South Walton's Community Website
Beach Like A Local!
Create Account
New posts

Bobby J

Beach Fanatic
Apr 18, 2005
4,043
599
Blue Mountain beach
www.lifeonshore.com
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. :clap: If you need help with a short sale, holler we are getting pretty good at them!
 
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. :clap: 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?
 

Bobby J

Beach Fanatic
Apr 18, 2005
4,043
599
Blue Mountain beach
www.lifeonshore.com
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.
 

elgordoboy

Beach Fanatic
Feb 9, 2007
2,524
561
I no longer stay in Dune Allen
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?
 

Smiling JOe

SoWal Expert
Nov 18, 2004
31,648
1,773
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.
 

Bobby J

Beach Fanatic
Apr 18, 2005
4,043
599
Blue Mountain beach
www.lifeonshore.com
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?:D
 
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?:D

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?
 
Last edited:

Smiling JOe

SoWal Expert
Nov 18, 2004
31,648
1,773
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.
 
New posts