Posted by Brian_wa on March 01, 2007 at 13:11:41:
That’s what I’m trying to do right now. I’m hoping to make close to 15k actually.
brian
Short sale with homecomings - Posted by Brian_wa
Posted by Brian_wa on March 01, 2007 at 10:43:29:
I’m negotiating with homecomings for a short sale. The BPO came back at 260k. Does anybody know what percentage of the BPO that Homecomings would accept?
Brian
Re: Short sale with homecomings - Posted by Luke
Posted by Luke on March 01, 2007 at 14:06:33:
I’m negotiating a short sale with homecoming as well.
It’s lower priced but here’s what I’ve established so far:
1st - Wells Fargo: $83K
2nd - Homecomings: $38K.
Current Value: $130K
I offered homecomings $3K and they countered back at $8K.
I then offered to buy the note outright from them for $5K and I’m waiting for a response.
I’m not sure if it’s worth it for them to take less if I close right away instead of waiting for the 1st to discount a little (highly unlikely).
Either way, I’m going to buy the 2nd and take the 1st sub2 until I sell.
Are you working with Court Trimble at homecomings? The probably have several different offices but just curious.
Luke
Re: Short sale with homecomings - Posted by NJD
Posted by NJD on March 01, 2007 at 11:30:16:
All loans are not serviced identically.
If the loan is FHA insured, expect it will want to net 85% of BPO.
Expect anywhere from 75% to 100% of BPO depending upon the criteria imposed on that particular loan. (at risk junior mortgagees may be much more flexible)
It’s tough to shake the servicers from their prescribed loss mit models… so if the numbers don’t work for you, go to work on the BPO values and challenge the lender’s perception of value.
Re: Short sale with homecomings - Posted by Thomas
Posted by Thomas on March 14, 2007 at 10:00:42:
If anyone can tell me how to do a short sale with wells fargo? I having trouble with their department.
Re: Short sale with homecomings - Posted by Brian_wa
Posted by Brian_wa on March 02, 2007 at 10:15:56:
In my case, both mortgages are with Homecomings. I’m working with a lady named Cattram Thai.
Brian
Re: Short sale with homecomings - Posted by Brian_wa
Posted by Brian_wa on March 01, 2007 at 12:45:17:
Seller has 2 mortgages. 1st is 243k. 2nd is about 56k. Both are with Homecomings. House is worth 260k in as-is condition, which is where the BPO came in at.
They will not accept anything less than 237k net to them. That’s basically what they’re telling me anyway… They believe that someone will buy the house at the auction at around 240k.
House’s been listed for several months now so I’m sure the interested investors probably have seen the inside. I’m not afraid of the experienced investors bidding on it. I’m afraid of the stupid new investors who’s willing to buy anything at the auction.
Is this even worth counter-offering?
Brian
Re: Short sale with homecomings - Posted by Kristine-CA
Posted by Kristine-CA on March 01, 2007 at 14:18:21:
I believe the bank has a good point and that they very well may get a
240K bid at trustee’s sale.
However, a 240K at a trustee’s sale is not $237K net (at least not where
I am). Is there anyway to work with the lender to help them see that it
could be a win/win by accepting an offer from you which nets them
more (and gets you a better price). Kristine
Re: Short sale with homecomings - Posted by lukeNC
Posted by lukeNC on March 01, 2007 at 13:01:37:
Try to sell your deal to those “stupid new investors”! and make a quick $5k or more.
Re: Short sale with homecomings - Posted by NJD
Posted by NJD on March 01, 2007 at 12:53:50:
You say THEY. Are you suggesting the combined short payoff for both mortgages is $237K? If the property is worth $260 as you indicated, that’s about 90% of FMV.
Should you pursue it? Only if you can challenge the lender’s perception of value which they must think is $240,000.