A CT Nationstar and Bank of America short sale success

Posted by Minna Reid on Thursday, May 17th, 2012 at 3:31pm.

The rising costs of living and long daily commute left these CT homeowners tired and scraping change to make ends meet until they decided they had enough. Realizing they would likely never pay their way out of the upside down home they decided to cut their losses and short sell their home to move closer to work.

Originally a Bank of America first and second mortgage, the week we listed the home the first loan got sold to Nationstar, making the process a little more complex than originally anticipated.

It took two months to find a buyer for this home in the dead of winter. A short sale package headed to the lender. Nationstar is hit or miss. They have been known to be on the ball and approve in a few short weeks, and I have also seen the opposite with this unpredictable lender. It took almost 3 months to get Nationstar to approve the sale and even then Nationstar demanded a cash contribution from my sellers. With a little negotiation we got the contribution down to a manageable $1,500 and the first was approved with full debt settlement.

Bank of America - usually a breeze - dragged for weeks further as the negotiator proved difficult and unresponsive. Bank of America finally approved the short sale on the second mortgage - also with full debt forgiveness - with barely a few weeks left on our short sale approval letter from the first.

The buyers moved quickly and shortly thereafter this Nationstar/Bank of America short sale closed.

OWED: $215,000 (Nationstar 1st Mortgage $170,000 + Bank of America 2nd mortgage - $45,000)

APPROVED AND CLOSED WITH FULL DEBT FORGIVENESS: $115,000 with seller contributing $1,500

TOTAL TIMEFRAME LIST TO CLOSE: 6 months

 

 

smalllogo_500_03signature_165

Minna Reid
Team Lead - Reid Real Estate Group
Keller Williams Connecticut
Voice or Text: 860.416.1255

Minna Reid  is a  CT Licensed Real Estate Broker Associate with Keller Williams Realty, and Team Leader of Reid Real Estate Group. Reid Real Estate Group is a team of full-time, full-service real estate experts with locations in Central and Northeast Connecticut, with a specialty in short sales. The Reid Group brings years of real estate experience, intimate knowledge of the local market and the highest levels of customer service and professionalism to help guide you through all of your real estate transitions. Visit us at REIDREALESTATEGROUP.COM.

blue_linked_in_64 blue_fb_64blue_feed_64
     
 
Blog Tags

8 Responses to "A CT Nationstar and Bank of America short sale success"

Paul wrote:
Hi Minna, my situation is as follows; my wife and I are contracted to buy a short sale in Norwalk, CT. While waiting for a closing date from BOA, we were informed that BOA sold the mtg to Nationstar which obviously set us back. The thing is, we are getting no information and we have no idea where we stand. Is the contract voided? Do we have to start from square one? Do the sellers have to start from square one? (ie re negotiating the sale price etc)

how can I get Nationstar to respond to my questions? Im working with a real estate agent right now that is not experienced AT ALL in short sales and the listing agent isnt being responsive either.
Any suggestions?
thanks again
Paul

Posted on Wednesday, January 2nd, 2013 at 10:25am.

Minna Reid wrote:
Paul - Yes the seller will need to start the entire short sale process over from the beginning with Nationstar. It might take a little while for Nationstar to set up the new account before that can be started. Nationstar will not speak with you about this short sale unless you have been granted authorization by the seller, which would be unusual.

Posted on Wednesday, January 2nd, 2013 at 10:31am.

Paul wrote:
Hi Minna, after speaking with you a few weeks ago, Nationstar called me yesterday to say an approval in writing is coming mid next week. How soon can I close after getting that? in your experience.
thanks
Paul

Posted on Friday, January 25th, 2013 at 8:37am.

Minna Reid wrote:
That great Nathan!
You can close almost immediately after that. After you get a written approval letter all you really need is a few days to schedule closing and get your final HUD approved by Nationstar. Of course that doesn't include any time to process your loan ( but it sounded like that was all set) or for the seller to move out ( they better hustle!!) Awesome - Good luck!!!

Posted on Saturday, January 26th, 2013 at 4:56pm.

Paul wrote:
Thanks Minna! our lender will have all the paperwork to close within a few days from today. the question is, how can we tactfully ask the sellers to vacate? The closing date on the approval says Feb 27 and they are entitled to stay till then, but we would love to get in there earlier. Any ideas? is this something the attorneys would ask? Can we offer a financial incentive? 500.00? Is that even ethical, or legal?
thanks again.

Posted on Wednesday, January 30th, 2013 at 8:11am.

Peter wrote:
Hi Miinna,
This happened to me, Im a buyer trying to buy a short sale in CT. Started in August with BofA and got to the point of them giving a counter offer, we accepted then it was sold to Nationstar. The finally countered also with the same amount and we accepted on 1/17/2013. We're waiting for final approval and have been told its being reviewed by the investor.. Still havent anything to this day, how long should this take and what can be done to expedite it. Seem our agents may be dragging their feet.

Myself and my new wife are ready to start a family, but we need to settle down!
Thanks for your time in advance.
Peter

Posted on Wednesday, January 30th, 2013 at 11:43am.

Minna Reid wrote:
Paul - You can close anytime prior to the date on the letter. The letter does not imply the sellers can stay til the 27th, it simply implies that the approval expires on the 27th. If you want to close earlier, this is something to pass on to the attorneys -tell your lawyer you want to schedule an earlier close date, and they will speak to the other lawyer about it. Hopefully the sellers wont take issue with it. Surely they have anticipated that they are moving soon anyway. I would not resort to incentives unless you establish the sellers are unwilling to move. There are some legal/ethical issues to consider as well...so just ask...maybe you wont get any resistance.

Posted on Wednesday, January 30th, 2013 at 2:33pm.

Minna Reid wrote:
Peter - in the short sale processing world 14 days is not really a very long time. I don't know who the investor is, but some can take weeks to review and approve. Its probably not your agents fault at all. The delay is most likely with the investor. However, perhaps your agent can ask the listing agent to check in with the lender periodically ( if they are not already ) . I would expect to hear back on this anytime now.

Posted on Wednesday, January 30th, 2013 at 2:36pm.



Leave a Comment