In my last post I had mentioned that I was dealing with a PMI (private mortgage insurance) company during my short sale negotiations. Some of you guys didn't realize that this was one of the entities involved in the decision making. PMI is almost always required when the home is purchased with less than 20% down and is paid for by the home buyer BUT it can also be purchased by the lender even if the down payment was 20% or more. If you are dealing with short sales this is one of the first questions you want to ask the lender, "Is there PMI Insurance?". It affects the negotiations, so you need to know.
There are actually 3 entities that may have an interest in the negotiations, the Lender, the PMI Company and the Investor. The Investor could be Fannie Mae or Freddy Mac or any of the other secondary mortgage market Investors.
If there is PMI and an Investor involved it has been my experience that the PMI Company has the most weight in whether or not the deal will be accepted. This makes sense since they are the ones that have insured the loan. The Lender will usually accept what the PMI Company approves. If Freddy Mac or another Investor is involved they too have to OK the deal after the PMI Company. I haven't dealt with FHA or VA yet but I'm sure their process will be similar. I hope.
So there is much more involved in getting a short sale approved than just getting the Lender to accept the deal.
If you understand the process and know what you are doing, these deals are not complicated, they are just very time consuming. I am by no means a short sale expert, yet. But I am a very quick learner and I'm getting better at them everyday. Short Sales do not have to suck!!!
Anyway, I hope this information helps you. Let me know if you have any questions and also let me know if you feel any of this information is incorrect. I don't think it is but hey....I've been wrong before. I just can't remember when. :)
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Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.
Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale
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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
