We wrote an offer on another short sale Thursday night. We kept our fingers crossed that they would choose our offer. I wrote another nice letter to go along with our offer. Our realtor was told by the sellers realtor that he would be meeting with them on Saturday to go over the offers they had received already but that things were looking good for us because of the three offers received neither of the other ones were even at list price.
We went to the lake yesterday and were out of cell phone range- which for a change was nice. As we drove back in last night we saw that there still was no update.
Today my realtor e-mailed to tell me that she spoke with the seller's realtor and he still has not been able to catch up with the homeowners to go through their offers. In the mean time, more offers have come in. And now they may not even meet with him until Tuesday to go over them.
I just want to know- what exactly are they waiting for? We were told they already had a notice of default filed on them. That means that they don't exactly have the luxury of sitting around. Apparently though they are very busy people. I do think their divorce sounds messy and they don't want to even be in the same room with each other.
But for my sake, for my family's sake- can they please just look at their offers and decide yes or no to ours so we can move on?
Sunday, September 13, 2009
Friday, September 11, 2009
Fingers Crossed
As if we haven't been punished enough with the short sale process we wrote another offer last night. On a short sale. You would think by now we would have completely given up on those- and yet I find myself honestly hoping they accept our offer and we have the chance to move forward on it.
Almost like this terrible need to self inflict more stress and drama on our lives I guess. Maybe it's because I am so intent on doing short sale research that I want to know what it is like to experience a short sale for a different bank other than Countrywide/Bank of America?
So here's the low down on this one: the home is a single story home on half an acre. The lot is absolutely unbelievable. My husband was amazed when he walked out back and stunned when he peered around the side of the house and saw that the yard just went on and on.
We could put five swing-sets back there and still have room for grass. It has a swimming pool and spa- although I think the pool might only be three feet deep across the entire thing. It looked to us like maybe it was intended to be a volleyball pool. And that's ok too- usually we just like to float around in it and drink beer. The kids won't mind (at least for a few more years) that there will be no jumping into the pool.
The home? The home was beautiful. Decorator touches everywhere- from crown moulding to built in's galore. The entire house is done in tile (not something I probably would have done- but in this home not something that I mind). The colors even happened to match our color scheme!
Apparently the homeowners are getting a divorce- which is never a good thing. They have two children both aged within a few months of each of our children, which makes me sad for their kids because I know just how hard it was for Hayley to adjust the first night we spent in this strange new house. And while I am sad for their situation, well, I am also excited at the thought of possibly owning this home.
We wrote the offer last night and we went in aggressive. You might recall, being aggressive doesn't always get you the contract. The last contract we wrote at over 50k above list price didn't even garner a second look. We didn't go crazy with our offer this time but we did offer almost 27k above list price. In this case- that might be just the right amount. Our realtor has already spoken with the listing agent and so far of the three offers received the other two did not even come in at list price. We are hoping with all hope that our offer is the one they choose.
And yet, even with hope, we are also dreading starting this process all over again. This time the seller's two mortgages are with Suntrust. I have read some fairly positive stuff with regards to Suntrust's short sale timeline so I am going to hope it is accurate. I am almost certain that the process will be much faster than the other short sale we are still waiting on with Countrywide/BofA but we will see.
As of right now we just have our fingers crossed. The listing agent is meeting with the homeowners this weekend to present the offers to them and we are hopeful that ours will be the most attractive. Do we feel bad about writing another offer when we are currently under contract for one? Not one bit. If they hadn't jerked us around so much on the first contract we wouldn't have had any reason to doubt the transaction would go through- but with all the misinformation we have been given we honestly can't say that we think it will go through at the price we offered and we don't want to be left, eight months down the road, in the prophetic dirt.
Will post more info as we receive it on this latest short sale offer. Stay tuned!
Almost like this terrible need to self inflict more stress and drama on our lives I guess. Maybe it's because I am so intent on doing short sale research that I want to know what it is like to experience a short sale for a different bank other than Countrywide/Bank of America?
So here's the low down on this one: the home is a single story home on half an acre. The lot is absolutely unbelievable. My husband was amazed when he walked out back and stunned when he peered around the side of the house and saw that the yard just went on and on.
We could put five swing-sets back there and still have room for grass. It has a swimming pool and spa- although I think the pool might only be three feet deep across the entire thing. It looked to us like maybe it was intended to be a volleyball pool. And that's ok too- usually we just like to float around in it and drink beer. The kids won't mind (at least for a few more years) that there will be no jumping into the pool.
The home? The home was beautiful. Decorator touches everywhere- from crown moulding to built in's galore. The entire house is done in tile (not something I probably would have done- but in this home not something that I mind). The colors even happened to match our color scheme!
Apparently the homeowners are getting a divorce- which is never a good thing. They have two children both aged within a few months of each of our children, which makes me sad for their kids because I know just how hard it was for Hayley to adjust the first night we spent in this strange new house. And while I am sad for their situation, well, I am also excited at the thought of possibly owning this home.
We wrote the offer last night and we went in aggressive. You might recall, being aggressive doesn't always get you the contract. The last contract we wrote at over 50k above list price didn't even garner a second look. We didn't go crazy with our offer this time but we did offer almost 27k above list price. In this case- that might be just the right amount. Our realtor has already spoken with the listing agent and so far of the three offers received the other two did not even come in at list price. We are hoping with all hope that our offer is the one they choose.
And yet, even with hope, we are also dreading starting this process all over again. This time the seller's two mortgages are with Suntrust. I have read some fairly positive stuff with regards to Suntrust's short sale timeline so I am going to hope it is accurate. I am almost certain that the process will be much faster than the other short sale we are still waiting on with Countrywide/BofA but we will see.
As of right now we just have our fingers crossed. The listing agent is meeting with the homeowners this weekend to present the offers to them and we are hopeful that ours will be the most attractive. Do we feel bad about writing another offer when we are currently under contract for one? Not one bit. If they hadn't jerked us around so much on the first contract we wouldn't have had any reason to doubt the transaction would go through- but with all the misinformation we have been given we honestly can't say that we think it will go through at the price we offered and we don't want to be left, eight months down the road, in the prophetic dirt.
Will post more info as we receive it on this latest short sale offer. Stay tuned!
Thursday, September 10, 2009
Dear Homeowners,
Dear Homeowners,
We thank you for your consideration in reviewing our offer. You have an absolutely beautiful home and we would be so blessed to have the opportunity to own it. We have no doubt that you will have numerous offers to choose from and we sincerely hope that ours is among the most competitive but our offer goes beyond just a dollar figure.
We have two small children, ages almost three and one year old. We currently own a golf course home just up the street but have found that our location on the golf course was not safe for our small children to play outside. We spend much time as a family outdoors and wanted to put up a swing-set but could not do so without compromising the safety of our children and placing it open to the golf course.
We began searching for a safer location and to make a long story short went into escrow for another home four months ago. We moved out of our home a few weeks ago and rented it to tenants because we believed we would be closing escrow soon. Unfortunately that is not the case and we are now looking to find a permanent home to settle our children. We are currently living in a short term rental and have found it harder than we ever imagined to get an offer accepted. It is a great disappointment each time we hear back that our offer was passed over.
We both work in the mortgage industry and are familiar with the process of short sales. It is an emotional process for all involved and we are hoping that at least if you choose our offer it will put your mind at ease that your home will be loved as much as you love it. Our children are similiar in ages to yours and you have the perfect floorplan with a playroom attached to the children's rooms.
We are fairly negotiable. We know that the fixtures will not remain with the home and are not deterred by that. We are also willing to do everything possible to help expedite this closing- we are looking for permanent closure to our situation soon too. We have full credit underwriting approval with the only outstanding conditions being fully executed sales contract (with bank short sale approval) and acceptable appraisal.
Your home will be well loved and well maintained. Your color scheme complements our colors and decor completely and we even have no intention of repainting. Our children will be so happy to be able to have a swing-set put up in your yard and we will take great care of your yard and swimming pool. We miss our swimming pool and the girls love the water so it has been hard on them.
