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        <title>Minna Reid's Blog</title>
        <link>http://www.homesbyminna.com/blog/gmac/</link>
        <description>The Blog of Minna Reid, CT Realtor, short sale specialist. All about real estate and short sales in Connecticut from Minna Reid - CT's #1 Short Sale Realtor.</description>
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            <guid>http://www.homesbyminna.com/blog/another-connecticut-gmac-fha-short-sale-success.html</guid>
            <link>http://www.homesbyminna.com/blog/another-connecticut-gmac-fha-short-sale-success.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Another Connecticut GMAC FHA short sale success!</title>
            <description> <![CDATA[ 
GMAC - now my very favorite lender to work short sales with - delivers again.


When this Connecticut homeowner first called me, he seemed quite skeptical that a short sale was a possibility for him. Given his circumstances he was sure that his only option was to simply walk away and let the home foreclose as he believed he would never be approved for a short sale. I believed otherwise.


As the FHA PFS (pre-foreclosure sale) program allows preapproval, we immediately sent a full short sale package to GMAC and the home went on market. 7 weeks later a buyer was secured, which coincided perfectly with the timing on my sellers approval into the FHA PFS program. Unfortunately our FHA appraisal came in a tad high and the home had some inspection issues so some renegotiation with GMAC followed.


GMAC finally approved the short sale with our new terms and soon after this Manchester, CT short sale closed.


OWED: GMAC FHA insured loan - $230,000


APPROVED AND CLOSED, with $1,000 seller incentive paid out to homeowners: $150,000


TOTAL TIMEFRAME LIST TO CLOSE: 4 months


 
 ]]> </description>
            <pubDate>Wed, 18 Apr 2012 07:02:14 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/a-ct-gmac-short-sale-success.html</guid>
            <link>http://www.homesbyminna.com/blog/a-ct-gmac-short-sale-success.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>A CT GMAC Short Sale Success!</title>
            <description> <![CDATA[ 
Not a pretty or quick affair but with enough persistence, anything eventually closes. Though my other recent GMAC short sale approvals have been incredibly fast, this one was of course the exception.


The problems began when GMAC insisted on pre-approving the short sale. As soon as we went on market they were out to do a BPO, which of course came in WAY TOO HIGH to begin with. So as soon as we stepped out of the gate, we were already in trouble. My efforts to dispute the BPO value went unheard, and so instead of a quick easy sale, we spent months waiting for the BPO to expire so we could get a new valuation ordered.


Unfortunately these months sent us into the dead of winter. We secured a buyer and inevitably the very next day the pipes burst and the buyers took off. My sellers repaired the furnace, but there was some slight water damage left, further devaluing the property. A few more reductions later our final buyer was secured.


This time our BPO went just fine, and we closed a few weeks later, albeit for much less than if we had not been slowed by GMAC's bad BPO to begin with and had been able to move the property the first time.


WHEN EXACTLY WILL THE BANKS LEARN THEIR LESSON? TIME COSTS EVERYONE MONEY - ESPECIALLY THEM. 


PERHAPS NEVER.
 ]]> </description>
            <pubDate>Tue, 29 Nov 2011 08:53:47 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/i-love-you-gmac.html</guid>
            <link>http://www.homesbyminna.com/blog/i-love-you-gmac.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>I LOVE YOU GMAC!</title>
            <description> <![CDATA[ 
I LOVE YOU GMAC! (Well, today anyway...)


Yes, I know, we've had a love and hate relationship over the years GMAC but I can see you've changed your ways now. Today you've topped the list as my new favorite. That title used to belong to Wells Fargo, but it just seems Wells isnt trying very hard anymore. Its been downhill with Wells for quite some time.


I know we had a hard time last year. We both remember Mr. X - that very nasty negotiator, dont we? You were great as usual...but he really soured our relationship for awhile.


But you've made it right again! It was just 9 days ago I got you a full package on my latest Wallingford CT short sale seller. It's an FHA short sale. Now usually I expect that FHA takes a little longer than others...BUT NOT THIS TIME! Not only did this file slide right through EQUATOR in 9 days with an approval into the HUD PFS (FHA preforeclosure sales program), but you even went one step beyond.


On Sunday night we had a buyer an all our docs for the sale went into the system. By Monday morning less than 24 hours later I had a full approval specific to this buyer in my hands.


UNBELIEVABLE! 


