January 31, 2011 in Blog by admin

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