Negotiated and CLOSED! Auburn MA short sale with Nationstar!

Negotiated and CLOSED!  Auburn MA short sale with Nationstar!

Auburn, MA Short Sale

Auburn, MA Short Sale

We are on a Keith Shaw roll this month.  I was nervous to work on this Massachusetts Short Sale because it was a Nationstar serviced.  I’m sure if you follow any of my blogs you can see the history I’ve had negotiating short sales with Nationstar.  Nationstar now uses a site called Auction.com to sell their short sales.  When Nationstar forces a homeowner to list their short sale, that is already under contract up on auction.com, it breaches several contracts.  One – it breaches the listing agreement with the list agent.  2 – it breaches the contract the seller has with the buyer.  3 – It breaches the contract that the seller has with me.  I find this practice shocking.

To this day I still cannot believe that someone in governments has not stopped in to stop this.  The reason this is bad is because this practice opens the homeowner up two lawsuits everywhere.  Interference in contracts is a big deal.  I know that Nationstar has already been sued by one of their investors.  One Nationstar investor found out that Nationstar was putting property up on auction.com they were sued.  I know it also as a fact that Ocwen is having the same issues with HUBZU.  Ocwen puts their short sales up on HUBZU and is now being investigated by several different government entities.

The worst part about this practice is the fact that it causes many delays.  At minimum it will delay a short sale 30 days, but I’ve dealt with ot

Keith Shaw, Keller Williams Short Sale Agent

Keith Shaw, Keller Williams Short Sale Agent

her people who said it delayed their short sales for months.  This works out great for the servicer because they are paid by an investor for servicing a loan, and when that loan closes they don’t get paid anymore.

Thankfully after we did our research of this loan we knew that it was Freddie Mac backed.  I’ve had many short sales with Freddie Mac and know they’re very decent to deal with.  I also know that Freddie, Fannie, and FHA do not force their home owners to list there already under agreement short sales on Auction.com.  Immediately, Nationstar told us this sale would have to go up on Auction.com.  We immediately pushed back and said “no” this would cause a lot of duress on the homeowner because she was severely sick and had a hard time moving around.  Showings would be a huge inconvenience to her.  Nationstar pushed back saying they didn’t care so we escalated to Freddie Mac to explain the situation and within 24 hours had approval of the short sale.  Now had we been forced to put it up on auction.com we would have wasted another month or two trying for auction.com to get an offer.  They’re rationale is that a entices the best offer.  But if an agent has done their job in a servicer has done their job with an appraisal.

Thankfully with a great team including Keith shaw, Grugnale Law, and of course the Short Sale Mitigation team we were able to get this done!

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire

Broker Nick Aalerud & Maryann Little Short Sale Mitigation, LLC AA Premier Properties, LLC Serving Massachusetts and New Hampshire Homeowners with short sale negotiation.

Closed! Worcester Massachusetts short sale – VA LOAN With Bank of America

Closed! Worcester Massachusetts short sale – VA LOAN With Bank of America

Keith Shaw, Keller Williams Short Sale Agent

Keith Shaw, Keller Williams Short Sale Agent

Thanks again to Keith shaw.  He’s an amazing Keller Williams agent that we work with constantly.  This Massachusetts short sale was definitely touch and go all throughout the process.  I knew from the beginning it was going to be rough because the buyer’s attorney and lender were really putting me through the wringer.  I was told initially by the buyer’s

Worcester, Massachusetts Short Sale

Worcester, Massachusetts Short Sale

lender that they wouldn’t allow short sale negotiation fees on the Hud.  I explained to her that I always have our fee on the Hud.  I find it very sneaky when the lender tells me to take it off the Hud.  I also showed her multiple other financed deals where it was on the Hud.  Thankfully she backed down.

There was a tough title defect to deal with too so I have to thank the crew over at Grugnale Law.  They worked through it and of course we got this to close.  Even though this was a Bank of America sale, they did a good job.  I don’t usually give Bank of America a thumbs up, but on this sale they performed well.

This is another Massachusetts short sale down and DONE from the Short Sale Mitigation Team!!  Nick, Maryann, Julie and Amy!

 

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire

We negotiate short sales in Massachusetts and New Hampshire with many lenders such as, GMAC, Bank of America, AHMSI, Seterus, Wells Fargo, ASC, Chase, Select Portfolio, HSBC and many more.

CLOSED and Negotiated! New Bedford Massachusetts Short Sale with HOMEVESTORS!

