Countrywide is the largest mortgage company in the US…think they are dealing with a short sale problem at the moment? You betcha. (not to mention short sales of their stock! Wish I had shorted them at $40!) They have now been taking over by Bank of America Mortgage.
Countrywide’s Full Spectrum Lending division was the King of awful sub prime mortgages the past few years, and now those loans are going bad. If you have a countrywide loan and are facing foreclosure, a short sale of your home might be your best option.
I did a short sale of my home (and I had a first and second mortgage on the property) earlier this year. It can be done, but it requires patience and a plan and a little help. There are a zillion schmucks out there who will offer to “help” you when your down. Some are legit, most are not.
What I Did In My Short Sale
What I did (hiring a real estate agent with short sale experience) worked for my situation. It may not for your short sale, but I found it the best option. Working with a real estate agent you at least can get a background on the person, and if they work for a larger brokerage you know they have resources to help you. Think short sales are hard for you? They are equally as hard on the real estate agent! Getting a short sale deal done (especially right now with the overwhelmed lenders like Countrywide) takes alot of work. I do think its the best option vs. foreclosure though. You can also read my 7 steps to a successful short sale guide.
You Need An Experienced Short Sale Agent!
From my blog here I’ve developed an extensive network of real estate agents that have short sale experience. If you’d like a referral, fill out the form below and I’ll have someone available in your area to help with your short sale ASAP.
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This is getting more irritating by the day. Here have been my email updates and i have no idea how much longer it will take.
Offer submitted- Mar 7
BPO’s done- Early May and agian Early June b/c they sat on it so long.
June 7- Signed closing date addendum to recieve answer by July 7 and close date of August 7 per countrywide. Countrywide also requested sellers information.
July 10 email update-
“Please refer to my previous email for the information I need to help you
move this along. As for a time frame, now that I am actively working
this case it should hopefully take no more than 45 days. I apologize for
the delays on this case, but looking forward I will do everything I can
to get this to closing for you.
Thanks!”
July 23 email update-
“All docs requested for this have been received. The BPO’s have been
delivered. All info has been updated/uploaded to our database. This file
is now ready for phase 2.
Thanks! ”
August 4 email update-
“This case has been submitted to phase two. In phase two another
negotiator will be assigned to this case and it will be submitted to the
investor for an approval request. There has been some delay in this
assignment process due to the amount of other cases. Thanks for your
continued patience.
- Mark
”
How much longer do i have to wait? This is beyond rediculous. They just keep telling us the same thing over and over again! Is there a light i should be looking for?
Someone please give me some hope.
@ Frustrated Firefighter
I am in the same boat as you. Submitted offer on March 14, 2009 and case transferred to Phase two on June 23, 2009. Received update from Phase 2 negotiator that file is ready to be submitted to investor. So hopefully within 45 days.
@ Jag
When did you get told it was ready to submit to investor? And did the seller have all there paperwork turned in during phase 1?
For me they have all the paperwork they need. So i have no idea what else the phase 2 neg. will need to do except submit the package.
@Jag, sellers agent is very elusive and won’t come right out and say what phase we are in. Just found out that a second BPO was completed. Is it standard to do 2 BPO’s?
@ Frustrated Firefighter
Was told the package was ready to be submitted to investor August 4, 2009. Yes the seller did submit all there paperwork during phase 1.
Frustrated Firefighter see my response to confuzed (August 5,2009) and it will answer some of your questions and confuzed.
@ confuzed
Confuzed I am going to break down the process with Countywide in stages.
1. Stage 1 – offer given on the property which the seller accepts
2. Stage 2 – Seller’s agent prepares a short sale package which includes (a) Past 2 years of Sellers income tax, (b) 2 months of bank statement, (c) hardship letter, (d) YTD paystub, (e) purchase agreement, (f) .. etc.
