Short Sale Updates

Updated Every Friday                 Last Update: 17 February 2012

 

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100 Michael Way
138 County Road 312
426 Meadowbrook Drive
1024 South Columbine Street
1073 East 3rd Avenue
1423 County Road 302
1725 South Yuma Street
1940 Bear Creek Road
2959 County Road 228
4024 County Road 129
4400 South Quebec Street, #108-K
4808 Ireland Court
5250 South Huron Way #12-205
10013 Westside Circle
15782 East 107th Avenue




 Property: 100 Michael Way

1st Mortgage: Nationstar
2nd Mortgage:
N/A

Status:
17 February 2012: Still working with lender, sellers and buyers for an acceptable solution. 

10 February 2012: We have escalated file and it worked.  They are again re-reviewing new bank statements and seller financials that were sent to them yesterday.  We expect a decision very soon. 

3 February 2012: Still awaiting response from MI company.  We will escalate file starting next week if nothing is heard soon.

27 January 2012: Additional Docs requested from sellers to verify more current financials.  Those have been provided to Nationstar, who has forwarded them to the MI company and we are waiting for their response. 

20 January 2012: Still working with Nationstar to overcome MI contribution requests.

13 January 2012: We have responded to MI and begun negotiations with them.

6 January 2012: Working to overcome MI contribution requests.  We expect to hear their response by next week as to our ability to move forward. 

3 January 2012: MI Company has responded. We are negotiating with them regarding the seller's remaining financial liability and should be able to respond to offers soon.

23 December 2011: Lender is still working to complete value and then it will be proposed to the mortgage insurance company.  We are making serious headway but it may still be another few weeks until a decision or counter is made.

16 December 2011:We have provided the updated financial documents and we are now simply waiting on a negotiator to be assigned and their valuation to be ordered. 

9 December 2011: Nationstar has assigned a processor who we've been in close contact with.  They have requested some updated financial documents from the sellers and we are working on providing those.  We expect they'll confirm a complete file, assign a negotiator and order their value in the next 7-10 days. 

2 December 2011: We have begun working with Nationstar.  Offer has already been submitted along with supporting financial documentation.  We expect to confirm receipt of a full package and get the BPO ordered very soon. 

28 November 2011: Working with brokers to formulate offers.  Nothing has been presented to Nationstar Mortgage at this time. 

Offer Count: 1


Property: 138 County Road 312

1st Mortgage: Bank of America
2nd Mortgage:
Bank of America

Status:
17 February 2012: value has been received back and they are clearing up one seller's financial document before they'll respond to our offer.  Response expected by early next week.

10 February 2012: Value has not been received back by BofA.  We expect a response fairly soon.

3 February 2012: All docs have been received by BofA.  The appraisal has been ordered and completed and we expect the lender should get it back by next week.  Response to offer expected in about  weeks.

27 January 2012: Solicitation letter received, and we are working to finalize documents.  Negotiator assigned. We expect about 2-3 weeks until we can get a response to the offer.

20 January 2012: Offer submitted.  Waiting for HAFA qualification review and BPO. 

13 January 2012: File opened with Bank of America, offer expected to be submitted today.



Offer Count: 1

 


Property: 426 Meadowbrook Drive

1st Mortgage: Ocwen
2nd Mortgage:
None

Status:
17 February 2012: Ocwen ahs confirmed they have everything needed at this time.  We expect to hear a response to the offer in about 2 weeks.

10 February 2012: Ocwen again has confirmed they have the file.  It is still being reviewed for completeness.  We have a scheduled phone call with the stage 1 negotiator on Feb. 14th and we should learn more then.

3 February 2012: Short sale package sent out and confirmed received by Ocwen.  Next week, we hope to determine if anything is missing and push to get the BPO ordered. Response to the offer expected in less than 1 month.

27 January 2012: Offer received.  Working on completing financial package with sellers.  We expect to be able to send out complete short sale package by early next week. 

Offer Count: 1


Property: 1024 South Columbine Street

1st Mortgage: Ocwen
2nd Mortgage:
None but many Judgments & Additional Liens

Status:
17 February 2012: New figures sent to Ocwen. Still wrapping up lien negotations.  We expect to have a response to the offer in less than 2 weeks.

10 February 2012: New BPO has been ordered but not performed yet.  The majority of the judgments are falling into line. 

3 February 2012: Ocwen has already responded requesting less to be paid to junior liens.  Pushing to get new BPO ordered.  Because of new BPO and junior liens, we expect to hear on offers in 2-3 weeks.

27 January 2012: Ocwen is confirming the short sale package is complete and assigning a negotiator.  We are starting to make headway with the judgments. 

20 January 2012: Complete Short Sale package submitted to Ocwen.  We are working to get new value ordered and negotiator assigned.  We hope to be able to respond to offers in less than 1 month. 

