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I know This is Repetitious!

Okay! I have been waiting 4 1/2 months now for an accepted offer on a short sale. My buyer, believe it or not, is still waiting. The listing agent said she was assigned a new negotiator. The lender is Countrywide and told the agent that they will give a 5% not 6% commission. I do not know why they are taking so long. They have had 3 appraisals and the property is not worth more than what we offered. We came in a bit over the listing price. Has anyone dealt with Countrywide and do they come through? I truly do not want to deal with any short sales but most of my buyers can only afford these homes. I have just written a third offer with another buyer on a short sale. The first loan is with Wells Fargo and the second is with Countrywide. My friend just viewed a property with a listing price of $545,000, the owner is a real estate agent. The owner said the lender witll not take less than the first loan wihich is $620,000. Then why is it listed for $545,000? He said at the higher price there hasn't been any activity. This does not make sense. Some buyers do not believe that they will not get an offer accepted if they try to negotiate less than the listing price. The media tells the public they can get a deal! In my area this does not happen. Is anyone closing short sales? I do wish that the buyers would listen to their agents and respect their knowledge of the business.

Posted Wednesday Aug 20

Jean.....the short sale market is crazy.  My listing in livermore has been at the lender since may.  it was again submitted for reapproval due to some back taxes.  now the problem is the second who charged off their loan will not take less than 10 % of the face value.  there isn't enough money to go around so the seller offered to do a promissory note to the bank.  they have come back and said it is not their policy to take a note, then also said they would like to see the first foreclose so they spend more money on the property (throwing good money after bad).  so bottom line this will go into foreclosure, the buyer will walk and the seller takes a major hit.  go figure.

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