808 Oahu Realtor (Ryan Riggins) License #RS-74740

Our way of spreading the word with Real Estate News

Short Sale gone wrong

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Please hit like or Share if you believe this is wrong what Lenders and Investors are doing to Buyers, Sellers and Agents today.

WOW ok so one has to love how Fannie Mae works.
Just to give you some idea of how my day has gone today.
Our Team has been working a Short Sale for a client for the past 10 months. We have worked hard each and every day to help our client Avoid Foreclosure with helping them do a Short Sale.
To give you some idea this transaction has been and out of Escrow 4 times with different buyers. The current buyer has been in it for the last 6 months. ( Thank you Buyer ) Now as you all know short sales are fare from short. LOL when working this transaction with the NG in Equator and after a few Counter Offers $513K to $507K we set on a PP price of $500K. Well come to find out some maintenance fees are owed on the property and other cost along with fees of $5K which The Investor ( Fannie Mae would NOT Pay ) we found a quick fix and after talking with the buyers agent we moved the PP to $505K with the $5k going to the closing cost for this Transaction to make a WIn Win not only for the seller, buyer, Servicer ( Bank of America ) and the Investor who owns the Loan
( Fannie Mae ). The sad part is the Investor pulled a fast on us and Increased the NET to B of A by $5K…….WOW nice one Mr. and Miss Investor….. so for this transaction to work now that we are nearing the closing by 4 days and that we have found out that we at $5k short for closing the Investor ( Fannie Mae ) has told the servicer that the buyer needs to pay $510K for the Home….. WOW
So for our Client not to be effected by the Debit Relief act which expires 12/31/13. If you are not sure if the Debit Relief Act check it out here http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-To make this transaction work I have taken into consideration myself to give the Buyer a Credit of $5K and have this transaction close on time.
Merry Christmas and Happy New Year Fannie Mae and Bank Of America!!!!

Please hit Like or Share to spread the word about Bank of America and Fannie Mae and help put a stop to what they are doing to buyers and sellers today…………..

Author: Ryan Riggins (RA)

Ryan started building his businesses at the age of 18, and he hasn't stopped since. He is a successful Real Estate Agent and Investor. He not only has rehabbed properties, but also holds properties as rentals. Ryan has made money by building his real estate investment business, learning on his own, and finding mentors willing to share their knowledge with him. Ryan is a true Entrepreneur. When Ryan Riggins found himself making a change to Real Estate in 2006, he looked back to his first open house at the age of seven with his Mentor/Broker and father John Riggins. In 2006 Ryan was living in Ohio, he realized it was time for a change. He packed up and moved to Port Lavaca, Texas. He literally rolled into town on his last tank of gas, and lived in a old burger joint, and knew he needed to come up with money to pay his Mortgage. Ryan teamed up with his father and started rehabbing Mobile Homes. Ryan kept working until he had put systems in place for all phases of the business. He has a system for finding properties, to finding contractors for remodeling Flipping and Renting. Ryan continues to works as a Realtor with his father John Riggins as his broker and Rehabbing homes, doing about 4 deals a month. This is his passion. He loves the adrenalin rush, and yes Rehabbing can be a little stressful. In fact, Ryan says: "You've got to have ice water running through your veins." In the course of Rehabbing, Ryan manages to beautify his properties, and the surrounding neighborhoods one step at a time. Ryan enjoys helping others Build Wealth through Real Estate. Whether it be the first time home buyer or the experienced investor or helping distressed home owners sell to avoid Foreclosure. To Ryan its all about building life long friendships.

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