In closing I just want to say thank you again for showing us your home. We truly appreciated you accommodating our appointment and are hoping that you find our offer competitive enough to accept. If you have any questions whatsoever please have your realtor contact ours and we will be happy to reply quickly.
Warmest Regards,
Future Homeowners
We thank you for your consideration in reviewing our offer. You have an absolutely beautiful home and we would be so blessed to have the opportunity to own it. We have no doubt that you will have numerous offers to choose from and we sincerely hope that ours is among the most competitive but our offer goes beyond just a dollar figure.
We have two small children, ages almost three and one year old. We currently own a golf course home just up the street but have found that our location on the golf course was not safe for our small children to play outside. We spend much time as a family outdoors and wanted to put up a swing-set but could not do so without compromising the safety of our children and placing it open to the golf course.
We began searching for a safer location and to make a long story short went into escrow for another home four months ago. We moved out of our home a few weeks ago and rented it to tenants because we believed we would be closing escrow soon. Unfortunately that is not the case and we are now looking to find a permanent home to settle our children. We are currently living in a short term rental and have found it harder than we ever imagined to get an offer accepted. It is a great disappointment each time we hear back that our offer was passed over.
We both work in the mortgage industry and are familiar with the process of short sales. It is an emotional process for all involved and we are hoping that at least if you choose our offer it will put your mind at ease that your home will be loved as much as you love it. Our children are similiar in ages to yours and you have the perfect floorplan with a playroom attached to the children's rooms.
We are fairly negotiable. We know that the fixtures will not remain with the home and are not deterred by that. We are also willing to do everything possible to help expedite this closing- we are looking for permanent closure to our situation soon too. We have full credit underwriting approval with the only outstanding conditions being fully executed sales contract (with bank short sale approval) and acceptable appraisal.
Your home will be well loved and well maintained. Your color scheme complements our colors and decor completely and we even have no intention of repainting. Our children will be so happy to be able to have a swing-set put up in your yard and we will take great care of your yard and swimming pool. We miss our swimming pool and the girls love the water so it has been hard on them.
In closing I just want to say thank you again for showing us your home. We truly appreciated you accommodating our appointment and are hoping that you find our offer competitive enough to accept. If you have any questions whatsoever please have your realtor contact ours and we will be happy to reply quickly.
Warmest Regards,
Future Homeowners
Wednesday, September 9, 2009
Update?
So that offer we put in on that bank owned home on Saturday? Went nowhere. Can you even believe that we offered 51k above list price with no seller concessions requested and we were not even in the running?
How does that happen? Why does that happen? It honestly is NOT a buyers market. We have said we wouldn't be interested in seeing any more short sales- we only want to deal with bank owned properties but it isn't as if we are having any luck on bank owned homes right now either.
I am still scratching my head wondering how we could offer 50k above list and not even get a chance to give our "highest and best" offer. If you want to bet me anything I will bet you that this house might have gone to someone who bid less than we did but probably is offering cash.
I hate cash.
How does that happen? Why does that happen? It honestly is NOT a buyers market. We have said we wouldn't be interested in seeing any more short sales- we only want to deal with bank owned properties but it isn't as if we are having any luck on bank owned homes right now either.
I am still scratching my head wondering how we could offer 50k above list and not even get a chance to give our "highest and best" offer. If you want to bet me anything I will bet you that this house might have gone to someone who bid less than we did but probably is offering cash.
I hate cash.
Monday, September 7, 2009
A Woman Obsessed
I am completely obsessed now with seriously finding the right home to raise our children in. Buying a home has been such an eye opener for us.
We got married in August of 2000. Sometime in November that year we got this crazy itch and started looking to buy a house. Because that's what you do, right? Get married, buy a house, fill it with stuff, add some kids, the American Dream.
We found the cutest house- and lucky for us we even had a rare choice opportunity to choose the specific lot it was being built on. We got a lot that backed the community park- with a great sized backyard. We loved that home- we put in a swimming pool, fruit trees, and roses galore. We entertained almost every single weekend in that home- sometimes Friday, Saturday and Sunday all in one weekend.
The problem was, well, I have "the wants". Our home was beautiful but it seemed very small (I laugh now how 1800 square feet was small). We wanted a guest room on the ground floor so that my husband's parents might consider staying longer when they visit. So one Sunday afternoon I asked my husband if he wanted to go look at houses. Of course he didn't! So off I went by myself to scout out new homes.
I walked through the models at a golf course nearby and I absolutely fell in love. They were a bit out of our price range so I told the sales agent if they had any that fell out of contract to give me a call (thinking I could possibly convince the builder to sell us the home at a discount instead of let it sit once completed). I know I looked like a real ragamuffin that day and the agent really didn't take me seriously. I called back a few days later to reiterate my interest and suddenly she "remembered" one that they might have available. (Funny- because at that point every single home on that street was actually a spec home).
Anyway- we drove out, took a look at it, and I convinced my husband we could swing it. We made a conscious investment choice- knowing that we intended to live in the home but also that there might come a day when we would need to sell the home and if so we wanted to make sure that it wouldn't be a cookie-cutter house just like every other. Fortunately for us the home was on the golf course- with beautiful upgrades and a fantastic lot. We added a swimming pool with spa and real rock waterfall. We added fruit trees, palm trees, and roses galore. We entertained every weekend there. We knew we were going to have a family and it seemed like it would be just the right home to last us forever. (Or at least until the kids grew up and moved away).
I must say- it is a beautiful home. It is perfect for entertaining. And if our children were older (say ten or twelve years old) it would likely be the perfect home for us. The problem however is that with being on the golf course comes the hazard of stray balls. We have taken our share- and while most are harmless it is the one or two that have done extensive damage and have been too close for our comfort. We wanted to put a swingset up in the backyard- and while our yard was certainly large enough to do so we unfortunately didn't feel comfortable with the location of where it would need to be placed. It would be right out in the open and exposed to any balls that could come through.
One Sunday afternoon I was just perusing Realtor.com and I came across a home with a basement in a neighborhood we had originally looked at when we were dreaming in 2002 or 2003. All of a sudden the ball set in motion. That particular home was so badly vandalized (why do people do that anyway? What class is there in trashing a home because you couldn't afford it?) so it really wasn't an option for us. But I did have our Realtor set us up for notifications any time anything in that neighborhood got listed.
Four days later we got the notification on the house we went into contract on and the rest is history in the making. We loved the house the minute we drove up to it. We loved everything about it. The previous owners clearly cared for their home and with the exception of carpet and paint the home was pretty much move-in condition. Actually, I didn't even really notice that the carpet and paint needed to be re-done until the second time we got to look at it and we spent an hour going through the whole thing writing our notes about what we needed to get to right away and what could wait.
I wrote a heartfelt letter to attach to our contract and lucky for us- the homeowners accepted ours above all others. We were so appreciative.
The problem now is that I just don't think we can continue going through this process with the continuous misinformation we are being given. Today we are in Phase one but sixty days ago we were in Phase two. Today no BPO has been ordered but we were told one was ordered on August 4th.
So as we are weighing out our options it has been quite funny how things have changed. Originally there were a few major reasons for us wanting to buy the house we are in contract for. One- the lot size is awesome- we can put our swingset, a garden, entertain, everything. Two- it has a room that we could designate as a playroom (something that as I listen to my children fight over the small living space and the toys we have brought I am wishing we had here). Three- it has a basement. In the desert. Need I say more?
But as I have been looking at other neighborhoods trying to figure out what is important to us it has really put things in perspective. Yes, a home that is spacious is most definitely a luxury we would like to afford. But the real kicker for us right now is the yard. Now that we have seen what we could possibly do with a third of an acre we are really wanting something between the .3 and .5 acre mark. See, for us it has always been a family affair to get outside and do stuff. The fact that our rental home has a very tiny backyard that is nicely landscaped but covered in rock does nothing for us. The children have cabin fever every single day because we can't take them outside and let them work off their energy on the lawn.