CLOSED! New Bedford Massachusetts Short Sale with HOMEVESTORS!

Massachusetts Short Sales with Homevestors!

Massachusetts Short Sales with Homevestors!

I’m super excited that I was able to work with one of the Massachusetts Homevestors branches on this New Bedford, Massachusetts Short Sale.  I have never worked with them before and all I can say is this particular branch in Randolph was amazing and very professional to work with.

This was a Wells Fargo sale in which the homeowner had tried over and over for a modification and eventually gave up.  The house sustained damage and when he called his insurance company to assist, he found out the water damage was not covered.  The house eventually sat and sat and thankfully we were able to negotiate a short sale completed on this property for him.

I have to once again thank Meghan Grugnale, for her amazing response time, Mike Falotico out of Homevestors and of course my office negotiators for getting this done!!

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire

There is No Such Thing as an APPROVED SHORT SALE in Massachusetts or New Hampshire

There is No Such Thing as an APPROVED SHORT SALE in Massachusetts or New Hampshire

shortsaleapprovedOk, let me explain before everyone goes into panic mode. Yes you can have an approved short sale in Massachusetts or New Hampshire. We have hundreds of approvals in both states. An APPROVED short sale means there is a contract to purchase the property, and a lender has agreed to the price of the sale and issued an approval. Most approvals include the approved buyer’s name, approved seller’s name, approved proceeds, approved settlement costs, and of course have verbiage regarding the deficiency and lien.

What I see inexperienced agents do is advertise their listing as an APPROVED SHORT SALE. Most agents who have experience with short sales know if they are listing a property and there is no purchase contract then there is no SHORT SALE APPROVAL. What they should do with their listing is say, “Lender has approved list price” or in the case of a FHA sale where you have an ATP (Approval to Participate) already and a number you know the seller’s lender will accept is state the lender has ISSUED ATP for the sale at list price. If you had a buyer drop out after the short sale was approved, you still cannot market it as an APPROVED SHORT SALE. You should put a disclosure similar to, “Lender recently approved a sale at list price”

Anyone marketing a short sale as an APPROVED SHORT SALE in Massachusetts or New Hampshire is misleading a buyer, and if you see a listing like that, I encourage any buyer’s agent to ask the listing agent for a copy of the approval letter. What you may get back is an approval for a past buyer, or ATP approval, so you must keep in mind that if you are submitting a new offer, based on an approval for someone else at the same price the lender CAN still counter and up the offer. Just because the previous buyer was approved at list, does not mean your same offer will be approved.

Short sales are already confusing enough to have something this misleading out of the gate.

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire

CLOSED! Amesbury Massachusetts Short Sale – Fannie Backed with Tom McGuirk

CLOSED! Amesbury Massachusetts Short Sale – Fannie Backed with Tom McGuirk

Amesbury MA Condo Short Sale

Amesbury MA Condo Short Sale

This was a condo that Tom brought to us to negotiate, that actually had another agent listing it, but he admittedly had no short sale experience.  He thankfully knew Tom who has a TON of default property experience or short sale experience in Massachusetts and New Hampshire.  I actually have lost count as to how many deals I’ve worked on with Tom, but any with Tom are a pleasure.

This was a FNMA backed condo so we immediately knew there would be a counter and we prepped the buyer. So we definitely called it and FNMA through Seterus as a servicer countered, and our buyer accepted. FNMA will ALWAYS counter. Sometimes their counters are completely off the mark and some thankfully are within range of what a buyer is willing to pay.

What we didn’t account for was a bogus condo association statement.  Fannie wouldn’t allow the overdue condo

Tom McGuirk - Short Sale Realtor

Tom McGuirk – Short Sale Realtor

charges which left it up to us to be creative.  The problem is the statement we got was not even remotely accurate.  I will tell you this was not the condo associations fault, but that’s all I can say.

I AM happy to say that between all of us, agents, attorney, our firm we were able to get the condo dues paid and this deal closed.  Not the way I wanted, but any closed short sale is still a win!!!

Thanks to Tom, Julie in my office, Grugnale Law and Seterus for approving the sale!

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire

CLOSED! Framingham Massachusetts Short Sale FANNIE MAE BACKED!

CLOSED! Framingham Massachusetts Short Sale FANNIE MAE BACKED!

