Hi all,

My girlfriend and I are first-time home buyers living in Chandler, Arizona. About two months ago, we found a house we really liked in Mesa, Arizona that turned out to be a short sale, so we made an offer and sent it off to the managing agent, not knowing what we were about to get ourselves into.

Two weeks go by with no word, with our Realtor calling the managing agent on a daily basis. Finally, the agent tells us that the house is going to go to auction. We figured we'd just wait and scoop the house up once it didn't sell at the auction and became a bank-owned property, because we were fairly confident it wouldn't be purchased. Well, the agent calls our Realtor back a few days later, and tells him that he managed to convince the bank to hold off on the auction until they figured out what they wanted to do with the property.

So, another MONTH goes by, and our Realtor finally gets an update from the agent, telling him that the house is going to auction after all, because Countrywide (the managing bank) accepted our offer for the house, but the insurance company involved didn't. The house went to auction two weeks ago, and didn't sell. Now it's a bank-owned property.

Here's the problem: Countrywide says it will take a few more MONTHS to put it back on the market. Meanwhile, our lease in the house we're renting now is about to expire, and who knows what will happen to the property over the course of a few months with nobody in it. We have arrangements to put our things into storage and live with my girlfriend's parents for a little while, but a few months is pushing it.

Is there any possible way to get them to act faster on this? It's utterly ridiculous to me that they have buyers that want to take the property off their hands right now, and they're not acting on it. Is there somebody I can talk to at Countrywide that will listen to reason, or any other techniques anybody knows of?

Thanks for reading all of that...please, I'm desperate!

I have had less than great results trying to get Countrywide to react quickly on anything. In my opinion you will do better in a foreclosed sale than a short sale. For one thing, if there was PMI, they collect 20% of the loan amount and that gives them more wiggle room. The several month window lets the tax liens that could still attach to the property expire and their appraisals etc may still work in your favor.

Think about it this way, if Countrywide was smart and made good business decisions do you think they would be in the mess they are in today?

__________________
Dan Connolly
Atlanta Georgia
Atlanta Georgia Real Estate
Atlanta Foreclosures
Search for Atlanta Real Estate

There may be more people interested in the property when it comes back on as a bank owned home. Many buyers are straying away from short sales just because of the time involved and the fact there is no guarantee the sale will be accepted by the lenders. The bank owned homes are often assigned the listing agent several days to weeks before the house makes it back onto the market. Keep your eyes and ears open as they may be able to give you or your agent a small heads up on when the house will be back on the market. At least here, countrywide requires a prequalification from countrywide representative to accompany any offer. You do not have to get your financing through countrywide but have to have been prequalified with them.

__________________
Carolyn Gjerde-Tu

Davis CA Real Estate
Granite Bay Real Estate Sacramento Real Estate

Hello Airius, seems to be a pickle. Listen, what I would do is prioritize my objectives. First, I need to secure dwelling for my wife and I immediately. Ask your landlord if you can pay and additional $50 on your lease for a month to month, and let him know you will give him 30 day notice. After securing dwelling, then you can work a strategy with Country Wide. Remember, Countywide is a publicly traded company that is worldwide. All short sales will take time. Even under a normal process, this could take additional months. In addition, that is not the only foreclosed deal out there! There is always something better....

In closing, first, secure immediate dwelling with your current landlord, then work on the Countrywide Short Sale or any other foreclosed property in your area. Best wishes and be Blessed.....

__________________
John Enxing
CRI / Broker Associate
DWELL NEW ORLEANS

New Orleans Real Estate
French Quarter Real Estate
New Orleans Condos




"Excellent Service Isn't Defined, But You Will Know It When You See It"