So as of right this minute my frantic need to find a home is mainly focused on a home with a large yard. It doesn't have to be landscaped. It just has to have potential. And it has to be something that we can outbid any of those stupid cash investors on. Oh yeah, and one more thing- it has to be ready for a reasonable close of escrow date. I don't think I have the heart to even consider looking at a short sale- even if they say that it already has bank approval.
I guess you could just call me a woman obsessed.
We got married in August of 2000. Sometime in November that year we got this crazy itch and started looking to buy a house. Because that's what you do, right? Get married, buy a house, fill it with stuff, add some kids, the American Dream.
We found the cutest house- and lucky for us we even had a rare choice opportunity to choose the specific lot it was being built on. We got a lot that backed the community park- with a great sized backyard. We loved that home- we put in a swimming pool, fruit trees, and roses galore. We entertained almost every single weekend in that home- sometimes Friday, Saturday and Sunday all in one weekend.
The problem was, well, I have "the wants". Our home was beautiful but it seemed very small (I laugh now how 1800 square feet was small). We wanted a guest room on the ground floor so that my husband's parents might consider staying longer when they visit. So one Sunday afternoon I asked my husband if he wanted to go look at houses. Of course he didn't! So off I went by myself to scout out new homes.
I walked through the models at a golf course nearby and I absolutely fell in love. They were a bit out of our price range so I told the sales agent if they had any that fell out of contract to give me a call (thinking I could possibly convince the builder to sell us the home at a discount instead of let it sit once completed). I know I looked like a real ragamuffin that day and the agent really didn't take me seriously. I called back a few days later to reiterate my interest and suddenly she "remembered" one that they might have available. (Funny- because at that point every single home on that street was actually a spec home).
Anyway- we drove out, took a look at it, and I convinced my husband we could swing it. We made a conscious investment choice- knowing that we intended to live in the home but also that there might come a day when we would need to sell the home and if so we wanted to make sure that it wouldn't be a cookie-cutter house just like every other. Fortunately for us the home was on the golf course- with beautiful upgrades and a fantastic lot. We added a swimming pool with spa and real rock waterfall. We added fruit trees, palm trees, and roses galore. We entertained every weekend there. We knew we were going to have a family and it seemed like it would be just the right home to last us forever. (Or at least until the kids grew up and moved away).
I must say- it is a beautiful home. It is perfect for entertaining. And if our children were older (say ten or twelve years old) it would likely be the perfect home for us. The problem however is that with being on the golf course comes the hazard of stray balls. We have taken our share- and while most are harmless it is the one or two that have done extensive damage and have been too close for our comfort. We wanted to put a swingset up in the backyard- and while our yard was certainly large enough to do so we unfortunately didn't feel comfortable with the location of where it would need to be placed. It would be right out in the open and exposed to any balls that could come through.
One Sunday afternoon I was just perusing Realtor.com and I came across a home with a basement in a neighborhood we had originally looked at when we were dreaming in 2002 or 2003. All of a sudden the ball set in motion. That particular home was so badly vandalized (why do people do that anyway? What class is there in trashing a home because you couldn't afford it?) so it really wasn't an option for us. But I did have our Realtor set us up for notifications any time anything in that neighborhood got listed.
Four days later we got the notification on the house we went into contract on and the rest is history in the making. We loved the house the minute we drove up to it. We loved everything about it. The previous owners clearly cared for their home and with the exception of carpet and paint the home was pretty much move-in condition. Actually, I didn't even really notice that the carpet and paint needed to be re-done until the second time we got to look at it and we spent an hour going through the whole thing writing our notes about what we needed to get to right away and what could wait.
I wrote a heartfelt letter to attach to our contract and lucky for us- the homeowners accepted ours above all others. We were so appreciative.
The problem now is that I just don't think we can continue going through this process with the continuous misinformation we are being given. Today we are in Phase one but sixty days ago we were in Phase two. Today no BPO has been ordered but we were told one was ordered on August 4th.
So as we are weighing out our options it has been quite funny how things have changed. Originally there were a few major reasons for us wanting to buy the house we are in contract for. One- the lot size is awesome- we can put our swingset, a garden, entertain, everything. Two- it has a room that we could designate as a playroom (something that as I listen to my children fight over the small living space and the toys we have brought I am wishing we had here). Three- it has a basement. In the desert. Need I say more?
But as I have been looking at other neighborhoods trying to figure out what is important to us it has really put things in perspective. Yes, a home that is spacious is most definitely a luxury we would like to afford. But the real kicker for us right now is the yard. Now that we have seen what we could possibly do with a third of an acre we are really wanting something between the .3 and .5 acre mark. See, for us it has always been a family affair to get outside and do stuff. The fact that our rental home has a very tiny backyard that is nicely landscaped but covered in rock does nothing for us. The children have cabin fever every single day because we can't take them outside and let them work off their energy on the lawn.
So as of right this minute my frantic need to find a home is mainly focused on a home with a large yard. It doesn't have to be landscaped. It just has to have potential. And it has to be something that we can outbid any of those stupid cash investors on. Oh yeah, and one more thing- it has to be ready for a reasonable close of escrow date. I don't think I have the heart to even consider looking at a short sale- even if they say that it already has bank approval.
I guess you could just call me a woman obsessed.
Saturday, September 5, 2009
Thoughts from a short-sale-aholic
It is like every hour of every day right now I am consumed with thinking about our living situation. The only real reprieve I get is when I am working- because I am too busy to think about anything else. But the moment I get in the car to head off and pick up the kids the thoughts creep back in.
I think, what if we get the short sale? What if we don't? What if while we are waiting we pass up numerous other awesome opportunities and then we still don't get this house? What if we give up too early? What if the market turns before we have the chance to get into this home and what was fair market value when we wrote the contract is now highly under value? What if the point of this short sale situation was not that we would buy the short sale- but that we would buy something else altogether?
I am obsessed over our housing situation. I hate that we have a short term rental and unfortunately I know it is short term. I hate that it took me all of eight days to get cabin fever in our rental house and start freaking out about finding our permanent place. I hate that I expect so much of people that are working on our behalf- and that when they fall short I can't seem to forgive them. I hate that I am so passionate about this because I feel it is draining me of energy for other things that I need to be passionate about.
Today we put another offer in on a bank owned property. Like the first one we made an offer on there is a high probability it will either go to a higher bidder or a cash buyer. It is hard not to get excited about it though- it is a former model home and although it has clearly been lived in it is still beautiful. The game room is all ready to go- just insert pool table. It even has a built in bar and fridge! The layout is perfect. The backyard is huge (albeit a little bizarre with the style of decor around the swimming pool and the pool itself). It has two two car garages (four cars!). So we can each park in our own garage. The pantry is amazing. There is a built in wine shelf in the dining room (for all the wine I buy but never really drink). The master bedroom has real hardwood and not just the Pergo floating floor thing. There is an infinity bathtub in the master bath. Hayley walked in and said "whoa- cool tub Mommy!". It really is a beautiful home- and as I type I am getting more and more hopeful that we will get it- which is a bad thing. A very bad thing. With hope comes despair. With despair comes stress. You know the drill.
I absolutely adore our Realtor. ADORE HER. If you are reading this- I adore you! Your commission will never be enough for me to show you how much I appreciate you! I do have to say though- while we were waiting for her to get there another realtor showed up with his clients. First of all- he pulled up behind us and waited a full five minutes before getting out of his car and walking toward ours to see if we were his clients. I can tell you- if we were- he would be fired. Second- he never once went into the home before his clients got there. How else would he have known if there were dead birds in the swimming pool to contend with? I love that my Realtor is totally on top of every property before we are.
So his clients showed up about fifteen minutes later and they all went inside. They were in there for about ten minutes before my Realtor showed up and I guess Realtor etiquitte tells you to wait outside while someone else views the property. We didn't mind so much- except we did happen to have the kids with us, so you can imagine that entertaining a three year old and a one year old that isn't walking yet outside in some dead shrubbery can be quite difficult. We waited. And waited. Come to find out they were testing the frickin' appliances while they were inside!! What? Why don't you wait and see if your offer is accepted before you check if the gas is on and the oven works, wouldja? It's only 103 outside and we are standing out there. With a baby and a toddler...
