Countrywide Shortsale - Posted by TAT

import · December 12, 2006, 6:36pm

Posted by TAT on December 13, 2006 at 17:23:20:

No worries Don, no offense taken. Just looking for answers.

import · December 12, 2006, 6:36pm

Posted by TAT on December 12, 2006 at 19:36:43:

I am trying to work a shortsale with Countrywide, but it seems their policy now is to only accept full market value for the property, which esencially means no discount. Any one else have any recent shortsale experience with them?
Thanks

import · December 13, 2006, 10:36am

Re: Countrywide Shortsale - Posted by Don R

Posted by Don R on December 13, 2006 at 11:36:36:

I’ve never tried countrywide, but they’re like everyone else. As time passes, they will become more motivated.

import · December 13, 2006, 6:54am

Re: Countrywide Shortsale - Posted by JR

Posted by JR on December 13, 2006 at 07:54:04:

TAT,

Does the house qualify for a short sale? For a short to happen there must be a reason. If its a pretty house that has know issues then it cannot qualify unless market dictates it. Even then its a gamble. What was your supporting documentation to request a short sale in the first place? Was there PMI on the loan? Several factors can dictate why they would stick with full value. Short sales is all about presenting the best case. Was the BPO inline? Did you meet with the BPO agent?

import · December 12, 2006, 8:04pm

Re: Countrywide Shortsale - Posted by Luke

Posted by Luke on December 12, 2006 at 21:04:29:

I think it’s a little to early for short sales personally. There are still quite a few buyers out there.

Give it a year or two and you will make a killing on short sales as long as you have the reserves to hold them for a little while.

Luke

import · December 12, 2006, 7:27pm

Re: Countrywide Shortsale - Posted by Greg (FL)

Posted by Greg (FL) on December 12, 2006 at 20:27:06:

So… Countrywide gets to eat another one. Yawn…

The times… they are a’comin’… as they say.

Keep your head up. You’ll get a hit on one soon. The banks can only take so many of these back. Foreclosures are going to make them deal.

The Best to you.

Greg(FL)

import · December 12, 2006, 7:15pm

Re: Countrywide Shortsale - Posted by TAT

Posted by TAT on December 12, 2006 at 20:15:52:

essentially

import · December 13, 2006, 1:12pm

Re: Countrywide Shortsale - Posted by TAT

Posted by TAT on December 13, 2006 at 14:12:31:

Hi Don,
If you are talking about time before the sale, this one is days before the auction, so time is not the issue.

import · December 13, 2006, 9:40am

Re: Countrywide Shortsale - Posted by TAT

Posted by TAT on December 13, 2006 at 10:40:52:

Hi JR,
It does qualify for a short. They are requesting “as is” appraisals instead of BPOs, which are tougher to influence. I did meet with the appraiser however and was able to get him down slightly. But at that point I was told CW will only accept that value net. So much for 75% - 80% or more of FMV.

import · December 13, 2006, 2:42pm

Re: Countrywide Shortsale - Posted by Don R

Posted by Don R on December 13, 2006 at 15:42:00:

My apologies, TAT. I was thinking the properties had just come open, and were for sale, not being auctioned.

Good luck in your bidding. Let us know how you do.