Steve Wilde's (shortsalesteve) Blog

So there is an impression among some of the populace that our economic troubles are over, the real estate market is back on track and all of the distressed properties have been taken care of. We all know that none of these assumptions are true.The Federal Reserve is still pumping money into the e...

So you have your approval letter and now you are running into problems with the Buyer’s government backed loan.  Whenever you take on a short sale an important consideration is the Buyer and the Buyer’s loan.  For example, if the property is in unfit condition and requires some repairs prior to m...

I know that we have talked about this before but since this is the “Year of Foreclosure,” it warrants an update and reminder. First of all we should remember that there is no right to a short sale and, by extension, no right to a postponement of the foreclosure sale.  We are essentially asking th...

I have heard real estate law described as “happy law.”  That actually makes sense because in a normal real estate closing there may be some bickering over curtains but in the end the buyer is getting the house and the seller is receiving money. In a short sale, however, it is important to underst...

BB&T will usually not waive the deficiencies in a short sale if they own the loan (if they are servicing the loan then there is a chance that the deficiencies will be forgiven). Like most smaller or regional banks and credit unions, they simply cannot afford to forgive all of the deficiency in a ...

As we have discussed before there are new players coming into the loan servicing business. Additionally, because of new rules and guidelines for banks, some are getting out of the loan servicing business. When one bank/servicer sells its loan servicing rights to another servicer the loan is “serv...

I first ran into NationStar a couple of months ago when all of our Aurora loans were serviced- released to NationStar. That is a fancy way of saying that the files were sent to another servicer and we now have to start over with them. Well, not only did we have to start over but we had to supply ...

I have said for several years that the two things you absolutely must have for a successful short sale is a market price offer and the full participation of the Seller. That is still the case but the banks are taking it up a notch.   I have seen language in a certain big-five bank's Approval Lett...

Sometimes a reminder is needed about an unfortunate fact that we all have to live with: The bank drives the bus, not us……not the seller, buyer, agent or attorney. We are asking the bank/investor to take a loss on this loan and for that they get the keys. Our job is to keep everything moving forwa...

I have already written about the buyer getting the home inspection done earlier instead of later. The absolute best way to handle the home inspection for a short sale, however, is for the Seller to get a pre-inspection before putting it on the market…or at least before there is an offer. If the S...