Saturday, February 23, 2008

Aurora Loan Services: Short Sale Warning

I have had a Short Sale offer in process with Aurora Loan Services since December.

Facts:

The house, in Niceville, Florida, was listed for $183,000.

Offer was for $175,900. VA financing with seller total contribution of $3000 including doc stamps on the deed, a customary seller expense in Florida. Thus, the seller contribution to buyer's closing was only about $1700.

BPO (Broker Price Opinion) determined by seller's lender - $185,000.

Aurora counteroffers $185,000. Buyers stay firm at $175,900.

30 days later- today- Aurora says sale is "approved".

Receive approval letter. Aurora will pay $363 of the total closing costs, excluding a reduced broker fee.

I call Aurora. "VA will not ALLOW VA buyers to pay certain closing costs. You had the contract and the net sheet. The contract stipulated VA financing".

Aurora: "We don't pay closing costs."

Me: "Then the deal is going to fall through".

Aurora: "Sorry."

Warning: Although this lender only countered the purchase price, they omitted any mention of closing costs until the deal was "approved". Wish me luck saving this one!

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALE and FORECLOSURE work-outs on the Emerald Coast of Florida: Destin, Fort Walton Beach, Santa Rosa Beach, Seagrove, 30-A, Niceville, Bluewater Bay, Navarre, Crestview. 1-877-487-9639.
www.ShortSaleForeclosureHelp.com
www.RulnickRealty.com

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