Short Sale Experts Advise Needed ASAP

Thank you for taking out time and reading this.I have 2 situations, which I thought I would share to get some expert opinions from you all. Both files are placed with an Attorney who stated they do Short Sales daily, keep in mind when reading.......File #1- Short Sale listing from Titanium. Titanium released the file stating it was cancelled by servicer. Listed since Sept 2008. Price $326,000. Contract came in Jan, offer amount $285,000. File sent to Attorney to work, Titanium aware. Values dropped since offer inception. Countrywide was original servicer. They (Countrywide/BoA) finally order appraisal beginning of May. They close file 2 days later. Reopen file. Countered buyer at $325,000 this past week. I searched the comps, no way do they reflect a $325,000 amount, more like $279-$300k. Attorney calls Buyer Agent and tells them the counter, seeing if they come up in price. Then stated they (bank) will not negotiate without our own appraisal, not sure meaning who, seller or buyer. How would you handle this as a Short Sale expert? Has this happened to you before? If they had an apppraisal, they will know value is not there, with only 4 solds since Jan 2009.File #2- Short Sale listing for almost a year. Had initial cash offer, worked file to be told by Wells Fargo offer too low, mind you only $20,000 off what is owed to 1st lien. Second lien to be worked after 1st. Got new offers, now values have dropped, but now only $16,000 off what is owed on 1st lien. Gave file to Attorney to work. Sheriff Sale posted for date, get extension. File worked, told last week, they will not work any short with sale date under 30 days. That this is a Fannie Mae issue, not Wells Fargo. Have date extended, contract killed and new buyer in line who is investor to take over file from Atty. Have you had any Fannie Mae issues as this, and if so, how did you handle? Where do you call? How can we get Fannie to accept offer and sale?As I type this, I realize I should not have Attorney work anything anymore. I worked one myself without her, got 7% commission and $1000 bonus approved in less than 3 weeks, got bank to pay back association fees and water/sewer charges too. But, these other issues are new to me so I ask for any input you may have so I know what to do come Monday......P.S. has anyone heard that Fannie and Freddie are not allowed anymore to negotiate our commissions? Input if so as this is what was told to me by my Broker this past week too.........thanks in advance!

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  • Hi Michele:

    For File # 1, John has great advice. I suggest you do as he recommended.

    For File # 2, I am not an Attorney so, do not consider my opinion as legal advice. In my opinion and experience, I have never used an Attorney for any of my Short Sales. In my opinion, adding an Attorney is sometimes an unessecary step.

    I am not aware of any rules or regulations that says Fannie or Freddie won't accept a Short Sale 30 days out. In fact, I called a Workout Negotiator III with Wells Fargg that I know and have a good relationship with who read over your post and actually can't believe it. He said, "tell her to ask to speak with the management team." He explained that they can stop a foreclosure the day of by calling the servicing Attorney directly. He also said that the Management Team and the majority of all the final phase negotiators are actually on the same floor and some of them are in the same cubicles so that they can get up from their desk and speak to one another so, if necessary ask who you're speaking with to get up and find a manager rather than send an "urgent" email. He said, "avoid the email if possible"

    hope that helps.
    • Thank you both! I am working on them now. I learned from this, so I will be carefully working all my shorts direct again. I will keep you posted as to what outcome is....thanks again!!
  • Michele,

    I know that Fannie can no longer adjust commissions, they will pay 6%, not any higher. I do not know about Freddie, I heard it was the same situation, but I did not see anything in writing. On your first scenario, why not give the attorney comps for the last 90 days, and have him/her ask the bank to justify their counter offer. I had a bank counter a buyer for 10K more, the buyer accepted the counter, the appraisal came in at 10K lower and the bank accepted and we closed. If your client really wants the property then have them pay for the appraisal, but get something in writing from the bank saying they, the bank, will sell at the appraised value to your client. Question #2, I can not help you Michele.
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