Country Wide

Congratulations!

Watersound Beach

We just closed a Country Wide Short Sale! What a long, winding road. The property has been under contract for close to 7 months and the buyer stayed on board even after CW delayed 2 months for a letter that said to proceed to the closing. I have learned the hard way why some of these banks are in trouble. The buyers can't really buy the properties! Anyway, just patting my own back. If you need help with a short sale, holler we are getting pretty good at them!

I know of a Countrywide home listed as a short sale in Watersound Beach. How long would it take for you to get Countrywide to sign the HUD?

I know of a Countrywide home listed as a short sale in Watersound Beach. How long would it take for you to get Countrywide to sign the HUD?

Signing the HUD is done at the end with them. They will take 6-7 months to determine if they will even take the offer. Then they will send a letter saying they will take it and the buyer has X days to close. It was tough. Much thanks to Shannon Porath(Title) and our team. Everyone worked together and rode Country Wide every day. The trick is having a buyer that will hang. I learned a couple of very valuable lessons on this one.

Signing the HUD is done at the end with them. They will take 6-7 months to determine if they will even take the offer. Then they will send a letter saying they will take it and the buyer has X days to close. It was tough. Much thanks to Shannon Porath(Title) and our team. Everyone worked together and rode Country Wide every day. The trick is having a buyer that will hang. I learned a couple of very valuable lessons on this one.

Congratulations truly. It reads like Countrywide(or whoever they are now) feels like they are doing the buyer a favor by letting them buy the property. I can definitely see how the hard part is keeping the buyer's and your morale up. It must be tempting to tell the banks to **** off under those circumstances.

Signing the HUD is done at the end with them. They will take 6-7 months to determine if they will even take the offer. Then they will send a letter saying they will take it and the buyer has X days to close. It was tough. Much thanks to Shannon Porath(Title) and our team. Everyone worked together and rode Country Wide every day. The trick is having a buyer that will hang. I learned a couple of very valuable lessons on this one.

This property in Watersound Bridges is already in the MLS as a short sale with the price advertised, and I know the bank is Countrywide. Doesn't that mean it is pre-approved or do you still have to wait 7 months to close?

AAbsolute, with short-sales, the listing price isn't typically a price to which the lender has already agreed.

Congrats, Bobby J. I put in a short sale offer today. We'll see what happens.

This property in Watersound Bridges is already in the MLS as a short sale with the price advertised, and I know the bank is Countrywide. Doesn't that mean it is pre-approved or do you still have to wait 7 months to close?

The listed short sale price means nothing. Sometimes though, the agent may have some insight as to what the bank will take. Low balls are a waste of time. You would be better off waiting them out. It really is quite confusing but feel like we are getting a little more educated and can help folks out with distressed property. Buyers or sellers. Yes, that's a plug. If I don't plug who will?

The listed short sale price means nothing. Sometimes though, the agent may have some insight as to what the bank will take. Low balls are a waste of time. You would be better off waiting them out. It really is quite confusing but feel like we are getting a little more educated and can help folks out with distressed property. Buyers or sellers. Yes, that's a plug. If I don't plug who will?

Is there someone at the bank (Countrywide) who will give insight before an offer is made?

Why would it be in the MLS at a price if it is not pre-approved?

AAbsolute, Typically, the lenders will not give any insight to an acceptable price to the listing agent, nor the seller. Pricing must be low enough to entice a buyer to submit offers, but high enough that the lender may accept it or be willing to negotiate the price/terms.

The MLS cannot regulate the listing price for properties. They do require that all short-sales be noted as such in the sale-type.

Any science around what the ultimate sales price is looking like compared to the list price. Curious if there's a good reason to wait around 7 months. Any general rules emerging in the market?

Is there someone at the bank (Countrywide) who will give insight before an offer is made?

Why would it be in the MLS at a price if it is not pre-approved?

Also, if it is a short sale it is not bank owned yet. They are not in complete control of the property yet. Not that it matters they still are not in control once owned!

Any science around what the ultimate sales price is looking like compared to the list price. Curious if there's a good reason to wait around 7 months. Any general rules emerging in the market?

The buyer did not find a better deal in the7 months. They could have dumped offer any time. With short sales it seems around 2% off bank note to start. It drops with time.

AAbsolute, Typically, the lenders will not give any insight to an acceptable price to the listing agent, nor the seller. Pricing must be low enough to entice a buyer to submit offers, but high enough that the lender may accept it or be willing to negotiate the price/terms.

The MLS cannot regulate the listing price for properties. They do require that all short-sales be noted as such in the sale-type.

So if I understand this correctly, the list price for the short sale is not the price you can buy it for?

So if I understand this correctly, the list price for the short sale is not the price you can buy it for?

Maybe? Is this not crazy. Welcome to my world. Banks play a guessing game. We use to call them deals, now we call them ordeals!

Maybe? Is this not crazy. Welcome to my world. Banks play a guessing game. We use to call them deals, now we call them ordeals!

I think I have to put the blame on the owners and their agent if I understand this correctly. What ever happened to listing a property for an amount you could sell it for?

I think I have to put the blame on the owners and their agent if I understand this correctly. What ever happened to listing a property for an amount you could sell it for?

