Posted: 7/14/2014 6:41:09 PM EDT
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Does anyone know or have a POC with any body in there "short sale" or Home Path Division?
Please HELP!!! Semper Fi, Ritter |
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Wife used to do a lot of them. What you wanna know? Ill ask. Quoted:
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Does anyone know or have a POC with any body in there "short sale" or Home Path Division? Please HELP!!! Semper Fi, Ritter I rent a house that was sold today at auction back to Fannie May. I have been trying to buy it from Fannie May for weeks now and even tonight after it was sold at auction they sent me a "noreply" email from this gal that is my "short sale specialist". They still want 20 grand more than it sold for at auction and Fannie bought the house back for themselves. there were no other bidders. I just want to be able to communicate with someone there. This "short sale specialist" is out of the loop because she didn't even know the house was sold today. Or that Fannie bought the house. Or that I could have bought it at $257,677.91 I sure don't need to have her "help" me buy it at a "short sale" for 270K Is there a number or a real person to speak to about actually buying the damn house??? I have lived here a year and a half, and the landlord never paid his mortgage. So know my wife and I are trying to purchase the home. But I don't think Fannie May and I have the same definition of "short sale" |
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Oh hell, I can answer that one without asking the skirt. The 3rd party agency that was tasked with liquidating the property, will hire and work with a real estate agent to sell the property. At this point it probably is no longer a short sale and is considered REO ( real estate owned ) bank or investor. So that aside. You unfortunately have to work with the appointed real estate agent to purchase the property. Or maybe technically you could hire your own agent as your liaison to purchase. The 3rd party that represents the investor or bank, will get a valuation of the property to determine its market value. Using comparable sales in the neighborhood. This is the figure they will use to place a dollar value on the property. Asked wife, she says they are not necessarily desperate at this point to sell. They are more concerned with recouping costs and values now. They will deal though, so be prudent. They have a bottom dollar on a computer screen somewhere. That information though will not be revealed. |
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$257,677.91
That was the number today. The lawyer for Fannie that auctioned the house said One dollar more than that and it was mine. I found out Friday at noon they were doing this and I need 15K cash or certified funds with the balance paid in 30 days to be able to play today. I am not that liquid. I could not get money from my 401K that fast. I did take my USAA Pre Approved letter for 300K to the courthouse steps just to see if that would work..no such luck. Does your Bride believe the "number on the computer" is lower than what they wanted as an opening bid today? |
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One of the main problems in West Virginia is there are no neighborhoods. This house is way over built for the houses around it. my house to the left is maybe 40K and across the street is a double wide.
I'm in a two story all brick 4000 sq ft 6 bed room house that is 6 years old and the has NO GARAGE. Who the fuck builds a house like that? 3 Realtors have all tried and failed to do comparable. NO ONE CAN. This house can not be sold by the sq ft. Its a bastard. I am mentally drained. The prick that built it had it on the market at 367K dropped over time to 299K and finally rented it to me at 267K when he had it for sale by owner. He way over built for the area and then didn't have the money for a garage. |
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Does anyone know how Fannie May email address work? like mine at work are Ritter.1945@where I work.com
Does there work like that? [email protected]? |
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So let me get this straight... FM bought the property in a foreclosure sale for 256ish... and now they will sell it to you for 270ish... but you refuse to pay that $20k more because you feel entitled to only pay for the house what they paid for it?