Patiently we did wait though. And finally they left- about 25 minutes later. We let ourselves in and again, I love my Realtor. She brought the key in with us and locked the door behind us. Now we get our 25 minutes of peace. The doorbell rang about four minutes after we got inside. I tell you- this is a beautiful property and no doubt there will be at least 20 offers once all is said and done. It was a veritable revolving door there. My Realtor politely told them we would be a few minutes as we just got in and could they please wait outside? They did the same thing we originally did- they headed straight for the backyard where they could wait in shade.
I just want to know- why must they leave the A/C set at 95 degrees? Why? Because if they set it at, oh, say, 85 degrees they might pay an extra eight bucks in electricity? We had sweat pouring off our noses before we even finished the first floor. We hit upstairs, ran through it, and headed back downstairs to sign the contract. I would very much have liked to have spent a little more time checking out things like closet space and storage. All I remember about this house was that it had enough bedrooms for each of us and that it seemed we would have adequate space to fit the current furniture that we own. I guess that is all that you need to know until you have an accepted contract, right?
Anyway- back to my Realtor story. We love our Realtor. Even my husband loves her- and he is a tough critic. Even my sister in law loves her- and my sister in law is one tough nut to crack. Today I learned to appreciate her even more. She came to our showing today (as she has every showing she has ever done for us) with printouts of the listing agent notes as well as current comp data. Matter of fact- she knew then that the casita would not be unlocked until Tuesday. (Something the first agent stupidly did not know- he was trying to figure out how to get into the casita until she told him.)
So the first realtor was a dolt. I don't even give him a capital "R"for realtor. He wasn't a Realtor. He was a realtor. His car wouldn't even start when he was ready to leave. Actually that part makes me a little sad. I don't feel sad for him that he didn't do his homework, or even let himself into the home to check it out before his clients arrived.
The second realtor after ours? Hmmm. How do I say this? We think she might have been called away from her other job. One that might include tips. And a pole. Shhh. Did I just say that? The clients that she was showing the home to? hmmmm. How do I describe? There is only one way. Covered in tatoos. Now, there is nothing wrong with tattoos. At one point in my life I wanted my own (thank you roomies and friends for talking me out of them). But honestly, these clients as well as this realtor, well, I don't know if they really fit this neighborhood. Not because I think any less of tattoo'd people. And before you get ready to leave me a nasty comment may I please let you know that we were about to rent our home out to a very nicely tattoo'd couple before we found our current renters- but you kind of have an idea for the kind of people that will mow the lawns and trim the shrubs as needed. Do I think these were the people for that? Not so much. I mean, this backyard is so flippin' big if we got this home we would be buying a ride-on lawnmower (if that tells you anything!).
She was a very nice realtor and all. Even wished my Realtor luck. (As in, break a leg? Like, best wishes, this is a contest?) But honestly, we drove away realizing just how blessed we are to have a true professional working for us. So out of three realtors today ours was by far the most professional. She knew her stuff. She showed up with the notes. She brought comp info. She knew how to get into the home. All of those things speak volumes for me-not to mention that we called her out on a Saturday over Labor Day Weekend to boot. My husband said he was surprised she even answered my call- and if I were her by now I would probably be avoiding me too. I will find a way once all this is said and done to show her my appreciation.
I guess if anything at this point I am learning that if you are making an offer just go in aggressive from the start. My sister and her partner went through this about nine or ten months ago- they looked at over 50 homes (same Realtor as me!). They wrote offers on at least six of them. I did not understand then why on the one they currently live in that they offered more than list price and did not ask for seller concessions. That seemed absolutely ludicrous to me.
Today we offered more than 50k over list price. No seller concessions. I will bet you anything that we do NOT get this home. Someone will be offering more than we are. Or they will be offering cash. If you think that this is a buyers market I would suggest to you that you think again. It is truly only a buyers market if you have cash. Can I please hit the lottery? Thank you.
I think, what if we get the short sale? What if we don't? What if while we are waiting we pass up numerous other awesome opportunities and then we still don't get this house? What if we give up too early? What if the market turns before we have the chance to get into this home and what was fair market value when we wrote the contract is now highly under value? What if the point of this short sale situation was not that we would buy the short sale- but that we would buy something else altogether?
I am obsessed over our housing situation. I hate that we have a short term rental and unfortunately I know it is short term. I hate that it took me all of eight days to get cabin fever in our rental house and start freaking out about finding our permanent place. I hate that I expect so much of people that are working on our behalf- and that when they fall short I can't seem to forgive them. I hate that I am so passionate about this because I feel it is draining me of energy for other things that I need to be passionate about.
Today we put another offer in on a bank owned property. Like the first one we made an offer on there is a high probability it will either go to a higher bidder or a cash buyer. It is hard not to get excited about it though- it is a former model home and although it has clearly been lived in it is still beautiful. The game room is all ready to go- just insert pool table. It even has a built in bar and fridge! The layout is perfect. The backyard is huge (albeit a little bizarre with the style of decor around the swimming pool and the pool itself). It has two two car garages (four cars!). So we can each park in our own garage. The pantry is amazing. There is a built in wine shelf in the dining room (for all the wine I buy but never really drink). The master bedroom has real hardwood and not just the Pergo floating floor thing. There is an infinity bathtub in the master bath. Hayley walked in and said "whoa- cool tub Mommy!". It really is a beautiful home- and as I type I am getting more and more hopeful that we will get it- which is a bad thing. A very bad thing. With hope comes despair. With despair comes stress. You know the drill.
I absolutely adore our Realtor. ADORE HER. If you are reading this- I adore you! Your commission will never be enough for me to show you how much I appreciate you! I do have to say though- while we were waiting for her to get there another realtor showed up with his clients. First of all- he pulled up behind us and waited a full five minutes before getting out of his car and walking toward ours to see if we were his clients. I can tell you- if we were- he would be fired. Second- he never once went into the home before his clients got there. How else would he have known if there were dead birds in the swimming pool to contend with? I love that my Realtor is totally on top of every property before we are.
So his clients showed up about fifteen minutes later and they all went inside. They were in there for about ten minutes before my Realtor showed up and I guess Realtor etiquitte tells you to wait outside while someone else views the property. We didn't mind so much- except we did happen to have the kids with us, so you can imagine that entertaining a three year old and a one year old that isn't walking yet outside in some dead shrubbery can be quite difficult. We waited. And waited. Come to find out they were testing the frickin' appliances while they were inside!! What? Why don't you wait and see if your offer is accepted before you check if the gas is on and the oven works, wouldja? It's only 103 outside and we are standing out there. With a baby and a toddler...
Patiently we did wait though. And finally they left- about 25 minutes later. We let ourselves in and again, I love my Realtor. She brought the key in with us and locked the door behind us. Now we get our 25 minutes of peace. The doorbell rang about four minutes after we got inside. I tell you- this is a beautiful property and no doubt there will be at least 20 offers once all is said and done. It was a veritable revolving door there. My Realtor politely told them we would be a few minutes as we just got in and could they please wait outside? They did the same thing we originally did- they headed straight for the backyard where they could wait in shade.
I just want to know- why must they leave the A/C set at 95 degrees? Why? Because if they set it at, oh, say, 85 degrees they might pay an extra eight bucks in electricity? We had sweat pouring off our noses before we even finished the first floor. We hit upstairs, ran through it, and headed back downstairs to sign the contract. I would very much have liked to have spent a little more time checking out things like closet space and storage. All I remember about this house was that it had enough bedrooms for each of us and that it seemed we would have adequate space to fit the current furniture that we own. I guess that is all that you need to know until you have an accepted contract, right?
