Time to vent ....... short sales kill me sometimes.

Foreclosures, Short Sales, Tax Foreclosures
1

Ok so we’ve been working on this deal for nearly 4 months with American Home Mortgage. This house is completely gutted, is full of termite damage, mold, keeps getting broken into, all the piping and electrical is gone. The BPO was so on our side and said it was basically a tear down. The offer was 85k - 50k to 60k in repairs and arv about 185k - 3 to 6 month job easy. so they approved it at 85k but here’s the best part - not one penny of commissions will be paid. ZERO to the Realtors, Brokers or Negotiators - well let’s thank the negotiator for that one because he submitted the hud with zero commissions to the realtors and the loss mitigator thought we were hiding something so even though we have a listing agreement and all the back up the realtors won’t get paid. On top of that the lender has agreed to the offer contingent upon the homeowner signing a promisory note. I know this happens sometimes but as I understood it, the lender won’t issue a promisory note unless the homeowner has assets or makes a lot more than the debts/cost of living. Not in this case. So really there is no benefit for the homeowner to short sale. IMO she might as well go into foreclosure and allow it to go REO. A gutted house that will sit on the market for over a year. - have at it American Home Mortgage. What am I missing here? :banghead :banghead :banghead :flush

2

LMAO!! NOOB Negotiator! How in the :evil do you forget your own pay? Attention to detail people! jeez…

GooD Luck! :beer

3

Sure the heck wasn’t me and it’s not really funny. The guy who negotiated did it on purpose if you ask me. He wasn’t getting a cut of potential profits so he put his pay and not the realtors. But then the Lender decided to cut him out too. Long long story. Needless to say he doesn’t work for us anymore. Buy anyhow, the worse part of it all is the homeowner has to agree to a 47k promisory note or the deal is dead.

4

ouch, that sucks. A lot of times lenders will put in the promissory note clause, but you can fight to have it removed. A quick phone call from an attorney should do it :slight_smile: