Short Sale - The buyer (finance, banks, closing, interest)

[michael krotchie]

Originally Posted by TristansMommy

But.. regardless of wether it's legal or not.. I will do it.

[TristansMommy]

Originally Posted by michael krotchie

Judge with a smile.. but at some point.. I'm just frustrated.. They are not giong to bother.. and I have gone through emotional and mental hell the past 8 months.. I have bended over backwards trying to stay in my home.. and when they denied me that.. I bent over backwards getting them a buyer for the home at just about the full appraised value..

Actually I didn't get 1 buyer.. I got 2 buyers. I was very proactive.. gave them all information required ahead of time to make itfast and easy.. and actually cared about getting them as much as I could..

Really. . I have NOTHING to loose.. I already lost my house plus the probably $100K I have investe din it between payments and improvements.. plus, I dont' ahve to report the difference between what they get and what I owe on taxes (Mortgage Debt forgiveness act of 2007) and they can't come after me for the difference..

Really.. I've just about HAD It withtheir stupidity.. and then they have the audacity to go to the gov't looking for bailouts!! (because all those programs are for the benefit of the banks.. NOT the homeowners.. no one could realy care about us!).. that's BULL.. they could have stopped this from exploding to where it is and where it's gong to go if they pulled their heads out of their proverbial a s s e s ... seriously..

so a vanity that my new rental could use will not way on my consciend.. nor will a few other things I may take with me.. and they won't really bother to come looking for it either..

It should be illegal for thebanks to stand in the way of a short sale that makes sense for both parties!

[caligurltotx]

My last short sale buyer got $5000 towards closing cost and $350 for home warranty! A contract for a short sale is no different than if the buyer was selling it directly. The bank will only want to see the bottom line and decide if they are going to approve the sale!! If you wanted closing cost paid on a short sale then the thing to do was to add it into the offer to the seller so chances would be better of bank approving the short sale. So their bottom line would look the same!

[okaydorothy]

How about if you were the buyer and the seller took all those things out of the house. You had based the price on those things being in the house. And in the mortgage you have paid for those things.

Wouldnt you be annoyed. What would you do?
I understand that you are angry and mad and everything.

d

Originally Posted by TristansMommy

Judge with a smile.. but at some point.. I'm just frustrated.. They are not giong to bother.. and I have gone through emotional and mental hell the past 8 months.. I have bended over backwards trying to stay in my home.. and when they denied me that.. I bent over backwards getting them a buyer for the home at just about the full appraised value..

Actually I didn't get 1 buyer.. I got 2 buyers. I was very proactive.. gave them all information required ahead of time to make itfast and easy.. and actually cared about getting them as much as I could..

Really. . I have NOTHING to loose.. I already lost my house plus the probably $100K I have investe din it between payments and improvements.. plus, I dont' ahve to report the difference between what they get and what I owe on taxes (Mortgage Debt forgiveness act of 2007) and they can't come after me for the difference..

Really.. I've just about HAD It withtheir stupidity.. and then they have the audacity to go to the gov't looking for bailouts!! (because all those programs are for the benefit of the banks.. NOT the homeowners.. no one could realy care about us!).. that's BULL.. they could have stopped this from exploding to where it is and where it's gong to go if they pulled their heads out of their proverbial a s s e s ... seriously..

so a vanity that my new rental could use will not way on my consciend.. nor will a few other things I may take with me.. and they won't really bother to come looking for it either..

It should be illegal for thebanks to stand in the way of a short sale that makes sense for both parties!

[TristansMommy]

Originally Posted by okaydorothy

How about if you were the buyer and the seller took all those things out of the house. You had based the price on those things being in the house. And in the mortgage you have paid for those things.

Wouldnt you be annoyed. What would you do?
I understand that you are angry and mad and everything.

d

Actually.. no .. I didn't buy the house with those things.

What was in the house was crusty.. old and disgusting.. which is why we did a complete renovation.. soooo techinically.. they can get the same disgusitng hosue back that they gave me the mortgage for..

But.. the house would still be in better condition if i removed a few thigns.

looks like I may not have to.. they told my attorney to draw up contracts for one of my offers.. ..

Maybe they are not so stupid after all!

