Hi folks. Today, I spoke with Countrywide (CW) about one of my short sale listings. This particular home was placed on the market back in July of this year. I priced it properly and within a few weeks submitted a cash contract to CW for $87,000. Since the 3 most recent sales were for $85,000, $87,000 and $90,000 I figured CW would jump all over this deal and remove their 3rd party approval so we could move toward closing….. WRONG!!!
After many attempts I could not even get this transaction in front of a negotiator. I tried and tried and tried but they kept telling me the offer was too low. After about 2 weeks of going back and forth I finally spoke to someone at CW that told me their opinion of value was $105,000 and to resubmit at that price if I wanted it to be accepted. Well the Buyer said “adios” and went and bought another house. This all took place back in August.
In late September CW contacted me to let me know they had declined the short sale!!! Heeeeeeello…..you had already done that 6 weeks ago!!!
Anyway……after the contract being declined, in August, I placed the property back on the market, at $105,000, to try and meet CW’s expectations of value. Of course that got me exactly where I knew it would…..no where. The property languished on the market with 100s of other over priced listings while the properly priced REOs (bank owned properties) were selling with multiple offers.
As usual, I started reducing the price every 10 to 14 days to try and find the sweet spot….AGAIN!! This morning, I reduced it to $79,000. Later in the day I contacted CW, as I do every week, to let them know I am still trying to get them another contract and to make sure they haven’t set an auction date yet. I was fortunate to get a nice lady, who was very forthcoming with information, so I thought I’d check to see if she would tell me the price that the recent appraisal came back at.
She placed me on hold and about 10 minutes later came and told me that CW has placed a value of $85,000 on the property!! $85,000!!! I had a cash buyer at $87,000, 3 months ago, and now they tell me $85,000. Holy crap batman!!!
Folks, you need to buy this house today. Make an offer of $79,000 and my Seller will accept it. Check it out:
521 EAGLE CT KISSIMMEE FLORIDA 34759
Listing price may not be sufficient to cover all encumbrances, closing costs, or other seller charges and sale of Property at full listing price may be conditioned upon approval of third parties. Folks…. this is a great opportunity to own a 4 bedroom home in Poinciana for a reasonable price. The house is in very good condition. This is a short sale and will require minimum 60 days to close. Seller will contribute towards your closing cost if the price is right. Ceiling fans in all rooms. Tile flooring through out.
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