No foreclosure date set.
7/15/2010 Full short sale packet and offer submitted into the bank
7/28/2010 File has been received Negotiator has not been assigned yet BPO is being ordered by first Mortgage now 2nd mortgage has full short packet submitted to short sale dept nothing needed at this point.
7/30/2010 Negotiator ordered a BPO on Property scheduled for 7/31/2010 1-2
8/3/2010 1st Mortgage has BPO back into system they have also ordered a MNP (Market Net Proceeds) that will take 5 days to get back in and then they review the BPO, MNP and offer vs what is owed. 2nd mortgage we have a negotiator and he is reviewing file.
8/25/2010 Waiting on Second Mortgage to get final approval should hear something this week. 1st mortgage we have approval
9/8/2010 Waiting for 4th and final approval with the second mortgage should get 9/10/2010
9/14/2010 Sent over updated hud for approval
9/15/2010 Confirmed receipt of hud. Submitted for area approval. Should have by tomorrow evening. Then will go to final approval. Hopefully have a response by 9/20/2010 on final approval.
9-17-2010 Has gone through the first 3 approvals on 2nd mortgage. Still on track to have final approval by 9-20-2010 with Citi Financial
9/20/2010 Called first mortgage to get the acceptance letter deadline extended for 3 days. Called the 2nd mortgage and they should have the acceptance this week I will call again on Tuesday.
11/5/2010 no forclosure date scheduled
12/14/2010 Got a new offer on property contacted the bank told them and update HUD1 and sent in.
12/27/2010 Bank did not receive offer sent in again.
1/4/2011 Bank Received offer they also sent the old negotiator a email to re-open or re- assign.
1/6/2011 BPO ordered and is going through 1/6/11 submitted highest and best offer.
1/11/2011 Sent over listing agreement
1/18/2011 Got acceptance from 2nd Mortgage sent it to the first. File is being referred to a negotiator
1/19/2010 Under Contract
  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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