I just got an approval on two of my short sales. The first one I have had since May 2008 with Countrywide. They finally approved both the second and the first mortgage for the sale. At the price that I submitted on the offer. It took 4 appraisals but I was right on the price. They are paying a toal of 5% commission since it is an investor backed loan. They did ask for my seller to contribute about $5000 dollars to the sale, but I told them to go fly. So, they decided not to ask for the money or any loan papers for my seller to sign asking for the money later. Success!
The other home finally was approved and it only had one mortage. They have had this file since December of 2008. Countrywide approved it at my price listed and the price of the offer. They are paying 6% commission since it was a government back loan. I was able to keep the same buyer the whole time. They also asked for seller contribution. I told them that the seller didn't have the money and so they backed off. They gave us 45 days to close on both of them. I am so excited. I thought I would never get these aproved. I guess staying on top of them does pay off. I called the bank once a week on average and emailed the negotiator several times a week.
I have 6 more in the process with them right now. Hopefully they can manage to speed things up.
Cathy Heaton
(208) 880-5438
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