CW short sale

[jorswift]

I ahve had my home on the market for about 6 months now. We bought our home a little over 1 year ago and due to job loss we had to move out of town. We have not had to much interest in the home. The home is in a great location and a nice neighborhood. We have dropped our asking price now, to almost what we paid for the home and what it is worth. Should I contact CW about a short sale or try and hold on to the wave? I have great credit and dont want to loose it, but i am tired of paying for a vacant home out of town. please help. thanks.

[faith]

Originally Posted by jorswift

I ahve had my home on the market for about 6 months now. We bought our home a little over 1 year ago and due to job loss we had to move out of town. We have not had to much interest in the home. The home is in a great location and a nice neighborhood. We have dropped our asking price now, to almost what we paid for the home and what it is worth. Should I contact CW about a short sale or try and hold on to the wave? I have great credit and dont want to loose it, but i am tired of paying for a vacant home out of town. please help. thanks.

Hello,


I think you should contact CW and write them a financial hardship letter, let them know that the house is in the market for 6 months, tell them that you loss your job and you can no longer afford to make payments and request them that you want to do a Short Sale so you can lower your asking price to the current fair market value of your house. The right pricing of your house, the right agent and attitude is the key to a Successful Short Sale. Ask your agent if he/she has experienced in Short Sale.

You will need the following:
1. Hardship letter
2. Paystubs for the last 2 months
3. Bank statements for the last 2 months
4. List of expenses, add the mortgage payments, car payments, credit card and all utilities, your medical insurance, food, gas, clothing expenses
5. Letter of Authorization authorizing your agent to talk to CW.


Based on my experienced with CW when I did my Short Sale, the most effective tools for me is through fax and call them 2 or 3 a week.

Thank God for Moe, *** and Professor Shays for all the help, tips and information they gave me, they really helped me and others.

Hope all is well with you.

[jorswift]

Hello all,

Our home has been on the market for almost a year now. My family and I have been relocated for the same amount of time. So my wife and I just decided to go with a short sale. Our realitor has some experience with them and we are setup with a short sale expert as well. The realitor is now coming up with a market value for our home. We are getting stretched with funds living with two homes. What all can we expect? Can we expect to sell our home rather quickly? I did some research on short sales, but want to hear from someone first hand. Thank you for your help and guidance.

[Dan Bailey]

From postings read on here, short sales do not occur quickly- between the market the way it is, waiting for approval from numerous parties, etc...it is a process that take stime.

[house865]

My home has had a contract on if for 5 months now and the lender (CW) still has yet to respond. The acct. online shows the docs as received, a negotiator has been assigned, and still no progress. The process seems to have no rhyme nor reason to it and each time you call, the information provided to you is different. It is certainly not a process for the faint of heart.

[HOPE206]

Just curious, how much did the shortsale listing price was and how much did you buyer agree to buy? Reason is I wonder why did CW did not accept it or counter???

1 other thing, did you say you continue to pay the mortgage during this shortsale process or did you stop payments????

Originally Posted by house865

My home has had a contract on if for 5 months now and the lender (CW) still has yet to respond. The acct. online shows the docs as received, a negotiator has been assigned, and still no progress. The process seems to have no rhyme nor reason to it and each time you call, the information provided to you is different. It is certainly not a process for the faint of heart.

[house865]

Our home values have depreciated 60% on average in my area. We put a sizable amount as a down payment, and still that has the balance owed greater than the market value of the home.

Countrywide has now countered at approximately 70K more and asked for updated docs. They asked for the docs late on a Thursday evening. I got them all together and faxed by the Tuesday and they closed out the file on Monday. The take months to reply, but are swift to close a file out. The counter that they offered is not realistic, so another counter would have been in play. Homes way larger than mine with pools have been sold for less than the Countrywide Counter offer.

We are now starting the process over and we are still making payments. Yes I am supplementing from my 401K to do this and have also recently stopped making contributions as well. No that is not wise, but I am going to hold on for a little longer and call every day to check on the status of my file. At a certain point, however, it will not be worth it for the home to take precedence over retirement.

Again the counter was 70K less than the contract. We would have countered back with proof of homes recently sold in the neighborhood. Even if we got a contract for the Countrywide Counter I can guarantee that the buyer's bank would have come back with an appraisal at least 50K less than the Countrywide price. They are in a dream world with the number they came up with. Totally unrealistic, not to mention there are a large number of bank owned homes in the area for buyers to choose from.