****Since alot of documents are needed and multiple parties are involved chances are time may have been waste in gathering the documents ****
3. Stage 3 – All the documents are submitted to Bank of America.
4. Stage 4 – It takes 15 days for Bank of America to scan the documents into there system.
5. Stage 5 – Usually wait 1 and a half month to be assigned Phase 1 negotiator.
6. Stage 6 – Phase 1 negotiator ONLY reviews that all the documents are in file. This will take 30-45 days.
7. Stage 7 – Phase 1 negotiator then submits the file over to Phase 2 negotiator.
8. Stage 8 – Phase 2 negotiator has 30 business dates to review the file. (If no response within 30 days than instruct sellers agent to have the file esclated for review) Negotiator 2 orders the BPO and if one was ordered before he/she will again order a new BPO if it is older than 60 days, requests an updated: (a) sellers past 2 month banks statement, (b) YTD paystub (c) 2 years of income tax documents (AGAIN) (d) buyers – bank statement – ability to pay, social security number, date of birth, agents license number .. etc.
9. Stage 9 – Buyer and seller submits the requested documents
***Although you can submit your share of the documents you cannot be sure the Seller will submit his documents on time. So usually time is waste until the other party submits the documents – 1 to 2 weeks ****
10. Stage 10 – Takes 15 days for the documents to be scanned into the Bank of America system. On the 16th day the Phase 2 negotiator then reviews the file again.
11 – Phase 11 – Negotiator than submits the offer to the Investor for review.
12. Stage 12 – Investor has 45 days from receiving the offer to approve or deny it or counter off it.
13. Stage 13 – If approved then must close within 30 days.
As for us we are in Stage 12. Frustrated Firefighter and Confuzed chances are you are in Phase 2 and still awaiting for updated documents. Because a new BPO was ordered for you Confuzed and Frustrated Firefighter the updated documents have not been requested including your social security number you are still going through Stage 8.
@Jag, I really don’t know how to thank you enough! You have definitely opened the process up and allowed me a peek into what is going on behind the slow, slow process. Again thank you so much for taking the time to lay it out so clearly.
I am frustrated to know I am back at Phase 2 again after having been there once. This is starting to remind me of Monopoly and I keep getting sent back to jail without passing Go!
Thanks again and be sure to keep us posted with the process on your house.
Hi. Just curious – do you know if the same timeline occurs when Countrywide is the 2nd lender? The first already approved giving $15k to the 2nd (Countrywide).
@ Sarah
If ANY lender on the loan is Countrywide (irrespective of 1st, 2nd, ….9th lender) the process is still the same. Countrywide has to still approve the 15k that it will accept. If not the junior lender (Countrywide) will come after the buyer/seller for deficiency judgment. GOT-TO GOT-TO MAKE EVERYONE HAPPY OR ELSE.
Just got word that the investor has our offer. I guess now I will be waiting 6 weeks to hear a yes or no. Crossing my fingers for a Yes!!
@ Confuzed
(1) How did you find out if the package was submitted to the investor?
(2) When did you initially sign the purchase agreement?
(3) Do you know or read up on how long the investor has until he makes a decision on a short sale – your mentioned 6 weeks – where did you get that information?
I am in the same boat as you are…My package was submitted to investor August 4, 2009 and had signed the purchase agreement on March 14, 2009. So curious to see if the time frame was the same.
@Jag,
My realtor called today after speaking with the listing agent who said that the investor has it now. My realtor said that shes had responses in as little as 2 days and as long as 6months. I got the 6 weeks from your posting above:). I do not know when it was submitted. We initially signed our offer on May 14.
Hello All –
Finally closed on my condo, SS with CW took four months. In the end, I received lots of credits at closing. Condo sold to me for $7,000 less than the asking price! I got lots of perks on the deal. I was as patient as I could be, this forum definitely helped me through the last four to six weeks of the SS process. CW is a mess, but now I am soooo happy!!
Congrats on your Condo! If you don’t mind sharing, what kind of perks did you get?
