Ocwen Wants One Week to Close....
Hey Guys -
I have been lurking on this forum ever since my offer was accept for a short sale, almost a year ago. I do not want to give too many details, but I am (or would be) the buyer in the transaction. I agreed to let the listing agent represent me, in order to get my offer approved by the seller, and have since been waiting for the bank approval from OCWEN.
Our initial short sale application was denied, because the sellers were current on their mortgage, so we had to wait for them to be delinquent and re-apply. They received the notice of default in April, and we re-applied for the short sale. Sometime in July, OCWEN said that our offer looks good, and they were cancelling the foreclosure and moving forward with processing the short sale. As you can imagine, this made me feel very optimistic about the transaction. For the several weeks that followed, all the updates were to the effect of, 'offer looks good, we are just processing the application'. Or, the occasional claim that documents were missing & needed to be resubmitted.
Fast-forward to last Friday, when OCWEN contacted the listing agent and said that we are ready to be approved, but we won't be able to close in time, because they have set the foreclosure date for 9/06. They said if we could come up with an all-cash offer by 9/03, then maybe they would take it.
The agent is working on getting confirmation of approval of an all-cash offer, but even if it happens, I am not sure if I will be able to pull all the cash together, and the lack of guarantee of the financing options once we secure the property are scary.
Part of me is super bummed (though after reading this forum for months, I was fully prepared for the worst of news), and part of me just says let it go and move on.
I just wanted to offer up my story to the group and see if anyone has any advice for me. I have purposefully strayed from posting any specifics, as this is a public forum, and I imagine folks from OCWEN and possibly the parties involved in my transaction might read my post.
Despite the insanity of my situation, I just wanted to say that this forum has been an excellent resource, and I have appreciated the ability to read all of your OCWEN short sale stories & advice.
Thanks again!
Replies to This Discussion
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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drummer - I tell it like it is and I don't sugar coat anything -
You made two fatal mistakes..... 1) You used the Listing Agent to represent you believing they had the power to "get you this house" - they don't!! 2) You waited too long for this one. It's OCWEN, they don't close on short sales and they own their own RE Brokerage so they don't want other agents selling properties when they service the loan - more money out of their pocket.....
The Listing Agent (if they actually have experience in short sales knows this) Now, prices have increased dramatically since a year ago so I expect OCWEN will likely want more $$$. My suggestion - move on - and DON'T use the Listing Agent next time - their loyalty is to the Seller, and when they do both sides, themself - not you.
Best,
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Permalink Reply by vfxdrummer on
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Thanks.
I do believe that the agent was acting in my best interest, in this case. (I researched them, ahead of time. And, all along during the transaction, I strongly felt that they were trying their best to work out the deal for us) That being said, I definitely see your point, in the general sense. At the end of the day, Ocwen was never going to make a deal and just was going to keep stringing us along until foreclosure, as they did. Once I started reading this forum, I had a feeling that it would go this route.
In the end, I didn't see anything out on the general market that we were interested in, and decided to stay with this property, hoping for the best. Hope is not an investment strategy, and there were a lot of lessons learned on this one.
While, I can never get my time or possible opportunities back, I did learn quite a few lessons on this one, and am all the wiser for it. I have a better idea of what to jump on and what to avoid, going forward.
I just feel bad that everyone's time was wasted, and that hope was given to all of us, only to be ultimately crushed, in the end. The sellers are out the most, they stopped paying their note, trusting that we would be able to take over the property. Now, they face foreclosure, though, that was probably their ultimate destiny, given the situation they were in, anyway.
At the time I received my approved offer, quite a few of my collegues had successfully purchased short sales - I was hopeful. The market turned on a dime, however, and it was off to the races.
I missed out, so I just keep saving, stay patient, and wait for the next opportunity to come along.
Thanks for the advice.
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Permalink Reply by Short Sale Superstars LLC on
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Drummer,
I feel that since it is an approved short sale that you have a shot at having the foreclosure sale date postponed long enough to close. I see this get done on our transactions all the time, but it is never guaranteed. Whoever is processing your transaction needs to start lighting some fires in hopes of having this postponed as it seems all you would need is 1-2 additional weeks to close and mitigate losses for their investor.
310-564-6389
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... assuming they actually "approved" the short sale and aren't just toying with us.
This is OCWEN, after all. Interesting that they stall the approval long enough to say that it's butting up against the foreclosure date.
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I personally love working with Ocwen as we have great contacts over there. I'd push hard to receive the approval letter ( if it is approved ) as one way or another it would assist with having the FCL sale date postponed. Depending on how delinquent the borrower is and the status of the short sale we have seen Ocwen be very willing to postpone foreclosure sale dates as of lately.
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Well, that's good to know. Thanks.
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Mr. Brett here got our auctioned postponed & is working on closing our deal.
I suggest that anyone who needs assistance give him a ring and put him to work.
He's been enthusiatic and confident about his ability to help us out, and got results in one day.
Thanks, Brett!
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I just want to reply to everyone that Brett got this deal DONE.
We are closing this Tuesday. He was nothing but completely professional, confident & positive at all times.
He got the foreclosure auction postponed in one day and had an approval in 3 weeks. He is amazing, and a go to person for anyone looking to get a short sale done.
Brett is going places, for sure. Thank you so much for helping our family get into a home!!!
You have done the unthinkable.
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I just want to note that Brett's positive attitude will always win over the certain negative attitudes that are on display towards the top of this thread.
Positivity wins the day - Brett is the man!!!
Brett - I wish you much future success in life, though from my dealings with you, I know that you will achieve it, on your own.
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Permalink Reply by Bryant Tutas on
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awesome
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awesome is right!
I suggest that everyone hire Brett to get their short sale pushed through.
He's amazing!
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A HUGE thank you to this forum, as well!
Without it, I would of had zero information and been completely in the dark.
Also, w/o it, I would have never found Brett and gotten the deal DONE.
Thank all of you so much for moderating / participating in this forum.
My family is very thankful for all of you!
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