Thanks Joe Mammy.
Country Wide
- Thread starter Bobby J
- Start date
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Sales price vs. list price
Think the "general rules" are all over the place but will share my experience with you since you are
particularly interested in the sales price vs. list price question. We bought a short sale in SoWal
earlier this year. Suntrust I believe was the sellers bank/note holder. Put in an offer for the full asking
price which actually seemed like a good deal plus we loved the house and figured there were other offers on it. Had an appraisal done a month later....hadn't heard anything at all from the seller's lender/realtor and were
considering withdrawing our offer. Our realtor encouraged us to reduce our offer after the appraisal
by 50 thou. So we did. And figured that would be it. Even started looking at other houses. Really no
communication to speak of during this time between us and the seller's realtor/sellers lender.
Then a few weeks after reducing our offer we got a closing date and the seller's lender REDUCED
the price by an additional 25 thou! Pretty weird deal but we were thrilled and the house is great
and our realtor did a terrific job.
So we ended up with a sales price 75 thou lower than the original asking price. I am sure this is not
common and I'm really not sure how it all worked out that way......
Took about 8 weeks from offer to closing.
Think the "general rules" are all over the place but will share my experience with you since you are
particularly interested in the sales price vs. list price question. We bought a short sale in SoWal
earlier this year. Suntrust I believe was the sellers bank/note holder. Put in an offer for the full asking
price which actually seemed like a good deal plus we loved the house and figured there were other offers on it. Had an appraisal done a month later....hadn't heard anything at all from the seller's lender/realtor and were
considering withdrawing our offer. Our realtor encouraged us to reduce our offer after the appraisal
by 50 thou. So we did. And figured that would be it. Even started looking at other houses. Really no
communication to speak of during this time between us and the seller's realtor/sellers lender.
Then a few weeks after reducing our offer we got a closing date and the seller's lender REDUCED
the price by an additional 25 thou! Pretty weird deal but we were thrilled and the house is great
and our realtor did a terrific job.
So we ended up with a sales price 75 thou lower than the original asking price. I am sure this is not
common and I'm really not sure how it all worked out that way......
Took about 8 weeks from offer to closing.
So we ended up with a sales price 75 thou lower than the original asking price. I am sure this is not
common and I'm really not sure how it all worked out that way......
Took about 8 weeks from offer to closing.
How long did the sellers own the home and what was the difference between their "asking" price of the house and the price they originally paid?
.
I have closed several short sales this year and have had some very happy buyers. The secret to closing a short sale is the buyer staying on board for as long as it takes. I think if worked properly any property can be closed. Every time we lose one it is because the buyer can't handle the waiting game. Now when I am putting a deal together I make sure the buyer is committed to the wait. One positive note on a buyer pull out is at least you get to know what the bank will take. I really have no problems doing short sales. I am grateful for any closing. Put enough deals (ordeals) in the pending drawer and somethings bound to close!
Thanks for the heads up on Indie Mac. Working on one right now! Wells is a nightmare. The foreclosure deptartment works faster then the short sale! They don't communicate with each other at all and will fall right into a foreclosure with an offer on the table! The seller then leaves the home and typically is pretty pissed and strips it of anything of value and shuts the power off. The home sits and plummets far below the offer that was on the table. I think we have figured out how to keep that from happening with Wells now.
They bought in 2005 and the property appraiser info I got online earlier this year was a little confusing to me. I couldn't tell if the amount shown was for the property alone (I think it was)
which was 75 thou more than our 2008 price. So I really don't know how much they had into
the house....just the property. The house was built in 2005.
So they bought and built in 2005 and had it for three years. Previous land owner bought it in
2003. No records prior to that. One of the previous "posters" suggested checking the online
site for the Walton County property appraiser prior to buying a short sale (or any sale),
I did this for all the houses we looked at and it really gives you a good starting point in regards
to what the seller needs from the sale. But you probably already know that.
My daughter works for a real estate agency as the Director of Foreclosures ....they just got a
contract for 27,000 homes across the nation...its crazy. Not so many short sales though. As
previously stated in other posts, buyers and banks have less patience for this. But when it all
comes together, as it did for us, its a great opportunity,
Here is a good example: I just got a call on a home on Birch Street that is a short sale. We have had an offer on the table that just pulled out. The bank has approved the sale. The home is or was listed for $280,000. The bank will take $220,000! Now I need a buyer and I know what the bank will take and I have a direct line of who to talk with.
So.... Anyone interested in a little 2br 2bath cottage a couple of blocks from the beach for $220,000! I would imagine we will wrap this up quick!
So.... Anyone interested in a little 2br 2bath cottage a couple of blocks from the beach for $220,000! I would imagine we will wrap this up quick!
My daughter reports that Country Wide is "God Awful"....she handles about 200 to 250 emails
a day regarding foreclosure stuff. Said there's a really high turnover of assest managers there
(at CW)...too much stuff thrown at them and understaffed. In regards to short sales, she
said her office has staff whose sole jobs are (1) packager, (3) negotiators and (4) assest managers
so the individual realtor doesn't have to do it all. This is an office whose main source of income is
short sales and foreclosures though...different from ya'll. They also have a "contact person"
at several of the lending companies....a single negotiator they deal with for all the foreclosures and short sales to speed things along. Her company takes listings from realtors all over and act
as negotiators in the foreclosure/short sale stuff and split the commisions. Said the time line with
Country Wide is about 3 to 5 months for them so 7 months for you (Bobby J I think?) was
pretty darn good! Congrats on that
a day regarding foreclosure stuff. Said there's a really high turnover of assest managers there
(at CW)...too much stuff thrown at them and understaffed. In regards to short sales, she
said her office has staff whose sole jobs are (1) packager, (3) negotiators and (4) assest managers
so the individual realtor doesn't have to do it all. This is an office whose main source of income is
short sales and foreclosures though...different from ya'll. They also have a "contact person"
at several of the lending companies....a single negotiator they deal with for all the foreclosures and short sales to speed things along. Her company takes listings from realtors all over and act
as negotiators in the foreclosure/short sale stuff and split the commisions. Said the time line with
Country Wide is about 3 to 5 months for them so 7 months for you (Bobby J I think?) was
pretty darn good! Congrats on that
Is this the house which I showed to my customer a while back? She is still shopping.