All Forum Posts by: Ken Hughes

Walkaways are going to continue to grow. It's going to be an interesting year. Lenders will have to quit fighting investors and welcome them with open arms or there is going to be alot more carnage before this thing bottoms out, at least in the worst bubble states.

http://www.cnbc.com/id/34826290?__source=RSS*blog*&par=RSS

The problem will never be solved without us. We did not create the problem but we are the cure. Interesting article in the NYT about Cape Coral, FL today.

http://www.nytimes.com/2010/01/03/business/economy/03coral.html

http://www.youtube.com/watch?v=M_J7gXDr3GA

No wonder the government took the cap off Fannie. I wish my stock portfolio had a chart that looked like that. Any prognosticators out have any idea how this is going to end? There's still alot of ugly left in that chart, I've talked to a couple people lately that think short sales only have about a year to go, I think not.

http://www.calculatedriskblog.com/2009/12/fannie-mae-delinquencies-increase.html

Thanks for the excellent advice Mitch. No auction date has been assigned. We are still trying to get the first down from 229k and then will finish with the second. It has definetly been a learning experience but may still end up being a good deal for us.

UPDATE!!!
My offer of 131k has been countered with 229k from the first, remember this was a 500k house in 2005. I'm looking to get the property no higher than 185k and am thinking of offering 170k back to the lender. What has been everyones experience with counter offers and can I expect to get them closer to my number than theirs? I will resend my offer tomorrow so any advice before then would be greatly appreciated. Thanks in advance to everyone on this great site.

Mike,
On the quoted BPO's in my first conversation with Chase they stated the BPO was $250,000 and on my second conversation was told $300,000. I was under the assumption that they would not typically share the BPO price yet I got two different quotes.

My initial hope before meeting the BPO agent was to get it down to $200,000 since I was offering 65% of that as a starting point in my negotiation. After walking the BPO I was confident that $200,000 would be the highest amount submitted and I would be off to the races. If I had to come up to 86% of $200,000 I would consider it.

Tomorrow I will start with the first, so hopefully things will get a little clearer soon.

Again, you guys have been incredible. Many thanks for the continued support.

When I first spoke with loss mitigation they asked if I had a listing agreement but seemed fine with me telling them no since I was buying the property.

The property was listed last year for $350,000 but had no chance of selling and has been pulled off the market since January. The house next door has been listed for $245,000 the last couple months and can't move either despite being a nicer house than the one I'm trying to short.

Has it been you experience that the lenders are truthful when they tell you a BPO price or is it part of the "game". As I stated before I have been given 2 different BPO numbers both higher than I felt confident the agent would turn in?

Thanks David,
My total packet was 25 pages for the short sale. I'm not sure what you mean by packaging unless your thinking I left something out. I'm comfortable that I have submitted all the neccessary paperwork but I am going to wait on the first,which I received an email finally that my packet has been received, before I resume the 2nd. I learned my lesson there.

thanks for everyones imput and please continue to post. This site is invaluable.