Comments on: Countrywide To Speed Up Short Sale Approval Process. It’s About Time

By: Bobby Brown

Bobby Brown — Wed, 18 Nov 2009 12:59:08 +0000

yippeee

By: Em

Em — Sun, 25 Oct 2009 05:00:26 +0000

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.

By: Espie Agbayani

Espie Agbayani — Thu, 02 Jul 2009 15:30:21 +0000

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.

By: ryan

ryan — Mon, 29 Jun 2009 18:32:10 +0000

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!

By: ryan

ryan — Mon, 29 Jun 2009 18:28:17 +0000

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…..

By: Don

Don — Wed, 27 May 2009 14:15:49 +0000

signed contract 8/4/2008.
Still have not closed on short sale thru countrywide.

they should call it a loonnnggggg sale.

By: hello

hello — Sat, 02 May 2009 01:16:18 +0000

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.

By: Edward

Edward — Fri, 17 Apr 2009 15:19:01 +0000

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.

By: Edward

Edward — Fri, 17 Apr 2009 15:18:32 +0000

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!

By: BGKM

BGKM — Thu, 16 Apr 2009 14:05:19 +0000

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!!