I got the call from the really sweet buyer's agent asking me for an update on the transaction even though we had just talked the week before. I didn't have an update as it was only about two business days since we had talked. I was instructed to call Countrywide on Tuesday morning since apparently they have hired a bunch more people for their loss mitigation dept.
I asked her straight up what was going on and she told me her buyers had signed the Cancellation of Offer. Dangit. Cash buyers holding on for two months. The wife was going into labor that day. I guess they were worreid that the banks would counter on the price and didn't want to wait longer to find out.
My guess is that the banks would have sprung for it. I made a CMA with model match comps proving our purchase price to be within $6K of our price. Banks like cash and probably would have accepted the deal. Now I'm back at square one.
I did get through to Chase on the first. They've been a little more accessible recently since I got a new negotiator. He told me point blank that it probably is going to be another 30 days before we get an answer since the file just moved from collections to loss mitigation recently. Apparently it didn't matter that we had a legitmate short sale escrow to get to loss mit. The sellers are just now three months behind on their payments and that is what triggered the move to loss mit! Doh!
Comments(9)