Short Sale Stories And Bank Blunders
Good Morning everybody. Thank you for joining us today. We are Josh Pomerleau and Sarah Willman, Minnesota short sale realtors. We have a fresh feature on our blog that allows you to talk with us using the internet. If you see us online, feel free to pose a question. If not, you can certainly contact us through a form on our website.
We would like to talk with you about some bank mistakes and short sale stories that you might be able to connect to. One of our files has occupancy issues. The homeowners are living in their home and the file is under contract and currently being negotiated. Nevertheless, the lender is trying to change the locks thinking that the property is not occupied. We had to confirm occupancy with utility bills, etc.
We have also seen the lender try to rekey the property while the homeowners are still living their. This is a dilemma with agents that have little to no practice with short sales. Make certain that you are dealing with a Minnesota agent that has practice completing short sales. Without that knowledge, you are opening yourself up to a host of problems.
We have also seen lenders asking for additional cash outside of the HUD agreement. This is in fact against the law. So, we wanted to address that issue to make certain you are aware of the legal ramifications. We have had questions from agents regarding the HUD. You can not do anything that is not on the HUD. The first lender lien holder will always know what the second is doing because it has to be on the HUD. Knowing stuff like this comes with knowledge.
If you are contemplating a Minnesota short sale, contact us through phone, our website, or our new chat feature on the home page of our blog. Thank you for tuning in to Short Sale Shift. Have a great day!
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