Sending The Lender A Good-Faith Deposit As Incentive
Can someone comment on sending a GFD? I'm doing a short with WaMu and the sale date is coming up next week. We got everything in 2 weeks ago, but they were asking for 5 yrs tax returns and bankcruptcy filings and wanted to know if the utilities were current. We got all of that back to them 5 days ago.
Anyway, I got a loss mit rep who is VERY short with me.
Should I send a GFD? would this help? Also, what's the best way to do this? Through my attorney's trust account?
BTW, this is all while they haven't ordered the BPO. They say they only do so for compelling cases.
I sent them comps and the debt is definitely a high LTV.
Thanks.[ Edited by microchip on Date 09/06/2003 ]
WMA is a mess ......... they are doing to many.
Believe I know more than I would like with WMA and others.
Why because I am in a lawsuit with them.
Play it cool try to get the property ect ect
however it is a numbers game with these folks
If you want to talk about it email me.
What they will do is wait TO THE LAST minute
so that you will raise your price or just buy it.
They are experts at this.
For my email go to my profile.
SKI
Since you aren't purchasing the property from the mortgagee, why send a good faith deposit to them? You should have already given this check to the Seller.
I always attach a copy of the good faith deposit check to the contract for sale, as well as the Purchaser's prequal letter.
I believe that the Seller's application, and your accompanying Proposal should address all issues BEFORE they are raised.
It's tough playing catch-up. Hit a home run in the first inning by making your Proposal all it can be.
Not quite sure how to help the applicant prepare the short sale application to best influence the mortgagee? Not quite sure what your accompanying Proposal should contain?
Stick around TCI. Read all you can.