Comments for Prescott REOs.com

Comment on New Fannie Mae Rule prohibits banks from lowering commissions during preforeclosure short sales by John Ebel

John Ebel — Wed, 15 Jul 2009 15:05:18 +0000

Sherry. B of A trying to pull the same trick with me. It appears to me that the announcement applies to Fannie Mae servicers and not Fannie Mae loans. Did you ever get a positive resolution?

Comment on New Fannie Mae Rule prohibits banks from lowering commissions during preforeclosure short sales by Sherry Bahrami

Sherry Bahrami — Thu, 04 Jun 2009 19:50:41 +0000

Thanks Patrick … no reply from the Lender yet … but I did call Fannie and they checked and indicated that this particular loan is not owned by Fannie Mae … are we just basically out of luck or could the 09-03 Announcement still provide us with some kind of protection?

Comment on New Fannie Mae Rule prohibits banks from lowering commissions during preforeclosure short sales by Patrick Schutte

Patrick Schutte — Thu, 04 Jun 2009 16:42:25 +0000

You’ve done all the things that you can do. I would continue to send the notice to asset managers who pull this crap. Perhaps they can develop some internal policies around the notice.

Thanks for the input, Sherry! PS

Comment on New Fannie Mae Rule prohibits banks from lowering commissions during preforeclosure short sales by Sherry Bahrami

Sherry Bahrami — Thu, 04 Jun 2009 02:45:12 +0000

Hi Patrick, thanks for the great info … my understanding is that this rule applied to instruments which are owned by Fannie Mae. Countrywide (now B of A) 2nd stage negotiator just sent me a directive to reduce our commissions by over $6,000 which is less that even a 5% rate. I went on the Fannie Mae Look-up tool to see if the property has a loan that is owned by Fannie and no match was found. It seems unlikely, because it was a conforming loan with a 1st under $400K and a HELOC under $75K. I also punched in several other addresses of like properties in the area and surrounding cities and none yielded a match … have you had any experience tracing who owns the loan with this system? I asked the servicer to comment on the ownership of the loan and sent him a copy of the Fannie March announcement and have not heard back yet. Any suggestions?

Comment on Why we should be your Prescott area REO team – Reason 2/10 by Patrick Schutte

Patrick Schutte — Tue, 07 Apr 2009 19:46:02 +0000

It’s supposed to show up on footer like this blog:

http://blog.prescott-area-foreclosures.com

I really like this theme!
PS

Comment on FAQ on Short Sales from the AAR and Michelle Lind by Short Sale

Short Sale — Fri, 06 Mar 2009 00:29:50 +0000

The commission point is an interesting one. Banks used to allow 6% most of the time without any problem. As of recently they started the whole 5% is the norm thing. I have found if you typically insist on 6% that many banks will agree especially if there are not excessive fees on the seller’s side of the HUD.

Comment on New Fannie Mae Rule prohibits banks from lowering commissions during preforeclosure short sales by Patrick Schutte

Patrick Schutte — Fri, 27 Feb 2009 03:50:13 +0000

You’re welcome, Dave!

Just trying to keep everyone up to date on what’s going on in these interesting times.