Ocwen is telling me to raise the listing price above market value

I have a short sale listing that was in escrow when Ocwen demanded  $7500 more.  The buyer did not want to go higher, so we placed it back on the market with the new "Ocwen approved" listing price.  After a month and half of many showings but no offers we requested a new valuation.  A new BPO was done and to my shock Ocwen is now asking for the price to be increased another $2,500!!  I quized the Realtor whoe did the BPO and she said Ocwen only wanted interior pictures and "fair market" comparables -no distressed comps.  Also, they requested that the Realtor not estimate value-they would.  Does anyone have any tips? 

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You need to find out what the minimum proceeds that the investor is willing to take from the sales of this property. You also need to look into completing a "value dispute".

Brett@ishortsalenow.com

310-564-6389

www.ishortsalenow.com

Thanks Brett, The minimum proceeds has been established.  When I do the value dispute is there particular forms that Ocwen uses?

 

It seems to be a common tactic. I am experiencing same with SLS, so I am sending them all my documentation and reports, including proof that the listing was viewed 119000 times on Zillow in 90 days, if that does not show them that they are not being reasonable, then nothing will,  It is a huge package, I am overnighting, it goes back one year with CMA reports, County Tax Data infor on sales, Inspection reports, repair bid, their BPO and termite report. If they can not see what is obvious on it's face and realize that the offers I have received are in line with market value, then I have to assume, they have no intention of allowing the sale. I will keep you posted

Thanks Melissa,

Yesterday we contacted Ocwen after submitting some comparables and they agreed to lower the price to the same sales price at which we were in escrow.  Had they not done this, we probably would have closed by now.  Oh well, that's life in t;he Short Sale biz.

 

 

I've been working as the short sale listing agent with Ocwen since the end of November. Last week they informed me I have to go through Altisource and start to process over. Does anyone know how I can get this expedited? Any advise would be appreciated. 

Thanks

Valencia all you need to do is have the seller sign a letter that states they do not want to authorize alto source on their account then Ocwen cannot make them and request your sale be moved foward. I just did it w Ocwen. By law no bank can require a home owner to authorize anyone to have access to their info or speak on there behalf. Alti source tried to force me and I told them I spoke to an attorney and the attorney general and by law the home owner does not have to authorize alti source. See alti source gets part of your commission so of course they are going to push. But my next call was to Ocwen and I was put on hold while rep spoke w management and low and behold as soon as I reminded them it would be unlawful for them to require the borrower to authorize alti source I was told my file is moving foward and alti source was not required. I have closed countless short sales and I know the law. Any short sale that is not going as it should all you need to do is file a complaint w the atty general ( owner must do it and it can be done online) and the atty general will shadow the sale and make sure the bank doesn't play games or do anything to prevent the short sale from being approved!

Thank you Victoria for sharing that!

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