The Slowest Short Sale Transaction Ever
Kevin Kauffman is united for forgettable Friday by the always dapper, Coach Collard. We’ve got a small situation to communicate with you today regarding a listing that Fred and Kevin took in November of 2008.
So, a year and a half ago, Kevin and Fred took a listing in the Scottsdale, AZ vicinity listed at $330,000. That is what the property was worth in November of 2008. Remember that the market was still diving progressively at that point. They got an offer at $330,000 and took it to lender. Utilizing the same short sale method, they kept getting rejected. There was a dispute on the value of the house and were constantly rejected through January of 2009.
The first servicer on the folder was COuntrywide and the second was Bank of America. At that point Bank of America was in a very hard situation. Also, in the middle of this procedure was the Countrywide amalgamation which formed additional problems.
We put the property back on the market and received another bid at $270,000 and got rejected. The purchaser eventually walked away from that. Once more, we got an offer at $265,000 and once more the contract was rejected and the purchaser walked away.
It has been an uniquely challenging file because we rarely go through 1 or two offers, but with this file we have had many buyers walk away. We finally got an offer approved at $255,000 in the first quarter of 2010 after 6 weeks. After the inspection, the buyers walked. Nevertheless, we had another buyer with the same bid and same net earnings for the bank. The negotiator didn’t believe that was an easily approvable deal. It took an additional month to review and were rejected for the same bid that was accepted before.
So, we had to escalate to the investor and bring this to their focus. The investor looked into the folder and found out that the agreement was approved. Over a 19 month period a bank rejected numerous better bids purely because of lack of communication.
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