You do realize that they run a business and there are a ton of costs to closing on a house of that price. You also realize that there are going to be back taxes, fees, and munincipal dues that probably would have to be paid back which usually runs in the thousands.... might even be a lien on there too from other creditors that has to be satisfied. $20k markup on a flip is a tremendous deal considering that SM footed 256ish cash on a property that is overbuilt and a hard sell. At 20k, I'd almost think that they are losing money or perhaps barely breaking even on that. Secondly, you should contact a lawyer and see if you can't sue the landlord who rented the property from you, he fucked all of you. |
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Quoted: $257,677.91 That was the number today. The lawyer for Fannie that auctioned the house said One dollar more than that and it was mine. I found out Friday at noon they were doing this and I need 15K cash or certified funds with the balance paid in 30 days to be able to play today. I am not that liquid. I could not get money from my 401K that fast. I did take my USAA Pre Approved letter for 300K to the courthouse steps just to see if that would work..no such luck. Does your Bride believe the "number on the computer" is lower than what they wanted as an opening bid today? |
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Who said you need 15k cash as a down? With a VA loan you don't need a down payment. Put an offer in. Is the market competitive? Quoted:
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$257,677.91 That was the number today. The lawyer for Fannie that auctioned the house said One dollar more than that and it was mine. I found out Friday at noon they were doing this and I need 15K cash or certified funds with the balance paid in 30 days to be able to play today. I am not that liquid. I could not get money from my 401K that fast. I did take my USAA Pre Approved letter for 300K to the courthouse steps just to see if that would work..no such luck. Does your Bride believe the "number on the computer" is lower than what they wanted as an opening bid today? The auction that Fannie hired to sell the house. I needed15K just to participate in the auction. |
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So let me get this straight... FM bought the property in a foreclosure sale for 256ish... and now they will sell it to you for 270ish... but you refuse to pay that $20k more because you feel entitled to only pay for the house what they paid for it? You do realize that they run a business and there are a ton of costs to closing on a house of that price. You also realize that there are going to be back taxes, fees, and municipal dues that probably would have to be paid back which usually runs in the thousands.... might even be a lien on there too from other creditors that has to be satisfied. $20k markup on a flip is a tremendous deal considering that SM footed 256ish cash on a property that is overbuilt and a hard sell. At 20k, I'd almost think that they are losing money or perhaps barely breaking even on that. Secondly, you should contact a lawyer and see if you can't sue the landlord who rented the property from you, he fucked all of you. Ya, I can and do think its fucking outrageous when at 2:45 pm Fannie May's representative says to me at the courthouse auction that for "one dollar more the house is mine" and 3 hours later I get a email from the Fannie May "short Sale "specialist' telling me she is doing me a fucking favor selling it to me at $270,000.00 Like I was not at the auction and did not hear what I heard and was told what I was told.. |
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You're making this more difficult than it is. Do you have a RE agent you have worked with in the past? This deal will be just like any other deal, instead of the owner being an individual it is a bank. The RE agent tasked with selling the property should take an offer on the property and submit it to the bank. Simple stuff. |
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Ya, I can and do think its fucking outrageous when at 2:45 pm Fannie May's representative says to me at the courthouse auction that for "one dollar more the house is mine" and 3 hours later I get a email from the Fannie May "short Sale "specialist' telling me she is doing me a fucking favor selling it to me at $270,000.00 Like I was not at the auction and did not hear what I heard and was told what I was told.. Quoted:
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So let me get this straight... FM bought the property in a foreclosure sale for 256ish... and now they will sell it to you for 270ish... but you refuse to pay that $20k more because you feel entitled to only pay for the house what they paid for it? You do realize that they run a business and there are a ton of costs to closing on a house of that price. You also realize that there are going to be back taxes, fees, and municipal dues that probably would have to be paid back which usually runs in the thousands.... might even be a lien on there too from other creditors that has to be satisfied. $20k markup on a flip is a tremendous deal considering that SM footed 256ish cash on a property that is overbuilt and a hard sell. At 20k, I'd almost think that they are losing money or perhaps barely breaking even on that. Secondly, you should contact a lawyer and see if you can't sue the landlord who rented the property from you, he fucked all of you. Ya, I can and do think its fucking outrageous when at 2:45 pm Fannie May's representative says