Hard to believe that all 3 of our buyers are still interested while Countrywide plays with our file -
CW called 3/21/08 and left voicemail that an appraiser wb calling within 5 business days to schedule appraisal.
So - we make our nice house not so nice and almost two weeks later NO appraiser phone call :banghead.
All offers had expired - so I kicked my broker into contacting all “bidders” about extending thier offers. The 1st one gave us a whopping 14 days extension (guess I can always use that as a coaster :rolleyes) . Now the top offer, which will clear the 1st (not shorting them) and probably net the 2nd HSBC about 3k on the original $28k wanted to see our home again. So we whipped the house back into shape and they saw it today.
Broker called CW on Monday 3/31/08 to inquire about the appraisal - I just called CW and was told that they take up to 5 business days to respond to a message.
I don’t think they KNOW what 5 business days ARE! I cannot go through making the house nice and then not so nice and then back to nice again.
My “broker-in-law” is also just sitting back and waiting to see what CW offers the 2nd (HSBC) even though I sent her the article on closing the 2nd in a short sale and numerous times told her she needs to be on them everyday till they give us a figure that they will agree to :argue
Is there someway that I can negotiate the release of the 2nd for say $1k on my own since she doesn’t seem to want to do anything till CW wakes up?
We are in foreclosure, but no sale date set yet - we reside in Florida and were served Civil Actions Summons on 3/06/08 so we do not have any idea how much time we have left in our home till the sheriff’s sale.
Any suggestions, or link to a standard type form you guys/gals use when trying to negotiate with the 2nd wb GREATLY appreciated :biggrin
The call you received was from a Customer Service team that has nothing to do with your negotiator. Once your file was assigned your person had 30 days to review, usually within this time an appraisal & BPO (if needed depending on loss/investor will be ordered). There is a team set up calling agents/borrowers advising that appraisals will be ordered, but unfortunately they have nothing to do with the actual ordering of the appraisal or setting up the file so the 5 days they keep mentioning is just not gonna happen.
CW will offer the 2nd $3000 to release, typically. They will advise that the agent/borrower will need to negotiate the 2nd on their own, but will offer $3000 for them to release their interest in the property. The 2nd could want to go through their own short sale process.
I’ve closed 2 short sales with exactly these 2 lenders on both properties (CW for the 1st and HSBC for the 2nd.)
Aside from the ss package (with HUD-1 showing that they only get $1000), I never send anything in writing to the 2nd. I call and tell them short sale approval from the 1st is imminent and they are getting $1000. If they want more, THEY are the ones that need to send something to me in writing. This is usually when they come back with a letter saying they’ll give a release of lien for $3000.
Don’t wait for CW to “decide” what they will offer the 2nd You decide for them and make it $1000. Put it on the HUD-1 and tell the 2nd it’s all set to go as soon as CW sends ss approval. Remember, CW doesn’t care at all if there is a second. If you don’t set up the settlement ahead of time, they certainly won’t then, you’ll have run out of time to get the release of lien from the 2nd in case CW approves and requires a 10-day close.
Thank you both - this is exactly what I need. :beer
From this experience - anyone that is browsing that is new to this:
Don’t hire a broker till you know how experienced they are with successful short sales - we used our relative (the biggest DON’T - don’t do business with family) and the stress of this has been awlful and even though she is being “guided” by a “top 50 in the state” broker I have never gotten a number of how many short sales they have brought to close from them - just that they have alot of short sales right now (that doesn’t mean ANYTHING - only what have they been successful with), everyone has alot of SS now :rolleyes
Have learned alot from this board - just hope the advice gets my broker’s attention before the big ZERO sale does!
Reply from my broker after insisting she offer $1k (unfortunately whole packet that was submitted to CW was also submitted to HSBC - does that kill our $1k settlement?) quote:
“I spoke with HSBC and told them we were offering them $1000. The lady
I spoke with said they need that in writing from Countrywide, along with
the HUD and a payoff letter on the 1st mortgage. She said other than that,
they cannot do anything. I have ordered a new HUD from the title company
showing a $1000 payoff to HSBC to submit to Countrywide with the offer
extension.”
GREAT news - our “best” offer extended till May 15th, so if CW can’t pull the SS together by then, then I guess we go on to foreclosure.
1st w/CW is $117k before late fees and other charges
2nd w/HSBC is $28k before late fees/attorney fees and other charges
Offer to be submitted is $126.5k with no contigencies - which should give CW a full payoff if they don’t press the late fees and other charges and $3k to HSBC.
Is there a form that we can get HSBC to sign off that they will not pursue a judgement against us for the balance? We just came out of Chapter 7 BK - does anyone think they will try to come after us for the balance? We are guessing that the 1099 will not be a worry since we can’t be any more “insolvent”.???