Countrywide Short Sales in Cape Coral
Update: We will handle Countrywide Short Sales – See my newest article with a solution for Countrywide short sales.
Countrywide Short Sales SUCK. This is my story about it. I wish this weren’t true because they have more of the defaulting loans than any other lender (at least around here). But I just can’t handle countrywide short sales any longer.
I’m sorry. I cannot help you if your loan is with Countrywide. My sanity is worth more than that. After having successfully closed short sale transactions with Countrywide home loans for customers with homes in Cape Coral, Florida earlier this year, I thought I could keep doing it.
This year we had a short sale offer submitted in April. Unfortunately Countrywide hadn’t file a Lis Pendens yet so they weren’t too motivated to look at the offer. The customer hadn’t made a payment on her mortgage since last Oct. Strange. Well NOW, 6 months later, they are calling about the short sale. Wondering if I want to ‘reopen’ it. Well, sorry but that buyer is LONG GONE Countrywide.
Yesterday I receive a letter of denial on another Countrywide short sale file. Reason? The appraisal came in too far below the amount owed. Well, isn’t that WHY it is a short sale? And just to be clear about my thoughts: Countrywide can have whatever guidelines it wants. But tell me what they are. My problem with this is at that they wasted my time for 2 months. Wasted my seller’s time, wasted the buyer’s time. They knew what the offer was up front. Why go through the hassle of requesting additional documentation? Why hire an appraiser? WHY? If you knew the price was too low anyway? ABSURD Countrywide, you are CRAZY. By the way, this is my first EVER denial letter on a short sale. We have had a couple of banks say they won’t do short sales but they tell us UP FRONT. And we move on.
A month ago I submitted a Countrywide short sale package. A previous offer was already approved and this offer was actually going to NET Countrywide MORE money. We have a time sensitive closing because the buyer is working on an FHA loan (you know those guidelines changed last month). I advised them of this and asked if they had everything they needed and asked if there was anyway I could help Countrywide Home Loans with this file. I was assured that it was put through to ESCALATION (Want to do something fun? Call and ask if that exists. 9 out of 10 operators will tell you you are crazy. 1 will say it is in Escalation). Anyway, back to the story. Call for updates, needed Hud1 revised, was told to send it back within the HOUR or else the file was going to be CLOSED.
Seriously, that’s what my negotiator said. So, luckily I was in the office as was the title company and she got her revision within the hour. Ok, great I thought. It was supposed to go over to the investor for their approval. Called again, no notes about that. Negotiator is ignoring my phone message and email. GREAT. Got told by one nice man at Countrywide, “Never rely on a negotiator to update the system. Always email and fax and call to confirm receipt.” Nice.
So I call the investor. Bank of New York. They don’t make the final decision I’m told. Countrywide has the full power to make these decisions. So, if everything is ‘good’ to Countrywide then WHAT ARE THEY WAITING FOR? They gave me a name/# to try at Countrywide.
So I call again. “Didn’t you already call today?” I was rudely questioned. “Yes, as a matter of fact I did. However, I was told that it was going to the investor for approval when in fact the investor does NOT give a final approval”. To which she responds with “it doesn’t matter who is giving you the approval. It is under review. We don’t know when we’ll know anything else.” I advise that this is NOT an acceptable answer and I want to know when I will hear something. And she says to call back once a week. OMG. I’m about to lose it. I start to again tell her that I need a better answer and she politely says, “Thank you. Good Bye” CLICK. Yep, she hangs up on me!
Wow, I am so upset. These poor people with loans through Countrywide. I am so sorry for everyone who is attempting to be proactive here with them. I wish I could help you but I can’t.
I will still work my @ss off on the files I currently have with Countrywide lenders but from now on I am NOT ACCEPTING ANY COUNTRYWIDE SHORT SALES. I just can’t. My sanity/health are worth way more than this.
No rhyme or reason. Insane, uneducated, rude operators (except for you Randy – you were helpful) at Countrywide.
Just to confirm, no more Countrywide short sale files. Any other lender, please contact me. I’m still ranked #4 agent out of our entire mls for listing/closing short sales.
Contact me today for short sale help (Unless your lender is Countrywide. Then I’m sorry).
Update: We will handle Countrywide Short Sales – See my newest article with a solution for Countrywide short sales.
Copyright 2008 Susan Milner
Florida Future Realty, Inc.
