Short Sale with Countrywide - Posted by Lubasha

Posted by Mauricio V on July 17, 2007 at 09:46:13:

I’m a homeowner W CW and im planing to start a short salle with them…but i do now anybody who can help me with this situation…

Short Sale with Countrywide - Posted by Lubasha

Posted by Lubasha on June 29, 2007 at 10:28:38:

Does anyone know how to deal with Countrywide? I did first offer for them and it was objected. Somebody from RE Club told me they did five (!) offers to this bank and they all were rejected with terms that insufficient funds offered. It seems they donâ??t care about any reasons and just lead homeowner straight to bankruptcy. I am guessing if they are doing any short sales at all or just prefer to lose their money?

Re: Short Sale with Countrywide - Posted by Michele

Posted by Michele on July 18, 2007 at 10:49:12:

Just looking for follow-up on this short sale w/Countrywide. I just submitted my packet yesterday. Has anyone ever had any luck with CW?

Re: Short Sale with Countrywide - Posted by Drew-md

Posted by Drew-md on June 30, 2007 at 04:00:58:

Country wide is really a hard entity to deal with I have seen them start foreclosure in as little as 2 months, also I was once working on a short sale with them and they wanted me to pay back the back payment before they could make a decision on the short sale

Re: Short Sale with Countrywide - Posted by DF

Posted by DF on June 29, 2007 at 21:40:12:

I just tried one with CW. They would NOT budge from the full payoff + arrears! while the next-door is also in foreclosure and there are a couple of CW’s REOs in the same subdivision (where the builder obviously targeted subprime borrowers). Looking at the sales prices of their REOs, it makes absolutely NO sense to me why they don’t agree to short sales…

Re: Short Sale with Countrywide - Posted by Shogan

Posted by Shogan on June 29, 2007 at 19:34:31:

I find this absolutely amazing that CW is willing to go through foreclosure process and not get “something” rather than take back a “non-performing” asset.

I am working on a short sale right now with CW. This is good to know. They are sending out a person for a BPO this week. Our market on the retail side is very very slow. I am attempting to get a house I will sell at $300k for $206k. The borrowers owe $290k. They tried to sell for sometime at $350k and can’t move it.

I’ll keep you posted on how it goes.

and thats why… - Posted by lukeNC

Posted by lukeNC on June 29, 2007 at 15:06:05:

countrywide is losing a ton of money these days. Poor underwriting and inefficient loss recovery are ingredients for failure.

Re: Short Sale with Countrywide - Posted by michaela-CA

Posted by michaela-CA on June 29, 2007 at 11:24:41:

There’s been a recent discussion here, that CW will only accept offers on their REOs, if the purchaser submits
to pre-approval by a CW office. It doesn’t matter, if the buyer has cash on hand or is set up with another mortgage company. They refuse to even look at the offer.

So, it seems, that they’re pretty unyieldin gin their policies.

Michaela

Re: Short Sale with Countrywide - Posted by NJD

Posted by NJD on June 29, 2007 at 11:10:26:

“I am guessing if they are doing any short sales at all or just prefer to lose their money?”

CW bases its decisions to accept or ‘object’ to a preforeclosure short sale proposal on several factors. Prime consideration is the relationship between the offer and the confirmed FMV.

The lenders want as close to FMV as possible which is why speculative investors are generally the least desired buyers for preforeclosure shorts.

Re: Short Sale with Countrywide - Posted by d

Posted by d on July 21, 2007 at 10:03:41:

I must say I AM SO glad to hear their are others in the boat I am in… I am trying to work a ssale with cw and its been a hard road… based on what I am reading on this post, the buyer that I have lined up for 100k less than what I bought the property for, will be turned down. I guess foreclosure is the only option. CW keeps telling me different things about how they work, so its been challenging.

Re: and thats why… - Posted by Luba

Posted by Luba on June 30, 2007 at 08:24:32:

Thank you for your consideration. But how do you know they lose? Take a look at this:

Re: Short Sale with Countrywide - Posted by Luba

Posted by Luba on June 30, 2007 at 08:42:35:

Well, I wish to agree but CW does not look reasonable for me anyway. They are losing on foreclosure, bankruptcy, repaires and they are losing time. Bankers should better realise that investors save their time at least and if investors take a risk, they don’t do it for free. I would say the nature of bisiness is to be speculative, or it is not a business.