Comments for Cape Coral Real Estate http://cape-coral-homes.us Cape Coral & Ft. Myers Florida information Mon, 14 Dec 2009 17:51:46 +0000 hourly 1 http://wordpress.com/ Comment on Countrywide Short Sales in Cape Coral by CapeCoralBarometer http://cape-coral-homes.us/2008/10/15/countrywide-short-sales-in-cape-coral/#comment-89 Mon, 14 Dec 2009 17:51:46 +0000 http://capecoralhomes.wordpress.com/?p=34#comment-89 Now that we’re at the end of 2009, it seems as if the banks are finally beginning to streamline their short sales processes. Cape Coral is a wonderful town to live in, and it seems as if many new residents are taking advantage of the plentiful short sale bargains available here!

http://www.capecoralbarometer.com

]]> Comment on Countrywide Short Sales in Cape Coral by Sabin Lomac http://cape-coral-homes.us/2008/10/15/countrywide-short-sales-in-cape-coral/#comment-78 Fri, 03 Apr 2009 15:59:17 +0000 http://capecoralhomes.wordpress.com/?p=34#comment-78 Are lenders like Countrywide, Bank of America, and Wells Fargo accepting Short Sales? What are Short Sales? What is a Short Sale Foreclosure? What is a Short Sale Home? Everyone is asking the question, let me explain. A Short Sale is when the homeowner owes more then the property’s value and the lender agrees to take a discounted payoff for what is owed on the original mortgage. In human terms: You owe $500,000, your property is worth $400,000, and the lender agrees to waive the $100,000 difference.
So what does the Short Sale Process entail? First off, the Realtor and the seller will work together to complete the Short Sale Package (pay stubs, bank statements, tax returns, letter of hardship, and financial worksheet). The lender needs these items so they can verify that there is truly a hardship. Next, they submit the Short Sale package to the lender and actively work to procure a strong buyer for the new, lower price. The Short Sale has now begun and the lender now works to evaluate exactly how much they will agree to wipe away. This process, depending on the Real Estate Firm the seller has agreed to work with, will take anywhere from a few weeks to a few months. It is extremely important that the seller choose their agents wisely, based solely on their Short Sale experience, as this transaction is much more tactical and difficult then a traditional sale. In human terms: Don’t hire your cousin just because he has a Real Estate License. Most times agents are unsuccessful in negotiating with the lenders, causing the sellers to fall into foreclosure.
Ok, so why would a lender agree to waive hundreds of thousands of dollars? The first and most important reason, if it falls into foreclosure, they will inevitably have to sell the property themselves and by the time that happens, the home would have fallen even more in value. Even more, it is extremely costly for the lender to take back a property in foreclosure. Secondly, they have most likely already made a fortune off of the sellers in interest. Trust me, they really aren’t loosing as much as you think. Finally, lenders know what is going on with the market….You are not the only one! Hundreds of thousands of people are in the middle of a Short Sale, working their hardest to save themselves from a foreclosure, start over, and move forward. Perhaps that is the best part about a Short Sale…it allows so many people to get out from underneath the burden which takes all of their money and keeps them awake at night…the burden that was supposed to be the best investment they would ever make.

Sabin Lomac
REALTOR & SHORT SALE SPECIALIST
(310) 904-3145
SLOMAC@360REALTY.COM

Sabin Lomac has been working in the Short Sale field for a number of years, manages over 30 active Short Sale listings, has closed over 25 Short Sales in 2008 alone, and manages a team of 15 Realtors for his company. Sabin teaches holds seminars in Los Angeles, Orange County, and San Diego for new agents who want to learn about Short Sales and has a 99% closing percentage for his Short Sale listings. His company, 360 Realty, has over 200 active listings, featuring in-house negotiators with direct relations with lenders, and are considered the best in the Short Sale business.

]]> Comment on Countrywide Short Sales in Cape Coral by kmckeeth http://cape-coral-homes.us/2008/10/15/countrywide-short-sales-in-cape-coral/#comment-74 Thu, 26 Mar 2009 18:01:16 +0000 http://capecoralhomes.wordpress.com/?p=34#comment-74 Susan-
I totally understand your frustration- experienced very similar circumstance- was told by a rep that answered the phone that the offer was rejected and the file was closed when I called in for an update, only to be called a week later, by Countrywide to try to work the deal out! Of course, we had already terminated. It was maddening. We give fair warning to all parties involved, thought most know the reputation by now, and try not to get emotionally involved. Thanks for sharing-

]]> Comment on Countrywide Short Sales in Cape Coral by Christine http://cape-coral-homes.us/2008/10/15/countrywide-short-sales-in-cape-coral/#comment-69 Tue, 17 Feb 2009 19:05:28 +0000 http://capecoralhomes.wordpress.com/?p=34#comment-69 I’m in NC and have been waiting since Nov. 22nd and my short sale package sent to them was complete! What is taking them so long. They are going to end up owning all these homes. This is my second offer on this home and I will be surprised if the buyer continues to wait. How do you reach these people?