[TristansMommy]

Originally Posted by caligurltotx

My last short sale buyer got $5000 towards closing cost and $350 for home warranty! A contract for a short sale is no different than if the buyer was selling it directly. The bank will only want to see the bottom line and decide if they are going to approve the sale!! If you wanted closing cost paid on a short sale then the thing to do was to add it into the offer to the seller so chances would be better of bank approving the short sale. So their bottom line would look the same!

It's impossible not to show that on a HUD statement affecting the bottom line of the mortgage company.. the only way that happened is if the seller themselves gave an additional $5000... Not sure how that was done.. LEGALLY! or without the seller actually giving them money..

I could be wrong.. could you explain how it was executed.. I'm curious.. something doesn't sound right.

[wankel7]

Originally Posted by TristansMommy

It's impossible not to show that on a HUD statement affecting the bottom line of the mortgage company.. the only way that happened is if the seller themselves gave an additional $5000... Not sure how that was done.. LEGALLY! or without the seller actually giving them money..

I could be wrong.. could you explain how it was executed.. I'm curious.. something doesn't sound right.

That was the way my realtor explained the short sale and getting closing costs paid for. There was no way for it to work. Unless, the seller coughed up the money. But why would they do that?

[TristansMommy]

Originally Posted by wankel7

That was the way my realtor explained the short sale and getting closing costs paid for. There was no way for it to work. Unless, the seller coughed up the money. But why would they do that?

There really isn't.. unless the seller is just plain.. well stupid..

I've already lost so much money on my house.. I'm not doing a damned thing on it for the buyers in the short sale (although my house is nice). It's sold 'as is' in a short sale...

At this point the seller.. with thebanks.. holds the cards. In my case, I have a lien on the property I can't satisfy and can't get removed in time for a short sale to go thruogh.. however, I have two buyers WELL above the minimum they were willing to accept based on their appraised value (which , btw is $120K less than it was in 2005 when I got this mortgage). And the amount over their minimum is less than half the amount OVER that they are getting. They came back and said they wouldn't do the short sale or approve it until the lien is removed.. I told them.. then just foreclose.. because at this point I have NOTHING to loose (the lien would have to be satisfied anyway before title transfers to anyone .. so if thebak forecloses and sells.. it needs to go with it.. or they have to spend more money and time to get it removed). I think the banks were trying to push me to see if I would do it..(magicalyl come up with money I don't have!) but since I didn't flinch they have they decided to accept the offer as is with th econtracts being drawn up..

there is no way in hell I'm giving a DIME to anyone at the closing table. I've lost over $100K in my home with payments, improvements and down payment.. pretty much my life savings was wiped.. Now..we're rebuilding!

[MotleyCrew]

Originally Posted by TristansMommy

There really isn't.. unless the seller is just plain.. well stupid..

I've already lost so much money on my house.. I'm not doing a damned thing on it for the buyers in the short sale (although my house is nice). It's sold 'as is' in a short sale...

At this point the seller.. with thebanks.. holds the cards. In my case, I have a lien on the property I can't satisfy and can't get removed in time for a short sale to go thruogh.. however, I have two buyers WELL above the minimum they were willing to accept based on their appraised value (which , btw is $120K less than it was in 2005 when I got this mortgage). And the amount over their minimum is less than half the amount OVER that they are getting. They came back and said they wouldn't do the short sale or approve it until the lien is removed.. I told them.. then just foreclose.. because at this point I have NOTHING to loose (the lien would have to be satisfied anyway before title transfers to anyone .. so if thebak forecloses and sells.. it needs to go with it.. or they have to spend more money and time to get it removed). I think the banks were trying to push me to see if I would do it..(magicalyl come up with money I don't have!) but since I didn't flinch they have they decided to accept the offer as is with th econtracts being drawn up..

there is no way in hell I'm giving a DIME to anyone at the closing table. I've lost over $100K in my home with payments, improvements and down payment.. pretty much my life savings was wiped.. Now..we're rebuilding!

I hope you keep people on this site informed as to how your journey back up the ladder goes. Hope your house is out of your thoughts soon.

[scrapydiva]

We recently had an offer on a short sale. Afert 9 weeks and 2 extensions we chose not to do another one. Wells Fargo was giving no response and we chose to walk away unfortunately. We have been in an apt long enough (corporate relo) so now we are closing on another house at the end of Sept. I felt extremely bad for the seller, but we couldn't keep waiting forever. Luckily for them, the last couple who had a offer in and removed it due to lack of bank response is still interested.