REAL QUESTIONS FROM REAL PEOPLE ABOUT SHORT SALES:
Only the names have been removed to protect the homeowner.
Hi Homeowner,
I want to help you understand the process because you are inquiring and that's important to me. To quell your stress a bit here I can answer your questions, but trust me, I think a lot of this can be helped much more with a conversation. Don't worry, you're in good hands.
Did not realize all this was just on the 2nd mortgage only.
Yes, you always negotiate the 2nd - first - REASON? - Lien release
Very confusing this whole process.
Yes it may seem like it from the outside but I'm sure your job would seem confusing to me too. J
Does Countrywide always come back with some kind of a counter?
On the second? Depends on a lot of factors....the 2nd does not counter the real estate offer ...they tell us according to loss severity ratios (bank term) what can work for them.
Is our buyer aware of how long this process is going to take then?
The buyer whose offer is being mitigated is a realtor who does a fair amount of business (in this market) and I'm sure knows the time ramifications of short sale mitigation.
We just signed an extension for the closing with them but it was only to Oct 5th.
It may not be the last...extensions are just docs that manage agreed upon time frames between buyers and sellers.
So we could go through all this and our buyer could back out getting tired of waiting.
In over 75 short sale mitigations I have done...maybe 2 to 3 original buyers stayed.
Has anyone notified him that it could be till November before we get final approval on everything?
No reason ...all that will do is turn off the buyer...they release and cancel...we go to another back up buyer...and we tell them it's November...and they say WHAT!? I can't wait that long....then we activate the listing...procure another buyer ...tell the same thing ...they balk....a lot of work for no particular purpose.
I guess if by the time the bank accepts everything and our buyer backs out we will have to find another buyer, would we then have to go through the whole process again or would it be shorter
There is nothing more soothing to a buyers agents eyes than these words in public remarks:
SHORT SALE MITIGATION COMPLETE...APPROVAL IN...MUST CLOSE BY ___________(30 DAYS)
The very next thing they do is call up the buyers they are working with and run over to the property to view it and write the contract. It happened last week. Got approved on Tuesday I had 3 FULL price offers with absolutely no contingencies in my box in 48 hours...we are closing September 13.
Sorry for all the questions, it just seemed we were getting closer to the end.
That's OK...don't worry about it...quit thinking about....go do something you enjoy
My spouse and I thought we were looking at October for closing or at least being approved for the buyers to close
No not with 2 mortgages at CW...they are 3 to 6 months out - over 1.5 million files in mitigation as of last count.
We don't really think about the house until we get these updated emails.
If you'd like we won't update you until you ask...is that better for you?
Each time we receive one it sounds like we can see the light at the end of the tunnel. Your description though makes it sound like we can't see the light yet.
I could send you false reports if it makes you feel better. But I don't think that would be representing you in a professional manner.
Let me know if you want to chat by phone....
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