Tuesday, July 01, 2008

Short sales and Countrywide


The latest that I've heard on short sales is that it's taking Countrywide over 12 weeks to approve them. This info is from a Realtor colleague with 4 short sale properties where Countrywide has the 1st note. In other words, if you make an offer on a short sale property, don't expect to hear anything for, uh, awhile. OMG, why? Apparently, Countrywide is completely backed up on processing these -- I'd say they're more likely overwhelmed.

2 comments:

  1. Hi Judy,

    I just submitted a short sale package to Countrywide early this week. They have already assigned a negotiator to the file but unfortunately, they won't give me the person's direct contact info. The home is set to be foreclosured on August 20 and they told me that if the purchase price falls into what they would accept, they would postpone the foreclosure date so the short sale can be completed. We'll see what happens.

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  2. Hi- we bid on a Countrywide short sale on May 8th and have yet to close on the house. Not only that, we seem to be getting the runaround- they (according to the sellers realtor) told us if we were to raise our bid to a certain price that approval would be automatic- we did so, and a week later heard that the employee handling the property was reassigned and it would be at least another 30 days before we heard anything. Any advice? Getting extremely frustrated...

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