@ confuzed….
I received well over $6,000 in credits. Was able to walk away with over half of my downpayment, two months association dues, 105% real estate taxes and a few other things that worked well in the end. Four months of frustration….I am pleased with the end result!!!
@Msscorp1
What State are you in? I am in California. I hope I will be as lucky as you are…
@KuKu….I am in Illinois. If the place is worth it, stay with it. My attorney and real estate agent were great. I voiced my concerns (gripes) with this process to them every week. Whenever they received information, they made it a point to let me know. Pretty much we were at the mercy of CW the whole time. Keep getting those updates even though the update will seem cryptic. I don’t think I’ve done anything too much different than everyone else in this forum!
Wow, those are some great perks. I just have one more question, how long did you have to wait to hear from the investor? Just wondering because thats where we are now. Thanks.
Normally how long does it take for a decision from the investors once the short sale has been submitted?
Well I found out some new information which I would like to share with everyone…!
If the investor is FannieMae/FredicMac (Affiliates of the U.S. Government) ONLY then does your short sale package gets submitted to the investor – FannieMae/FredicMac – for approval.
If the investor is equity firm or banks the short sale packages DOES NOT get submitted to the investor for an approval. Countrywide makes that decision based on guidelines the equity firms/banks had given to them.
How did I get this information – I call Countrywide and simply asked if our package had been submitted to the investor and was explained as follow.
So whoever is your Phase 2 negotiator that person makes the decision based on guidelines it had already received from the equity firm/investor.
Thought I share this with everyone.
@Jag
Are you the buyer the seller, can the buyer call up countrywide to ask for status? I thought only the seller ’s agent was allowed to call for updates? Thanks.
How do I get on this website?
I have a shortsale also. Can I join this?
@ Jag, just wondering, but are you a private detective?
So, I guess our house must be with fannie may and freddie mac since we are waiting on the investor. Agghhh, the government! This could be a very long wait!
@ confused
The same day I threatened to squash the deal was the same day I received notification the file was with the investor. I suppose once they saw how frustrated I was, I only waited 2 weeks from that point.
@ Msscorp1
Wish I would have thought of that. I have felt pretty helpless since the beginning of this process. I know that shortsales are long frustrating ordeals, but its one of those things no one can prepare you for; you just have to experience. I hope that we hear back from the investor as speedily has you have, but I am truly not anticipating that. As far as I can tell, there are only 2 more hoops; investor and inspections.
Thanks for sharing your experience!
How do you determine who your investor is?
Jag posted above some info he found out on investors.
Sorry for the late response.
I see I have alot people asking questions so let me answer them.
1. I am the buyer and not the seller. True … only the seller’s agent can call Countrywide or the negotiator and get update. There is a form which countrywide needs to authorize the agent to act on behalf of the seller and as such seller’s agent can then talk to Countrywide … common sense. But what if your agent – buyers agent – also has that authorization? Wait a second are you telling me both the seller and buyer’s agents have authorization to speak to Countrywide and the negotiator? YES. How can that be? Very simple … look folks …. Countrywide could careless if you walk or not. They have 10 million short sales to deal with. Your short sale is meaningless to them. You need to put presure on Countrywide to act on the file. How can you do that? Have both buyer and seller’s agent HARASS THE NEGOITATOR. How badly do you want the house? If you do, then have the buyer’s agent obtain authorization from seller so that your agent puts presure on the negotaitor along with sellers agent. This way you are informed of what is going on rather than waiting on sellers agent to update you on it.
2. @ Confuzed no I am not a private detective just a mild manner buyer looking for a shetler over head.
3. @ Lynette – If the investor is a government agency (Fannie Mac and Freddic) then by law they can disclose the agency. If the investor is a non-government agency they do not have to disclose it. Chance are your investor is BONY – The Bank of New York Mellon – Countrywide was heavily involved servicing there loans.
