Overcoming new "guidelines"

Foreclosures, Short Sales, Tax Foreclosures
1

Hello,

Just curious how some of you are dealing with some of the newly released quideline from the banks regarding short sales. :banghead

  1. If closing agent has any knowledge of any sale or transfer of property within 30 days of this transaction, closing agent must notify lender prior to closing

  2. Seller must be in title to the subject property

Thanks in advance,
Todd

2

That isn’t anything new at BofA and Wells and a couple of others. You try to attack it from the beginning of the negotiation but it is hard.

What state are you in? Some are sticklers on the title issue but most aren’t. You can find lenders and title people to do the deal.