Anyway- back to my Realtor story. We love our Realtor. Even my husband loves her- and he is a tough critic. Even my sister in law loves her- and my sister in law is one tough nut to crack. Today I learned to appreciate her even more. She came to our showing today (as she has every showing she has ever done for us) with printouts of the listing agent notes as well as current comp data. Matter of fact- she knew then that the casita would not be unlocked until Tuesday. (Something the first agent stupidly did not know- he was trying to figure out how to get into the casita until she told him.)
So the first realtor was a dolt. I don't even give him a capital "R"for realtor. He wasn't a Realtor. He was a realtor. His car wouldn't even start when he was ready to leave. Actually that part makes me a little sad. I don't feel sad for him that he didn't do his homework, or even let himself into the home to check it out before his clients arrived.
The second realtor after ours? Hmmm. How do I say this? We think she might have been called away from her other job. One that might include tips. And a pole. Shhh. Did I just say that? The clients that she was showing the home to? hmmmm. How do I describe? There is only one way. Covered in tatoos. Now, there is nothing wrong with tattoos. At one point in my life I wanted my own (thank you roomies and friends for talking me out of them). But honestly, these clients as well as this realtor, well, I don't know if they really fit this neighborhood. Not because I think any less of tattoo'd people. And before you get ready to leave me a nasty comment may I please let you know that we were about to rent our home out to a very nicely tattoo'd couple before we found our current renters- but you kind of have an idea for the kind of people that will mow the lawns and trim the shrubs as needed. Do I think these were the people for that? Not so much. I mean, this backyard is so flippin' big if we got this home we would be buying a ride-on lawnmower (if that tells you anything!).
She was a very nice realtor and all. Even wished my Realtor luck. (As in, break a leg? Like, best wishes, this is a contest?) But honestly, we drove away realizing just how blessed we are to have a true professional working for us. So out of three realtors today ours was by far the most professional. She knew her stuff. She showed up with the notes. She brought comp info. She knew how to get into the home. All of those things speak volumes for me-not to mention that we called her out on a Saturday over Labor Day Weekend to boot. My husband said he was surprised she even answered my call- and if I were her by now I would probably be avoiding me too. I will find a way once all this is said and done to show her my appreciation.
I guess if anything at this point I am learning that if you are making an offer just go in aggressive from the start. My sister and her partner went through this about nine or ten months ago- they looked at over 50 homes (same Realtor as me!). They wrote offers on at least six of them. I did not understand then why on the one they currently live in that they offered more than list price and did not ask for seller concessions. That seemed absolutely ludicrous to me.
Today we offered more than 50k over list price. No seller concessions. I will bet you anything that we do NOT get this home. Someone will be offering more than we are. Or they will be offering cash. If you think that this is a buyers market I would suggest to you that you think again. It is truly only a buyers market if you have cash. Can I please hit the lottery? Thank you.
Dear Asset Manager,
Dear Asset Manager,
First of all let me thank you for taking the time to review our offer. We realize that it is your job to garner the best possible offer for your bank and that you are likely reviewing multiple competitive offers. We have previously been outbid by cash offers and investors and are saddened that we have not been able to get an offer accepted on a home.
We have two small children- ages three and one. We went into contract on a short sale back in May as we were looking for a home where we could have a large yard, pool, and a swing set for our girls. We were told in July that the file had progressed to Phase 2 and with that information we then rented out our current home to highly qualified tenants. It seemed everything was falling into place.
Unfortunately we recently received information that although we are now 120 days into contract we are no closer to the finish line than we were the day we wrote the offer. There is an even greater chance the short sale will either not get approved or it will be countered out of our reach. So we would rather buy a bank owned home. We have been trying to find a permanent home and settle our lives but it most definitely is not a buyers market unless you have cash.
Although we do not have cash outright we are a "good as cash" offer. We do already have full credit underwriting approval and are ready to close. The only outstanding conditions on our file are fully executed contract and acceptable appraisal. Given our short term rental situation we are highly motivated to get into a home.
So what does this mean for you? It means that if we write a contract with a close of escrow date that we will close on or before that date without asking for any extensions. Our loan will not fall apart at the finish line due to tenuous credit or the possibility that we may no longer qualify. We are not obtaining max financing and we are rock solid borrowers.
As my husband and I both work in the wholesale mortgage industry we are very familiar with the urgency of closing loans. In addition, our short term lease expires October 13th so of course you can see that we are just as interested in closing quickly- same as a cash buyer would.
Sadly with cash buyers and investors again buying up the market it has been harder than you can imagine to find a home. Our intention is to buy a home that we can raise our family in. We absolutely loved this home and hope that you find our offer competitive enough to accept.
Warmest Regards,
Potential Buyers
First of all let me thank you for taking the time to review our offer. We realize that it is your job to garner the best possible offer for your bank and that you are likely reviewing multiple competitive offers. We have previously been outbid by cash offers and investors and are saddened that we have not been able to get an offer accepted on a home.
We have two small children- ages three and one. We went into contract on a short sale back in May as we were looking for a home where we could have a large yard, pool, and a swing set for our girls. We were told in July that the file had progressed to Phase 2 and with that information we then rented out our current home to highly qualified tenants. It seemed everything was falling into place.
Unfortunately we recently received information that although we are now 120 days into contract we are no closer to the finish line than we were the day we wrote the offer. There is an even greater chance the short sale will either not get approved or it will be countered out of our reach. So we would rather buy a bank owned home. We have been trying to find a permanent home and settle our lives but it most definitely is not a buyers market unless you have cash.
Although we do not have cash outright we are a "good as cash" offer. We do already have full credit underwriting approval and are ready to close. The only outstanding conditions on our file are fully executed contract and acceptable appraisal. Given our short term rental situation we are highly motivated to get into a home.
So what does this mean for you? It means that if we write a contract with a close of escrow date that we will close on or before that date without asking for any extensions. Our loan will not fall apart at the finish line due to tenuous credit or the possibility that we may no longer qualify. We are not obtaining max financing and we are rock solid borrowers.
As my husband and I both work in the wholesale mortgage industry we are very familiar with the urgency of closing loans. In addition, our short term lease expires October 13th so of course you can see that we are just as interested in closing quickly- same as a cash buyer would.
Sadly with cash buyers and investors again buying up the market it has been harder than you can imagine to find a home. Our intention is to buy a home that we can raise our family in. We absolutely loved this home and hope that you find our offer competitive enough to accept.
Warmest Regards,
Potential Buyers
Looking for an alternate plan
I have tried- hard- to keep my eye on the prize with this short sale. I have tried to remember that *if* this short sale goes through we will have a beautiful home to show for all of our heartache and that it will well be worth it.
The problem is that we keep getting misinformation about just where we are at in this process. And with that misinformation comes reasonable doubt that this deal will ever go through. With reasonable doubt comes fear. With fear comes stress. With stress comes heartache. The list goes on and on.
So as of right this moment I am looking for an alternate plan. About a week ago I was totally on the ledge. I wrote a heartfelt e-mail to the short sale processing company, the listing agent, and my agent about how I felt the ball had been dropped. How upset I was. How hard this has been.
I did get a reply from the short sale processing company manager. Basically he said sorry to hear that you are stressed but it is what it is. I appreciated that he took the time to reply. I even came down off the ledge for a few days. But after the update from last night- needless to say- I am back on that ledge and I am not going to come down.
I don't think it's a bad thing that I refuse to be ignorant to the possibility that we won't get this home. I think it's actually a good thing that I am willing to watch out for our best interest and not just sit back and leave it to someone else.
We found a few more houses this morning and our realtor (bless her heart) is going to hopefully meet us at them this afternoon- contracts in hand in case we decide to pursue them. Of course- even though one of them has only been listed for two and a half days I have no doubt that it will already have at least ten or fifteen offers on it. It might not even be worth our realtor's gas to drive all the way over as there is likely a cash offer already pending (or multiple cash offers at that!) but I am going to give it my all. We will likely write the contract and attach another letter to the asset manager (hoping that the listing agent doesn't discard it as well as our offer without submitting to the bank at all).
I know they say they send all the offers to the bank to decide but one really has to wonder- is that REALLY how it goes? Or does the L/A just cherry pick and send the one they stand to make the most money on?