My faith has been restored GMAC! Please keep up this fantastic streak! And while you're at it, maybe you could spread a little of that sense of urgency to cousins BofA, Chase, Citi and Wells...Seems they have a lot to learn from you!
 ]]> </description>
            <pubDate>Tue, 29 Nov 2011 08:07:10 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/a-gmac-short-sale-approval-in-10-days-with-equator.html</guid>
            <link>http://www.homesbyminna.com/blog/a-gmac-short-sale-approval-in-10-days-with-equator.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>A GMAC short sale approval in 10 days with Equator</title>
            <description> <![CDATA[ 
A GMAC short sale approval in 10 days with Equator


GMAC has really stepped up their game in the past year. In the spring of 2010 GMAC moved all their short sale processing to Equator, following Bank of America's decision to do the same. GMAC's Equator platform is preferable to Bank of America's as there is less data input from the agent, and it seems the negotiators actually consider personal contact a priority, leading to a smoother process overall.


While getting the Ansonia, CT property under contract proved a challenge, once a buyer was secured, approval from GMAC came just 10 days later. Unfortunately, the buyers lender proved to be a complete mess and what could have been easy and simple never turns out to be so. Over 10 weeks of fumbling around followed until the buyers lender was finally able to get their end together to actually close this short sale.


And so continues the trend of lenders approving short sales more easily and quickly, all while closing a buyers side  loan becomes more difficult and time consuming.


It seems undoing a loan is now much easier than actually getting one. Quite a turn of events over years past, eh?
 ]]> </description>
            <pubDate>Mon, 28 Nov 2011 14:07:10 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/equator-gmacbank-of-america-short-sale-approved-and-closed.html</guid>
            <link>http://www.homesbyminna.com/blog/equator-gmacbank-of-america-short-sale-approved-and-closed.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Equator GMAC/Bank of America Short Sale -  Approved and Closed</title>
            <description> <![CDATA[ 
Equator GMAC/Bank of America Short Sale -  Approved and Closed


A Manchester, Connecticut short sale: Equator is certainly not a perfect system. In this case we experienced one problem after another in Equator, turning what should have been a 3 week approval into a 3 month approval...


All started out well as my GMAC was ready to approve the file in just 3 weeks..on a Friday I spoke to the negotiator who promised me an approval letter by Monday morning. Unfortunately Monday morning GMAC moved all their short sale processing to Dallas and onto Equator. This could have been an easy adjustment, but of course - nothing is ever easy when it comes to short sales. It took the new negotiator about 6 more weeks to get back on track and finally issue the approval.


More problems followed when the negotiator for the second lien with Bank of America also ignored her Equator assigned tasks for months on end. Pressed by a pending foreclosure sale date and no action from Bank of America, my assistant and I tried every approach - being super-nice....threats....multiple escalations...moving the issue to higher ups...to no avail.


With the buyer threatening to walk we tried a last ditch effort to appeal to the supervisors human side with a very personal story about both buyer and seller...and...who knew! It worked! They are human after all!


An approval followed and we closed in the nick of time last week...


Owed:


GMAC: $210,000


Bank of America: $40,000


SOLD: $190,000


Facing CT Foreclosure? Get Help!
 ]]> </description>
            <pubDate>Mon, 28 Nov 2011 10:14:45 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/connecticut-gmacditech-short-sale-approved-in-3-weeks.html</guid>
            <link>http://www.homesbyminna.com/blog/connecticut-gmacditech-short-sale-approved-in-3-weeks.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Connecticut GMAC/DITECH Short Sale Approved in 3 weeks!</title>
            <description> <![CDATA[ 
Connecticut GMAC/DITECH Short Sale Approved in 3 weeks!


OWED:


GMAC Serviced Freddie Mac 1st Mortgage: $150,000


GMAC Serviced Ditech 2nd Mortgage: $30,000


SOLD: 


$132,000: Both approvals - FULL DEBT SATISFACTION.


This Cromwell, CT short sale was a breeze. Finding a buyer took slightly longer than expected as the market was falling a little faster than anticipated, however 8 weeks after listing we secured a strong buyer. As with most sales as of late, closing by 6/30  to get the buyer first time homebuyer credit put additional pressure to get it done FAST.


A package went to GMAC and Ditech immediately...and with constant pressure on the lenders to get it done, GMAC ordered their appraisal right away...the negotiator was on the ball, and just 2.5 weeks later, we received our short sale approval. The second approved 2 days later, bringing total approval time to just 3 weeks!


Once again GMAC proves a delight to work with!


Facing CT Foreclosure? Get Help!
 ]]> </description>
            <pubDate>Mon, 28 Nov 2011 10:11:32 -0600</pubDate>
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