With all the foreclosures and short sales going on, and all us Realtors trying so hard to help our clients, it amazes me how the banks try so hard to be as uncooperative as possible.  My latest experience in this involved a listing that I had been trying to sell for so long it turned out to be a record in our office!  My client had just lost her job and could no longer pay the mortgage payments.  I rushed to get a buyer so she would not foreclose.  We get into escrow all the inspections and FHA requirements have been passed, the buyers has signed the loan docs.   The seller has signed off the house……..We cannot get chase to send the payoff demand to escrow so we can close.   I requested the demand again and again by phone after the title and escrow company had sent in a written demand and got no response.  Every time I called I was on the phone with them for at least 40 mins. and 30 of those mins. I was on hold!  I asked to speak to a supervisor and was told there were none I could talk to.  Over and over I got various customer service reps. who told me they were very sorry it has taken so long and they would fax it to escrow in 24 to 48 hours…to no avail.  Mean while they were calling my client three times a day demanding to be paid, while the whole time I was calling three times a day trying to pay them.    I finally had to find the main number for chase in New York by looking online.   I called and was told by the executive resolution dept. that I would need to talk to the attorney that was assigned to the loan. ( you would think that after I had called 15 to 20 times that someone would have told me I needed to talk to the attorney????? )  Well, I called “customer service” back up asked to be given the name and number of the attorney assigned to the loan and low and behold I was given a name and number.  I called said name and number and was e-mailed the payoff  demand right then.   I don’t know, but I would think the banks would be more cooperative when someone is trying to pay them???

 Well there is a FHA loan called a 203K that will allow you to get money to fix up a fixer.  You know, the homes where you go in and the carpets are filthy and the kitchen and bathrooms are a mess? 

 So,l now instead of passing them up (as others are doing) you can make an offer on one that is basically sound and only needs cosmetic work.  Get the extra money and have it remodeled.  You will have an easier time getting your offers excepted as everyone is looking to buy the homes that are already remodeled.  Also you can pick your carpet, tile and counters and will be able to move into a clean newly revamped home……

 For more information on the 203k loan program, visit www.hud.gov or www.re-buildusa.com.

Read more: http://rismedia.com/2009-12-08/changing-the-way-people-buy-homes-using-the-203k-program-to-purchase-dream-homes/#ixzz0ZK2CGO8v