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5:53 pm
September 8, 2009
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Patrick Slota
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| Member | posts 42 |
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I just got a contract on a property and ready to submit the SS Package and HUD. Both the first and second are held by BofA (were originally made thru Countrywide).
I have a question regarding the preliminary HUD.
I have heard that Bof A when in the second position will not accept less than 5% of the first balance owed.
Should I make on offer at 65% of the first loan balance (minus fees, etc.) and add 5% in LINE 505 (payoff to 2nd) or just make an offer of 65% (minus fees, etc.) of the total of both loans owed? I know which one yields higher net but which yields lower aggravation?
Any one been here before?
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7:34 pm
September 8, 2009
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Richard Graham
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| Member | posts 9 |
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I am there right now. I offered them 65% of my agents suggested BPO (high $325K). 1st $425k, 2nd $95k I offered $211,250. But I am still waiting. spoke with them today and they said they need it as a PDF file to expidite things so guess I will be scanning tonight.
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9:25 pm
September 8, 2009
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Patrick Slota
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| Member | posts 42 |
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First off I just clarified that BofA wants 5% of NET that 1st lien holder gets.
So you have offered 65% of the 1st @$211,250…and I assume minus commissions, costs, neg. fees, etc? So R U offering anything up for the 2nd or asking them to settle it all at the $211,250?
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10:44 pm
September 8, 2009
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Richard Graham
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| Member | posts 9 |
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That was my gross offer for all of it 1st and 2nd. Get the ball rolling. My agent said she wants to sell it for $275-$325 so I figured %65 of the high side ($325) gave $211,250.00. Sent short sale package as a PDF tonight. I just bought a REO for myself as a primary and payed them 58% of original mortgage and that was gross they still had to pay commissions 6% to agents plus there closing cost and it was on the market with them for almost 2 years. They had a dead tree removed and payed an Environmental company to come in and sanitize the house we stated tossing the "mold" word around LOW BALL THEM!
Does the 5% rule with BofA count when they hold both notes? I did break it up on the HUD I put $5,000 to the second they will figure it out and tell me what they want anyway. Just get the ball rolling.
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6:36 pm
September 9, 2009
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Dave Greig
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| Member | posts 10 |
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Hey guys, I'm trying to wrap up a CW/BoA deal and am seriously thinking of following Jason Medley's advice and making this my last CW/BoA deal for a while.
That aside, here's my scoop: BoA was holding out for their 5% of the Net (& simply declined my file 3 times without letting me even talk to anybody) UNTIL JUST NOW. We got our written approval of the CW first last week and it indicated the 2nd could only get $3K. Sent that to BoA along with a complete short sale pkg and GOT A WRITTEN APPROVAL Monday!!!
The catch? Both CW & BoA have reserved the right to pursue judgment and CW has already rejected my request to remove the judgment language. I'm going to make a post for help on what to do now — I can't offer more because it's already an A-C deal.
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6:37 pm
September 9, 2009
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Dave Greig
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| Member | posts 10 |
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Oops, I should clarify. CW holds the first and BoA (by itself) holds the 2nd.
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