4. I have learned something else which I would like to share with my bloggers. If you submitted offer on a short sale between March – June 1, 2009 chances are that you are still waiting for approval. Why? As you know Countrywide was bought by Bank of America. Countrywide used a different system for data entry then does Bank of America. The information they had entered at the Countrywide between March -June 1, 2009 had to be re-entered starting June 2, 2009 with Bank of America on there system. Your file probably had to be closed with Countrywide and reopened on the Bank of America system. So what does mean to you? Nothing was being done on your file while the merger was being completed. So the time spend waiting for approval between March – June is not counted toward your short sale. Since nothing was being done on your file.
Once again Jag you awe and amaze me with you persistent and unrelenting search for information. You know what frustrates me, all of the excuses the bank has for why they are rediculously slow on the process of approving short sales. Ugghh, there I go complaining again.
@Jag: thanks for posting the investor info. My husband and I made an offer of $305K on a Countrywide short sale back in mid January 2009. We got word approx a month later from the Phase 1 negotiator that our offer was rejected so we bumped it up to $315K. Our $315K offer then went to Phase 2. On Wed, Aug 5th we were contacted by the Phase 2 negotiator with a counteroffer of $325K and instructed to submit an ammended purchase contract and new HUD by Fri, Aug 7th. We accepted the counteroffer and everything was emailed that Friday morning and the seller’s agent got a “Thank You” email from the Phase 2 negotiator acknowledging receipt of the documents. We haven’t heard anything since. Since the Phase 2 negotiator counteroffered, does this mean the investor is not federal? Do you know approx how long we should expect to wait for the final approval? They counteroffered, we accepted… are we at the end now?
@ Honiee
You raised several questions which I will break it out for you.
1. Does this mean the investor is not federal? Yes, chance are the investor is not federal but rather BONY – Bank of New York Mellon or one of other banks. As mentioned earlier, Countrywide is a loan server for other banks and investor. It receives mortgage payments on behalf of banks holding the note. Majority of Countrywide business was with Bank of New York Mellon. In addition to BONY they also serviced other banks but not to the level it worked with BONY. If you received a counter offer chance are that it is NOT Fannie Mae/Fredde Mac rather a private Bank or investor.
2. How long will it take after submitting the counter offer? Good new is that there is communication between the negotiator and you. Bad news is that it could take 1 day to respond to the counter offer or up to 30-45 days to respond to the counteroffer. Why? Once the counter offer is submitted it needs to be reviewed based on the guideline it has received from the investor. As talked about it in my earlier blogs investors have given Countrywide specific quidelines in apporving the loan or offering a counteroffer. Although Countrywide will make that decision on behalf of the investor, however, they still need to ok it with the investor. So chance are time will be wasted while they communicate with one another. But rest assured you are in good hands. I suspect keys will be in your hands in September or sooner. I recommend you start packing and CONGRADULATION FROM ME.
I am in a similar position as you Honiee. I submitted my offer in March 2009 for $320. It was forward to phase 1 on June 2009 and elevated to phase 2 on July 2009. On August 7, 2009 they requested an updated HUD, Seller/buyers bank statements, hardship letter, Seller pay stubs … etc. However, we have not received any counter offer yet. So we wait UNPATIENTLY … !
@ Jag: Good Luck! I’ll keep you posted on our progress… hopefully we hear something soon.
)
I’m so glad I’ve found this blog. Thanks Jag for the Phase process above. It really helped! I have a question though, hopefully someone might know the answer.
I submitted an offer on June 3rd for a single home for 430k. When I check zillow today, it ranked the house at 592k. Should I be worried that my offer be rejected?
The condition of the house isn’t perfect. I was given a 75k quote for renovation for move-in condition, that was why my offer was 430k. Does anyone know how does the investor calculate the offer? Do they base it on zillow rank at all? Also, how long will the BPO take? Will the BPO person check everything in the house? Will they know if the roof need to be replaced?
Thanks so much!
