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08-18-2008, 01:55 PM #1
Renter
- Join Date
- Aug 2008
- Location
- Chandler, AZ
- Posts
- 1
At my wit's end here...please help!
Hi all,
My girlfriend and I are first-time home buyers living in Chandler, Arizona. About two months ago, we found a house we really liked in Mesa, Arizona that turned out to be a short sale, so we made an offer and sent it off to the managing agent, not knowing what we were about to get ourselves into.
Two weeks go by with no word, with our Realtor calling the managing agent on a daily basis. Finally, the agent tells us that the house is going to go to auction. We figured we'd just wait and scoop the house up once it didn't sell at the auction and became a bank-owned property, because we were fairly confident it wouldn't be purchased. Well, the agent calls our Realtor back a few days later, and tells him that he managed to convince the bank to hold off on the auction until they figured out what they wanted to do with the property.
So, another MONTH goes by, and our Realtor finally gets an update from the agent, telling him that the house is going to auction after all, because Countrywide (the managing bank) accepted our offer for the house, but the insurance company involved didn't. The house went to auction two weeks ago, and didn't sell. Now it's a bank-owned property.
Here's the problem: Countrywide says it will take a few more MONTHS to put it back on the market. Meanwhile, our lease in the house we're renting now is about to expire, and who knows what will happen to the property over the course of a few months with nobody in it. We have arrangements to put our things into storage and live with my girlfriend's parents for a little while, but a few months is pushing it.
Is there any possible way to get them to act faster on this? It's utterly ridiculous to me that they have buyers that want to take the property off their hands right now, and they're not acting on it. Is there somebody I can talk to at Countrywide that will listen to reason, or any other techniques anybody knows of?
Thanks for reading all of that...please, I'm desperate!
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08-18-2008, 03:21 PM #2
I am sorry to say that the answer is no. This is far to common the case that the mortgage insurance companies deny the short sale ending in the bank taking possession then trying to juggle their work load and finally get the property in the hands of a asset management company that then takes a month or more to get the property on the market. It is a ridiculous system and is a major contributor to the mortgage crisis.
The home will most likely take additional damage to it thereby reducing its value from the time when you made your offer. Then after it does sell it will sell for sometimes thousands less than what you offered on it. In the end reducing the revenue taken in and increasing the costs of getting it sold. Not to smart if you ask me. You might try complaining to Bank of America who just bought out countrywide and see if they can do anything. But, do not expect much as I doubt it will make much of a difference.
I would suggest if you really love the house to keep in contact with the loss mitigation expert handling the file. Then putting in your offer to the Asset Management company that ends up with the file. Just make sure check that no additional damage has been done to the home before you write your future offer.



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