Do You Feel like with Countrywide being bought could effect the how preforeclosure short sales are completed?

Yes, Countrywide changed hands in the last week. They've been bought by Bank of America. Could this effect how we do business as preforeclosure short salers?

This is suppose to keep them from going down the tubes-out of business. I think the question in one of the newspapers was it would be a job for the kazillions of homeowners trying to figure out who to send they mortgage payment to if Countrywide wasn't bought by the same company.

That didn't happen. Countrywide was bought by one company, Bank of America. And Countrywide has already changed their phone message saying nothing would change as Bank of America does start to move in.

Will This Make Short Sales Easier?
I don't think a single thing will change in reference to getting short sales accepted. If the BPO or appraisal doesn't match your offer, the chance is exceedingly great that you won't get your offer accepted.

The bank has to get as much money as possible out of every single sale - short sale, foreclosure sale, it doesn't matter. Conventional loans may not have as much rules to conform to but believe me they are being audited even heavier than before.

If the bank can't explain why a house was sold for a particular price, someone will lose their job. They have to sell those houses within a certain percentage of the BPO, appraised value or current market value. That's the way the game is played.

They have to get the most money for it to please the auditors, investors, stock holders. Yes, they don't want to take them back, but they will if they believe they will make more money selling it another way.

Honestly, the BPO agents (or their spouse) are also REO listing agents. And they want the listing AFTER the foreclosure sale. They are using the highest prices they can find...unless the house is in such terrible repair the REO agent thinks they couldn't sell it.

Then they might have the short sale buyer get the "better" (lower) number.

Always ask your loss mitigator the addresses of the houses that were used as comps for your subject house. Argue whether these are good comps. Basement/no basement. Garage/no garage. Distance from the subject.

If there are better comps closer to your type of house and lower in value, show these to the bank. Dispute the BPO value. Get pictures. And remember, don't take the first no or maybe even the 3rd no as an answer. Dispute it with facts!

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The Next Best Thing...

I'm going to go off topic today and talk about something beside preforeclosure short sales. I'll get back on short sales in the very next post. I still think you will find this worth reading.

My 2nd cousin is in the Navy and is a Commander of a supply and Search and Rescue helicopter squadron. He invited us to a Change of Command Ceremony in Norfolk, VA this weekend. He will be stepping down as Commander but going on to 3rd in command of a large ship. The ceremony was to reward him for a job well done.

It was really exciting watching all of them in their dress uniforms, walking in formation, saluting. All different to me, a non military girl from the mid-west.

I was thrilled to be included in the ceremony. I have to admit that all we did...after the ceremony...was party. er...celebrate! But it was an honor to be invited.

Here where I am, the Midwest, far from coastal bases and any other military commands or daily reminders that we have military to keep us free, and a female well over the age of thinking about being the brave, the few, etc. I take for granted the men and women that put their lives on the line for our freedom every day.

I have to say the people under Michael's command love their jobs and their commander and that has to make everything - leading and following - easier. But to get up every day, knowing that you are training to one day be in battle and have the choice of their life or yours, has to be a thought provoking, get the most out of today kind of life.

Our military men and women will never be monetarily rich but they are rich in non-monetary matters. It seems to me they would be closer to their families, their God, each other - the things and people that give them strength and courage.

Is our faith that strong?

My cousin must have told me a dozen times how glad he was that I was there. He introduced me to everybody as his cousin from Ohio - who came so far to see him. It was really a small thing., at least in my mind. I am very proud of him and I wanted to see the ceremony. I felt like I gave so little but I got so much out of the weekend and I brought him so much pleasure just by being there. (It made picking up the wrong suit case at the airport and forgetting my camera so incidental.) Sometimes the little things we give of ourselves have exponential power to others and we don't even realize it.

If you have ever seen me speak at an OREIA dinner or even at my boot camps when the topics get emotional, I am. Emotional that is. This ceremony was that way too. Michael was a man who loves his job and the 230 men and women who serve under him...and leaving them all behind. He is a man whose family showed up to support him in this event. He is a man who turns over the leadership of his command to his 2nd in command, a trusted confident, a perfect transition, but leaving behind what he had built and loved over the last 2 years. It was an emotional event.

Reach out to someone and give of yourself. See how great it feels. That small act you give may just get your next short sale closed. Are the two related? Hard to say. The Universe is a large and mysterious thing and I believe they are all connected.

Say a prayer for our soldiers. No matter what your opinion of the war, these men and women give their time, days, and lives for us to be free and to have the freedom to be rich if that is what we choose.

Deb
Taking time out from short sales to be grateful for what I have and what I can give