I have a question. We put an offer in on a short sale, the bank counter and we accpted the counter we are waiting on the bank sign off on the offer we accepted how long do we have to wait.
@WorriedVetWife
If you are using Zillow to judge the strenght of your short sale offer then you may be misguided. Countrywide DOES NOT use Zillow to determine the market value of the house but rather use a private company called LandSafe, Inc.
2nd question – when will they order the BPO? You submitted your offer on June 3, 2009. Chance are you are probably still in phase 1 and may recently have been appointment a negotiator who will make sure all the documents are there and will order a BPO. Just remember by the time it goes to Phase 2 negotiator they will order another BPO if the time period from the first BPO and second BPO is more than 60 days.
3th question – Will they check everything in the house to determine the value? No. WorriedVetWife this is where you need to be smart. You have seen the house. You know the condition of the house. You know where the repairs are needed. THEY DO NOT. Make a copy of your repair costs, contractors estimates, pictures showing condition of the house, type a letter arguing repairs needed and GIVE IT TO THE SELLERS AGENT TO BE GIVEN TO THE NEGOTIATOR. If they can’t see it they don’t know. BUT WHAT IF YOU MAKE THEM SEE IT?
@Jag
Thanks for your comment. Reading others comment and shortsale experience helped me lots!
@ Christina
A counter offer is a new offer which needs approval from the investor. You could receive a response as early as within a day or within 30-45 days. Christina can you provide a dateline when you submitted the offer including dates when things transpired.
This is a great site and I am learning things here that my agent could not explain to me. We made a cash offer on a house in AZ. (Only 115,000). Offer was 5K over the listed short sale price. We were told our offer was excepted. The was 10 weeks ago and according to our agent things still have not progressed to being assigned a negotiator.negotiator
I was warned on the short sale process but I was not ready for this. We do have a second offer which is not with CountryWide and that has been a negotiator but according to the agent they can’t contact the negotiator.
It is all a mess and no wonder why Countrywide and others were in trouble.
More than likely we will end up walking from both of these houses and they will stand vacant for another 6 months or a year.
I would think on my cash offer that it could be expedited with just accertaining that I could pay cash at that the house was priced right.
Well i just received word that country wide countered our offer with an offer 30k above our original offer. Well the listing agent was so mad that she started yelling at country wide about how they just sold a house right down the road for a lot cheaper. So while I was on the phone discussing what we were going to do with my fiance, country wide called the agent back and offered a price 15k over our offer. We now countered that with a slightly lower offer and i hope to hear back today but you never know. At least something is happening.
Oh and all those emails i wrote to the CEO and all the other execs. I just got an email back yesterday that said they cant discuss anything with me unless i get a letter from the seller stating that thet are allowed to discuss it with me. So it seems as if nothing really helped except for time. I sent at least 4 emails over the past two months to the CEO and just now receiving a response and then to all the execs with no response.
Well, we continue to wait with a slightly better outlook. Thats our update. Anyone else hear anything?
Today is exactly 3 weeks since we accepted the bank’s counter offer and the seller’s agent emailed the Level 2 Negotiator our ammended purchase contract and new HUD-1. Still no word.
@ Honiee
Do you know when the agent sent in the HUD and purchase contract? It turns out that our negotiator went home early so we couldn’t receive and answer but the country wide people told the agent to start drawing up the paperwork under our counter offer price. So I hope to hear on Tuesday.
@ Frustrated Firefighter:
The agent emailed the HUD and ammended purchase contract on Fri Aug 7th… he forwarded my agent the email and it was then forwarded to me. Seller’s agent has been emailing and leaving voicemails for the negotiator and she won’t email or call back – have’nt heard from her since the “thanks” email she sent to the seller’s agent on Aug 7th after receiving the ammended documents. So frustrating!
