Short sales waste of time? Realtors help

[tonypeoni]

I need a realtors advice. Ive spend the last 103 days waiting on a Fannie Mae short sale that was supposedly approved. Now Im being told that fannie mae is giving ZERO to the second and is demanding full release of the lien. The servicers are Green Tree on #1 and Ocwen on #2. Ocwen wants $6000. Im paying over Fannies BPO and I offered to pay $6000 more but Green Tree said great we will just keep it all! Ocwen will get nothing. From what Im being told this is illegal on Green Trees part they have to offer 6% of the unpaid balance to ocwen. My realtor has basically stop communicating to me. She is the selling agent too. This after she promised to me that this would take less than 60 days then kept telling me just a few more and finally get my loan ready we are approved. Now this. This all happened over the course of 2 days. Basically the deals off and goodbye. This is the reason she gave me...

Any realtors that can advise me?

[nota]

the is as much funny biz in selling off the propertys
as there was getting in to the mess/crash

the place next door to me has been empty over 5 years
bank of america will NOT foreclose and is keeping the property in the owners name
and claim they have no record of the property as theirs
also they will not set a price or even discuss selling the property
but are paying the board up guys and the lawn crews and inspectors

over all there looks to be a bad bias to only sell to investors not people who want to live there
I fear this will create many more rentals and far less owner occupied homes
and that is NOT a good thing for the area

just any other way the big guys screw can the little guys they will
that is the kind of stuff that need investigation

[fintstone]

I will give you the same advice that I gave you last time you posted on this topic Buying a short sale..

Originally Posted by fintstone

I was the first to make an offer on a short sale...full price, cash offer. It was rejected and the home sold to another person for about $100,000 less. Every one of these that I have any personal knowledge of have been a scam in some way...so I am not playing any more. I am only looking at repossessions like Fannie mae or regular sales. It is just not worth the waste of time to me.

I followed my own advice and close on a home (regular sale) on 1 July. I am getting it for about #100K below asking and I believe, at least $50-$100K below market. If you really want to buy a house to live in while prices and rates are low, your window may be limited. Don't screw around with these "deals." There are plenty of sales out there that are almost as good and legit...but they are drying up pretty quickly in many places.

[cashflyer]

Originally Posted by nota

the place next door to me has been empty over 5 years bank of america will NOT foreclose and is keeping the property in the owners name

The house across the road from me has been empty for 1.5 years. The bank, Cenlar is doing the same thing you mentioned... The house is still in the "owners" name.
Some of the neighbors have inquired with the bank about possibly buying it out of default, and the bank has flat our stated that it is "not on the market at this time".

[fintstone]

You can assume too much sometimes. My house in Vegas is empty. I pay the mortgage, taxes, insurance, utilities, maintenance. It has the best kept front yard in the subdivision. It is not on the market because I would have to bring bout $300K to $350K to closing to make up the difference between what I owe and what it would sell for...and I would rather not do so. It is really none of the neighbor's or the bank's business.

[cashflyer]

Originally Posted by fintstone

You can assume too much sometimes.

Who... me?

[fintstone]

Originally Posted by cashflyer

Who... me?

No...meant the "global" you. In general, people sometimes make assumptions regarding vacant properties that may not match reality....the same is true for short sales.

As far as short sales, banks are businesses and have to do what is best for business. If Tony cannot get the bank to go along with the short sale, he must realize that the owner short selling may not have offered the best deal for anyone but himself...and Tony.

[GDSOB]

I live in a short sale house that took 6mos to close and I was the buying broker.

The first mortgage holder doesn't need to give the second anything. However if they want to get a deal done, something will happen. Short sales are far from a standard real estate transaction. The banks have numerous disclaimers that allow multiple offers with no response required. If you had any contingencies at all with your offer, they may be negotiating with a buyer with a more straightforward offer.

[john70t]

Originally Posted by cashflyer

The house across the road from me has been empty for 1.5 years. The bank, Cenlar is doing the same thing you mentioned... The house is still in the "owners" name.

Because if the bank actually "owned" the house, they'd have to pay property taxes.

Just like the rest of us...

This way, the central bankers can:
Change T&Cs after a contract is signed([fraud),
Sell off parts into REITs(leveraged speculation from thin air),
Get bailed out with tax dollars(communism),
Pay their CEOs billions for poor performance([not capitalism),
Refuse to negotiate and steal someone's home(fraud),
Possess the actual real estate, but force the former owner to pay taxes([fraud)

Why is this "legal" by any stretch of the imagination?

[dennis in se pa]

1. Find another agent to represent you. As the listing agent she has the owner's interests first.
2. Find an agent with a brain, there are a few out there, and one with some experience with short sales.
3. Be aware that the lender tends to hire people with no brains and no experience to negotiate with your Realtor. This means your Realtor has to be persistent.
I have been through this as an agent a few times. It is very frustrating to deal with the people you end up having to deal with on the lenders side, but worth it in the long run.
Keep looking for another, possibly better deal.