I have been working on a deal for the last 7 months and it just doesn’t seem to get any better. The SS was Approved by the lender (ASC).
The original buyer backed out of the deal –The approval was good until May 9. On May 15 we got another offer for 30k less than the original one. Something very important the Trustee Sale is schedule for May 19. I send an e-mail to the negotiator (who by the way is a royal pain in the …) attaching the new offer, est. HUD and asking her to postpone the sale. Yesterday she sends me an e-mail saying that the offer has been rejected because the lender wants to net 300k and that the sale will not be postpone. I went ahead and after talking everyone involved sent her a new HUD removing some fees which will allow the lender to net 302k.
By the end of the day she sends me an e-mail saying: Unfortunately, we have no signed contract addendum to support your HUD1. The sale will take place on Monday 5/19/08 as scheduled. It is now too late to postpone the action.
This is the first time that the sale will be postponed and I have no idea which contract addendum she’s talking about. All the e-mails have been cc to her supervisor. I don’t know what she’s thinking about, by accepting this offer the lender will be getting a little bit more that what they want to net. The property is located in Riverside, CA for all of you familiar with the area you know that property value is decreasing rapidly.
IF YOU HAVE ANY ADVISE ON WHAT TO DO AS A LAST RESULT PLEASE LET ME KNOW. IS SO FRUSTRATING TO WORK SO HARD AND FOR SO LONG TO HAVE A NEGOTIATOR KILL THE DEAL JUST LIKE THAT. PLEASE HELP.
ASC. My heart goes out to you. We have had so much trouble with them that we have had to call the day of the sale, to above the operation managers, Dave and Steve. Those are the two guys that have been running the collections operations. Give a call to them first thing Monday morning. That is your best best. If not try to go above them. It is up to upper, upper management to stop the sale. You have to prove to them why so be prepared to be asked. I’m sorry that you have been working this file for 7 months and only feel more for you if you’re the agent. We may be able to assist you in future deals avoiding the foot work all together. Best of luck.
Also, escrow should be able to assist you with any Addendum’s needed. It’s a simple amendment that escrow prepares (in so many words) stating there was a change from the original information submitted. They can help.
What you could do is have the owner of the property go to the courthouse and file for a motion to by you more time. The judge will stop the sale as long as you have a signed contract and give you 30 more days. So the sale date will be 6-19-08 if you have that homeowner file for the motion. You should go with them to make sure everything goes smooth. This is a tick I use here in chicago, IL to buy myself more time. The homeowner will agree to because they do not want a foreclosure on their credit. Try this
Did you get a hold of anyone? I think we are all eagerly waiting your response. Did you contact Dave or Steve the heads of the departments you want to be dealing with (loss mit). Hope you had a chance to contact them.
Thank you all for your help. Yes I got the extension, I wrote an e-mail to the negotiator this morning, guess it was very effective. She got back to me and postpone the sale for 30 days. :beer.
But my nightmares don’t end up with this one, I have another short sale with First Federal Bank and they are being very :banghead . On this one they only gave me the approval until tomorrow, the sale date is June 11th, the buyer signed loan docs over the weekend and they went back to the lender today.
Unfortunately the lender already told us that there is no way they will fund the loan tomorrow that maybe by Thursday. First Fed will not extend the approval and said that is we don’t fund by tomorrow they will not continue with the short sale.
Can you believe that?? like I say the sale date is not until June 11th. Any advice?
I’m planning to go to First Fed office tomorrow and talk face to face with someone but I will love to have any information in writing about the homeowners rights because the way I see it, is that, if they end up closing the file they are not letting the homeowner carry out their legal right to sale the property even do is via a short sale. I might be wrong. Any legal experts here, please let me know. Thanks