I also am involved with Countrywide on a short sale. This website has really helped with additional information. I was told by the realtor I am in Phase 2, my offer has been sent to a second negotiator and we should hear back in three to five days, that was the first week of August. Last week my realtor was told not to call back until after Sept. 14th.
There was an appraisal of the property done in March 09,(I beleive that is the same as the BPO) countrywide stated what they wanted for the property, at this point the buyers walked away because it was 7 months later. Thats when we came in and made an offer May 09, close to the asking price.
I was wondering if the home is appraised for less then the offer, does countrywide allow you to purchase for the appraisal amount? Does anyone know?
Does it sound like we are getting close? This is a very frustrating ! Thank you to anyone who can offer any advice.
georgepa
@ georgepa
My fiance and me wondered that ourselves because we didnt want something that couldnt be insured for the entire amount that we paid. My realtor told us that a BPO (what the mortgage company looks at) and appraisal (what your insurance looks at) are two different things. Countrywide will not tell you what the BPO came out as. Thats part of there negotiating strategy to try and get the most money they can. The only protection that we have is an addendum in our contract that states if the appraisal that we pay for or the inspection are not what we expected, then we can either make a counteroffer or walk. If you show countrywide the appraisal that you paid for then they might go back and do another BPO to determine if it is resonable. Just make sure that your realtor has that in the contract.
If you are in phase two and were told not to call back then your getting closer. The listing agent was told not to call back until Aug 28th and thats when they made the counteroffer.
This is a long patient game and it just taks time. Good luck!!
Any other updates from people getting close to done or have closed?
Now I understand that everyone has beed waiting awhile to close after receiving verbal acceptance. Well our offer was accepted yesterday and countrywide informed the realtor that it will take 2-5 days for the contract to go to fannie may for there approval and then it would come to me for my signature. As soon as I sign, they said i have 30 days to close. So i have 30 days to get a inspection and appraisal. I ‘m not expecting it to happen too fast so i am wondering if anyone else has heard this or has a timeline for how things are going for them.
Still want to here some updates.
@ Frustrated Firefighter
I am abit confused with your approval process Frustrated Firefighter. How can Countrywide/Bank of America say that they approved your offer when the investor Fannie Mae has not approved the short sale?
Countrywide is the servicer of the loan. All they did is collect your mortgage payment on behalf of the investor and then give it over to the investor and in this case Fannie Mae. Don’t you think before Countrywide could accept your short sale that it needs approval from the investor first. What good is Countrywide approving your short sale if the investor has not ok’ed the deal. This is based on your statement that ” … Countrywide informed the realtor that it will take 2-5 days for the contract to go to Fannie Mae for there approval …. ” Please clarify. Thank you.
My real estate agent also informed us if we receive an approval we would have 30 days to close.
When our offer first was submitted, it did have to go to Fannie Mae for the short sale approval. They approved and 4 months later is where we are. To my understanding they are sending the negotiated price to Fannie Mae for approval. I have no idea. The way it was presented to me was that this is a typical procedure and that it will most likely get approved. We have to wait 2-5 days and the paperwork will be brought back to us. I will find out more next week if this timeline is actually accurate.
Have you heard anything on your house?
We made an offer on May 12th , as far as we know we are in Phase 2, the second mediator was suppose to contact the real estate agent within a couple of days that was the second week of August. When the agent called the mediator, he was told not to call back until Sept. 14th. My agent was the one who told us we are getting close, once the offer is accepted, we we have an inspection done and then have 30 days to obtain a mortgage and close. I don’t really know if it will work that way, I hope so. We are running short of time for the tax rebate , which is Nov 30th.
We are just about at 4 months since we started this process, very frustrating.
georgepa
Bank counter offered on Wed Aug. 5th, we verbally accepted the same day. Ammended documents were emailed to the Phase 2 Negotiator on Fri Aug. 7th – seller’s agent got email response from negotiator of document receipt. No communication from negotiator since Aug 7th. Seller’s agent called the BOA short sale dept on Aug 25th. Was instructed to fax ammended docs to the dept. Docs faxed on Aug 25th. Short sale dept says they will respond within 15 business days from Aug 25th… that puts us at Sept 16th. We shall see if we actually hear from them by then.