(239) 542-8521
Susan@SusanMilner.com
Share this:
Like this:
Tags: cape coral short sales, countrywide home loans, countrywide short sales, short sales in cape coral
About Cape Coral real estate
Cape Coral real estate and Ft. Myers real estate and area information.16 Responses to “Countrywide Short Sales in Cape Coral”
Trackbacks / Pingbacks
- Countrywide Short Sale Solution | Cape Coral Short Sale « Cape Coral Real Estate - October 25, 2008
- Cape Coral short sale solution - November 7, 2008
- Cape Coral Short Sales | Advice for banks - November 18, 2008
- Countrywide Short Sales - November 18, 2008
Leave a Reply Cancel reply
Cape Coral Real Estate
Florida Future Realty, Inc.
239-542-8521
888-764-6665
FloridaFuture@gmail.com
Ugh…yeah, I waited about 2.5 months for a short sale response from Wells Fargo. The 2nd loan holder approved it within 2 weeks and Wells Fargo (the holder of the 1st) took their time…ordered the BPO the 2nd week but still didn’t give us a response 2.5 months after the offer was submitted. We ended up moving on….
Here is my nightmare of a Countrywide story. I put a foreclosure under contract. The purchaser was approved with Countrywide. 800 credit score full dock loan and 20% down. The lender/seller of the foreclosure had a stipulation in the contract that for everyday that the contract went past closing date there would be a 150.00 per day per diem. So, even though the buyer was already approved we made this a 45 day closing date. Ok, so after 45 days of being told “everything is great” 5pm on the day before closing and might I add with the purchaser traveling to a different town and expecting to spend the night the next night in his new place…..Countrywide decides they need more documentation!!!!!! This went on for another 15 DAYS! At which time the lender/seller decided they would have no problem financing the new purchaser, did it and got it done. DAH COUNTRYWIDE,….you had a full doc loan with a 800 credit score and 20% down on a foreclosed property that was being sold 15,000.00 under appraisal and you didn’t close!!! No wonder you only have bad loans, those are the only folks that would put up with you that long.
And Susan, Thanks so much for this blog.
Karen Harrison Remax of Orange Beach
Holy Moly. Seriously Susan, you are absolutely validated in your frustration! The most horrible part of dealing with banks is this: We Realtors abide by a code of ethics that makes us behave in a way consumers can respect. Licensees follow state laws regarding negotiation, contracts and the like. But, if you are a bank, you are above all that. You don’t have to return calls in a timely manner, you don’t even have to make counter offers the way you are supposed to. I had one bank tell me (and it was a countrywide loan sent to someone else for the short sale), that they reviewed the offer and decided their net would be $195,000. I responded in e mail, “are you saying you need a larger purchase price? How much?” After twisting their arm into naming an actual dollar amount, they said one figure. After I convinced the very patient buyers to come up to that dollar amount, the bank changed their minds. Essentially, they countered their own counter. They were in contract, at least implied and just “changed their minds”. If that were me and my seller client we would be selling a house for what we agreed to, no more argument other than a law suit. But hey, if you are a bank you can do what you want and make everyone else look like dummies while you are at it.
I haven’t sworn off short sales yet all together, but I have now committed to refusing to lower my commission so the bank gets their “suprise net amount at the end”. I warn buyers that they may have to come up at the end, even if the bank agreed to the price.
I just waited 43 days for a response from Countrywide on a short sale contract. It was listed for $120,000 and they counter offered at $138,000. I’m not sure how we as an industry can get away with offering a product at one price and then not be able to sell it for that? How does that work?
Our Countrywide buying story to date in NW OH: Signed PA on 16 Sep 2008, closing for mid-Oct, cash sale. Only vague dialog with seller’s agent through Oct., ours only serious offer for the vacant house. CW negotiator not assigned until 31 Oct. Talk of a BPO in early Nov. 2nd mortgage settles verbally for 5k on 25 Nov. Verbal counter offer from CW on 10 Dec for 10k over our original offer. We amend our original PA to reflect the CW’s verbal counter and 2nd’s settlement on 15 Dec. 2nd sends agreement letter on 15 Dec (good til 15 Jan), CW sends their agreement letter on 19 Dec (good til 19 Jan) and closing is scheduled for Wed, 31 Dec. All is well. Call from our atty on Tues: the closing is postponed indefinitely. The title insurance underwriter doesn’t like the CW agreement letter apparently. CW services the mortgage, Bank of New York bought the debt in Feb 2008 (they’re not the original lender) and has filed foreclosure against the seller/borrower (though not served). CW letter doesn’t say explicitly anything about Bank of New York releasing its lien or dismissal of the foreclosure suit. The intervening New Years holiday doesn’t help and we lose more time. And now the title agency won’t close until it gets something in writing from CW, BoNY, or the foreclosure atty regarding release of the lien. Is the title agent asking for something they (and we) will never get? Could we really lose this because of the vagueness of CW’s short sale agreement letter? We are going completely mad with only 2 days left to close!
