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Old 10-03-2009, 08:53 PM
 
29 posts, read 55,923 times
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My husband and I are first time home buyers. We made an offer on a short sale just last week. We offered exactly the listing price of the home (didn't feel like screwing around). Our offer was accepted by the owners and all of the paperwork was submitted last week. We were also guaranteed that the listing agent would not sell the house underneath us if we gave them what they wanted (totally worth it). We were told (before and after we made the offer) that we should hear back in three weeks.

Since we're dealing with Countrywide on the short sale, I question such a short time frame. But the realtor for the other team seemed very sure.

I've done some Googling on Countrywide and short sales and it almost seems that it is a needle-in-the-haystack process with no definitive end in site.

So my question... is it really possible that we could have our answer in 3 weeks? And what would make such a thing possible? Is Countrywide getting any better at pushing these out faster?
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Old 10-03-2009, 09:58 PM
 
Location: Virginia Beach, VA
2,124 posts, read 8,436,812 times
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no. Countrywide is now Bank of America.... and the left hand does not know what the right hand is doing. UNLESS the agent has a secret in and does with them all the time, I would have a hardtime believing it!!

but stranger things have happened : ) Good Luck!!

Shelly
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Old 10-04-2009, 08:31 AM
 
29 posts, read 55,923 times
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Not sure if this matters much but the home is in Michigan.
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Old 10-04-2009, 08:55 AM
 
3,584 posts, read 6,476,689 times
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Short sale offer and trying to close on the home before the Nov 30th 2009 deadline= bad idea (unless you did not want or care for the $8K tax credit for first time homebuyers making less than $150K).

Good luck. You are cutting it very close in terms of timing.

Are you sure you are dealing with just Countrywide (BOA home mortgage now)? Is there a second mortgage/home equity on the loan?
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Old 10-04-2009, 09:41 AM
 
29 posts, read 55,923 times
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I'm not sure of the financial details of the previous owners of the home. All I know is that the agent seemed fairly sure that we would be able to close before the $8K tax credit time-frame is up. They didn't own the home long (bought it in 2005 -and just moved out of the state). So I don't know if that would be a good indication that they only had 1 loan.
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Old 10-04-2009, 09:44 AM
 
Location: Sunny Florida
7,136 posts, read 11,930,579 times
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It's possible for them to do it that quickly and for your sake I hope they do.
Best wishes.
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Old 10-04-2009, 10:29 AM
 
29 posts, read 55,923 times
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Thanks guys!

I've been scouring the internet for anything positive on countrywide short sales and have come up short. Very short. It seems about 90% of the people who have dealt with or are dealing with Countrywide on short sales have gotten very aggravated and in a lot of cases lost the battle.

The listing agent also said that she would not accept other offers if we accepted their terms.

We'll see how this plays out. I'm really skeptical and not getting my hopes up at the moment.
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Old 10-04-2009, 04:07 PM
 
Location: Palm Coast, Fl
2,249 posts, read 8,512,854 times
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Once a contract is signed, they aren't supposed to be signing any other offers (contracts) unless they take them as back up offers. It's not unusual at all for the agent to not be submitting back up offers to the bank. It just confuses things.
Depending on how the file had been handled before going onto the market and also the relationship the agent has with the person handling the file, it's quite possible to get your answer in the time frame stated. Whether that is the case or not? No one knows but the listing agent. I'm sure your agent will be on him/her to get updates, find out if the bpo was ordered/done, was a negotiator assigned, etc. If she's not getting those answers, that will be the tell tale sign.
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Old 10-05-2009, 10:45 AM
 
Location: Baltimore, MD
205 posts, read 785,774 times
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Quote:
Originally Posted by ketterman View Post
All I know is that the agent seemed fairly sure that we would be able to close before the $8K tax credit time-frame is up.
You may want to keep looking. I tried to buy a short sale earlier this year. That agent was also absolutely sure there'd be an answer in 30 to 45 days. It never happened. 120+ days later I got tired of waiting and pulled out. Then the bank finally woke up but they insulted me with a highball counter. I doubt you'll get an answer in time and I also doubt they'll agree to your price. It doesn't hurt to try, but you may want to keep looking incase something else shows up that is a conventional sale. Also watch the builders.
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Old 10-06-2009, 12:08 AM
 
Location: Dallas/Fort Worth, Texas
4,198 posts, read 14,392,187 times
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I have a contract on a short sale with Bank Of America since December 2008. First offer was 12K below payoff amount. BOA has done nothing to expedite the process. We are on our 4th negotiator, of course the buyer walked away since then and have had several other offers since then and they all walked away after months of waiting for nothing.

Of course, the penalties, fees etc. are climbing and the current negotiator told me that he is handling 500 short sales and to just wait our turn.

So please don't ask me my opinion on BOA. I'll have an aneurysm...

Naima
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