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Countrywide Short Sale Nets About $17K Cash for East Sacramento Seller

By Elizabeth Weintraub Sacramento Broker

Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

December 10, 2012 12:33 AM

A representative for Bank of America told me last week that the bank is no longer accepting strategic short sales for its Cooperative Short Sale program. I don't know if that's true because I haven't had an opportunity to verify it, much as one can verify anything at Bank of America. But I do know that every single Countrywide short sale I have approached I have been able to turn into a Cooperative Short Sale for my sellers.

There has been a lot of attention focused on Countrywide short sales. It's hard to believe that Bank of America ever thought it was a good idea to buy Countrywide. A few months ago, for example, the Feds filed a lawsuit against Bank of America for selling its Countrywide loans to our GSEs. It was reported in all the newspapers that Countrywide employees called the HSSL (high speed swim lane) the Hustle. How bad is that?

Read more on my personal blog about a Countrywide Short Sale in East Sacramento.

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Dan Hopper

Dan Hopper - Gold Way RE - Westminster, CO

Colorado Broker / Referral Services

Great blog posting, Elizabeth. I am getting very numb when it comes to BOA, anymore!! Before long, they will be out of servicing home loans!

Dec 10, 2012 01:00 AM

Chris Ann Cleland

Long and Foster Real Estate - Gainesville, VA

Associate Broker, Bristow, VA

I am just getting a little worn out on BOA. I had a negotiator tell me, after receiving an email that electronic signatures were acceptable, that he would rather wet signatures because he "didn't understand" how to go through the steps to verify the electronic signatures.

Dec 10, 2012 02:12 AM

Linda K. Mayer

License # 01767321 - La Verne, CA

Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST

BofA, who I HATE to work with actually did our short sale as well. I don't know if it's because we were Countrywide first, but we also received a bit over $15K... Great blog about how it works!

Dec 10, 2012 02:37 AM

Gary Woltal

Keller Williams Realty - Flower Mound, TX

Assoc. Broker Realtor SFR Dallas Ft. Worth

I hear both good and bad stories about BoA and love hearing Elizabeth what you are going through in your area with them. Calling something the Hustle, preposterous!! Not professional.

Dec 10, 2012 04:16 AM

John Juarez

The Medford Real Estate Team - Fremont, CA

ePRO, SRES, GRI, PMN

Elizabeth,

I suspect that the same geniuses at Bank of America who made the decision to buy Countrywide also decided that it would be a good idea to buy Merrill Lynch.

Dec 10, 2012 05:43 AM

Melissa Zavala

Broadpoint Properties - Escondido, CA

Broker, Escondido Real Estate, San Diego County

Elizabeth: I'm writing off topic here and wondering what you think is going on with Fannie Mae Valuations. I have like 8 files where the values came back 50k-100k above market value and they are turning their nose at a full appraisal.... Maybe you wrote about this recently. Sorry, I am guilty of not reading your blog for the last week or so.

Dec 10, 2012 10:09 AM

Elizabeth Weintraub Sacramento Broker

Elizabeth Anne Weintraub, Broker - Sacramento, CA

Put 40 years of experience to work for you

Hey Dan: I don't think B of A intends to stop servicing loans but what do I know? I'm not on its Board.

Hi Chris Ann: I sent an email to a negotiator today -- demanded wet sigs and it was a cooperative. Don't they read their own bulletins or don't the bulletins apply to everybody?

Hi Linda: See? See what I mean about Countrywide?

Hi Gary: It conjures up a picture of them dancing in the aisles.

Hi John: The purchases were made about the same time so could be. Don't laugh.

Hi Melissa: Yes, absolutely, I am seeing the exact same thing. It makes no sense. The thing I suspect is maybe Fannie Mae isn't happy about the FHFA thumbs, so this is how it retaliates. It can't say no to the short sale, most likely, so it simply makes it impossible for the short sale to close. That's my theory. Because the change in policy happened last month. Everything was fine until Nov 1 rolled around.

Dec 10, 2012 10:52 AM

James Dray

Fathom Realty - Bentonville, AR

You know Elizabeth BOA reminds me of the government. They consistently say one thing while doing another. They don't care about the individual just the bottom line

Dec 10, 2012 07:27 PM

Countrywide Short Sale Nets About $17K Cash for East Sacramento Seller

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