Today is Unforgettable Friday Kevin and Fred would like to reveal some scenarios and specifically, one deal. Hopefully, you will hear some of the mindset that Kevin and Fred take into a short sale deal. Fred and Kevin get many questions centered around some of the ideas focused on in the following story.
We had a short sale with 2 lenders. The initial servicer was MetLife with Freddiemac as the investor and the second servicer was Greentree who was also the backer. Greentree was due about $160,000 and Freddiemac was owed about $450,000. The offer that came in was about 5% higher than what the BPO was. Still, the initial servicer was only going to disburse $3,000 to Greentree. Greentree was not going to agree to that offer. They were looking for more, as is frequently the case when working with Greentree.
In essence, Kevin and Fred had to go to Metlife and remind them that they were receiving an offer that was bigger than the BPO and resubmit the offer to their investor. The Metlife/Freddiemac reply was a oral committment to $5,000. At that stage Kevin and Fred had to escalate the folder directly to Freddiemac. It was reviewed yet again and they approved $10,000 to the second lender.
Now, despite real estate professionals 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 deal done. Nonetheless, this account isn’t about the procedure we took to get the deal done. This story is about how Kevin and Fred did whatever it took to locate a solution for their customers.
Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona
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