Anyone ever have this problem with Countrywide? - Posted by Mike
Posted by Mike on April 15, 2000 at 02:32:58:
Yesterday I had something new happen to me. I was supposed to close a retail flip today but yesterday the buyers mtg. co., Countrywide, said they would not fund the deal because I hadn’t been on title for 6 months. I called the rep. and she said to fax her a letter of explanation and a copy of my HUD 1 with the original seller and she would try to get an exception.
I did this and today was told that no way, no how would they fund the deal.
In case you are int. here is my deal.
Buying for 102k
FMV of 127k after carpet, paint and some updates
Selling for 113k and I don’t have to touch it.
Countrywide said if I had done the fix-up and charged FMV to my buyers they wouldn’t have a problem. My buyers bought their current house the same way and did the fix-up themselves and saved some cash. Luckly I called one of the mtg. co. I use and we are going to get the deal done early next week.