Country Wide

[YoungFT]

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?

 

[Bobby J]

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!

 

[Bobby J]

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]

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?

 

[Bobby J]

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!

 

[AAbsolute]

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?

 

[Miss Critter]

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?

 

[Bobby J]

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.

 

[Bobby J]

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!

 

[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.