Hello Again, Folks,
I know it’s been a few weeks since I’ve been able to post anything about short sales and the like, and I wanted to keep you up-to-date on the current state of this aspect of the Arizona market. The reason I have been unable to post? I’m up to my eyeballs in short sales and foreclosure homes! So, what’s been going on? I have determined a few things that may be helpful to both homeowners and real estate agents dealing with these nasty bits of real estate practice:
a.) If you can help it at all, stay the heck away from Countrywide if pursuing a short sale! I have written about the Blundering Nincompoopery of Countrywide before, and nothing has changed. These guys are the most inept bunch in the industry. For example, I have a short sale that was just accepted by Countrywide, in which the offer on the home was sent to Countrywide on February 19th, 2008. By the time this file closes escrow, it will have taken . . .uh. . .too long. WAY to long!
Interesting side-note: The last two short sales I completed with Countrywide were of a very interesting nature, and probably shouldn’t have been accepted in the first place. On the first one, the homeowner never missed a single mortgage payment, and on the second, the homeowner never sent in any financials. No bank statements, W-2s, tax filings, income statements, not even a financial worksheet. Just a hardship letter. Do not try this at home. It will not work for you; I am simply THE MAN ;>)
Really though, and this brings me to point b:
b.) Short sales are won, or lost, on the tenacity of the listing real estate agent. If you EVER take “No” for an answer, you are sunk. I don’t know why, but I have always enjoyed having my way with bureaucrats. Some fun and pleasant memories: The power company calls to say that the power is being turned off for non-payment. By the end of the hour-long conversation, it is their fault, they are apologizing, waiving all fees, and I have a credit balance of $278. Calling the credit card company, and demanding that they lower my rate from 13% to 6%. Leasing an Infinity G35 for $187 per month, with no money down, and a full maintenance package thrown in, for uttering the magic words: “Oh. . .I thought you guys were a LUXURY car dealership!”
Ass-holish? Maybe. Love to parlay? Absolutely! Maybe I should have been an attorney. In any event, don’t give up!