Archive for the ‘Az Area’ Category

The Slowest Short Sale Deal Ever

Tuesday, August 3rd, 2010

Kevin Kauffman is united for forgettable Friday by the forever dapper, Coach Collard. We’ve got a small scenario to share with you today about a listing that Fred and Kevin took in November of 2008.

So, a year and a half ago, Kevin and Fred took a listing in the Scottsdale, AZ area listed at $330,000. That is what the property was worth in November of 2008. Remember that the market was still plunging progressively at that time. They received an offer at $330,000 and took it to lender. Utilizing the same short sale practice, they kept getting rejected. There was a disagreement on the value of the house and were repetitively rejected through January of 2009.

The 1st servicer on the file was COuntrywide and the second was Bank of America. At that point Bank of America was in a very rough situation. Also, in the middle of this process was the Countrywide merger which created more troubles.

We put the home back on the market and got another bid at $270,000 and got rejected. The buyer ultimately walked away from that. Again, we got an offer at $265,000 and once more the agreement was rejected and the buyer walked away.

It has been an exceptionally challenging folder because we rarely go through 1 or two offers, but with this file we have had numerous buyers walk away. We finally got an offer approved at $255,000 in the first quarter of 2010 after six weeks. After the inspection, the buyers walked. Nevertheless, we had another buyer with the identical offer and same net earnings for the bank. The negotiator did not believe that was an easily approvable transaction. It took an extra 30 days to review and were rejected for the identical proposal that was approved before.

So, we had to escalate to the investor and bring this to their awareness. The investor looked into the file and found out that the agreement was approved. Over a 19 month time a bank rejected several better bids purely because of lack of communication.

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