CountryWide Shortsale Problems….Here Is A Great Tip…
Great Shortsale Tip!
Thanks to HREU student Frank Wible for sending in this tip…..
Great NEW Tip With Countrywide Short Sales… A Must Read!!
Realtors, learn now how to easily list and sell short sales. Watch the FREE Agent Shortsale Secrets video now…and then downloand your FREE Agent ShortSale Secrets book!
CUT 2 WEEKS OFF YOUR SHORT SALE WAITING TIME BY DOING THE FOLLOWING…….
I just got off the phone with a friend at Countrywide. I had to post this tip almost immediately! When sending your short sale packages to them, break the faxes up into sections in no more then 10 pages!!! if your package is 50 pages, then you will send 5 separate faxes!!!! (10 pages per fax)…
Send the financials in one fax, the contract in another, etc, etc. Keep the sections together if you can! And always have the account number at the top of every faxed page you send of course!
WHY WHY WHY WHY?????
Well, turns out that faxes that are 10 pages or less get imaged almost immediately, where faxes greater then 10 pages can take up to 2 weeks!!!! THAT IS A HUGE 2 WEEKS CUT OFF YOUR WAIT TIME!!! Cut your short sale time line down by 2 weeks just by doing this simple fix!!!
Popularity: 6% [?]
Similar Posts:
- Breaking News: New Bank of America, Countrywide Short Sale Process Announced! Guest Bloggers Kim and Kris Darney...
- Realtor Coaching Students…check this out | Great Shortsale vs Foreclosure Graph Realtor coaching clients…check this great post out...
- Countrywide and KB Homes Accused Of Mortgage and Appraisal Fraud. Expect to see a flood of litigation...
Anything that reduces Countrywide’s time frame…is hugh, I’m currently waiting for number 5 (Five) loss mitigators review of the same property. In 9 Months they have lost more that $45K, on a median priced home valued at: $200K., and a third buyer. Glen
Hey Glen….make sure you are submitting your SS offers with a BPO…YOUR BPO. Just got a great tip…include 9 comps with your BPO. They will average the 9 and then create the value….
Hope this helps!
Tim
Thanks for the tips on Countrywide. I have found them a bear to work with. The last property with them that I tried to work a short sale I sent them an offer for what was actually owed on the property….first and second mortgage! They not only turned it down but told me they would not counteroffer. They did say we could submit another offer but that they required the BUYER to also send complete financial information to them so they could approve them. This particular loss mitigation officer also told me that they would not even look
at another offer without the Buyer’s financial information or without ALL the paperwork being submitted at the same time! I am not sure the 10 pages at a time would have worked with this situation.
This house was valued at about $360,000 all fixed up but it was totally trashed out at the time. The loan value was $221,000 plus whatever fees were owed. The Buyer’’s had offered the $221,000.
Countrywide scares me! I had received an approval letter at the end of October and noticed that there was a $1K difference in what was on my K ($350K) and what they had approved. I called them to notify them and to ask would that make a difference. The negotiator said she would re-run the numbers and send me a new letter. I waited for several weeks, call them and they informed me nothing had been done. I then emailed both the original negotiator and the person I spoke to on the phone informing them of the problem. Waited again and finally got a call telling me that again nothing had been done, but I would receive a new letter the following day. The following day I received a call where the same person that called the day before informed me that Countrywide had to deny my approval because of the long period of time that had elapsed since they gave the approval. He then informed me that the s/s request had to go back to a new negotiator whereupon I told them that I would be sending in a new offer because several months had passed and the value had gone down further. They even had the nerve to ask me to raise my new offer some; I did by ($7K). Well today is April 9 and I am still waiting. Unbelievable.
P.S. Their new parent company, Bank of America, is just as bad. As a matter of fact I told the litigation department that if I did not get a response from the negotiator by tomorrow, I was going to go to the next level and perhaps even the President of BofA and President Obama. It is absolutely disgusting that I have had to wait over a year and they are now asking for a realtor’s listing when I informed them that the realtor dropped the deal because she kept losing buyers because of their disgusting response time. Today I find out that the house now is leaking water and has mold damage in the basement so I am going to reduce the price on this house too.
For Short Sale faxing to Countrywide (or any lender for that matter) I can’t imagine how sending 5 faxes of 10 pages each, even with my best printing of the loan # on each page, is going to get combined into a “finale faxed image master file” if 50 pages. Please monitor this, Tim, and other HREU students. In most of our HREU S.S. training materials indicates that we are to only fax FULL purchase offer packages — due to the lenders using this simple strategy to throw “incompletely received” faxes directly into the garbage without first calling the faxing real estate agent that a form or page was missing. Now I’m baffled.
Hi,
Dont be baffled!
Follow the instructions we give you in the training.
We are looking into what was suggested by this student. If there is a change in the way to do things
you can be sure we will let you know.
Tim
I have been working with Countrywide to short sell my house and to say it has been a nightmare is an understatement. I even had a court ordered mediation hearing and that has produced nothing. I am about to lose the second buyer because of their unorganized company. Both offers were very reasonable and far more than they will get at Sheriff’s Sale. They simply don’t seem to care and I have reached the end of my rope with them. If this buyer backs out I am sending them the keys and shutting off the utilities. Good luck to anyone working with these knuckleheads……
Our experience with Country Wide has been not that great either. You would think though time that the process would improve. We had one package that we had to send 4 times and they told us they had still not received it. Finally we had to email it to them. This process took over a month. The sad part is that they saw the fax coming though, but for some reason they wouldn’t aknowlege that it cam over. Why don’t they use email in the first place? Fax, come on what is this 1990? You even said they image the fax once received, why not save them the step? But they still claim to prefer fax. Could you imagine if your company was taking orders for products and you had to fax, email, and send the order certified mail to make sure the order was received? Bank might as well watch thier money burn as they wait 3-4 months to approve a Short Sale. The market is still dropping. If a buyer walks, most likely the next offer will be lower. Sometimes I am not sure what is going on over there. We had another bank reject an offer that was 91% of BPO. According to a person we know that works with this bank, this should have been a slam dunk. Yet were still not accepted???? AAArrrgghhhh!!!!
I am also going through the Countrywide delay process. I have had my RE Agent working them for over a year to sell my house. The same thing happens, the buyer walks because Countrywide took too long to process the short sale. My agent went to the manager of the negotiator and the negotiator got upset and close the file because they couldn’t open a document they recd on email from my agent. My agent had to start the process all over from the beginning.
God willing the property sells this time as we await the 3rd appraisal and processing of my financial statements.
Hello Robert (and everyone else who is dealing with CW on a short sale),
Please make sure your agents have received training how to do short sales. If the submit your package to the lender
incorrectly…CW will delay or maybe even NEVER process the file. There are many ways to screw up a short sale and
only a few ways to get them closed. NO short sale file should take more than maybe 30-45 days. CW has an escalation
procedure (800# for agent/ owners to call) if a file is stuck in processing.
Bottom line, for the sake of our economy please insist that your agent not wing-it on your short sale.
Tim
[...] 1) When sending a short sale package, break up the faxes up into sections of no more than 10 pages. If you have 40 page to send, you will need to send 4 faxes (10 pages per fax). Send the financials in one fax, the contract in another. Try to keep the sections together. In addition, write the account number at the top of every faxed page you send. (Source) [...]
Hello, I have recently put an offer for a short sale house and Country wide is the lender!!! I am not sure what will be my timeframe for the approval. Patience is the virtue!!