[faith]

Originally Posted by house865

Our home values have depreciated 60% on average in my area. We put a sizable amount as a down payment, and still that has the balance owed greater than the market value of the home.

Countrywide has now countered at approximately 70K more and asked for updated docs. They asked for the docs late on a Thursday evening. I got them all together and faxed by the Tuesday and they closed out the file on Monday. The take months to reply, but are swift to close a file out. The counter that they offered is not realistic, so another counter would have been in play. Homes way larger than mine with pools have been sold for less than the Countrywide Counter offer.

We are now starting the process over and we are still making payments. Yes I am supplementing from my 401K to do this and have also recently stopped making contributions as well. No that is not wise, but I am going to hold on for a little longer and call every day to check on the status of my file. At a certain point, however, it will not be worth it for the home to take precedence over retirement.

Again the counter was 70K less than the contract. We would have countered back with proof of homes recently sold in the neighborhood. Even if we got a contract for the Countrywide Counter I can guarantee that the buyer's bank would have come back with an appraisal at least 50K less than the Countrywide price. They are in a dream world with the number they came up with. Totally unrealistic, not to mention there are a large number of bank owned homes in the area for buyers to choose from.

House865,
If you have the email of CW Negotiator and the email of the President of CW, you can go to zillow.com and get the selling prices or recently sold home and then copy those prices and email it to your Negotiator and the President to let them know that the prices are going down, tell them know about your fear that the buyer will not accept their offer due to the recent sold homes or selling prices.

Hope this helps.

[jorswift]

Here is my current situation. My homes was put up on short sale and has been for about 4 months now. I have been current on all payment. Well my realtor just got an offer on my home for more than the short sale is for, but it is in terms of a Land Contract. I know the person who offered and know that he has the income and more to buy the home. He just has bad credit right now. What will CountryWide say? Any help with this would be appreciated. Thanks.

[markmc2000]

Originally Posted by house865

My home has had a contract on if for 5 months now and the lender (CW) still has yet to respond. The acct. online shows the docs as received, a negotiator has been assigned, and still no progress. The process seems to have no rhyme nor reason to it and each time you call, the information provided to you is different. It is certainly not a process for the faint of heart.

I know what you mean about getting a short sale done. They have an offer on my place and I get BS every time I call. Each time the info is different. What a joke.....Why isn't B OF A hiring more people to foreclose. Maybe they could prevent a few foreclosures?????

[faith]

Originally Posted by jorswift

Here is my current situation. My homes was put up on short sale and has been for about 4 months now. I have been current on all payment. Well my realtor just got an offer on my home for more than the short sale is for, but it is in terms of a Land Contract. I know the person who offered and know that he has the income and more to buy the home. He just has bad credit right now. What will CountryWide say? Any help with this would be appreciated. Thanks.

If you are current on your mortgage payments, CW will probably prolong the approval of Short Sale. You have to be in financial difficulties, unable to afford to pay your mortgage and at least 90 days behind in payments before CW assign a Negotiator. You need to give a letter to CW authorizing your agent to talk to them regarding your Short Sale. CW will only talk to your agent, your agent needs to prepare the Short Sale package including the HUD, listing agreement, the buyer's offer etc. As far as your buyer having a bad credit but can afford to make the payments, CW will probably require him to make a 30 to 40% down, give him a high interest or not approved his offer. This depends on how your agent present the Short Sale package to CW negotiator. But you have to have a buyer to be approved by CW and his offer must be within 85 to 90% of the fair market value of your home.

Once your agent submitted the Short Sale package and the buyer's offer, you will be contacted by CW Negotiator to ask the phone number of your agent, make sure you ask his email address and phone number so you can email him or call him at least 2 x week, Negotiators has a lot of workload and most of them prepare email so they can finish their work and call or email you when they need something from you or your agent. If there's no negotiator assigned for you yet, you need to email the president of CW and call the customer service for their phone numbers, their names and email addresses. With CW, you need to be bold, persistence and patient, because Short Sale is a very long, frustrating and draining process. I wish you the best. Take care and Bod bless.


Faith