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Nick Raczyk's Advice

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Nick Raczyk wrote:

Bank countered previous offer..does this help MY offer process?

Response
Short sales are not easy. There were suppose to be, but they are not. Your deal may go through a little bit quicker since a prior deal fell apart, but prepare yourself for the wait. The problem is banks are back logged with paperwork - purchases, refinances, foreclosures, and short sales. The next problem is banks centralize loss mitigation from across the country in only ahandful of offices - likely located in city other than yours. So, they don't understand the local market. Moreover, properties in arrears are often physically distressed. It takes too long to 'convince' the bank to order an appraisal by a local appraiser to determine property value - with physical condition taken into consideration. Aftr all this, I've had situations where banks countered an offer that was 95% of list price! I couldn' believe it! They squeezed my guy for another $2k. Anyway, there were some proposals to shorten bank response time in order to get deals done more quickly. I'm all for it! Go luck with your deal - it should be worth it in the end.  
August 27 2012
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