to me at the courthouse auction that for "one dollar more the house is mine" and 3 hours later I get a email from the Fannie May "short Sale "specialist' telling me she is doing me a fucking favor selling it to me at $270,000.00 Like I was not at the auction and did not hear what I heard and was told what I was told.. You must have misheard. What was meant at one dollar more probably meant that they had bit their max and highest, and that they would have been out for the count at even a dollar more... or something to that effect. I have NEVER heard of any bank, finance, flipping, or funding business that will absorb thousands in costs, fund a quarter million dollars cash, and then re-sell it just to make a $1 profit. You are being unrealistic thinking that you can get it at cost, welcome to real estate. Lastly, if you don't have anything in writing, it doesn't mean jack. If you were there at the auction and had the money in hand, you could have had that property for a $1 more than they offered.... you weren't, there is nothing else you can do. What you CAN do now is MAKE THEM AN OFFER. Worst they can say is no. Maybe offer in the middle ground at a 10k gain, maybe they will bite. |
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Ya, I can and do think its fucking outrageous when at 2:45 pm Fannie May's representative says to me at the courthouse auction that for "one dollar more the house is mine" and 3 hours later I get a email from the Fannie May "short Sale "specialist' telling me she is doing me a fucking favor selling it to me at $270,000.00 Like I was not at the auction and did not hear what I heard and was told what I was told.. Quoted:
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So let me get this straight... FM bought the property in a foreclosure sale for 256ish... and now they will sell it to you for 270ish... but you refuse to pay that $20k more because you feel entitled to only pay for the house what they paid for it? You do realize that they run a business and there are a ton of costs to closing on a house of that price. You also realize that there are going to be back taxes, fees, and municipal dues that probably would have to be paid back which usually runs in the thousands.... might even be a lien on there too from other creditors that has to be satisfied. $20k markup on a flip is a tremendous deal considering that SM footed 256ish cash on a property that is overbuilt and a hard sell. At 20k, I'd almost think that they are losing money or perhaps barely breaking even on that. Secondly, you should contact a lawyer and see if you can't sue the landlord who rented the property from you, he fucked all of you. Ya, I can and do think its fucking outrageous when at 2:45 pm Fannie May's representative says to me at the courthouse auction that for "one dollar more the house is mine" and 3 hours later I get a email from the Fannie May "short Sale "specialist' telling me she is doing me a fucking favor selling it to me at $270,000.00 Like I was not at the auction and did not hear what I heard and was told what I was told.. It does not matter what was owed on the mortgage or foreclosure deed. What matters is what is the house worth. |
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Best advice is be patient and persistant. I'm a mortgage broker...I just got a clear to close about two minutes ago on a Fannie Mae deal that I submitted December 23rd...there were some other factors involved, but they don't move quickly.
You never know how an REO is going to work out. I had one that was an FHA purchase, the sales price was $180,000. The appraisal came in at $175,000. Wells Fargo told my buyer to pound sand because they weren't going to lower the price by $5,000. Two months later I get a phone call from another lender wanting to transfer the case number to them. Thier buyer bought it for $139,000. |
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Best advice is be patient and persistant. I'm a mortgage broker...I just got a clear to close about two minutes ago on a Fannie Mae deal that I submitted December 23rd...there were some other factors involved, but they don't move quickly. You never know how an REO is going to work out. I had one that was an FHA purchase, the sales price was $180,000. The appraisal came in at $175,000. Wells Fargo told my buyer to pound sand because they weren't going to lower the price by $5,000. Two months later I get a phone call from another lender wanting to transfer the case number to them. Thier buyer bought it for $139,000. And this is what I'm talking about 
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And this is what I'm talking about
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Best advice is be patient and persistant. I'm a mortgage broker...I just got a clear to close about two minutes ago on a Fannie Mae deal that I submitted December 23rd...there were some other factors involved, but they don't move quickly. You never know how an REO is going to work out. I had one that was an FHA purchase, the sales price was $180,000. The appraisal came in at $175,000. Wells Fargo told my buyer to pound sand because they weren't going to lower the price by $5,000. Two months later I get a phone call from another lender wanting to transfer the case number to them. Thier buyer bought it for $139,000. And this is what I'm talking about
You still can't connect the dots? What he said and your case are two totally different things. Unless if the bank is in the business of losing money, they aren't going to sell it to you at a loss especially right after they had just bought it. |