13 January 2012: File opened with Ocwen.  Financial package from sellers is looking good.  Offer expected to be submitted today or Monday. 

Offer Count: 4

 


Property: 1073 East 3rd Avenue

1st Mortgage: Wells Fargo Home Equity
2nd Mortgage:
Alpine Bank
3rd Mortgage:
Alpine Bank

Status:
17 February 2012: Price dropped to $945,000. Bring all offers!

10 February 2012: No change - price drop expected soon.

3 February 2012: No change - searching for buyers.

27 January 2012: Searching for buyers.

20 January 2012: Approval received in less than 1 month.  Need Buyer.  New offer approval could be in as little as 2 weeks. 

13 January 2012: We are expecting to hear Wells' response to original offer by early next week.

6 January 2012:
Offer and complete short sale package was sent to Wells Fargo in December 2011.  They've completed their value, assigned a negotiator and  we expect to hear their response soon. 

 

Offer Count: 0

 


Property: 1423 County Road 302

1st Mortgage: Bank of America
2nd Mortgage: Bank of America

Status:
Coming Soon!

 


Property: 1725 South Yuma Street

1st Mortgage: Wells Fargo
2nd Mortgage:
GMAC

Status:
Coming Soon!


Property: 1940 Bear Creek Road

1st Mortgage: Freedom Mortgage - VA Loan
2nd Mortgage:
None

Status:
Coming Soon!

 


Property: 2959 County Road 228

1st Mortgage: Chase/EMC
2nd Mortgage:
None

Status:
17 February 2012: Chase has confirmed offer and nothing more is needed at this time.  Negotiator expected to be assigned today.

10 February 2012: Short sale package expected to go out to Chase today.  We expect a response to the offer in 3 weeks or less.

3 February 2012: Offer received and we are working on completing financial paperwork  with the sellers. Short sale package expected to be sent to Chase next week.

Offer Count: 1


Property: 4024 County Road 129

1st Mortgage: IBM Seterus
2nd Mortgage:
None

Status:
17 February 2012: Approval letter issue and we are finally moving towards closing.

10 February 2012: Buyers have responded and we are in the final stages of negotiation.

3 February 2012: Lender has received the BPO back and countered at $255,000. Waiting on response from Buyers.

27 January 2012: BPO is received back but stuck in their Quality Control / Reconciliation Dept.  We have been assigned a negotiator and they expect to receive it from QC very soon. 

20 January 2012: Lender ahs everything and is assigning a negotiator today.  Response expected any moment now. 

13 January 2012: BPO due back to lender today.  Offer response expected by late next week.

6 January 2012: BPO Has been ordered and we seem to be back on track.

3 January 2012: Working to get new BPO ordered.

23 December 2011:  No Change - still waiting on new value and new negotiator.  Hang in there buyers, the value is being negotiated and this will directly impact your offer.

16 December 2011: We have cleared the big hurdle in the HAFA acceptance.  Negotiator expected to be re-assigned in about 7-10 days.  We are pushing for a new value to be ordered as well.

9 December 2011: Still working on HAFA Acceptance.  BPO has expired and we expect to get a new one ordered soon.

2 December 2011: No change - still working to get sellers into the HAFA program before offer can be reviewed. 

28 November 2011: No change.  Pushing for a response to the offer.

18 November 2011: No change.  New docs requested and submitted.  We expect a response in about a week - 10 days.

11 November 2011: Lender confirms new package and is reviewing.  We expect a response in about 2 weeks.

4 November 2011: New offer received.  File will be sent to lender today. 

23 September 2011: New Price of $269,000!

12 August 2011: New price of $279,000!

15 July 2011: Still searching for buyers.  Price has been dropped!  No further updates until offer received or we have significant news.

11 July 2011: No change.  Still looking for buyers.

1 July 2011: Price dropped!  Still looking for buyers.

24 June 2011: No change - looking for buyers.

17 June 2011: Still searching for new buyers. 

10 June 2011: New buyers sought.

3 June 2011: No change.  Seeking new buyers.

27 May 2011: Still searching for new offers.

20 May 2011: Lender won't proceed with current offer.  Seeking new buyers.

13 May 2011: Negotiating with the foreclosing lender on the current offer.

6 May 2011: Working with buyer on offer to see if they can meet lender requirements. 

29 April 2011: Lender has countered the buyer and we are trying to find out additional details.  we hope to have specifics of exactly what they are looking for by next Tuesday. 

22 April 2011: BPO has been completed and additional requested documents provided to lender.  We expect we should hear a response in about 2 weeks.

15 April 2011: Offer received and complete package sent to foreclosing lender.  They have already confirmed receipt and ordered their BPO (expected to occur early next week).  Negotiator should be assigned in 1 week and we should hear something on the offer in less than 3-4 weeks.

