All Forum Posts by: Dave P.

I've tried to read all the replies here, but I apologize in advance if I'm repeating someone else.

I think this policy is a nothing-burger. It only applies to Fannie and Freddie loans. All the loans securitized on Wall Street are not eligible for this program, unless I am misunderstanding something.

No?

There are more than one way to skin the cat. If anyone cares, you can offer a modest EMD that will be deposited in trust within 48 hours of bank approval. Just be sure to include that language in the contract.

It's important to remember that the distressed seller's are generally already nervous. They probably get made even more nervous by investors. If you pair that with a "I'm not giving no earnest money deposit" investor attitude, then you can be sure to start an already tenuous relationship off on the wrong foot.

Just my thoughts.

PS - while I agree with much of the anti-agent short sale sentiment, I would be careful about flaunting it. Attitudes and generalities like that can close the door to many opportunities.

I'm working about 30 short sales at any given time, but I don't sit around complaining about all the "clueless investors" that I have to deal with. The qualifications to call yourself an investor or an agent are essentially the same, NONE.

We just put our final offer in on a short sale and there was not any holding time stipulations. I wonder if its just a CW thing?

I've only heard of it on CW...but you wouldn't see it until you got the SS approval letter anyway.

It sounds like you should consider a short sale. Are you familiar with short sales?

This may be something that Josh should jump on.

I bet the WSJ would love it.

As far as the FNMA guides, I'll look, but I think it is a minimum of 2 years, but usually someone after a shortsale can't qualify on everything else to get a conventional loan.

No need to look anywhere, it's on page 5 of the link Jon provided.

There's such a thing as spending your time productively and wasting working on a deal that will actually close.

Amen. At any given time I'm working with 30 different short sellers. It becomes pretty apparent early on which will get their problem solved and which won't. I'm betting this one won't...That's all.

Good luck Lee.

When she sells short, she's going to have to convince the loan servicer that she can't afford the property.

Simultaneously (or a little before), she will be convincing another bank that she can afford a property (with her new husband).

There is no way of making that happen without at least hiding part of the truth from one, if not both, sides.

In my experience, these situations work out to be a waste of time because the participants clearly lack the commitment to solve their problem.

That's all I'm saying.

She states that her mom wants to buy another home before starting to miss payments.

I wouldn't waste my time. You won't be able to pull this off. I hate to be a buzz kill, but this is a waste of time.

Short sales take commitment and sincerity...both are missing from this statement.

Truly inspiring.

Let's Go Red Sox!