Technically, the "seller" is willing to sell for that price. The lender won't agree to anything until they get an offer in writing, usually followed by a BPO or appraisal, then more consideration/stalling on their part. And, they won't counter if the offer's too low. They just tell the buyer to submit another offer. If there's a second lender involved, all bets are off. Am I right. BobbyJ?

I think I have to put the blame on the owners and their agent if I understand this correctly. What ever happened to listing a property for an amount you could sell it for?

Not sure how you put the blame on them. They have no clue what the bank will take. Most of the time the number you see is based off of a number that was established and slowly brought down until and offer shows. It really is quite interesting. A pain but quite a game. The process has some many different variables that it is really hard to explain the entire process over a thread. I have taken many classes on it and still learning every day. If you would like to learn more over a cup of coffee, give me a call and I would enjoy explaining what I have learned.

BTW, sometimes the number is the correct number that the bank will take because the process has already exposed itself and BPO has been obtained.

Technically, the "seller" is willing to sell for that price. The lender won't agree to anything until they get an offer in writing, usually followed by a BPO or appraisal, then more consideration/stalling on their part. And, they won't counter if the offer's too low. They just tell the buyer to submit another offer. If there's a second lender involved, all bets are off. Am I right. BobbyJ?

2nd mortgage! Argh! Harder yet. They really get nothing. Maybe $1000... They just slow it down more and know they are getting nothing. No soup for you!

I am dealing with Countrywide with a customer for the last 6 -1/2mos - nice to know the end might be insight. Was told now it is this week.

Not sure how you put the blame on them. They have no clue what the bank will take. Most of the time the number you see is based off of a number that was established and slowly brought down until and offer shows. It really is quite interesting. A pain but quite a game. The process has some many different variables that it is really hard to explain the entire process over a thread. I have taken many classes on it and still learning every day. If you would like to learn more over a cup of coffee, give me a call and I would enjoy explaining what I have learned.

BTW, sometimes the number is the correct number that the bank will take because the process has already exposed itself and BPO has been obtained.

If I am the owner it would be my responsibility to list my home for a price I could sell it for. What does the bank have to do with that responsibility. This sounds a little to Liberal or Social for my liking.

So what you are saying is there are Realtors who list property for a price that might be acceptable or might be bait?

Tonight on some money show on CNBC they had that old RE flake Barbara Corcoran :roll:

First she advised a fireman, an underwater "investulator" with 4 rental properties, to "hang on to the properties" and search for an investor (by advertising on Craig's List ) to help bail him out. This poor sod was losing a couple thousand a month--I noticed she didn't jump in and offer to be "that" investor (I was hoping the guy would have asked her on the air--it would have been worth the price of admission )

She then redeemed herself by advising folks not to chase after short sells since the process is lengthy and complicated--she recommended waiting for properties to fall into foreclosure--cutting out the distressed owner middleman--and just simply dealing with the bank.

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If I am the owner it would be my responsibility to list my home for a price I could sell it for. What does the bank have to do with that responsibility. This sounds a little to Liberal or Social for my liking.

So what you are saying is there are Realtors who list property for a price that might be acceptable or might be bait?

AAbsolute. If you. as a seller, cannot pay the difference between the selling price and the amount owed, at the closing table, how do you think that the lender doesn't have a say? They will want their money, and the property is the collateral.

I won't say that that a sales agent would bait someone, but I will say that many are trying to price the property appropriately. You can search listings for the cheapest house for sale in 32459 zipcode and find a house which last sold for around $4million, which is now listed as a short-sale with information suggesting that the offer price start at $10,001. That technically isn't a violation of the MLS, because the MLS cannot regulate the prices. However, there may be a case of Ethics violation, if anyone wanted to push the issue. The agent doesn't not reside in NW FL, and suggest that all offers be presented directly to the seller.

...She then redeemed herself by advising folks not to chase after short sells since the process is lengthy and complicated--she recommended waiting for properties to fall into foreclosure--cutting out the distressed owner middleman--and just simply dealing with the bank.

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I'm not sure why the bank thinks the seller is the middle man in the short -sales. Usually, the seller is more than willing to take a reduced price, and they make their decision very quickly whether to accept an offer or not. If there is a middle man, it is really the lender, who will soon be the new owner, and may have just as much red tape.

I'm not sure why the bank thinks the seller is the middle man in the short -sales. Usually, the seller is more than willing to take a reduced price, and they make their decision very quickly whether to accept an offer or not. If there is a middle man, it is really the lender, who will soon be the new owner, and may have just as much red tape.

I thought it a tad odd too--but in your comment above you still note that the seller "might" not accept an offer (Babs didn't give examples--*will you?). If there is even a chance that the owner would have reason to reject any offer, then they are an obstacle a buyer can just as well do without.

(*I'm guessing one reason might be a "perceived" super low ball bid that the owner fears will halt the progress of unloading the property as the offer makes its way through the system.)

I'm not sure why the bank thinks the seller is the middle man in the short -sales. Usually, the seller is more than willing to take a reduced price, and they make their decision very quickly whether to accept an offer or not. If there is a middle man, it is really the lender, who will soon be the new owner, and may have just as much red tape.

Once bank owned, they call an agent to list and now the game begins. In a short sale you have the seller and buyer working together to get the bank to sell the home. Once the bank owns the property you are back to more game playing that is different for every bank. This is sooooo much funn!