I ran into a previous client today. I had tried to conduct a Short Sale for her back in 2007 to 2008. I had priced the home at $199,000and received 8 offers. After the bank conducted it's appraisal andagainst my strong objections, they determined they would take nothingless than $259,000. I tried to get the negotiator to come to her sensesand warned her and later her supervisor that they would be taking thishome back if they didn't accept the sale now. All 8 of my offers walkedand the house didn't sell. It went back to the bank in December of'08.
Of course, after speaking with her, the first thing I did when I got back to the computer was search the MLS for the old property. I wascurious what the home sold for and when. I wasn't surprised to findthat it was still on the market after going thru 3 REO agents. Today,it is listed at $187,000. Values have come up slightly so it's onlyabout $10,000 over priced today. But it still hasn't sold.
It's been a year and 3 months since the bank could have sold this home for $199,000. During this time they've been paying the outrageous$300 HOA fee per month. According to the current MLS, they recarpeted,installed new appliances and painted the entire interior of the house.They've kept the house clean and the yard done. All of which cost thebank money.
I would love to be able to call the negotiator and her supervisor back to say "I told you so", however I know it's to no avail. But it'sfrustrating to know that I could have accomplished something and was notallowed.
The banks seem to be doing better. But...will they ever really "get it"?
By the way, if you or someone you know is at risk of losing a home to foreclosure, please know that there are new options available to avoidthis devastating occurrence. And know that there is someone here you cantrust to help. As a Certified Pre-Foreclosure Specialist, I understandthe ins and outs of Short Sales and Loan Modifications. I am also aWachovia and World Bank trained Pre-Foreclosure expert and well educatedin the Government’s new H.A.F.A. and H.A.M.P. programs for helpinghomeowners facing foreclosure.
CLICK HERE TO AVOID FORECLOSURE
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