Great Hardship Letter But House Too Nice For Area
Seller has lots of problems, and his hardship letter is three pages. Trouble is the house is nice, much nicer than the rest of the area. Sewage facility pollutes the air. Very busy streets, scary to families. Vacant commercial property across the street. Listed for two years with three Realtors, no offers. House appraises above loan value, but they gotta go five miles to find comps. And the house is in great shape, only problem I could find is that the main bathroom is kinda small.
His bank actually wanted to refi him at a higher balance 2 years ago before his wife left and he went into default. Sale is in a month. Will Loss Mit (New Century) consider this one or am I wasting my time?
The nicest house in the area is only worth a little more than the second nicest, no matter how much nicer it is. Five miles is absurd for comps. Take the three nicest houses that have sold in the neighborhood during the last year at most, average the difference between the middle house and the one above and below it, add that to the most expensive sale, and you will have a decent estimate of value.
Chris
One involved an associate who went against my advice and named his buddy as his trustee instead of a non-profit corp. In addition, they took title incorrectly, omitting the "Trustee" part. When the lender saw the change of title, not realizing his friend was the trustee of a land trust, they sent a letter saying they were calling the note due because of a transfer of title which was a DOSC violation. Once Countrywide realized it was a land trust situation, they backed off.
Da Wiz
not a lawyer
Yeah submitted everything that they asked for. I even added comps to prove my case and they said the offer was too low. This my recent one.
ARV 120k for me to sell
Low comps 100k.
Work needed. 25k.
Loan amount 120k
Offered 56k
My latest offer is 70k
Just waiting to say what is going to happen now.
Sorry you guys, i have two short sale deals i m currently working on with countrywide. The latter they have decided to order a BPO. The first post, i am still waiting.
Good luck all,
Charlotte