]]> Comment on Countrywide Short Sales in Cape Coral by mik http://cape-coral-homes.us/2008/10/15/countrywide-short-sales-in-cape-coral/#comment-68 Tue, 03 Feb 2009 04:39:09 +0000 http://capecoralhomes.wordpress.com/?p=34#comment-68 Made offer on CW lender Fanny May “investor” short sale in early Oct,08 on PALM COAST FL home. Told Dec 2 by sellers real that we should get exceptance soon. STILL WAITING! Early Jan 09 told CW checking to see if we are related to seller??? but told that CW hasnt yet opened our folder. Sellers real calls twice a week, and told by CW to call back Friday, tuesday etc. WHY if no work will be done??. WE rented (sleeping on mattress on floor) from seller realtor the same home at a cheap rate. Was this a mistake, slowing the sale? It has been 4 months and they havent even reviewed our offer. Apraisal was done nearly 3 months ago so will be high as prices have continued to drop! May end up homeless as our current home may soon sell and this one is lost or sold to another! Is there anything we can do?

]]> Comment on Countrywide Short Sales in Cape Coral by DrGER http://cape-coral-homes.us/2008/10/15/countrywide-short-sales-in-cape-coral/#comment-67 Thu, 15 Jan 2009 05:55:28 +0000 http://capecoralhomes.wordpress.com/?p=34#comment-67 capecoralhome: You would think that. In our case, it took getting the title/closing agent to talk with the foreclosure attorney’s office to establish the exact nature of this relationship. They couldn’t seem to get it from CW directly. We did close on Jan 14th, so our CW story has a reasonable ending.

]]> Comment on Countrywide Short Sales in Cape Coral by capecoralhomes http://cape-coral-homes.us/2008/10/15/countrywide-short-sales-in-cape-coral/#comment-66 Tue, 13 Jan 2009 19:00:21 +0000 http://capecoralhomes.wordpress.com/?p=34#comment-66 From what you wrote here it appears that it is approved. Countrywide services a lot of Bank of New York’s loans. According to Bank of NY they give Countrywide full power to negotiate these on their behalf. If the attorney or title company needs something additional from Countrywide it should be easy enough to obtain from the negotiator on the file or their boss. Good luck!

]]> Comment on Countrywide Short Sales in Cape Coral by DrGER http://cape-coral-homes.us/2008/10/15/countrywide-short-sales-in-cape-coral/#comment-65 Tue, 13 Jan 2009 17:02:33 +0000 http://capecoralhomes.wordpress.com/?p=34#comment-65 Our Countrywide buying story to date in NW OH: Signed PA on 16 Sep 2008, closing for mid-Oct, cash sale. Only vague dialog with seller’s agent through Oct., ours only serious offer for the vacant house. CW negotiator not assigned until 31 Oct. Talk of a BPO in early Nov. 2nd mortgage settles verbally for 5k on 25 Nov. Verbal counter offer from CW on 10 Dec for 10k over our original offer. We amend our original PA to reflect the CW’s verbal counter and 2nd’s settlement on 15 Dec. 2nd sends agreement letter on 15 Dec (good til 15 Jan), CW sends their agreement letter on 19 Dec (good til 19 Jan) and closing is scheduled for Wed, 31 Dec. All is well. Call from our atty on Tues: the closing is postponed indefinitely. The title insurance underwriter doesn’t like the CW agreement letter apparently. CW services the mortgage, Bank of New York bought the debt in Feb 2008 (they’re not the original lender) and has filed foreclosure against the seller/borrower (though not served). CW letter doesn’t say explicitly anything about Bank of New York releasing its lien or dismissal of the foreclosure suit. The intervening New Years holiday doesn’t help and we lose more time. And now the title agency won’t close until it gets something in writing from CW, BoNY, or the foreclosure atty regarding release of the lien. Is the title agent asking for something they (and we) will never get? Could we really lose this because of the vagueness of CW’s short sale agreement letter? We are going completely mad with only 2 days left to close!

]]> Comment on Countrywide Short Sale Solution | Cape Coral Short Sale by S Peterson http://cape-coral-homes.us/2008/10/25/countrywide-short-sale-solution-cape-coral-short-sale/#comment-59 Sat, 29 Nov 2008 14:53:42 +0000 http://capecoralhomes.wordpress.com/?p=43#comment-59 Help! I have had an offer for a short sale in Florida since 09/25. Countrywide had done an appraisal and feel my offer is within the range of them accepting the offer. They sent the file to the Phase 2 negotiator. This week my agent called and they told her that they are doing a title search and that things look good. My patience is wearing out. Do you have any idea what the next step will be?

]]> Comment on Countrywide Short Sales in Cape Coral by Michelle Rottach Remax Stars http://cape-coral-homes.us/2008/10/15/countrywide-short-sales-in-cape-coral/#comment-56 Thu, 20 Nov 2008 02:52:28 +0000 http://capecoralhomes.wordpress.com/?p=34#comment-56 I just waited 43 days for a response from Countrywide on a short sale contract. It was listed for $120,000 and they counter offered at $138,000. I’m not sure how we as an industry can get away with offering a product at one price and then not be able to sell it for that? How does that work?

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