This is the information that you can find about Short Sales on the Countrywide Website.
| Property Disposition Options: |
| If you are not interested or are unable to retain homeownership, the following programs may be available: |
- Short Sale*
You may be able to sell your property at its fair market value even if the sale's proceeds are less than what is owed on your loan.
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How the process works
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| You may be able to sell your property at fair market value even if the sale's proceeds are less than what you owe on your loan**. This option provides you with an opportunity to sell your home quickly, while attempting to preserve your credit rating. At the close of escrow, if the short sale is approved, the proceeds are wired to us. |
| Documents that are required |
- Updated financial information for all parties on the loan
- Completed short sale documents (i.e. Purchase Agreement, HUD Documents etc.)
- Verification of income
- Interior appraisal
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| Estimated Timing |
The short sale process typically takes 60 days to complete, but may take longer.
The primary stages are: |
- Determination of value - 2 weeks
- Negotiation and approval of offer - 2-5 days
- Transaction approval - 2-5 days
- Escrow closing - 2-4 weeks
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| * All plan options may require investor/insurer approval. All time durations listed are estimates only. |
| ** This option may have tax implications. Please check with a financial or tax advisor. |
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I can say that this is an optimistic outlook on this process. On I submitted an offer on a home that is completely trashed and has a number of issues on July 30th and they assigned and changed 3 negotiators. They didn't settle on one until August 12th. From that point the negotiator won't talk to for at least 30 business days. This puts me out to September 24th.
My feeling is that these negotiators are hoping that they can stall the process until the trustee sale. l don't think that they want this property back:
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