CW takes soooooooo long that no matter how hard we work it never seems to work out in the end. They use Zillow as comps and other on-line comp sites - which over value properties by far. They won’t order a BPO unless they receive a “reasonable” offer and that is usually based on their Zillow findings. They won’t tell you what they are looking for - I always here “the short sale dept didn’t put in the notes what offer they are expecting” blah, blah - so I’ve been “cheating” and taking the zillow comps and having counter offer based on that number with the buyers - but the buyers always walk so the offer is never good anyway - by the time we do get a bpo and they’ve determined an actual price they want - it’s way too high - we’re always working backwards. To me they should do what most other banks are doing is order the BPO (well they do appraisals) after an offer comes in then review and submit to investor or do a BPO (an actual BPO) and determine the number within 20 days not 60 or 90. People just get tired of waiting and we are tired of going in circles. I have 15 files that I am just simply tired of chasing my tail with - there must be a secret to doing CW short sales without all the hassle of waiting. YOu just can’t go 90 days in a declining market and expect the original buyer to stick it out. (well CW thinks so) and on top of that when the buyer walks and another offer comes in - you gotta start all over. Advise please, before I lose my mind :banghead
Hey karim0028 - if you read this - where are you at with your CW deals?
karim0028