Is this Short Sale with Counrty Wide dead?
Hello Everbody!
This is my first creative short sale deal. I'm an agent that made an option on a beautiful home under my S Corp. The home was presented to me by an agent and I made an option to buy contingent on short sale approval. A to B , B to C transaction. Property was not listed when I offered my option.
I'm representing my S Corp as the buyers agent.
I made an offer to the listing agent at 402k. The property was not listed on the MLS when I made the option to buy.
It's now listed under my company being the owner and I'm representing my company as the agent. (B to C) . The property is listed for 491k and been attracting showings and phone calls almost everyday since I listed it 30 days ago . An offer of 488k is coming in from a Realtor ASAP.
The bank would net 386k (my gross offer is 402k)
Today the 1st lien holder (CW) called me that their countering my offer to 520k. The bank is County Wide. It's been 5 months since I made the offer. The Phase 1 Negotiator told me that he's going to close the file because the offer was too low but will reopen the file when I get my best offer over that's "reasonable" to their counter of 520k.
This is where I am today. I don't know if I should pursue with the deal the way it is. I can cancel the listing B to C) and release the option (A to B) where I could just relist the property with the agent that brought me the deal , and sell it under a traditional listing and cross our fingers that we get 3/4 of our listing office commission.
Any advise as to what the bank is looking for in a price where they'll negotiate again? Would they want to NET 80% of their counter?
Would they entertain a gross offer of 435k? I'll pay for the escrow and miscellaneous fees associated with closing. The bank would pay commissions, excise tax when selling and back property tax.
I'm torn if I should release my option. Should I just do a normal commission deal? This will help the owners move on and cause less of a burden for them if the bank pursues them for the difference. As of today the owners are 9 months behind but the lender hasn't filed a Notice of Default or Notice of Trustee Sale...yet
Either way I do the deal, will Country Wide take forever to give me a "yes" or "no" on any new offer?
I value all of you!