When All Else Fails, Find An Answer
Today is Unforgettable Friday Kevin and Fred would like to reveal some scenarios and in particular, one deal. With any luck, you will hear some of the mindset that Kevin and Fred take into a short sale transaction. Fred and Kevin get numerous comments centered around some of the ideas focused on in the following narrative.
We had a short sale with two banks. The initial servicer was MetLife with Freddiemac as the investor and the second servicer was Greentree who was also the investor. Greentree was owed about $160,000 and Freddiemac was due about $450,000. The offer that came in was about 5% over what the BPO was. Yet, the 1st servicer was only going to disburse $3,000 to Greentree. Greentree was not going to agree to that offer. They were searching for more, as is typically the case when dealing with Greentree.
Essentially, Kevin and Fred had to go to Metlife and remind them that they were getting an offer that was more than the BPO and resubmit the proposal to their backer. The Metlife/Freddiemac reaction was a oral committment to $5,000. At that point Kevin and Fred had to escalate the file directly to Freddiemac. It was reviewed another time and they approved $10,000 to the second lender.
Now, despite real estate brokers being told that Freddiemac will just give $3,000 to the second lender, they have already approved $10,000. Still not meeting the demand of Greentree, Kevin and Fred gave up more than 1% of their commission.
The end result was straightforward. Kevin and Fred got the transaction completed. However, this narrative isn’t about the process we took to get the deal done. This narrative is about how Kevin and Fred did whatever it took to locate a solution for their clients.
Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona
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