Countrywide Short Sale Started 9/8/2008 And Counting

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Real Estate Agent with Allison James Estates & Homes 01079287
After 45 days of bi-weekly phone calls to CW then being assigned a negotiator and now three weeks of shaving down the HUD 1 and my commission to 3% total, I have both sides. I find the seller had a pending law suit for a loan gone bad. This resulted in a lien being put on the house. This last week was negotiating with the attorney to remove the lien during escrow. I will pay the lawyer $3000 at the close of escrow the buyer has offered to split this with me. Great People!! So next week or what there is of it I will have to resubmit a HUD 1, (I think this is the 5th or 6th HUD1) thank you Fidelity Title and Escrow. Whether or not CW will approve money$ going some where other than their pocket, I don't know. But I will submit. My buyers are great people and truly want this house. I have shown them probably 35-40 homes, before we began the long hard road of this Short Sale trek. So I will forge ahead in hopes of being able to hand them the keys. This is not my first time to the Rodeo. Nor will it be my last. I have another S/S going down, I have just the buyers. And I just listed another two weeks ago. And am hopeful to get an offer to proceed. I just got it out of the Bankruptcy dept. at CW. Short Sale's can be beneficial for both buyers and seller's, and even the lender's. It slows down the large numbers of REO's coming on the market and dropping home value's. It save's the Lender's money and time. I wish they would gear up for this onslaught of pre-foreclosures. I am hesitant to involve my Buyer's in Short Sales that the agent isn't knowledgeable and PATIENT handling SS. Since this may well be the status quo for the next year or two, I am digging my heels in and and holding on with both hands. Yes Virginia there really is a Short Sale negotiator, I just don't know when escrow will close.......... the saga continues.
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Realtor simple guideline to guesstimate a Homes values! Comparing apples with oranges? How to set values for embellishments? Do you think the old adage of Value equals Location, Location, Location, is true? Views, Pools, special interest additions can add desirability, and then Granite Counters, Travertine flooring, condition, square footage and any embellishments, upgrades, updates you can add to a property is worth 60-70% of the cost. This value will also be depreciated over time. Example would you consider if a twenty year old solid oak cabinette's
value even in good condition is equal in value to cabinets in the newer current color, or are they? Objective would be desirability.

Location is the basis for value. Like Homes within a one mile radius share values, and can be evaluated by sales per square foot within the last 3+ months. Pulses

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Rainer
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Kelli Cassidy
Keller Williams - Georgetown, MA

Hang in there!! I handle short sales in Mass. and NH Do you have a 3rd party that contacts the bank and handles the neg.? I have teamed up with a company that does all the dirty work and allows me to be a REALTOR it has realy taken the stress out of the sale on both the buyer and seller ends. They even neg. my commission and the service is FREE to the seller ( they neg their commission from the bank)

Nov 23, 2008 11:35 PM #1
Anonymous
Tere Rice

Thank you, great way to go, but I am a hands on personality. I neg with Lawyer and Escrow will handle the details for a smooth close. Now if I can smooz the bank into accepting the pay-off. For me this is RE. The more I learn the better job I can do for my clients.

Nov 23, 2008 11:43 PM #2
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Rainmaker
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Tere Rice

First Time Home Buyers, VA Buyers, Horse Ranches,
Home Values
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