I am writing this as I sit on hold with Country Wide. I have been negotiating a short sale for a home here in Vancouver Washington for several months now. Actually, truth be told, this is the second time that I have negotiated for this same short sale house! Isn't real estate fun?
The first time was in April of this year. The market value for the home was somewhere between $425,000 and $435,000 and we had a qualified buyer at $425,000. After 53 days, the negotiator and the "investor group" countered at $432,877. (Really!) By that time the buyer was irritated with bank, so he walked on the deal and it fell apart.
Now, six months later, we have an offer on the table of $400,000. Vancouver Washington real estate has steadily been dropping in value and short sales have been leading the way. Country Wide is still playing the same old game; ask for everything to be faxed three or more times, wait 30 days before the assign a negotiator, the negotiator stalls for 30 days before countering, etc. When will the banks learn? If it takes much longer to negotiate this deal, I am afraid that the buyer won't be able to get it financed at $400,000!
So goes the world of short sales... Gotta run. They just picked up the phone. Wish me luck!
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Mark Hall
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There is no rhyme or reason to being on either side of the short sale deal. It's like the wild wild west. People are changing and making up the rules as they go along.
Don't get me started. GRRRRR!
Good luck. I know it's frustrating. Atleast you actually got someone on the phone.
Good Luck!
GOOD LUCK
I do not think the banks will ever learn, after all worst case scenario they get "bailed out"
Okay. I'm negotiating a short sale as well, my third so far. If you turn on the TV, all you hear is about how all this "toxic paper is killing our credit markets." Well, if you put knowledgeable and capable people in these loss mitigation departments, then an amazing thing might happen--gasp!! The toxic paper might get sold to a willing investor, freeing the banks of the "toxic paper."
Was that requirement in our $700 billion bailout?
NOT!
Good luck Mark, You should be able to write a novel on hold with Country Wide...
Goodness gracious! That sounds just awful! I have not been too enthusiastic about short sales because of this illustration you just drew for us. What a nightmare, right!? It's a hard situation to be in but you want to help you clients avoid foreclosure. Best of luck!
Kind Regards, Nicole Weidauer
The Egerer & Weidauer Team, Keller Williams Realty North Seattle
Countrywide has changed considerably over tha last 4 months. They have increased their short sale staffing. Shortened up the response time to only a few weeks and are very resonable to work. We have had 2 with positive responses and sales in under 35 days.
Keep the faith.
Best,
Kris & Kim Darney
ShortSaleSellit.com
Anne - I wish I had someone to bail me out right now! And I am not saying that I need someone to short sale my house! (yet.)
Karen - I just love the way the press sensationalizes things. TOXIC PAPER! Run! It's the attack of the Toxic Paper!
Kris & Kim - You are so right. I have negotiated half a dozen short sales s with Countrywide this year with good success. They certainly aren't the worst ones out there!