We have an owner in foreclosure and they signed an offer from us for $62K. They told us originally they owed $56K. Come to find out they actually owe $67K so we started to work with the bank (Ocwen) about short selling it for our offer price. However, we can’t reach the people at the bank who have the authority to discuss this. The house goes to auction a week from today.
Any suggestions on how to get the bank to call us back? We have left voice mails and had the customer service dept send emails. Anyone worked with Ocwen before?
If we can’t get the short sell through, what other options can we do in the last minute? We were thinking about having the owner quit claim it and taking over the payments. We are willing to pay the $67K if necessary but prefer to short sell it if we can reach them.
The owner is motivated and wants this out of their hair. Please advise.
Sometimes this can be very frustrating. The only way I’ve been able to get past these kinds of situations is to write down everyone’s name you talk to. And KEEP CALLING. Eventually you will get through to the person you need to talk to.
you should ask for “REO” or “Loss Mitigation” deparment. When you reach someone in this deparment, you should ask who is handling the property you are interested in. This will get you there.
If the option of bringing the payments current is still a profitable one that could be your fallback plan, but I agree that you just need to keep calling until you get to the right person.
A week is too short a time to pull off a shortsale, unless
the lender already has the BPO report at their possession.
Plan B would be to pay the default if it is a winning business
proposition for you.
I would also suggest that you reword the offer such that
you can commit to closing before the auction. That way,
the bank will have some motivation to postpone the sale.