My listing is a short sale with Wachovia....We listed at 299k, and gradually reduced the price to market value of 180k in Oct 2008. Wachovia loss mitigator told me appraisal done 10/08 was 195k. I later discovered it appriased at 187k.In Oct 2008 I recieved 3 offers if approx 185k and all offers were turned down by Wachovia as not acceptable to "investor". They ordered another appraisal on my vacant listing in Mar 09 and they are telling me it came in at 223k. 40,000 appreciation in this market over less than 6 months would raise anyone's eyebrows.I have contacted Fannie Mae on 4 seperate occassions over the past month beginning 4/22/09. Today I was told that since I called to follow up, each time I call back I am put back on a new waiting list and that is why Fannie Mae has done nothing. I recall similar behavior from Countrywide recently.If anyone has any wisdom to share I would love to hear your input.
It just makes you want to pull your hair out, I have had the same issues with most of the short sales I have done. They say it is getting better, but to me it seems to be going the other way. Good luck
Loss mitigation "negotiators" are nothing but debt collectors and frequently they show this by doing just what you stated above. Lie and coerce for better offers. I've seen this done time and time again. It is not a good situation since we as professionals think we are dealing with professionals. We aren't.
I am on the same situation with Countrywide, property has been listed since June 2008, had several offers, 2 appraisals, 4 contracts have come and gone and the fifth is on her desk right now, property was ready for trustee sale in April, but they posponed the auction at the last minute. Sometimes I wonder if it is better for my client to turn the house back to Countrywide in lew of foreclosure or to do a bankrupcy.
In a better note I send a short sale contract o Litton yesterday, and I have the approval today of the short sale this evening.
i am in a very similar situation with Bank of America at the moment. My client is considering contacting an Attorney to pop off a letter saying take the deal of else. I am not an Attorney so I don't know that the "or else" really is but, the Attorney we spoke with seems to think he can get it done. My client hasn't made any decision yet but, we shall see. I will update this blog post as I learn more.
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In a better note I send a short sale contract o Litton yesterday, and I have the approval today of the short sale this evening.