Water Bottles And Banks That Reject Closing Cost Assistance

Posted on by in Forgetable Friday, Power Hour  |  7 comments

mad fred

http://shortsalepowerhour.com
Closing costs shouldn't be a deterrent in your short sale business. The rules haven't changed. This is still about loss mitigation and savings over foreclosure.

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7 comments

  1. Jon Griffith

    :) Had Wells Fargo processor respond with a counter offer in which the sales price increase would have coincidentally added exactly what the closing costs assistance was on the HUD-1. With an offer of $155,000 on a home with a BPO of $155,000 (let’s review, the BPO and the offer are IDENTICAL), then net payout to Wells fargo is EXACTLY 88% of the BPO, WITH closing costs assistance. Knowing that, I informed my processor that it is within the threshold of Wells Fargo’s requirements.

    His response:

    “The file has been passed to the negotiator for approval. It’s been a pleasure working with you. You’ve been on top of the file since day one.”

    My paraphrase:

    “You obviously know what you’re doing and have enough information to successfully argue that neither I nor my colleagues will be able to COLLECT any more from this transaction than we had hoped. Aww shucks. It was worth a try.”

    My 2nd paraphrase:

    “Hmmm…how did this savvy agent know this information?”

    Reply
    March 4, 2011
    • Kevin

      Nice work Jon!

      Reply
      March 4, 2011
    • Brian P

      They let you see the BPO?

      Reply
      March 8, 2011
  2. Mark Peek

    Wow! Thanks for the “Name Drop” Kevin & Fred! If there are any agents out there sitting on the fence about going to Uncensored in Vegas, it is time to get off the fence. My ROI from Short Sales Uncensored will be off the charts and yours will be too. Started off today with another Short Sale Approval from Wells Fargo/FHLMC after a BPO dispute and I get a “Name Drop” on SSPH. Awesome!

    Reply
    March 4, 2011
    • Kevin

      You got it Mark! Keep up the great work.

      Reply
      March 4, 2011
  3. Claudia

    In Georgia it is customary for us to ask for and the buyers needing closing cost. I had BofA/Freddie Mac refuse to pay the closing cost. I pushed back the outback way. Freddie Mac pays 3% percent closing cost when it becomes an REO, so why nt during the short sale

    Reply
    March 4, 2011
    • Kevin

      Thanks for the feedback Claudia..

      Reply
      March 4, 2011

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