OCWEN, a sub-prime servicer, is not currently accepting short sales. So if you are an agent or homeowner trying to Short Sale, or sell a home for less than is owed on the mortgage AND the loan(s) are serviced by OCWEN, you might need to find another solution.

Check back for an update, because the “word” is that OCWEN might change that policy. Maybe they were just under-staffed and unable to handle all the requests of short sales.

Feel free to contact me with your Short Sale questions.

with blessings,
Claudia

The lender has countered one of the 8 offers for Summersweet. The counter was accepted by the potential buyer and we are just waiting to get everything in writing to open escrow.

We will hold all other offers as back-up in case this transaction does not go through. Thank you, agents and potential buyers, for your offers. The seller and I greatly appreciate your interest.

with blessings,
Claudia

SHORT SALE–SUMMERSWEET, MURRIETA

It’s been a log time coming. Now the bank has verbally countered one of the 8 offers I received. This particular buyer has been waiting about 6 weeks for response. I’ll post when we officially open escrow and put the property into Backup status. Check back next week.

with blessings,
Claudia

According to the Press-Enterprise, the City Of Perris (no, not the one with the Eiffel Tower) has developed a plan to deal with a large number of foreclosures.

The city plans to buy bank-owned homes in bulk, refurbish them and then offer the houses to low-income families with special terms. In exchange, the homeowners will agree to share some of the home’s future equity with the city when they sell the home.

If you know anyone interested in the program, I suggest contacting the Perris Home Ownership Program or call Michael McDermott, Perris’ Redevelopment and Economic Development Manager. I don’t have his number. Just call the City of Perris for the number.

with blessings,
Claudia

The bank has approved one of the offers on Albacete. They want it closed by 4/21/08, just 10 calendar days. Thanks to everyone who put in an offer and wasn’t chosen by the bank. The seller and I really appreciate your interest!

with blessings,
Claudia

The BPO has been done. The bank should be ready to look at the offers. I will keep everyone posted!

No news today. We’re still waiting for a decision from the bank.

The Loss Mitigator has sent the offers on Albacete for review. We’re hoping for a response within 48 hours. An open escrow is getting close! I will inform everyone when I know which buyer’s offer has been accepted by the bank.

The bank has given their approval for a Short Sale offer on Albacete. Nothing is final yet. The top offer was made by a buyer who is uncertain if they will go forward with the purchase or purchase another house. I will keep everyone posted through my blog.

Remember–don’t give up when you make an offer on a Short Sale. Buyers often change their mind or purchase another house or just get tired of waiting for lender approval.

with blessings,
Claudia