Wednesday, August 27, 2008

A Tale of Two Short Sales...

It's no secret that I list many short sales...

I just received written approval for a Countrywide short sale yesterday. Yesterday was 8/26/08. We submitted the offer to the bank on 3/14/08. No that is not a typo...almost 5 1/2 months of constant phone calls, emails, and coordination between buyer, seller, and loan officer. This particular short sale has a first and second mortgage - both with Countrywide. Unfortunately, I started working on this file right at the same time Countrywide did a massive re-organization of its Loss Mitigation department. We went through 14 "negotiators" (basically Countrywide's term for a "case worker"). I have 9 full pages of conversation notes. The seller is extremely fortunate that the original buyer we were working with stuck around. Her parents live on the same street as this property, and she really wanted this house.

I just received written approval for another short sale on Friday. I had been working on this file for just three weeks...two loans with two separate banks. Both banks were really on top of their game. I had written approval from the first loan after 2 weeks, and coordinated approval from the second loan for another week. I wish all of my short sale negotiations could be so smooth!!! The problem? The buyer walked away. The approval for this short sale expires on 9/30/08, so if somehow we can get an acceptable offer over the weekend, we just might be able to salvage this one. So...if you know of anyone looking to buy a 2,700sf+ 4/3 nicely upgraded newer home in the Bridgeway Lakes community in West Sac for $307,500 - CALL ME! The price adjustment and new Active Short Sale status hit MLS tomorrow.

2 comments:

Susan said...

We heard back from the 2nd loan holder but not the first yet. Which from what I heard from the grapevine, that it's uncommon to hear back from the 2nd so quickly and with an approval.

erin@erinattardi.com said...

It is not uncommon...the critical piece (no matter what order the lenders agree) is making sure the first loan holder either agrees to the demand for payoff of the second loan. Often times, the second will ask for $10k - $15k, and the first will only be willing to give them $1k - $3k. Getting both to a 'happy medium' is sometimes a long road. Good luck to you.