David Krecker, BSBA, SRA, MRA
Centuryside Real Estate Inc.
Broker/Owner/State License Appraiser
Serving the areas of Orange County, Los Angeles County, San Bernardino, and Riverside.
I know it can be very frustrating. What I have gathered from my short sales with Countrywide is after you have re-submitted with your offer for more money, they still have to do the process over again. I know it makes absolutely no sense, but that is Countrywide. I recently had a short sale with them and my seller had back HOA fees that were owed. They did not want to close because of that and wanted me to cut my commission once again. I had already done that and told them I would not do it again. They just plain and simple don't like short sales. Like with this deal of the past due HOA fees, they'd rather let it go to foreclosure and lose more money then just take care of the few thousand dollars in HOA fees. Makes no sense to me. But, I would not take "NO" for an answer. I kept calling and asking them why they refused to do it. You have to walk a fine line because they are over worked and under paid. Each one of these "negotiators" have tons of files on their desk and really don't care. It is just another file to them and unless some begging, pleading, and getting them on your side, it can take a while. Sometimes even doing that does not get the deal done.
It is important that the listing agent knows how to handle these short sales. The listing agent is the only agent that can communicate with the lender because the seller must sign an authorization form in the beginning "allowing" them to also be able to talk to the lender on their behalf.
Be glad that at least they just did not say no to your offer. If you offered them what they asked for, I am sure it will get taken care of. Have your agent contact the listing agent and ask them if they have put the foreclosure on hold. It sure seems like they have as foreclosures are typically started when they are 90 days past due. Then it does not take all that long for the foreclosure to happen. However, have the listing agent remind them of the NOD (Notice of Default) that was filed and ask them if they have put it on hold just to be sure. That would be my words of advice for you.
Good luck and I have a good feeling things will turn out just fine for you!
Joan Patterson, B.A., A.S.P., G.R.I., Realtor
Keller Williams Realty
8250 White Oak Avenue, Ste 102
Rancho Cucamonga, CA 91730
Your agent should be talking with the listing agent and develop a plan to bug the CW manager. I used to call that "tickling". You just keep your file first in their mind. These lenders are all over-worked, do not have a lot of experience, and are short-staffed, so "the squeaky wheel gets the grease."
Are you looking for another house? There is so much available now & prices continue to drop. If you find something else that you prefer, you have no obligation to Countrywide if they end up accepting your offer. Why don't you look for traditional sales and REOs instead of short sales?