From what you wrote here it appears that it is approved. Countrywide services a lot of Bank of New York’s loans. According to Bank of NY they give Countrywide full power to negotiate these on their behalf. If the attorney or title company needs something additional from Countrywide it should be easy enough to obtain from the negotiator on the file or their boss. Good luck!
capecoralhome: You would think that. In our case, it took getting the title/closing agent to talk with the foreclosure attorney’s office to establish the exact nature of this relationship. They couldn’t seem to get it from CW directly. We did close on Jan 14th, so our CW story has a reasonable ending.
Made offer on CW lender Fanny May “investor” short sale in early Oct,08 on PALM COAST FL home. Told Dec 2 by sellers real that we should get exceptance soon. STILL WAITING! Early Jan 09 told CW checking to see if we are related to seller??? but told that CW hasnt yet opened our folder. Sellers real calls twice a week, and told by CW to call back Friday, tuesday etc. WHY if no work will be done??. WE rented (sleeping on mattress on floor) from seller realtor the same home at a cheap rate. Was this a mistake, slowing the sale? It has been 4 months and they havent even reviewed our offer. Apraisal was done nearly 3 months ago so will be high as prices have continued to drop! May end up homeless as our current home may soon sell and this one is lost or sold to another! Is there anything we can do?
I’m in NC and have been waiting since Nov. 22nd and my short sale package sent to them was complete! What is taking them so long. They are going to end up owning all these homes. This is my second offer on this home and I will be surprised if the buyer continues to wait. How do you reach these people?
Susan-
I totally understand your frustration- experienced very similar circumstance- was told by a rep that answered the phone that the offer was rejected and the file was closed when I called in for an update, only to be called a week later, by Countrywide to try to work the deal out! Of course, we had already terminated. It was maddening. We give fair warning to all parties involved, thought most know the reputation by now, and try not to get emotionally involved. Thanks for sharing-
Are lenders like Countrywide, Bank of America, and Wells Fargo accepting Short Sales? What are Short Sales? What is a Short Sale Foreclosure? What is a Short Sale Home? Everyone is asking the question, let me explain. A Short Sale is when the homeowner owes more then the property’s value and the lender agrees to take a discounted payoff for what is owed on the original mortgage. In human terms: You owe $500,000, your property is worth $400,000, and the lender agrees to waive the $100,000 difference.
So what does the Short Sale Process entail? First off, the Realtor and the seller will work together to complete the Short Sale Package (pay stubs, bank statements, tax returns, letter of hardship, and financial worksheet). The lender needs these items so they can verify that there is truly a hardship. Next, they submit the Short Sale package to the lender and actively work to procure a strong buyer for the new, lower price. The Short Sale has now begun and the lender now works to evaluate exactly how much they will agree to wipe away. This process, depending on the Real Estate Firm the seller has agreed to work with, will take anywhere from a few weeks to a few months. It is extremely important that the seller choose their agents wisely, based solely on their Short Sale experience, as this transaction is much more tactical and difficult then a traditional sale. In human terms: Don’t hire your cousin just because he has a Real Estate License. Most times agents are unsuccessful in negotiating with the lenders, causing the sellers to fall into foreclosure.
Ok, so why would a lender agree to waive hundreds of thousands of dollars? The first and most important reason, if it falls into foreclosure, they will inevitably have to sell the property themselves and by the time that happens, the home would have fallen even more in value. Even more, it is extremely costly for the lender to take back a property in foreclosure. Secondly, they have most likely already made a fortune off of the sellers in interest. Trust me, they really aren’t loosing as much as you think. Finally, lenders know what is going on with the market….You are not the only one! Hundreds of thousands of people are in the middle of a Short Sale, working their hardest to save themselves from a foreclosure, start over, and move forward. Perhaps that is the best part about a Short Sale…it allows so many people to get out from underneath the burden which takes all of their money and keeps them awake at night…the burden that was supposed to be the best investment they would ever make.
Sabin Lomac
REALTOR & SHORT SALE SPECIALIST
(310) 904-3145
SLOMAC@360REALTY.COM
Sabin Lomac has been working in the Short Sale field for a number of years, manages over 30 active Short Sale listings, has closed over 25 Short Sales in 2008 alone, and manages a team of 15 Realtors for his company. Sabin teaches holds seminars in Los Angeles, Orange County, and San Diego for new agents who want to learn about Short Sales and has a 99% closing percentage for his Short Sale listings. His company, 360 Realty, has over 200 active listings, featuring in-house negotiators with direct relations with lenders, and are considered the best in the Short Sale business.
Now that we’re at the end of 2009, it seems as if the banks are finally beginning to streamline their short sales processes. Cape Coral is a wonderful town to live in, and it seems as if many new residents are taking advantage of the plentiful short sale bargains available here!
http://www.capecoralbarometer.com