Next post- my letter to the asset manager as a coversheet to our offer. No copying my content- alright?
The problem is that we keep getting misinformation about just where we are at in this process. And with that misinformation comes reasonable doubt that this deal will ever go through. With reasonable doubt comes fear. With fear comes stress. With stress comes heartache. The list goes on and on.
So as of right this moment I am looking for an alternate plan. About a week ago I was totally on the ledge. I wrote a heartfelt e-mail to the short sale processing company, the listing agent, and my agent about how I felt the ball had been dropped. How upset I was. How hard this has been.
I did get a reply from the short sale processing company manager. Basically he said sorry to hear that you are stressed but it is what it is. I appreciated that he took the time to reply. I even came down off the ledge for a few days. But after the update from last night- needless to say- I am back on that ledge and I am not going to come down.
I don't think it's a bad thing that I refuse to be ignorant to the possibility that we won't get this home. I think it's actually a good thing that I am willing to watch out for our best interest and not just sit back and leave it to someone else.
We found a few more houses this morning and our realtor (bless her heart) is going to hopefully meet us at them this afternoon- contracts in hand in case we decide to pursue them. Of course- even though one of them has only been listed for two and a half days I have no doubt that it will already have at least ten or fifteen offers on it. It might not even be worth our realtor's gas to drive all the way over as there is likely a cash offer already pending (or multiple cash offers at that!) but I am going to give it my all. We will likely write the contract and attach another letter to the asset manager (hoping that the listing agent doesn't discard it as well as our offer without submitting to the bank at all).
I know they say they send all the offers to the bank to decide but one really has to wonder- is that REALLY how it goes? Or does the L/A just cherry pick and send the one they stand to make the most money on?
Next post- my letter to the asset manager as a coversheet to our offer. No copying my content- alright?
Friday, September 4, 2009
WTF?
WTF???
As in, what the....??? You get my point.
We got an update today from CWY Holdings (DBA Complete Short Sale Processors) and here was the update:
"This is still in Phase 1. A request to escalate to Phase 2 was made on August 31. It has until September 11 to be carried out. The CSR told me that there is a sale date of September 23."
I am so mad I am shaking. We were told way back in July that this file had moved into Phase 2 with Countrywide/Bank of America. We made decisions based upon the information we had been given by this short sale processing company (a third party short sale negotiation team that the listing agent has hired). We moved out of our home and rented it to tenants for the next two years. We moved into a short term rental. We have incurred thousands of dollars in moving expenses and storage fees.
Originally I was the optimist about this. I believe I made a comment to the effect that we had lots of qualified people all working on our team to get this short sale closed. I have since reconsidered. Instead I feel that CWY Holdings LLC (DBA Complete Short Sale Processors) is a farce. They are good at selling their product- but their product is inept customer service. If you are looking for inconsistent information, inefficient follow up, and to get the plain run-around I can say with certainty that you will find it there.
If you think I am angry you are absolutely right. I am beyond angry. I am the kind of person that takes accountability for my actions and therefore I expect that others will as well. I want to know what CWY is going to do to make this right?
We are one week shy of being 120 days into contract. We were told almost 60 days ago that we had moved to phase 2 and that was why we proceeded to rent our home out. He we are almost two months later being told that we actually are only in phase 1? And that there is a sale date on the home we are buying? Yet no Notice of Default has actually been filed? Two weeks ago when the processor from CWY told us that there was a sale date set for September 23rd he quickly retracted when my agent asked him about it. He indicated he had been given false information from the CSR. And yet, he gets the same information today, updates the notes with it, and proceeds?
If my name has not already been seared into the memories of all of the people working at CWY Holdings LLC then it soon will be. I have held off publishing their name for just as long as I could- because I honestly wanted to give them the benefit of the doubt. But all I have to say is that as of right this minute it is GAME ON.
I understand that the short sale process is done at the mercy of the bank. I understand that CWY does not dictate the timelines nor do they have any control over them. But they absolutely have control over the information they obtain, how they obtain that information, and the information they disperse to all parties. In my opinion they have not obtained accurate information nor have they made the effort once we pointed out the inaccuracies to get to the bottom of them. They have repeatedly given us bad information (sale date set for September 23) and they have passed us along from person to person as apparently no one there really wants to deal with us.
My suggestion to CWY Holdings LLC? Deal with me. Get me out of your life. Do your job. Do it right. Stop avoiding the things you are doing wrong. Take accountability. Work on your customer service and stop being so worried about selling this awesome QuickBase database that you are working so hard to promote. Seriously. QuickBase is only as good as the notes you put into it.
I think I would much rather have had the listing agent or someone on their team working this file directly. The whole point of this "Complete Short Sale Processors" company is to free up the listing agent's time to go list more properties. Short sales I presume! I am about one breath away from resorting to name calling so I suppose I will end this post right now.
On an end note I will say one thing- this is not the last they have heard from me.
As in, what the....??? You get my point.
We got an update today from CWY Holdings (DBA Complete Short Sale Processors) and here was the update:
"This is still in Phase 1. A request to escalate to Phase 2 was made on August 31. It has until September 11 to be carried out. The CSR told me that there is a sale date of September 23."
I am so mad I am shaking. We were told way back in July that this file had moved into Phase 2 with Countrywide/Bank of America. We made decisions based upon the information we had been given by this short sale processing company (a third party short sale negotiation team that the listing agent has hired). We moved out of our home and rented it to tenants for the next two years. We moved into a short term rental. We have incurred thousands of dollars in moving expenses and storage fees.
Originally I was the optimist about this. I believe I made a comment to the effect that we had lots of qualified people all working on our team to get this short sale closed. I have since reconsidered. Instead I feel that CWY Holdings LLC (DBA Complete Short Sale Processors) is a farce. They are good at selling their product- but their product is inept customer service. If you are looking for inconsistent information, inefficient follow up, and to get the plain run-around I can say with certainty that you will find it there.
If you think I am angry you are absolutely right. I am beyond angry. I am the kind of person that takes accountability for my actions and therefore I expect that others will as well. I want to know what CWY is going to do to make this right?
We are one week shy of being 120 days into contract. We were told almost 60 days ago that we had moved to phase 2 and that was why we proceeded to rent our home out. He we are almost two months later being told that we actually are only in phase 1? And that there is a sale date on the home we are buying? Yet no Notice of Default has actually been filed? Two weeks ago when the processor from CWY told us that there was a sale date set for September 23rd he quickly retracted when my agent asked him about it. He indicated he had been given false information from the CSR. And yet, he gets the same information today, updates the notes with it, and proceeds?
If my name has not already been seared into the memories of all of the people working at CWY Holdings LLC then it soon will be. I have held off publishing their name for just as long as I could- because I honestly wanted to give them the benefit of the doubt. But all I have to say is that as of right this minute it is GAME ON.
I understand that the short sale process is done at the mercy of the bank. I understand that CWY does not dictate the timelines nor do they have any control over them. But they absolutely have control over the information they obtain, how they obtain that information, and the information they disperse to all parties. In my opinion they have not obtained accurate information nor have they made the effort once we pointed out the inaccuracies to get to the bottom of them. They have repeatedly given us bad information (sale date set for September 23) and they have passed us along from person to person as apparently no one there really wants to deal with us.
My suggestion to CWY Holdings LLC? Deal with me. Get me out of your life. Do your job. Do it right. Stop avoiding the things you are doing wrong. Take accountability. Work on your customer service and stop being so worried about selling this awesome QuickBase database that you are working so hard to promote. Seriously. QuickBase is only as good as the notes you put into it.
I think I would much rather have had the listing agent or someone on their team working this file directly. The whole point of this "Complete Short Sale Processors" company is to free up the listing agent's time to go list more properties. Short sales I presume! I am about one breath away from resorting to name calling so I suppose I will end this post right now.
On an end note I will say one thing- this is not the last they have heard from me.
Monday, August 31, 2009
The update is....
No update.
