Replies to This Discussion

Permalink Reply by Brigitte Powell on February 24, 2011 at 12:36pm

LOL!! Yes Brigitte, I have a GMAC SS...my folks have not yet received a foreclosure notice and it has almost been a year.

We had an offer of 315,000 they demanded 340,000 because of some jerk who did a BPO and apparently thought she was getting the listing. we lost the offer and I listed it for 340,000 for three months...they did another BPO and now almost 9 months later they tell me "list it for 320,000, and we hope someone comes close to that"...... I hope that happens, but I doubt it.  They did not listen to me. I sent sold comps and I sent active listing comps.  I wasted no words and told them they were crazy when they demanded 340,000 (it was more than the tax assessment).  Yours may end up going to foreclosure.  Tell your buyer to buy it at foreclosure....sorry, GMAC has no clue.

Permalink Reply by Sue Martin on February 24, 2011 at 7:13pm

I just closed a short sale with GMAC.  The first go around the clients offered $550.  The BPO came in at $580.  We battled for a while and the buyers walked.  The second go around, the best I could get offered was $520,000.  We had 3 offers, the others were lower.  I sent comps, since the property values were still falling, that supported $520k-540k.  They came back with a new BPO of $575 - a local agent!!  I sent sold comps again, they lowered the comps to $561.  I countered the buyers, they countered back at $545,000.  CMAC said no for a long time, I kept on them and escalated it to the supervisor.  I continued to show the sold comps letting them know we already when down from our first offer and the seller was ready for a foreclosure if necessary.  Finally GMAC accepted -IF- the seller or buyer (NOT the agents) would bring in a contribution of $2000. The buyers came in with the cash and we closed.   So Brigitte, you can get it closed, just hang in there and keep escalating!  Good luck!

Permalink Reply by Cameron Piper - Keller Williams on April 14, 2011 at 3:13am

GMAC has an internal policy to counter all short sale offers. Send back an addendum from the buyer that their highest and best offer has been submitted in addition to an updated HUD1 and see where your negotiator goes with it. Caution the buyer they you eventually need to ask for more but right now you need to call GMAC's bluff on the offer price.

Permalink Reply by Jeff Payne on April 14, 2011 at 3:30am

Cameron, that is the first I have heard of that policy, the last 2 GMAC short sales I did were approved within a week of submission with no counter offers.

Permalink Reply by Cameron Piper - Keller Williams on April 14, 2011 at 4:03am

Jeff,

 

It might not be a specific policy but it certainly is a strategy they employ. 

 

I submitted a short sale to GMAC this week for a military transferee.  Through the DOD there are federal funds to assist this particular seller in the loss on their home and they have chosen to apply those funds to GMAC in the hopes of an expedited approval on their short sale.  I sold the house at a market value and with the DOD funds the proceeds to the bank will double. 

 

In explaining to the negotiator how the program worked, she commented that she would likely have to counter the offer but didn't want that to blow up the transaction.  2 days later a counteroffer was received for $7K more than the buyer had offered.  I explained to the bank that even if the buyer were to put in additional funds, the DOD would simply reduce the amount that they would contribute.  Why counter an offer with proceeds of 2X market value, when any increase of the offer will not net the bank any additional money?  Likely because there is an internal policy that told the negotiator that she had to counter the offer.  Its all speculation - but thats all we have as agents - GMAC isn't going to roll out the playbook for all of us to read.  Cheers!!

Jeff Payne said:

Cameron, that is the first I have heard of that policy, the last 2 GMAC short sales I did were approved within a week of submission with no counter offers.

Permalink Reply by Brigitte Mueller on April 14, 2011 at 8:13am

Just want to update to this short sale with GMAC that I"m working.   I did provide comps back to GMAC and they accepted the buyer's offer.   Of course, since then I've run into FHA appraisal issues, termite treatment and a broken garage door opener.  Fortunately the buyer paid for all these and we are scheduled to close in the next 7 days.