Having gone through a short sale of my home, I know how long and frustrating the process can be.
For homeowners with Countrywide loans, the process has been terrible.
It sounds like things are finally starting to change. I’m not sure if this has to do with the Bank of America takeover (likely), but according to two separate real estate sources I’ve talked to on the phone, Countrywide has beefed up their staffing for loss mitigation/short sales.
I’ve seen rumblings on my own posts from readers about short selling with countrywide about them finally stepping up and speeding up the approval process. Up to this point many people have been waiting sometimes 6 months to get approval from countrywide to short sell their home.
Madness, I say.
Glad to see things picking up. Short selling your home is a much better alternative for all parties involved than a foreclosure. I think people who short sell their home will have a much better time trying to buy again in the future vs. those who just walk away from the home. Obviously keeping current on payments is the hope but for many homeowners under water, a short sale is the best option.
If anyone else has news on Countrywide’s policy regarding short sales, please comment.
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{ 13 comments… read them below or add one }
That’s great to hear. They need to move their booties!
It's quite important with Countrywide to get everything to them at once and to MAKE COPIES.
So glad to hear that Countrywide is doing better. I am with them and very close to foreclosure. Thankfully I have just recieved a short sale offer from a serious buyer. I got all of my documents into countrywide immediately and now waiting for a response. Wish me luck! Will u posted on how long it took!
My boyfirend and I put in a excellent offer on a short sale house back in March and still are waiting to hear back. We know we have the best offer and REALLY want this house……it's a waiting game! I really hope it doesn't take too much longer. Some people that I have been reading up on have been taking over 6 months to get approval from countrywide!! Oh man!!
I made an offer on a short sale property through Countrywide in November 2008 and still haven't received the final verdict. The bank has ordered at least 2 BPO's, and the last one came back $10K less than my offer. In February 2009 my offer finally reached a negotiators desk, and the listing agent was assured that the process would move a lot quicker now. Two and a half months and 3 negotiators later I'm still waiting to hear back. Heck, I'm even willing to raise my offer if need be by another $20K since I Iike the location, but they haven't even counter-offered me yet. If Countrywide thinks they can get another buyer to pay 10% more than the appraised value on the property in a foreclosure situation and in this economy, then all power to them!
As a first time home buyer, I'm really frustrated with the current housing market. I either run into homeowners listing their properties at inflated 2006 prices and tacking on any remodeling work they've done, or short sale properties that take forever to close. At this point I'm just looking to buy a house at fair market value, but can't find anything decent in this market. I've ran into the same problem with foreclosures where my offer was verbally accepted by a bank, and then a day later was told there's another offer on the table, and I needed to give them my maximum bid. Of course, a couple of days later I was notified that I didn't get the property. I really didn't expect to run into so many obstacles in this slumping housing market.
I but asking price on property that Countrywide is the lender on March 25, 2009
According to my agency contract documents have been submitted to Countrywide. As of today, no words yet. My agency told me that I am the only one that submitted a contract.
Is it possible there are more buyer’s contracts that agency may not aware of. How long it will take for them back to us. thanks for your advice.
signed contract 8/4/2008.
Still have not closed on short sale thru countrywide.
they should call it a loonnnggggg sale.
good post but they did nothing. actually, with the take over it is taking on avearage 1.3 months longer for them to complete a short sale. i have 6 now that are past 2 months and they did not even order the BPO yet. Wells Fargo is the best..the past 4 i did i got approval in less than 3 weeks. Maybe BOA/Countrywide should send in a spy to see the system they have running…it is obvioulsy working…..
One more thing that will make you sick:
I had an offer on 2 different homes. One for $86,500 and one for $78,500.
the first one, Countrywide said no to the offer and proceeded the foreclosure. They put it back on the market for $79,000. (They lost $7,500 right off the bat). The second one they put on the market for $69,900…again, they took a loss before they even started.
Tell me how this makes sense. This is exaclty whey none of these banks should get or should have gotten bail out money….they simply can not count worth of shit!
Lenders would rather foreclose your property if they are covered my Mortgage Insurance. This is usually the insurance added into your loan payment because you put a low or no downpayment on your loan when you bought your house. Or, the lender bought an insurance to cover their high risk loans. If the proceeds on a short sale is less than what they can collect from the insurance, they are better off taking a loss by foreclosing.
Just read your comments on Countrywide/BOA. We offered June 09 and are doing the waiting game. I know the BPO was done nearly 3 weeks ago and still no news. It was discouraging to read the comment above of 2 BPOs, 3 negotiators later and still nothing. How discouraging!! I can’t spend one more month with my in-laws, especially Christmas. Halloween is this week and I can’t believe we still don’t know. My 4 kids are starting to go Crazy (mom and dad too). They want to start living their lives and not in limbo anymore. Maybe we’ll offer on a Wells home while we wait and see which closes sooner.
yippeee