This is a followup to the Countrywide Short Sale Secret post.

The saga started with an offer to Countrywide in January, 2008 with an offer maybe a little low in comparison to area comparable sales, but within reason.  That offer was rejected.

Property was purchased by the sellers in August, 2006 with a first and piggyback second totalling what appears to me to be close to 100% financing.   The sellers had a provable hardship and provided both lenders all the financials necessary to document that foreclosure was imminent and unavoidable  The lenders required updated financials from the sellers in June or July, the real estate market had continued to deteriorate during the January, 2008 to July, 2008 time period.

Our final offer, which was accepted, was for 98% of the list price and just about 24% below the price paid at market peak.  Although there was a negotiator assigned to this property and the negotiator turned the offer over to the investors quickly, it took roughly a week from submittal of the final offer to acceptance from both lenders.

What’s funny about this whole process is that it takes the joy out of purchasing a home.  There isn’t the excitement and anticipation you’d hope for, it’s been a long grinding process.  Perhaps the mood will pick up when it gets close to becoming reality.  While it’s certainly not any kind of a screaming deal, I’m satisfied with the purchase and it should fit our requirements for quite some time.