[SD Realtor]

Ask your agent to have the listing agent send you a copy of the estimated HUD that the listing agent will need to send to the short sale negotiator. This will enable you to see the estimated liabilities that the seller has. Sometimes though, the escrow company may use a dated preliminary title report that didnt identify all the liens. That could suck but you would not get stuck with the bill if they were property taxes. Like UR said, any other sort of debt (for instance HOA liens or mechanics liens) is THE CHOICE of the short sale lender to pay off. If they do not want to they may ask you to and if you do not want to then you can walk away. Your other concern of course is the condition of the property. You can try to ask for repairs after the short sale has been accepted by the lender but more often then not they say no.

[SD Realtor]

Ask your agent to have the listing agent send you a copy of the estimated HUD that the listing agent will need to send to the short sale negotiator. This will enable you to see the estimated liabilities that the seller has. Sometimes though, the escrow company may use a dated preliminary title report that didnt identify all the liens. That could suck but you would not get stuck with the bill if they were property taxes. Like UR said, any other sort of debt (for instance HOA liens or mechanics liens) is THE CHOICE of the short sale lender to pay off. If they do not want to they may ask you to and if you do not want to then you can walk away. Your other concern of course is the condition of the property. You can try to ask for repairs after the short sale has been accepted by the lender but more often then not they say no.

[SD Realtor]

Ask your agent to have the listing agent send you a copy of the estimated HUD that the listing agent will need to send to the short sale negotiator. This will enable you to see the estimated liabilities that the seller has. Sometimes though, the escrow company may use a dated preliminary title report that didnt identify all the liens. That could suck but you would not get stuck with the bill if they were property taxes. Like UR said, any other sort of debt (for instance HOA liens or mechanics liens) is THE CHOICE of the short sale lender to pay off. If they do not want to they may ask you to and if you do not want to then you can walk away. Your other concern of course is the condition of the property. You can try to ask for repairs after the short sale has been accepted by the lender but more often then not they say no.

[SD Realtor]

Ask your agent to have the listing agent send you a copy of the estimated HUD that the listing agent will need to send to the short sale negotiator. This will enable you to see the estimated liabilities that the seller has. Sometimes though, the escrow company may use a dated preliminary title report that didnt identify all the liens. That could suck but you would not get stuck with the bill if they were property taxes. Like UR said, any other sort of debt (for instance HOA liens or mechanics liens) is THE CHOICE of the short sale lender to pay off. If they do not want to they may ask you to and if you do not want to then you can walk away. Your other concern of course is the condition of the property. You can try to ask for repairs after the short sale has been accepted by the lender but more often then not they say no.

[SD Realtor]

There is no problem with BofA. The problem is with the buyer or the home. Underwriting guidelines are not soft and squishy. When someone does not get a loan it is never the banks problem. While guidelines vary with lenders when somebody has to do start from scratch that can be a red flag.

The seller is inconvenienced now because of nothing that the seller did. So the seller should get something in exchange for the inconvenience. When a lender denies a loan the seller can request a copy of the denial letter to try to gain some insight as to why the buyer was denied the loan.

I would recommend that the seller does that in this case for a few reasons. First off to make sure that the buyer actually did get DENIED rather then conveniently just getting a loan elswhere. Second, if there was a denial then getting some understanding why is helpful. That way the seller can consult with his agent to discuss the probability of the buyer getting denied again.

As I said, this is a do over meaning the buyer will require the loan contingency timeline all over again.

It really is not that hard to understand.

[SD Realtor]

There is no problem with BofA. The problem is with the buyer or the home. Underwriting guidelines are not soft and squishy. When someone does not get a loan it is never the banks problem. While guidelines vary with lenders when somebody has to do start from scratch that can be a red flag.

The seller is inconvenienced now because of nothing that the seller did. So the seller should get something in exchange for the inconvenience. When a lender denies a loan the seller can request a copy of the denial letter to try to gain some insight as to why the buyer was denied the loan.

I would recommend that the seller does that in this case for a few reasons. First off to make sure that the buyer actually did get DENIED rather then conveniently just getting a loan elswhere. Second, if there was a denial then getting some understanding why is helpful. That way the seller can consult with his agent to discuss the probability of the buyer getting denied again.

As I said, this is a do over meaning the buyer will require the loan contingency timeline all over again.

It really is not that hard to understand.

[SD Realtor]

There is no problem with BofA. The problem is with the buyer or the home. Underwriting guidelines are not soft and squishy. When someone does not get a loan it is never the banks problem. While guidelines vary with lenders when somebody has to do start from scratch that can be a red flag.

The seller is inconvenienced now because of nothing that the seller did. So the seller should get something in exchange for the inconvenience. When a lender denies a loan the seller can request a copy of the denial letter to try to gain some insight as to why the buyer was denied the loan.

I would recommend that the seller does that in this case for a few reasons. First off to make sure that the buyer actually did get DENIED rather then conveniently just getting a loan elswhere. Second, if there was a denial then getting some understanding why is helpful. That way the seller can consult with his agent to discuss the probability of the buyer getting denied again.

As I said, this is a do over meaning the buyer will require the loan contingency timeline all over again.

It really is not that hard to understand.

[SD Realtor]

There is no problem with BofA. The problem is with the buyer or the home. Underwriting guidelines are not soft and squishy. When someone does not get a loan it is never the banks problem. While guidelines vary with lenders when somebody has to do start from scratch that can be a red flag.

The seller is inconvenienced now because of nothing that the seller did. So the seller should get something in exchange for the inconvenience. When a lender denies a loan the seller can request a copy of the denial letter to try to gain some insight as to why the buyer was denied the loan.

