Had 2 solid offers on my clients home. The asset manager countered back on the first offer $23K higher than it was worth. Buyers walk. (I know this because it was listed at this higher price and had plenty of looks, but no offers due to condition/distress)
Procure another offer within a week. New asset manager assigned. 2nd offer now countered $10k higher. Buyer agrees to go halfway and bumps it up $5k. Now the asset manager sends it to the oversight panel. No word. Auction date is fast approaching. Still no answer on Monday, auction is tomorrow! I call and call, email, call. All I get is, sorry no response fro the "panel"
So I call Seterus. They tell me the notes say no resolution, foreclosure moving forward, or something like that.
Then I recall a Blog I read here on AR from Mark Karton in Vegas; See this very good post below......
It appears to be very true. Fannie Mae definitely is up to something. And it is sad for the sellers. After I got word it indeed was bought at auction this morning, I had to tell my clients. They were stunned. No relocation assistance, nothing. When I dropped by to grab my lockbox and sign, the poor owner was sitting in the garage entry in a chair. Just sitting. Thinking, wondering, now what I assume. Tough and sad converstion.
You see, these folks at Loan Resolution told my clients if they cooperate and do this short sale, they could get some assistance to move and find a rental or something. They did everything they were asked. And got slapped upside the head again. Its bad enough they lost their jobs, now their home, and now they are with no funds to move. Now what?
This is the first time I have ever been tossed to the side with a perfectly fair offer on a Fannie Mae loan or any short sale for that matter. So it appears, this is the road we are going down now. Not good for sellers. Or the buyers that will overpay with a "no appraisal" Home-step offering. Great idea.