Comments on: Countrywide Short Sales – What You Need To Know

By: wykonczenie

wykonczenie — Thu, 24 Nov 2011 08:04:46 +0000

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By: Scotty

Scotty — Tue, 01 Jun 2010 07:21:55 +0000

Finaly closed on our short sale, 9 months from the initial offer to close. In the end, I got a tremendous deal, however this sort of transaction if not for the impatient or weak of heart. If asked directly, if I would ever do it again, I would probably say no. Particularly since there are so many steps in the process where the deal may totally fall apart after so much time invested, and stress at every juncture along the way. However, in the end, it was worth the wait. For advice, I would say, make sure that you have a good lawyer who digs deap to ensure a clean title and no tax liens, and have a through inspection near close, particularly is the property has been vacant and/or utilities have been off for a significant amount of time. Also, our experience with BOA was that they were totally unresponsive throughout the entire transaction. All I can say is to continually insist that the authorized individual contact them as much as possible to help push the case along. For short sales, you will have to fight for the deal until the end. Good luck to you all.

By: kuku

kuku — Mon, 03 May 2010 02:55:44 +0000

Did any of you experience BOA asking for seller contribution before closing?

By: iwannamove

iwannamove — Fri, 30 Apr 2010 01:42:31 +0000

We accepted B of A counter on April 7th and received written approval on April 21st. The title agent claimed she was told that there are 2 levels of upper management that make the final approval. Each level is allowed 3 days to review the file. I’ve been reading blogs for a long time and this was the first time I’ve heard anything about “2 levels” of the upper management.

By: Munny

Munny — Thu, 29 Apr 2010 17:35:06 +0000

I accepted B of A counter offer on April 12, 2010 and still waiting for the final approval letter from them. Do you know how long it usually take to receive the approval letter after accepting the counter offer?

By: Scotty

Scotty — Sun, 25 Apr 2010 11:38:35 +0000

Finally received a copy of the written approval from BOA via the sellers attorney today after ~8 months. They agreed to the original offer price, satisfying the primary lien holder, with a negotiated minor payout to the 2nd lien holder. Hopefully we can successfully close on this deal within the next couple weeks. I’m keeping my fingers crossed.

By: kuku

kuku — Sun, 25 Apr 2010 04:11:47 +0000

Updates: BOA countered our offer after almost a year of waiting. We accepted the counter. A week later, the bank said the seller has to contribute $15k otherwise the short sale is declined. Does anyone think we can actually close this deal?

By: iwannamove

iwannamove — Wed, 21 Apr 2010 22:40:43 +0000

Received written approval today. After 8 months and 2 days, wow! Hang in there guys!

By: kuku

kuku — Wed, 07 Apr 2010 06:11:00 +0000

Any news yet, Stacy?