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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Short Sales in Progress Posted by Rob on November 23, 2009 at 1:13 PM In Reply to: Short Sales in Progress posted by Jan Cameron on November 23, 2009 at 9:57 AM : I have several "short sales" in progress with different banks. We are learning to write contracts that have "stipulated liquadated damages", I get paid on a percentage of the total commission and am paid directly through escrow. We open escrow with a significant amount of money down. The probelms lie with the banks and their timing. There is no rushing them along. Some banks are harder to deal with than others. Does anyone have a feel for how long a BPO is good for? 30 days, 60 days. Also does anyone have luck with charging a transaction fee that is figured into the HUD one?. In addition does anyone find that you can continue to use your current contacts with the banks or do you have to submit another offer if your current offer falls through the cracks. Jan Most banks will honor a BPO for 90 or 180 days, but if you present your case the BPO can be thrown out after a week. On the transaction fee that is nothing but extra gravy not something to count on. On your offer it depends on the bank, but usually you can amend your hud and be fine. Follow Ups: Re: Short Sales in Progress SenecaTrust 9:41 PM, 11/24/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I have several "short sales" in progress with different banks. We are learning to write contracts that have "stipulated liquadated damages", I get paid on a percentage of the total commission and am paid directly through escrow. We open escrow with a significant amount of money down. The probelms lie with the banks and their timing. There is no rushing them along. Some banks are harder to deal with than others. Does anyone have a feel for how long a BPO is good for? 30 days, 60 days. Also does anyone have luck with charging a transaction fee that is figured into the HUD one?. In addition does anyone find that you can continue to use your current contacts with the banks or do you have to submit another offer if your current offer falls through the cracks. : Jan : Most banks will honor a BPO for 90 or 180 days, but if you present your case the BPO can be thrown out after a week. On the transaction fee that is nothing but extra gravy not something to count on. On your offer it depends on the bank, but usually you can amend your hud and be fine. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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