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DuneAHH

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AAbsolute

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[b]Watersound Beach[/b]

[quote="Bobby J, post: 465847"]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![/quote]
 
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?

Watersound Beach 
 
<blockquote class="xfBb-quote" data-name="Bobby J">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&#039;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!</blockquote> 
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

[quote="AAbsolute, post: 465905"]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?[/quote]
 
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.

<blockquote class="xfBb-quote" data-name="AAbsolute">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?</blockquote> 
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

[quote="Bobby J, post: 465913"]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.[/quote]
 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.

<blockquote class="xfBb-quote" data-name="Bobby J">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.</blockquote> 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&#039;s and your morale up. It must be tempting to tell the banks to **** off under those circumstances.

[quote="Bobby J, post: 465913"]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.[/quote]
 
 
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?

<blockquote class="xfBb-quote" data-name="Bobby J">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.</blockquote> 
 
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&#039;t that mean it is pre-approved or do you still have to wait 7 months to close?

Smiling JOe

SoWal Expert

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.

AAbsolute, with short-sales, the listing price isn&#039;t typically a price to which the lender has already agreed. 
 
Congrats, Bobby J. I put in a short sale offer today. We&#039;ll see what happens.

[quote="AAbsolute, post: 465932"]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?[/quote]
 
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?:biggrin:

<blockquote class="xfBb-quote" data-name="AAbsolute">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&#039;t that mean it is pre-approved or do you still have to wait 7 months to close?</blockquote> 
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&#039;s a plug. If I don&#039;t plug who will?😀

[quote="Bobby J, post: 465956"]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?:biggrin:[/quote]
 
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?

<blockquote class="xfBb-quote" data-name="Bobby J">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&#039;s a plug. If I don&#039;t plug who will?😀</blockquote> 
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.

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.

YoungFT

Beach Lover

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?

Any science around what the ultimate sales price is looking like compared to the list price. Curious if there&#039;s a good reason to wait around 7 months. Any general rules emerging in the market?

[quote="AAbsolute, post: 465975"]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?[/quote]
 
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!:bang:

<blockquote class="xfBb-quote" data-name="AAbsolute">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?</blockquote> 
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!:bang:

[quote="YoungFT, post: 465982"]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?[/quote]
 
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.

<blockquote class="xfBb-quote" data-name="YoungFT">Any science around what the ultimate sales price is looking like compared to the list price. Curious if there&#039;s a good reason to wait around 7 months. Any general rules emerging in the market?</blockquote> 
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.

[quote="Smiling JOe, post: 465981"]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.[/quote]
 
So if I understand this correctly, the list price for the short sale is not the price you can buy it for?

<blockquote class="xfBb-quote" data-name="Smiling JOe">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.</blockquote> 
So if I understand this correctly, the list price for the short sale is not the price you can buy it for?

[quote="AAbsolute, post: 465990"]So if I understand this correctly, the list price for the short sale is not the price you can buy it for?[/quote]
 
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!:bang:

<blockquote class="xfBb-quote" data-name="AAbsolute">So if I understand this correctly, the list price for the short sale is not the price you can buy it for?</blockquote> 
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!:bang:

[quote="Bobby J, post: 466003"]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!:bang:[/quote]
 
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?

<blockquote class="xfBb-quote" data-name="Bobby J">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!:bang:</blockquote> 
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?

Miss Critter

[quote="AAbsolute, post: 466031"]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?[/quote]
 
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?

<blockquote class="xfBb-quote" data-name="AAbsolute">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?</blockquote> 
Technically, the &quot;seller&quot; is willing to sell for that price. The lender won&#039;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&#039;t counter if the offer&#039;s too low. They just tell the buyer to submit another offer. If there&#039;s a second lender involved, all bets are off. Am I right. BobbyJ?

[quote="AAbsolute, post: 466031"]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?[/quote]
 
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.

<blockquote class="xfBb-quote" data-name="AAbsolute">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?</blockquote> 
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.

[quote="MissCritter, post: 466043"]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?[/quote]
 
2nd mortgage!  Argh!:bang:  Harder yet.  They really get nothing.  Maybe $1000...  They just slow it down more and know they are getting nothing. No soup for you!

<blockquote class="xfBb-quote" data-name="MissCritter">Technically, the &quot;seller&quot; is willing to sell for that price. The lender won&#039;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&#039;t counter if the offer&#039;s too low. They just tell the buyer to submit another offer. If there&#039;s a second lender involved, all bets are off. Am I right. BobbyJ?</blockquote> 
2nd mortgage! Argh!:bang: Harder yet. They really get nothing. Maybe $1000... They just slow it down more and know they are getting nothing. No soup for you!

Beachlover2

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.

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!

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&#039;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!

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