Home Buying in Las Vegas>Question Details

colettebouss…, Home Buyer in Las Vegas, NV

BPO requested by second when first agreed to pay off the second -why?

Asked by colettebousson, Las Vegas, NV Wed Aug 15, 2012

I have an offer in on a house in Las Vegas. The lender of the first loan approved my offer. Citi has the second for 3,000. The first is willing to pay citi and I have offered to pay the 3,000. I was told citi requested a BPO. There is already a BPO by the first. The sellers agent stated we will not close (3rd missed close date) and also stated the package will have to be resubmited. I am clueless as to why cit iwould request a BPO when the entire debt owed to them will be paid. Any suggestions?

Help the community by answering this question:

Answers

5
Sia Howe’s answer
Steve said pretty much all there is. Every sale is different even when dealing with the same banks. We agents (or Attorneys who trying to do short sales also) can only be the lead in pushing and following up on everyone doing what needs to be done. However, ultimatley we are all at the Banks,Investors, MI, and their staff to do the job. Resubmitting documentation over and over again is all a part of the short sale process.

Wish we had better news for you. Just look at the benefits of purchasing a home at todays prices.

My suggestion is to be patient and communicate with your agent so you at least know what stage your offer is at-which sounds like you are.

Good Luck!

Sia Howe, MIRM, ASD, CSP
1 vote Thank Flag Link Thu Aug 16, 2012
Hello, your situation is unfortunately very common in this market. Some short sales are more difficult than others and they only get more complicated when there is more than one lender involved. I wish you luck in your search and if you have any further Real Estate questions feel free to contact me.

Michael Stone, REALTOR
Keller Williams The Marketplace I
http://www.VegasHomesbyMikeStone.com
702-824-4011
0 votes Thank Flag Link Fri Aug 17, 2012
Good evening Colette,
The balance for Citi is more than $3K. The $3K is the amount that Citi agreed to accept to clear the lien. Citi will need the current market value of the property to justify a loss to the stockholders and a possible Mortgage Insurance (MI) claim. Citi wants to be sure that there is not enough funds to pay the 1st and then pay the 2nd more $$$. It is also another check in the "lack of check and balances" that require the property will be sold at "market" value. Whatever that is.

The 3rd may also want to value the propertry.

I have completed many transactions with multiple loans. It is very important to submit Short Sale packages, as soon as they are ready, to all lenders to avoid one of them holding up the closing because they did not have time to complete their processing.

Short Sales are magic. No 2 transactions are the same. The banks are typically the servicing companies and not the decision makers. Every lien holder must be treated as an individual with the same power as all of the others. Any one of them can stop the sale.

Sometimes the best people working for the Seller cannot keep all of the lien holders on the same time line. Lien holders and Investors dance to their own drummer. The main job of the Seller's representative is to be the conductor and try to keep them all playing nice together. Sometimes we have a band member tooting at the incorrect time. When this happens, we get what you got.

I wish you well and lots of patience.

New Web Sites:

http://www.SHORTSELL4FREE.INFO

Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.



Steven Goldman, CRS
Broker Salesman
Certified Distressed Property Expert (CDPE)
Certified Default Advocate (CDAT)
Certified Short Sale Professional (CSP)
REO-BPO Certified
GRI, ABR, SRES, CNHS, PM, CCI
Realty One Group
10750 W. Charleston #180
Las Vegas, NV 89135
Direct 702-242-1372
Fax: 866-286-2099
E-Mail: crssteven@teamgoldman.info
http://www.teamgoldman.info
0 votes Thank Flag Link Wed Aug 15, 2012
Good evening Colette,
The balance for Citi is more than $3K. The $3K is the amount that Citi agreed to accept to clear the lien. Citi will need the current market value of the property to justify a loss to the stockholders and a possible Mortgage Insurance (MI) claim. Citi wants to be sure that there is not enough funds to pay the 1st and then pay the 2nd more $$$. It is also another check in the "lack of check and balances" that require the property will be sold at "market" value. Whatever that is.

I have completed many transactions with multiple loans. It is very important to submit Short Sale packages, as soon as they are ready, to all lenders to avoid one of them holding up the closing because they did not have time to complete their processing.

Short Sales are magic. No 2 transactions are the same. The banks are typically the servicing companies and not the decision makers. Every lien holder must be treated as an individual with the same power as all of the others. Any one of them can stop the sale.

Sometimes the best people working for the Seller cannot keep all of the lien holders on the same time line. Lien holders and Investors dance to their own drummer. The main job of the Seller's representative is to be the conductor and try to keep them all playing nice together. Sometimes we have a band member tooting at the incorrect time. When this happens, we get what you got.

I wish you well and lots of patience.

New Web Sites:

http://www.SHORTSELL4FREE.INFO

Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.



Steven Goldman, CRS
Broker Salesman
Certified Distressed Property Expert (CDPE)
Certified Default Advocate (CDAT)
Certified Short Sale Professional (CSP)
REO-BPO Certified
GRI, ABR, SRES, CNHS, PM, CCI
Realty One Group
10750 W. Charleston #180
Las Vegas, NV 89135
Direct 702-242-1372
Fax: 866-286-2099
E-Mail: crssteven@teamgoldman.info
http://www.teamgoldman.info
0 votes Thank Flag Link Wed Aug 15, 2012
Because policy probably says an independent BPO is required. Logic has nothing to do with this.
0 votes Thank Flag Link Wed Aug 15, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer