OCWEN
Does anyone have any experience dealing wih OCWEN.
Details of my scenario:
Property listed at $32k
first offer: $25k
they countered at $29k. (no changes were initialed, I think the realtor took their infor over the phone and made the changes.
we countered at $26 and upped our earneast money to $1000 from 500.
They "verbally" accepted the contract and told us we'd get it back in a 3-5 days.
this was on the 18th of November. Contract closing date states Dec. 11th (I know, a saturday)
So, here it is, one week til we're supposed to close and I have not recieved the contract. This is a cash deal, but I also need to get a title search.
The listing Realtor is a Xmas tree saleman... go figure, and I can't get answers.
I still haven't received my initial $500 earnest money check back... I wrote a new check to my Realtors firm as earnest money.
Should I just not worry about it and keep looking. It will bring about $55k after minimal (5k-7500) repairs.
One more thing, thier "OCWEN addendum" states harsh penalties for extensions. If I accept the contract when it comes back, then I believe hitting the closing date becomes my responsibility. I think its $100 and $100 per day up to ten days for the extension.
Any thoughts would be appreciated.
Tom
YES OCWEN is a NIGHTMARE of a company to deal with, but I find they are worth it. We are closing on a property on the 10th that we will have about $130K equity in (we bought for $210K and it appraised for $340K).
But I also find if you put up with their hurdles you can get some pretty good deals.
You shouldn't have to worry about title insurance too much if it when through a foreclsure. OCWEN will make you use their title company as that is a process they do when going through the foreclosure. They should provide you with a clean title.
If they haven't sent you a signed contract back, tell the Realtor that you need to a 7 more days or whatever you want. OCWEN's motivation at this point is a quick sale if you have come to terms on price.
The contract is $300 for an extension and $100 a day up to 10 days.
Have the realator put something in writing stating a verbal acceptance of the contract and move forward with your due diligence.