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.
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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