All I want to do is write an offer for a qualified buyer. They are qualified with another lender, but this is a Countrywide REO. Of course it's going to be miserable.
The agent won't submit the offer unless the buyer is pre-qualified with Countrywide. Nice... Nothing like being blackmailed into doing business with a company. It makes me all warm and fuzzy. I'm just dying to send more business to Countrywide. And my buyer is just thrilled too.
We wrote the offer tonight, but we'll have to wait until a local Countrywide broker gets back to us. I hope something better comes on the market before we get our pre-approval letter and submit our offer.
To share a Countrywide horror story or to buy or sell property in the Florida Keys and Key West, even if it's a Countrywide Short Sale or REO, call me at (305) 522-1398 or e-mail me at MayaMarieThomas@Hotmail.com.
Countrywide isn't saying you have to use them - They just need to know that the buyer is REALLY qualified since there are so many "preaproval" letters out there that mean nothing! Countrywide also might just surprise you all and make you a great deal on rates and fees. They have done a great job for me.
It does slow the buying process down, when you're trying to write an offer. I think Countrywide should have an acception to their rule when you have an approval from a direct lender instead of a preapproval from a mortgage broker.
Well, I too could not submit my offer because it was a Countrywide REO. And they only had two people working at the local branch and my clients could not be seen until the following week.Then when they finally did get their pre approval letter the home was already pending. But good news is that they found another REO in the same community.
If any one is looking to buy in the Lodi/Stockton area I would be happy to help them find just the right home. Even if it is Countrywide! Sincerely, Christine Lopez 209-747-0844
I will second that Susan! Maya you can actually go online and get them qualified. They are in no way forcing your client to do business with them, they are just being smart this time! Try and see it from their side! It will all work out! Good luck!
Maya I had the same problem here and Susan is right they don't have to use Countrywide they just have to get an approval to show they can really afford the property, guess what? My clients did not want to put the offer in because of that and we moved on to another property!
As an REO agent I will tell you two things We HAVE to in the file a pre aprroval / pre qual letter of the lender who provided the REO or we don't get no more.
No one says you have to close with Countywide .. we would like you to but you dont have to .. Countywide just wants to make sure you have a back up plan if needed.
Yes, but Countrywide does not have EVERY loan program in their ability to use. What if COUNTRYWIDE finds them to be unacceptable by their guidelines but yet another lender who already issued a preapproval letter, says they are able to get underwritten?
I had this situation recently where the buyer tried to get builder financing. He was not able to (self employed, limited documentation but stable income and work history) but another lender was able to prequal him with certain conditions that he met easily. The builder turned him away but because we found him a loan that worked, he was able to buy. It does happen sometimes.
I agree with Mike and the others who feel that Countrywide primarily wants a prequal from a direct lender. If it meets the standards of the direct lender, it is hard for Countrywide to say their standards are higher - especially since Countrywide is losing $$ the longer they keep that property in their inventory. If you can also submit a prequal request to Countrywide on line, you might cut down on some time, but with no live person to call, I wonder how quickly you can expect someone to process it.
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Countrywide isn't saying you have to use them - They just need to know that the buyer is REALLY qualified since there are so many "preaproval" letters out there that mean nothing! Countrywide also might just surprise you all and make you a great deal on rates and fees. They have done a great job for me.