Has anyone here Sold a home using the Countrywide short sale process? My wife sold one a couple of years ago, and the second chunk of the 80/20 is still on her credit. Countrywide says they have no paperwork, but it must be correct… The Company that worked the shortsale went under, so no paperworking coming from them. Anyone had any issues, or better yet found a solution?
Received confirmation from Bank of America that our file was FINALLY submitted to the investor 9/9/09 by the manager. Will keep the bloggers posted as we hear any news. Original offer submitted March 14, 2009.
My real estate agent forwarded me an email that the listing agent’s broker sent to a Countrywide Executive asking them to escalate the matter. Reading the email made me realize that I’m now in Phase 2 of this shortsale process. Some detail of our shortsale experience:
9/11/08 – The house we offered was listed. Got an offer in a few weeks.
4 months later – 1st buy didn’t hear anything from the bank, they withdrew their offer.
6/3/09 – We made an offer.
7/09 – First BPO was ordered, price was higher than our offered price.
8/31/09 – Broker emailed CW Executive to escalate the shortsale process.
9/3/09 – Second BPO was ordered for interior/exterior appraisale.
9/9/09 – I’m… waiting…. and waiting….
Does anyone have any idea how much longer do I need to wait if everything flows smoothly from now on? Will I make it before the $8k first time home buyer credit program expire in Nov?
Good luck to everyone that’s going through shortsale, especially you Jag! Keep us posted with your shortsale
@WorriedVetWife
Would you believe we have been waiting since March 14, 2009. We must have asked to escalate our offer about 70 times. We kept pushing and pushing to the point we began to harass the negotiator. Legally and mentally we are guilty of harassment. Unfortunately it still took that long.
Now WorriedVetWife …. I am going to be honest with you and tell you up front that you will NOT make the November deadline. Why? Based on your date schedule it is still tooo early in stage 2. No New HUD statements have been forwarded to the negotiator, no updated bank statements have been forwarded, buyers information has not been forwarded, buyers preapproval letter has not been forwarded and on on. This usually occurs at the end of stage 2. After all that then they start to review the file and then you enter counteroffer/ then 30 day closing which put you into December.
I will keep everyone as we head toward a answer.
hi, I believe that Im on phase 3. My realtor said that they are done with the BOP/appraisal and that they’re in the negotiating stage. How much longer do I have to wait? Realtor said that we can probably close by mid October. Does any one think that I can actually close by then? my offer was accepted on July 9 subject to lenders approval. Can anyone help???
@ Tired of Waiting
If your short sale is subject to lender approval then how has it been approved? According to your statement ” my offer was accepted on July 9 subject to lenders approval.” Confusing. If the underlying investor has not approved the short sale than who has accepted the short sale? Bank of America/Your Seller/Countrywide/Your Agent means nothing if they accepted the short sale. ONLY WHEN THE INVESTOR SAYS YES AND ONLY THEN YOUR SHORT SALE HAS BEEN APPROVED. Bank of America/Countrywide are servicer of the loan. They cannot approve the short sale. Your Seller nor your agent can approved the short sale. So who’s left? INVESTOR.
Typically Bank of America orders two BPO’s based on my experience. First when the short sale is submitted at stage 1 and then reorders the BPO in stage 2 if the first BPO is older than 60 days from second BPO. If Tired of Waiting Bank of America has ordered only one BPO then you still have a while to go.
But stay in there. I know you are upset that why is it taking this long. Based on what you said chances are things will pick up within couple of weeks when they start to request revised HUD statements, buyers information … etc.
@WorriedVetWife
I have to agree with Jag and say that your not going to make the cut-off. Unless something miraculous happens with C/W and they get there head out of there butts, I dont see your house closing in time. Heck, i’m worried to see if mine will close in time. I’m pretty sure it will, but you never know with this company. If the credit is a big concern then i would def be looking for another house that is not a short sale.
