Question Details

Hunter, Home Buyer in California

Seven wks ago, on the morning we submitted our offer on a pre-forclosure, the seller, an 80 yo widow,

Asked by Hunter, California Tue May 13, 2008

received foreclosure notice. She has submitted her hardship letter, etc. We were told the bank agreed to consider our offer, but to date no acceptance. First loan balance with Countrywide was $165; there is a 2nd with another lender. Our offer was $190K. There are no other offers on the property. Neither real estate agent has been able to get any information from Countrywide regarding status. We understand CW's size and problems, but this seems a long time to wait just for acceptance. Advice?

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My guess is that it is just stuck in the pile on someones desk at CW. Like I mentioned before, the agent has to be persistent. An agent in our office took a week of daily phone calls one of his short sale listings that had a received a very good offer. He finally got a hold of a VP at CW, did a little venting and things finally got moving. Like I said ... it takes persistence and patience.
0 votes Thank Flag Link Tue May 13, 2008
It was listed as in pre-foreclosure status when we drew up the offer, but the morning our offer was submitted the listing agent said the seller had received the foreclosure notice less than 24 hours earlier. We were told the lender thought our offer reasonable and was willing to work with it. Yes, there was a deadline for acceptance that is well past, but we kept the offer out there as we've been dealing with multiple family situations that have diverted our attention and we have no pressing situation requiring us to move right away. Both real estate agents indicated that a response from Countrywide might take time, so we weren't overly concerned when nothing was heard, but now feel like something isn't right.
0 votes Thank Flag Link Tue May 13, 2008
CW is tough, but the listing agent has to get in touch with the foreclosure dept. and find out the person handling this loan (now in default.) and get an extenion on the foreclosure date if ione was given. Then he must get in touch with the loss metigation dept and find the negoiator for the transaction. They will need to document ALL names of who they talk to with their phone numbers. It will take multiple phone calls to get to the right people. They have to be persistent meaning multiple calls EVERYDAY. Then they will have to do the same with the second lien holder, to negoiate their payoff. If the listing agent is not experienced in pre-foreclosure or short sales, get their broker involved. 7 weeks is a long time, but not uncommon. If the agents aren't contacting the right people, it can simply get lost and forgotten. They must be persistent to the point of being annoying.
If you really like this property, hang in there. It will take a while. If not, withdraw the offer and move on.
I hope this helps. Good Luck
0 votes Thank Flag Link Tue May 13, 2008
Your realtor should have gotten a response 7 wks ago is a long time, did your agent put a deadlineon the offer?
My understanding on a foreclosure is that the person with a second lien has not ground on the foreclosure.
I suggest that your realtor contact the company. If they keep dragging it out rescend your offer and then make a new one with a deadline for acceptance. Maybe I should ask was this a listed foreclosure?
0 votes Thank Flag Link Tue May 13, 2008
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