Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on Twitter

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Realtor CommunityOne of the most popular online real estate communities consistently since 1998!


Virtual Homestaging at PadStyler.com


Sponsored Links
Advertisements
How To Advertise Here
How To Advertise Here

Good Idea!
Realtors Directory

Facebook
Sponsored Links
Top Posters (30 Days)
Vermont 46
C21Mr.May 19
Daniel1234 17
Trouble 17
Z06Fanatic 13
RonnieEmz 11
David Hunter 10
zhenbuxianghua 9
VABroker 7
rjlocal22 6
nopeda 6
JohnN 5
sualk54 5
miracle 5
Bigtoe 5
Matched Content
Topic Options
Rate This Topic
#448767 - 11/09/15 09:41 PM Fannie Mae/Seterus Short Sale help needed
copenwbpos Offline
Member

Registered: 08/20/08
Posts: 33
Loc: Midwest
Can someone give me advice on a short sale I'm working on? We have an offer that was negotiated through the homepath website and all terms ended up being accepted with exception that they are requiring the seller to make a $2,000 cash contribution at closing. Sellers are not able to do that. I offered to lower commission amount by $2,000 and they still declined it. They say they will not approve any other offers even if they are higher than the current one unless the sellers make a $2,000 cash contribution. Any ideas or suggestions? Thanks!

Top
Advertisements
#448773 - 11/10/15 05:22 AM Re: Fannie Mae/Seterus Short Sale help needed [Re: copenwbpos]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7503
Loc: Vermont's North-East Kingdom
That little detail should have been explained to the Sellers (and his Lender) when the Offer was first presented . . . . the requirement is mentioned in all of the HomePath Brochures.

You'll have to up the Offer by $2000 in order for the Seller (or his Mortgagee) to have the $2000 available to contribute to HomePath.

That $2000 is what keeps HomePath in business, and I think it's been a strict requirement for at least the past 10 or 12 years. If you can work some magic to get them to make an exception, let us know . . . . because it'll be the first.

I've done several of these, and the $2000 has always been there . . . . I don't recall doing it on a Short; but it's got to come from somewhere (out of the Commission ?).

I'd be looking for a different source of Financing unless you can sweet talk the current Lender into contributing, or Buyers will pay that much more so that it's a wash.

You or the Buyer's Agent should have mentioned this earlier.

Good Luck !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top
#448800 - 11/10/15 09:30 PM Re: Fannie Mae/Seterus Short Sale help needed [Re: Vermont]
copenwbpos Offline
Member

Registered: 08/20/08
Posts: 33
Loc: Midwest
Fannie says that's not acceptable. We've offered to up the PA price or lower the commission amount. Either way they say they will not agree to the short sale unless the cash contribution comes from the sellers. Just plain crazy in my opinion that they get the same net but unless it comes from the sellers they will not approve the short sale.

Top






Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Newest Members
dreso, Agent315, TJ LYN, Nate76, sandeep123
29175 Registered Users
Who's Online
1 registered (Joynestmoh1), 196 Guests and 4 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 27206242
No new orders today 12963297
Stupid MLS comments. 3208166
What do you know about Froy Candelario, top agent in USA 1148105
Stupid QC comments and BPO requirements. 1021552
New HUD Listing Brokers---Any Update? 999363
Is there religious content in Buffini class? 790606
Let's talk about our cars 644778
Name that Flick. Great movie Lines. 581911
Pay it Forward - BPO/REO Tips & Tricks I & II 567794
Most common items found at an REO 546235
EML 459230
REOTRANS 419784
Main Street 393097
asset val seminar in colorado 390793
assist 2 sell or 1 percent realty? 318901
Evalonline 300066
HOMONYMS - There, Their, and They're 292862
Land America 285049
Mainstreet 261858
Agent Directory

real estate agents

Featured Member
Registered: 02/19/17
Posts: 1

How To Advertise Here


This site presented by RNC Internet Services