Good Luck! Keep me posted!
@ Tired of Waiting
It sounds to me that you werew told that the seller has accepted the offer. This is the first of many more steps. Like Jag said, it now has to go to the investor, which could be countrywide, BOA or any number of other organizations that hold the loan. You are just strating down the long road of waiting and it is very frustrating. You have to evaluate if the house is worth waiting that long. I put my offer in on Mar 7. and I still haven’t closed. We have looked at many other houses in the mean time but nothing seems to intrest us. If you really like it and really want it, hang in there.
As for me, nothing back from Fannie Mae yet. That blows the 2-5 day timeline.
Any other updates?
Thanxs, for the advice. Hopefullly this gets done soon, I was told that Im in the 3rd phase. I’m calling my realtor tomorrow to see where we are at. I just hope he has good news for me.
Hello,
My Fiance and I put a offer in on a countrywide shortsale on April, 25. W have been very Patient with this whole process thinking theres no way we could miss the nov, 31 deadline for the tax credit. Now were getting worried, our agent is not experinced in shortsales and we are gerrting mixed information from her.
1. our agent says we are in contract with countrywide and cannot make aany other offers without looseing our contract.
2.We’ve tried to find out what phase of the process we’re in but all we get is phase 2, we’ve bee told were in phase 2 since june.
3. the sellers agent says our negotiator has sent the offer to the second mortage and investors.
My question is, how much longer do we have to go and how can we speed up the process.
We (the buyers) just received the short sale approval from the sellers bank with a closing date of Sept 21st– however we were just told about the second mortgage of 75,000 and the first mortgage holder is willing to give the second mortgage people 3,000. will they release the lien? Its National City Bank I believe. Thie first mortgage is through wells fargo.
We were told by the sellers realtor that the second mortgage approval will take 5-10 business days. The second mortgage is for 75,000. Would they really take only 3,000?? We waited 30 days to get the first mortgage short sale approval.
Hi Nicole:
First buy a gun and shoot the inexperience Seller’s agent. Second buy a second gun and shoot the inexperience buyer’s agent. Why? Let’s work with common sense. If the property had two mortgage with two different banks unrelated to another than don’t you think they both need to approve the short sale. Most likely YES. WHY? If does you no good if one approves and the other does not. One mortgage is probably the senior and the other is probably junior. If senior approves and junior does not then junior could buy out the senior and foreclose on the property. It does you no good if the senior has approved and the junior has not. So why do we need to kill the Realtor?
The Seller’s agent should have submitted a short sale package …. should I say it … a short sale package to both banks at the same time. Common sense. Now you have to wait even longer for the junior to approve it. Assuming they do. If the Seller’s agent had submitted the package together to both banks than by now the keys would have been in your hands. But its not.
So now why do we shoot the Buyer’s agent. The buyer’s agent should have also known this and should have requested the Seller’s agent to submit another short sale package to junior lender. Your agent also dropped the ball.
APPROVED APPROVED APPROVED APPROVED APPROVED APPROVED APPROVED APPROVED APPROVED APPROVED APPROVED APPROVED
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Our short sale has been approved September 14, 2009. Our short sale has been approved September 14, 2009. Our short sale has been approved September 14, 2009. DO I NEED TO SAY IT ANYMORE…..!
Submitted Short sale agreement March 14, 2009 was assigned Phase 1 Negotiator June 5, 2009 and Phase 2 Negotiator August 4, 2009. Submitted to investor for approval August 21, 2009 and received written confirmation September 14, 2009 short sale approval. I am the buyer and my seller are thrilled at the news.
Congrats Again very happy for you. What State are you in? Im in Chicago I just hope within the next week I get the same news as you.=)
Gratz!!! Gratz!!! Gratz!!!
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