Are you surprised? I didn't think so. The update today is, no update. Still in phase 1. No end in sight. The notes in their QuickBase system were "This file is still in phase 1 with no updates. The CSR sent an e-mail to the negotiator to escalate the process and to get an update."
For what? Another update to tell us that there still is no update? How about an update to tell us they haven't done anything yet because the seller's updated financials still haven't been uploaded?
This is actually comical- if you are not sitting in my seat. It is a total three-ring circus. Except there is no ringmaster and all the animals are completely out of control. The clowns are trying to run the show but they have no idea.
What about all the hype that Bank of America was streamlining their short sale process? How about those new employees they were going to hire? Let me guess- all the new hires are outsourced and off-shore. They don't truly have any access to anything except to see that the file is still in process.
Honestly I wish we were dealing with a less than great seller- one that had stopped making payments and was very close to foreclosure. I know for a fact those are the files that are being pushed forward while the average file like ours is sitting it's turn in line. Waiting. Waiting.
I have read so many chat boards- I have heard the horror stories. And now I have become one. I wish I was able to call on status myself. Not because I would act aggressively or inconsiderately, but because I would ask a few more "fact-finding" questions.
Today instead of taking the answer that there was no update I would have at least asked -Can you confirm that the seller documents were indeed received? What date? How long does your imaging system take for those documents to show up? How much time does the negotiator have to review the documents once they are in the imaging system?
Instead we now get to wait one more week for an update. Oh yeah- and the update is scheduled for September 7th. Right. Labor Day. Because everyone is going to be working on that day.
What a joke.
Are you surprised? I didn't think so. The update today is, no update. Still in phase 1. No end in sight. The notes in their QuickBase system were "This file is still in phase 1 with no updates. The CSR sent an e-mail to the negotiator to escalate the process and to get an update."
For what? Another update to tell us that there still is no update? How about an update to tell us they haven't done anything yet because the seller's updated financials still haven't been uploaded?
This is actually comical- if you are not sitting in my seat. It is a total three-ring circus. Except there is no ringmaster and all the animals are completely out of control. The clowns are trying to run the show but they have no idea.
What about all the hype that Bank of America was streamlining their short sale process? How about those new employees they were going to hire? Let me guess- all the new hires are outsourced and off-shore. They don't truly have any access to anything except to see that the file is still in process.
Honestly I wish we were dealing with a less than great seller- one that had stopped making payments and was very close to foreclosure. I know for a fact those are the files that are being pushed forward while the average file like ours is sitting it's turn in line. Waiting. Waiting.
I have read so many chat boards- I have heard the horror stories. And now I have become one. I wish I was able to call on status myself. Not because I would act aggressively or inconsiderately, but because I would ask a few more "fact-finding" questions.
Today instead of taking the answer that there was no update I would have at least asked -Can you confirm that the seller documents were indeed received? What date? How long does your imaging system take for those documents to show up? How much time does the negotiator have to review the documents once they are in the imaging system?
Instead we now get to wait one more week for an update. Oh yeah- and the update is scheduled for September 7th. Right. Labor Day. Because everyone is going to be working on that day.
What a joke.
Saturday, August 29, 2009
What I Originally Expected to Happen
My husband and myself are both mortgage professionals. We deal with short sales every single day- from the aspect of lending to the buyer of a short sale. We were totally prepared for this- or so we thought.
From the moment we went into contract however it seemed our life had forever changed. We usually say the worst people to have to give a mortgage to are those that are in the business- and I suppose it is equally true for me. I will exclude my husband from that same generalization because it seems he really is able to step back and let all parties involved do their piece.
Myself? Not so much. It has always been hard for me to relinquish control over things and this is no different. I suppose it is because I have such high expectations about the job getting done- and done right the first time. The fact that our file has been with Bank of America for some hundred plus days and they have not yet even ordered a BPO is disconcerting to me at the least.
I talk myself off the ledge about purchasing this home every single day. Honestly, had we not already moved out and rented our home to someone else I am pretty sure we would be cancelling this transaction.
We know others that have been through specifically the Countrywide short sale experience. Namely our babysitter. She and her husband went into contract on a home in April and closed it in July. Originally the home that they bought went into contract in November, but two different buyers decided they could not wait any longer and cancelled their contracts. Maybe you know this already, maybe you don't- but Countrywide's short sale approvals are specific to each buyer. There is no substitution of buyers at the finish line- and incidentally if they cancel the contract and you find another buyer you go back to the start line. Do not pass go. Do not collect $200.
I was encouraged though- because knowing that it took eight months to close their transaction (but two other buyers had been in and fallen out), well, I thought ours would reasonably close within five months.
Right. Here we are at almost month four and we are logistically no closer to the finish line than we were on May 22nd or 23rd when the seller submitted their paperwork.
If you think I sound disenchanted, you are right. I am a writer by nature- it is something I enjoy doing. Sometimes I happen to think I am pretty good at it. I have been writing letters all throughout this process. My suggestion to you if you are involved in a short sale is to get out your trusty pen and paper. (or laptop). I'm not saying so much that my letters are getting me anywhere (except maybe in hot water with the seller's realtor) but I do happen to find therapy in at least writing what I feel.
I will post some of the letters I have written in upcoming posts. Don't copy my content- but feel free to write letters of your own as your situation dictates.
From the moment we went into contract however it seemed our life had forever changed. We usually say the worst people to have to give a mortgage to are those that are in the business- and I suppose it is equally true for me. I will exclude my husband from that same generalization because it seems he really is able to step back and let all parties involved do their piece.
Myself? Not so much. It has always been hard for me to relinquish control over things and this is no different. I suppose it is because I have such high expectations about the job getting done- and done right the first time. The fact that our file has been with Bank of America for some hundred plus days and they have not yet even ordered a BPO is disconcerting to me at the least.
I talk myself off the ledge about purchasing this home every single day. Honestly, had we not already moved out and rented our home to someone else I am pretty sure we would be cancelling this transaction.
We know others that have been through specifically the Countrywide short sale experience. Namely our babysitter. She and her husband went into contract on a home in April and closed it in July. Originally the home that they bought went into contract in November, but two different buyers decided they could not wait any longer and cancelled their contracts. Maybe you know this already, maybe you don't- but Countrywide's short sale approvals are specific to each buyer. There is no substitution of buyers at the finish line- and incidentally if they cancel the contract and you find another buyer you go back to the start line. Do not pass go. Do not collect $200.
I was encouraged though- because knowing that it took eight months to close their transaction (but two other buyers had been in and fallen out), well, I thought ours would reasonably close within five months.
Right. Here we are at almost month four and we are logistically no closer to the finish line than we were on May 22nd or 23rd when the seller submitted their paperwork.
If you think I sound disenchanted, you are right. I am a writer by nature- it is something I enjoy doing. Sometimes I happen to think I am pretty good at it. I have been writing letters all throughout this process. My suggestion to you if you are involved in a short sale is to get out your trusty pen and paper. (or laptop). I'm not saying so much that my letters are getting me anywhere (except maybe in hot water with the seller's realtor) but I do happen to find therapy in at least writing what I feel.
I will post some of the letters I have written in upcoming posts. Don't copy my content- but feel free to write letters of your own as your situation dictates.
How exactly did we get here?
So it all started one Sunday when I was surfing the internet. I don't know why but I was looking at houses for sale in our zip code. Not that we needed a new house, ours was perfectly beautiful.
I came across one in our dream neighborhood. It has a basement (and we live in the desert- so this would be a luxury). It was 6600 square feet (we could live in it with ten of our closest friends!) and it was only $389k. I hyperventilated. I called my realtor and asked her to meet us over there.
Unfortunately the home was so badly vandalized it wouldn't have made sense to even try to clean it up unless I was a general contractor. But that set the ball in motion. I asked our realtor to set us up for auto-pops to let us know when anything in that neighborhood goes on the MLS.
Four days later- bing! We get an auto-pop. Similar model (6300 square feet- we can only live there with nine of our friends) and this one was absolutely move-in ready. (well, the carpet and paint really could be re-done, but if you absolutely had to you could probably move in as-is).