Offer Count: 1

 


Property: 4400 S. Quebec Street, #108-K

1st Mortgage: Bank of America
2nd Mortgage:
PNC Bank

Status:
17 February 2012: File expected to be closed very soon.

10 February 2012: No change.

3 February 2012: No change.

27 January 2012: No Change.

20 January 2012: No change. 

13 January 2012: Still working with lenders to find solution.

6 January 2012: Re-connecting with lenders to verify their stance and se if a solution cannot be formed.

3 January 2012: No change. Still working with our title company to formulate a solution.

23 December 2011: 1st lender is really causing problems paying off the 2nd.  Back to the drawing board.

16 December 2011: Working with seller to execute offers. We expect to present and begin working on re-approval by next week.

9 December 2011: Working with buyers to re-formulate an offer that will work.  We must seek re-approval from Bank of America. 

2 December 2011: 2nd Has responded and is refusing to short, they need payoff in full and we are working with buyers to overcome. 

28 November 2011: Response from 2nd received.  Formulating and calculating offers. 

18 November 2011: Still waiting on a very slow 2nd mortgage. 

11 November 2011: 2nd has completed their appraisal.  We expect to be able to fully counter the buyers in about 7-10 days.

4 November 2011: 2nd has ordered their appraisal and title work, response to the offers expected in about 2 weeks.

28 October 2011: Still waiting on 2nd mortgage.  PNC Bank is very slow.

21 October 2011: Waiting on 2nd mortgage, 1st has a temporary hold on the file until 2nd responds. 

14 October 2011: 1st mortgage has responded.  Working quickly with 2nd to put transaction together. 

7 October 2011: 2nd has assigned a negotiator.  Still waiting on 1st's BPO.

30 September 2011: Offer package sent to lenders.  The 1st has confirmed all paperwork and is ordering their value BPO. 

23 September 2011: Offer received, seller's financials received, offer & short sale package should be sent to lenders today.  BPO expected in less than 2 weeks and response to offer expected in less than 3 weeks.

Offer Count: 6

 


Property: 4808 Ireland Court

1st Mortgage: GreenTree
2nd Mortgage:
Bank of America

Status:
Coming Soon!

 

 


Property: 5250 South Huron Way, #12-205

1st Mortgage: Wells Fargo
2nd Mortgage: GMAC

Status:
Coming Soon!

 


Property: 10013 Westside Circle

1st Mortgage: Bank of America - FHA
2nd Mortgage:
None

Status:
17 February 2012: Still moving towards closing.

10 February 2012: Still moving towards closing.

3 February 2012: Still moving towards mid-February closing.

27 January 2012: Delayed but still moving towards closing.

20 January 2012: No change - still moving towards closing.

13 January 2012: No change - moving towards closing.

6 January 2012: No change - moving towards closing.

3 January 2012: No change.  Still moving towards closing. 

23 December 2011: Approval received and we are moving towards closing.

16 December 2011: New offer received, signed and sent to Bank of America.  We expect about 2 weeks for approval.

9 December 2011: Working on new offer but nothing has been submitted to Bank of America yet. 

2 December 2011: No news.

28 November 2011: Offer rejected by BofA.  Working to formulate new offer. 

18 November 2011: Offer presented and negotiations have begun.

11 November 2011: Offer received and we are working to finalize with sellers. 

Offer Count: 1

 



Property: 15782 E. 107th Avenue

1st Mortgage: Freedom Mortgage - VA Loan
2nd Mortgage: None

Status:
17 February 2012: No change - still moving towards closing.

10 February 2012: No change - still moving towards closing.

3 February 2012: No change - still moving towards closing.

27 January 2012: Approval received.  Moving towards closing.

20 January 2012: Approval expected at any moment.

13 January 2012: Lender is verifying the title on the property.  Response to offer expected very soon.

6 January 2012: Appraisal completed. We'll be pushing for a response by early next week. 

3 January 2012: Appraisal is happening today.  We expect a response to the offer very soon. 

23 December 2011: Still waiting on VA appraisal and negotiator assignment should be done be early January.

16 December 2011: Lender ahs a complete package and we are still waiting on a negotiator assignment.  We have begun working with the VA directly to see if we can expedite. 

9 December 2011: Docs submitted.  Still waiting on negotiator assignment.

2 December 2011:Lender requested a few more seller's docs which have been sent.  Still working to get negotiator assigned and appraisal ordered. 

28 November 2011: Negotiator has been assigned.  Working to get file reviewed and appraisal ordered. 

18 November 2011: Complete short sale package submitted to lender as expected.  Working to get a response as fast as we can. 

15 November 2011: Offer Received and we are working to get it submitted to the lender.  Response expected in about a month.

Offer Count: 1



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