Offer #12 was just countered and the buyers walked away. Yes, you read that correctly: #12. And the best part of all of this is the ever changing values assigned to this property. A year and half ago NationStar accepted an offer of $203,000, and of that was paying out about $6,000 to the second lien. I couldn't get the second lien to agree to acceptance so the buyers went elsewhere after over five months of waiting for resolution. (Sadly, in a bit of a cruel twist, shortly thereafter the second lien sent the homeowners a notice that they were now willing to extinguish said lien. ) Over the next 9 months I submitted and resubmitted offers to the bank, each right around the $200,000 mark, give or take a few thousand; I actually lost 3 of those offers simply because the negotiator would not respond to my pleas to cancel out a previous offer so I could upload the new one.
Then, in Oct. 2012 came a moment when I realized NationStar was intent on implementing the plan revealed in that conversation by that Executive Office contact: they actually countered a $203,000 to $240,000! They claimed that number was based on a bona fide appraisal performed by a real appraiser and further, the investor on the loan does not allow disputes on appraisals. Well, that is rich! Never mind that in the previous year only one property had closed at anything near that number and it was 1151 square feet larger! Never mind that they purchased the property for exactly $240,000 at the HEIGHT of the market in Oct. 2004.
Offer #12 was the highest offer to date at $212,000 and they countered at $220,000. I prepared an in-depth report showing recent comparable properties. I also prepared a 4 page photo report showing the MLS photos taken 11/11/11 and the photos taken 08/21/13. The house has been vacant for a year and a half and while the lawn is being mowed there are plenty of other things that are showing neglect. With all of that staring them in the face they simply reaffirmed their valuation and the buyer said, "Adios!"I have never had a property listed for anything near as long as this one: previous to this, the highest number of offers written until approval was 4...and I thought THAT was exhausting! Now it's personal, now it's a challenge and I am awaiting the day they issue an approval letter: I am also hoping their net will be lower than what they would have realized had they accepted that first offer in January 2012.

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