I would recommend that the seller does that in this case for a few reasons. First off to make sure that the buyer actually did get DENIED rather then conveniently just getting a loan elswhere. Second, if there was a denial then getting some understanding why is helpful. That way the seller can consult with his agent to discuss the probability of the buyer getting denied again.

As I said, this is a do over meaning the buyer will require the loan contingency timeline all over again.

It really is not that hard to understand.

[SD Realtor]

There is no problem with BofA. The problem is with the buyer or the home. Underwriting guidelines are not soft and squishy. When someone does not get a loan it is never the banks problem. While guidelines vary with lenders when somebody has to do start from scratch that can be a red flag.

The seller is inconvenienced now because of nothing that the seller did. So the seller should get something in exchange for the inconvenience. When a lender denies a loan the seller can request a copy of the denial letter to try to gain some insight as to why the buyer was denied the loan.

I would recommend that the seller does that in this case for a few reasons. First off to make sure that the buyer actually did get DENIED rather then conveniently just getting a loan elswhere. Second, if there was a denial then getting some understanding why is helpful. That way the seller can consult with his agent to discuss the probability of the buyer getting denied again.

As I said, this is a do over meaning the buyer will require the loan contingency timeline all over again.

It really is not that hard to understand.

[SD Realtor]

Saving dollars right now is a fools game. How can anyone say policies like this are good for savers. You are better off taking your dollars and buying mud. Look at what your dollar was worth just 3 months ago compared to today.

If you look at the big picture of what is going on and how things will manifest you better start doing something better with your dollars then saving them.

FLU exactly correct, equities are/will continue to bubble EXACTLY because of what you point out. The dollar becomes more worthless.

Welter/Scaredy you have to carry out the scenario to a conclusion. If you held debt and the notes you held continue to grow weaker and weaker would continue to hold that debt until it was a shriveled up turd? Wouldn’t/Shouldn’t other nations devalue their currencies as well? Think about it….

[SD Realtor]

Saving dollars right now is a fools game. How can anyone say policies like this are good for savers. You are better off taking your dollars and buying mud. Look at what your dollar was worth just 3 months ago compared to today.

If you look at the big picture of what is going on and how things will manifest you better start doing something better with your dollars then saving them.

FLU exactly correct, equities are/will continue to bubble EXACTLY because of what you point out. The dollar becomes more worthless.

Welter/Scaredy you have to carry out the scenario to a conclusion. If you held debt and the notes you held continue to grow weaker and weaker would continue to hold that debt until it was a shriveled up turd? Wouldn’t/Shouldn’t other nations devalue their currencies as well? Think about it….

[SD Realtor]

Saving dollars right now is a fools game. How can anyone say policies like this are good for savers. You are better off taking your dollars and buying mud. Look at what your dollar was worth just 3 months ago compared to today.

If you look at the big picture of what is going on and how things will manifest you better start doing something better with your dollars then saving them.

FLU exactly correct, equities are/will continue to bubble EXACTLY because of what you point out. The dollar becomes more worthless.

Welter/Scaredy you have to carry out the scenario to a conclusion. If you held debt and the notes you held continue to grow weaker and weaker would continue to hold that debt until it was a shriveled up turd? Wouldn’t/Shouldn’t other nations devalue their currencies as well? Think about it….

[SD Realtor]

Saving dollars right now is a fools game. How can anyone say policies like this are good for savers. You are better off taking your dollars and buying mud. Look at what your dollar was worth just 3 months ago compared to today.

If you look at the big picture of what is going on and how things will manifest you better start doing something better with your dollars then saving them.

FLU exactly correct, equities are/will continue to bubble EXACTLY because of what you point out. The dollar becomes more worthless.

Welter/Scaredy you have to carry out the scenario to a conclusion. If you held debt and the notes you held continue to grow weaker and weaker would continue to hold that debt until it was a shriveled up turd? Wouldn’t/Shouldn’t other nations devalue their currencies as well? Think about it….

[SD Realtor]

Saving dollars right now is a fools game. How can anyone say policies like this are good for savers. You are better off taking your dollars and buying mud. Look at what your dollar was worth just 3 months ago compared to today.

If you look at the big picture of what is going on and how things will manifest you better start doing something better with your dollars then saving them.

FLU exactly correct, equities are/will continue to bubble EXACTLY because of what you point out. The dollar becomes more worthless.

Welter/Scaredy you have to carry out the scenario to a conclusion. If you held debt and the notes you held continue to grow weaker and weaker would continue to hold that debt until it was a shriveled up turd? Wouldn’t/Shouldn’t other nations devalue their currencies as well? Think about it….

[SD Realtor]

Agreed with respect to not letting them move in. Understand though that you essentially are starting over with regards to timelines. If the broker has to shop for a new loan you will need to reset the clock with regards to loan contingency and possibly even the appraisal contingency.

Second, I am concerned about the line of B of A not honoring the loan committment. I would ask for more details including documentation why they basically declined the loan. There needs to be some sort of reason behind the decline especially if you are this far in.

Another possible alternative is for you to agree to give them the extension, however you can state that you are concerned with their viability as buyers. That you will need some sort of compensation if they go through another 1-2 week period and get declined yet again. The fact that the are only coming in with 10% down means they are not going conventional as well. So maybe they pony up a little bit more of a deposit or make some of the deposit non refundable.

They probably will not bite on it. Also as slow as things were the past few months I am actually seeing a little bit more activity. However this may be confined to certain regions so I cannot comment on your area. It would depend on how things are where you are at, how long your home was on the market, how much activity you had, etc…

[Author]

Posts