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!
Get more short sale training systems and procedure to get more of your short sales accepted right here!
All the Short Sale Queen Training Products
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!
Get more short sale training systems and procedure to get more of your short sales accepted right here!
All the Short Sale Queen Training Products
posted by Deb at 2:09 PM
0 Comments:
Post a Comment
<< Home