Blog
0

End of the Road….For Now!

After spending the last 5 days trying to save one of my listings from foreclosure sale tomorrow, I have to finally admit defeat. Despite being able to get a solid offer at the last minute and submit it to the bank they denied us the opportunity and did not accept it.

No, they did not counter or give a reason – just that they wanted the price from the BPO from July of 2010. Even though the comparables that the BPO was based on were larger, had finished basement and were in perfect move in condition – far from the state of our listing. But it all fell on deaf ears and cold hearts but we all know that banks don’t have a heart and their employees are just following the script.

So tomorrow the home will be sold at the weekly sheriff’s sale in Kane County, IL with 46 other homes that are scheduled at 9:00 a.m. I pleaded to have the file escalated to the next level but the negotiator did not even return that email and calls to various numbers went unanswered. I tweeted, hoping to shame them into responding but not one call.

After all its, just one more house, of millions that are being foreclosed on. It will get in line while the process plays out and eventually 6 to 12 months or longer from now it will be put back on the market and more than likely it will be sold for much less than the last minute offer. But the bank had a great deal when it bought this asset from the failed bank at 70% discount. It got a guarantee from the receiver – the FDIC that makes it a better deal for the bank to let the asset go into foreclosure – they are covered for the loss. So, again the bottom line and profiteering comes first.

So, if you are doing a short sale with IndyMac/One West and its not a Fannie Mae or Freddie Mac loan but a portfolio loan be prepared for a long hard road. They may not be negotiating in good faith, they may be more difficult than other banks even BOA!

Thanks to the buyer’s agent that took a chance by submitting the offer knowing that it had a very small chance of making it…at least you also tried to help save another home.

I may have lost this one but it only makes me work harder on the next one despite the fact that no one seems to care, after all its just one of millions…but it was my one…the one that I lost.

Evelyn Santiago

Quick Property Search

City:
Type:
Max Price:
Min Price:
Min Rooms:
Min Baths:

Random Testimonial

  • ~ A Dream Come True

    A Dream Come True"In today's economic environment, home buyers (especially first timers like us) need an experienced professional to help them locate the right house, understand financing and legal concerns, and to simply be a reassuring friends when obstacles arise.  We could not have been happier with the guidance provided by Evelyn Santiago in our home buying adventure.  From our first showings in 18 inches of fresh snow, to finally getting keys to our new home, Evelyn was right there with us.  She was immediately available at any time, kept us informed of any information available, and made us feel like the most important clients she had ever worked with. As first time homebuyers, we weren't even sure why type of property we really wanted.  Evelyn was patient is showing us townhomes and single family homes, discussed various advantages and disadvantages of each, and helped us to determine exactly what we were looking for.  As we modified our list of desired traits in a new home, Evelyn was quick to respond by searching the MLS, suggesting properties, and setting up showings.  After seeing twenty-six different properties, we finally found the house that we knew we could call 'Home'.   Her experience and in-depth knowledge of the fluctuating home values enabled her to not only suggest an offer on the house, but she also accurately predicated the price we would pay for the home after final counter-offer negotiations completed!

  • Read more testimonials »