The catch? It was a short sale. The highlight? We really didn't have any rush. We already had a beautiful home that we owned so sitting and waiting for the new escrow to close shouldn't have been any big deal.
There was my kiss of death. At any rate- we went into contract May 11th and began working on our financial arrangements. The loan approval was no problem- we had that within two weeks. We were more concerned about renting out our current home. I had been researching our neighborhood and was seeing that the homes in our area were averaging 60-90 days on the MLS and then were renting for decreased rents- and neither was a prospect we were excited about.
Because we are extremely conservative we decided to list our home for rent on the MLS on June 23rd. By June 30th we had so many offers we put it in contingent status and chose one family that was willing to wait until at least September 1st to take occupancy.
It should have all been fine, right? Except that we have had no forward progress on this short sale. So we debated back and forth- do we pass on the qualified tenants that we had that wanted to sign a two year lease or did we relocate temporarily in hopes that the short sale would be wrapping up within 60 days or so?
And that, my friends, is how we got to where we are. We relocated to a short term rental. Thankfully for us we were lucky to get this house. The landlord kindly sympathized with our situation and let us sign a sixty day lease with the option to go monthly after that. We packed half of our stuff into two sixteen foot PODS and the other half has been crammed into our little short term rental.
We have uprooted our two children (one aged almost three and the other eleven months). We have tossed our lives upside down. We gave up our beautiful four thousand square foot golf course home. And now we are in limbo and only praying that this short sale really does go through.
We even put an offer in on a bank owned home last weekend hoping maybe we could get some resolution there- but our offer was not even given a second thought as they took a cash offer with no notification to our realtor.
This has been an emotional process. Physically trying. And some days I feel my heart and my soul are just going to break. I wonder what I have done, and why I have done it. I have researched everything I can find about short sales- and I will continue to post everything I find for you in this one convenient location. Stop back by soon!
I came across one in our dream neighborhood. It has a basement (and we live in the desert- so this would be a luxury). It was 6600 square feet (we could live in it with ten of our closest friends!) and it was only $389k. I hyperventilated. I called my realtor and asked her to meet us over there.
Unfortunately the home was so badly vandalized it wouldn't have made sense to even try to clean it up unless I was a general contractor. But that set the ball in motion. I asked our realtor to set us up for auto-pops to let us know when anything in that neighborhood goes on the MLS.
Four days later- bing! We get an auto-pop. Similar model (6300 square feet- we can only live there with nine of our friends) and this one was absolutely move-in ready. (well, the carpet and paint really could be re-done, but if you absolutely had to you could probably move in as-is).
The catch? It was a short sale. The highlight? We really didn't have any rush. We already had a beautiful home that we owned so sitting and waiting for the new escrow to close shouldn't have been any big deal.
There was my kiss of death. At any rate- we went into contract May 11th and began working on our financial arrangements. The loan approval was no problem- we had that within two weeks. We were more concerned about renting out our current home. I had been researching our neighborhood and was seeing that the homes in our area were averaging 60-90 days on the MLS and then were renting for decreased rents- and neither was a prospect we were excited about.
Because we are extremely conservative we decided to list our home for rent on the MLS on June 23rd. By June 30th we had so many offers we put it in contingent status and chose one family that was willing to wait until at least September 1st to take occupancy.
It should have all been fine, right? Except that we have had no forward progress on this short sale. So we debated back and forth- do we pass on the qualified tenants that we had that wanted to sign a two year lease or did we relocate temporarily in hopes that the short sale would be wrapping up within 60 days or so?
And that, my friends, is how we got to where we are. We relocated to a short term rental. Thankfully for us we were lucky to get this house. The landlord kindly sympathized with our situation and let us sign a sixty day lease with the option to go monthly after that. We packed half of our stuff into two sixteen foot PODS and the other half has been crammed into our little short term rental.
We have uprooted our two children (one aged almost three and the other eleven months). We have tossed our lives upside down. We gave up our beautiful four thousand square foot golf course home. And now we are in limbo and only praying that this short sale really does go through.
We even put an offer in on a bank owned home last weekend hoping maybe we could get some resolution there- but our offer was not even given a second thought as they took a cash offer with no notification to our realtor.
This has been an emotional process. Physically trying. And some days I feel my heart and my soul are just going to break. I wonder what I have done, and why I have done it. I have researched everything I can find about short sales- and I will continue to post everything I find for you in this one convenient location. Stop back by soon!
In the Beginning....
Ever wonder how it all starts? Exactly how does a short sale become a closed sale?
Good question! So far, we don't know. We are bogged down in a short sale right now- as buyers- with no apparent end in sight!
So here is a timeline for you:
May 7th 2009- home listed on MLS for $450,000
May 9th, 2009- we offered list price plus three percent seller concessions
May 11th, 2009- seller accepted with no counter
May 22nd, 2009- short sale negotiation company (independent third party short sale processing company) submitted the seller's short sale package to Countrywide (now Bank of America)
Wait for it.... Wait for it.... No status updates whatsoever until-
July 6th, 2009 assigned to a Phase 1 negotiator. We were told they had fifteen days to review the package.
July 14th, 2009- Phase 1 negotiator is the only person that has done their job in a timely manner. File was moved on to Phase 2. Supposedly...
Wait for it... Wait for it....
August 13th, 2009 Bank of America requested updated financials from the seller
August 20th, 2009 seller's financials were sent in a few days prior but BofA still did not have them uploaded in their system.
August 27th, 2009 seller's financials still not showing in the system. Short sale processing company tells us that BofA indicates "sale date" of the property is September 23, 2009. Ummm, this house is not in default. What the? Ooops, wrong info. Short sale processing company calls back and is told still no update. BofA will not order the BPO until the sellers financials show in their system. By the time they show in the system no doubt they will be expired again.
Next follow up date is scheduled for 9/2. I have zero optimism that we are going to have any further progress. We have been in contract for 110 days.
I spend more of my time now searching for anything related to "Countrywide Short Sale Success", "Countrywide Short Sale Timelines", "Bank of America Short Sale Process", you name it- anything short sale related. I am becoming an independent expert on this process- so if you are looking for a catalogue of information you are coming to the right place.
Bookmark it. Visit often. Comment. Tell me your situation- and how you found success (or why it failed). Share! Share! Share!
Good question! So far, we don't know. We are bogged down in a short sale right now- as buyers- with no apparent end in sight!
So here is a timeline for you:
May 7th 2009- home listed on MLS for $450,000
May 9th, 2009- we offered list price plus three percent seller concessions
May 11th, 2009- seller accepted with no counter
May 22nd, 2009- short sale negotiation company (independent third party short sale processing company) submitted the seller's short sale package to Countrywide (now Bank of America)
Wait for it.... Wait for it.... No status updates whatsoever until-
July 6th, 2009 assigned to a Phase 1 negotiator. We were told they had fifteen days to review the package.
July 14th, 2009- Phase 1 negotiator is the only person that has done their job in a timely manner. File was moved on to Phase 2. Supposedly...
Wait for it... Wait for it....
August 13th, 2009 Bank of America requested updated financials from the seller
August 20th, 2009 seller's financials were sent in a few days prior but BofA still did not have them uploaded in their system.
August 27th, 2009 seller's financials still not showing in the system. Short sale processing company tells us that BofA indicates "sale date" of the property is September 23, 2009. Ummm, this house is not in default. What the? Ooops, wrong info. Short sale processing company calls back and is told still no update. BofA will not order the BPO until the sellers financials show in their system. By the time they show in the system no doubt they will be expired again.
Next follow up date is scheduled for 9/2. I have zero optimism that we are going to have any further progress. We have been in contract for 110 days.
I spend more of my time now searching for anything related to "Countrywide Short Sale Success", "Countrywide Short Sale Timelines", "Bank of America Short Sale Process", you name it- anything short sale related. I am becoming an independent expert on this process- so if you are looking for a catalogue of information you are coming to the right place.
Bookmark it. Visit often. Comment. Tell me your situation- and how you found success (or why it failed). Share! Share! Share!
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