Sunday, October 30, 2011

Short Sale Whiplash - Update

My agent called me last Thursday to tell me that she got verbal confirmation that the Short Sale Lender approved the short sale at our offer price. My agent seemed excited but I was less than thrilled since: a) I was on a business trip and was tired and b) I don't believe it until I actually see the Short Sale Approval letter.

At the risk of sounding like a broken record -- what an idiot this Short Sale Lender is. Had they countered even slightly less than their original counter, I would have (probably) increased my offer slightly. Instead, they countered twice with a comp price that is (probably) no longer applicable in this market. Their arrogance sufficiently pissed me off to make me want to walk away from this property.

If this is how most Short Sale Lenders negotiate, I have little hope for the housing market and the economy rebounding any time soon. These banks won't be getting these defaulted properties off their books quickly enough and they won't be negotiating top dollar either. Ay, ay, ay...

Sunday, October 23, 2011

Short Sale Whiplash -- Lender Reconsidering?

While I was in the old country placing my father's ashes into the family grave, I got word from my real estate agent that the short sale lender wants a "live signature" (as opposed to an electronic signature) on my offer of $342,500. I'm told the short sale lender will then submit the offer to an investor for final decision.

I re-submitted my written offer but I'm not holding my breath. Knowing these greedy idiots, they'll probably counter back at $375,000 for the third time.

You know what's funny? Had these idiots countered at, say, $360,000, rather than holding firm at $375,000, I would have seriously considered increasing my offer. Now, I'm more motivated than ever to stick to my line in the sand. I am not the desperate one at this party. I'm not the idiot that lent $450,000+ on a condo that's never been renovated since 1991.

Friday, October 7, 2011

Short Sale Fail...

The Short Sale Lender countered again. And they countered with $375,000 -- the same figure they countered with before. Stick a fork in me, I'm done. The Short Sale Lender is clearly telling me that $375,000 is its bottom line.

Seriously, BofA??? You want me to pay the same amount that someone else paid for another pristine unit? This unit has dingy carpet, old paint job and crappy appliances.

No thanks. I'm not going to bid against myself for a fixer upper. I'd rather pay more for a move-in ready unit. I'm walking.