Framingham MA Short Sale

Framingham MA Short Sale

Once again I have to give a shout out to Keith Shaw.  Keith is out of Keller Williams and we started to work together last year.  We’ve done several Massachusetts Short Sales together, but I think this MAY have been the longest and toughest one.  This property was up for foreclosure auction more than once, and the first offer we sent in Fannie Mae rejected and countered with over a $70,000 difference.  We were FLOORED.   So, we did a value dispute and Fannie countered at the original counter price.

The best part is I called CITI and had a nice discussion with the negotiator and told him the amount they wanted was absolutely crazy and that there was no way we’d get that price.  He basically said, “Sometimes Fannie just wants to foreclose.  They obviously think they’ll get more in foreclosure, so they’ll wait it out.” He was so cavalier about the whole thing I was disgusted.

This property SAT from last June until the first quarter of this year with no offers, so I have to ask, did this rejection

Keith Shaw, Keller Williams Short Sale Agent

Keith Shaw, Keller Williams Short Sale Agent

of the first lower offer make sense for Fannie?  Absolutely not.  They received NO MORE money by doing this a year later even though we got a $20,000 higher offer.  WHY because the mortgage payments missed for that year were $21,000 – It was a WASH.  I don’t make the decisions for Fannie, but I just don’t see why you won’t even consider countering to a REASONABLE amount on a sale.  They could have just COUNTERED $20,000 higher the first time, but nope, it was a $70,000 difference which we all knew would not happen.

So, thankfully Keith stuck in there and got the higher offer in and we closed a YEAR later.

Thanks so much to Keith Shaw, Julie in my office and of course everyone at Grugnale Law!

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire

CLOSED! Lowell Massachusetts Short Sale with Wells Fargo!

CLOSED! Lowell Massachusetts Short Sale with Wells Fargo!

Tim Shanahan - Short Sale Agent

Tim Shanahan – Short Sale Agent

I’m trying to keep up with our closings and shout outs to amazing agents, like Tim Shanahan, but I’m SO far behind in posts.  This Lowell, Massachusetts Short Sale was the first I had ever had the pleasure to work on with Tim.  I hadn’t worked with him before, and anyone that knows me knows I’m nervous to work with new agents.  Tim is AWESOME to work with.  He put my mind at ease from the moment I spoke with him on the phone.

This sale was NOT an easy one by any means either.  This was a Wells Fargo first and second and neither side spoke to each other.  THANK GOD I found out the first was backed by Freddie Mac, because I was able to put a ticket in their ear about Wells.  Realistically Wells was doing fine, but the value came in too high and thankfully the buyer was good enough to give us his appraisal to dispute it.

The one thing that drives me NUTS though, is a buyer side title company or attorney who every single week are looking for an approval when the ENTIRE TIME I had quoted them 60-90 days for approval, and when we get it IN that time frame, the buyer isn’t ready to close?!?!?!  Go figure, but that’s exactly what happened on this sale.  The interesting part is we were told two weeks prior to approval the buyer was ready, but apparently he wasn’t.  I will say this one went down to the wire for the buyer, but  his side did manage to close it on the day his rate lock expired, so all in all it was a total success with a LOT of stress that was unnecessary.

The sellers were happy as they got a full deficiency release and I was not sure that would be granted.

Thanks to Tim Shanahan, Julie, and of course Meghan and Noreen from Grugnale Law.

 

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire

CLOSED – Salem MA SHORT SALE with Bank of America and Greentree

CLOSED – Salem MA SHORT SALE with Bank of America and Greentree

This was an investor sale.  We have numerous short sale rehabbers, flippers, etc., in Massachusetts who market and then will ask us to negotiate through the mess of the loan.  We are very lucky to work with them.  The investors that work with us ALL KNOW that if we cannot get the house for the price all parties can agree on, they kindly will step out of the scene so we can try to obtain an offer that will satisfy the bank.

This Salem, MA property was this type of sale.  It was a duplex actually owned by an investor and his father.  They were excellent to deal with.  Paperwork came in fast and there was no delay which is a huge part of the short sale puzzle.  The selling investor was selling multiple properties off so thankfully we were able to reuse a lot of the same paperwork.  Interestingly, they called us LAST WEEK to negotiate even one more sale.  This particular seller has worked with us on FOUR properties.

We have been very lucky on every sale thus far that not one lender decided to pursue the deficiency, ask for a note, or cash at closing.

We had this sale approved in 30 days.  Both Bank of America and Greentree agreed on settlement and we closed!!

Thanks gang for all your hard work!!

Massachusetts MOST BUSY SHORT SALE NEGOTIATOR!!

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire